Investing in a Debasement Regime | Warren Pies

The conversation centers on the concept of a "debasement regime," a mindset shift from prioritizing principal protection to prioritizing purchasing power, especially relevant since the 2020 pandemic. The guest, Warren Pies, explains that this shift involves investors fearing excessive cash holdings amidst rising asset values and advocates for a broader investment approach including hard assets and managed futures. He suggests the economy is in a "muddle through" phase, characterized by a weakening labor market masked by immigration and a potential reacceleration driven by tariff dynamics and wealth effects. Pies expresses bullishness on gold, viewing its rise as an inverse indicator of institutional trust, and recommends managing risk using technical analysis alongside fundamental conviction.