#60 - The Plumber Returns - James Aitken on Japan, Kevin Warsh, gold, AI and inflation.

Global financial markets are undergoing a fundamental shift as the economy pivots from efficiency to resilience, driving structural inflation and higher long-term bond yields. Artificial intelligence represents a colossal secular trend, currently in a bottleneck phase that necessitates increased capital expenditure in power and physical infrastructure. While passive investment flows and retail participation create casino-like market volatility, disciplined investors can exploit these dislocations by prioritizing price signals over consensus narratives. Commodity producers and disruptive energy firms like Bloom Energy provide essential exposure to this AI-driven expansion. Successful capital allocation requires deep self-awareness and a focus on pattern recognition, as elite investors often ignore daily news noise to maintain the mental clarity needed for high-conviction decisions. James Aitken, founder of Aitken Advisors, emphasizes that understanding these structural plumbing issues is critical for navigating the current investment landscape.