Vanguard’s Joe Davis on AI vs. The National Debt: The Tug-of-War To Decide America’s Future | #605

In this episode of The Meb Faber Show, Meb interviews Joe Davis, Vanguard's global chief economist, about his new book, "Coming Into View: How AI and Other Megatrends Will Shape Your Investments." Joe discusses the inspiration behind the book, which stems from novel data analysis revealing that the consensus economic forecast of 2% growth and 2% inflation has a low probability of being correct. The conversation explores the tug of war between the positive effects of AI and the negative forces of high debt levels and weakening demographics. Joe shares insights on how investors can navigate these scenarios, including the contrarian strategy of underweighting technology stocks even if AI wins, and overweighting fixed income in a world dominated by fiscal pressures. He also touches on the potential impacts of AI on various professions and offers advice on how individuals can adapt to the changing landscape.