Ep. 377: Jay Pelosky on the Tripolar World, the Spending Super Cycle, and the Global Earnings Boom

The global macro landscape is shifting toward a "Tripolar World" defined by regional integration across Asia, Europe, and the Americas, underpinned by an unprecedented spending super cycle in AI, defense, and climate. This structural change supports a global growth long cycle through 2030, favoring non-US equities that offer superior earnings growth at significantly cheaper valuations compared to the US market. While investors remain bearish due to geopolitical tensions and rising rates, robust nominal growth and record corporate profitability suggest a resilient outlook. Emerging markets, particularly Brazil and South Korea, alongside European financial sectors, present significant opportunities as the market digests uncertainty. The transition from trade wars to capital wars further highlights the necessity of strategic exposure to physical commodities and industrial policy-driven sectors to capture long-term value in an evolving global economy.