#355 Brent Johnson: The Old World Is Over, America Is Entering Its Empire Phase, and the Dollar Wins
About this episode
Brent Johnson discusses the shift in global power dynamics and its implications for investors.
Brent Johnson, founder and CEO of Santiago Capital and creator of the Dollar Milkshake Theory, joins The Julia La Roche Show in-studio for a wide-ranging conversation on why the world most investors grew up in is over. Johnson argues that power now matters more than economics — that the old framework of spreadsheets and cash flows is no longer sufficient when supply chains, national security, and geopolitical competition determine outcomes. He breaks down the US-China power competition, the implications of the Iran conflict for energy, food prices, and portfolios, and why he remains in US equities despite the consensus rotation into emerging markets. He also updates his Dollar Milkshake Theory, makes a provocative case that what comes after the American Republic is the American Empire, and explains why stablecoins may be the most underappreciated geopolitical tool the US has right now. Links: Twitter/X: https://x.com/SantiagoAuFund YouTube: https://www.youtube.com/@milkshakespod Substack: https://research.santiagocapital.com/ 0:00 Intro & welcome Brent Johnson 1:05 Current macro picture: the world has changed & power matters more than economics 4:37 Signposts reinforcing…
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