95. Markets, Globalisation and Diversification: Are Investors Looking in the Wrong Place?
About this episode
Richard and Brian discuss the importance of portfolio diversification and the current state of the stock market amidst geopolitical changes.
Richard and Brian are back for this week’s episode of Macro Aggressions. This episode breaks down the "Russian doll" problem sitting inside mega-cap tech earnings, why portfolio diversification may matter more now than it has in fifteen years, and what's happening beneath the surface of an S&P 500 that keeps hitting new highs. Richard Taylor of Plan First Wealth and Brian Dunhill of Dunhill Financial unpack Burry's concerns around private company valuations (SpaceX, Anthropic, OpenAI) sitting inside public company earnings, changes to GPU depreciation accounting that are quietly inflating profits, and why small cap stocks, emerging markets, and international stocks are starting to outperform after over a decade of US large-cap dominance. This is practical stock market advice for anyone wondering if their portfolio is over-concentrated in seven companies and whether now is the moment to start rebalancing. They also cover the diverging picture between the stock market and the real economy: sticky 4.2% inflation, weakening wage growth, and job losses under the current administration, set against a market still riding high on AI enthusiasm and…
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