Why Everyone Keeps Misreading The New Macro Regime | Ben Kizemchuk

Bullish:

• $GOLD - Ben is highly bullish on gold and gold mining companies, citing their stellar performance in his portfolio.

  • “The other really interesting thing that's come out is obviously like the gold trade, you just can't ignore it. So I've been owning gold, gold mining company in the stock portfolio for a very long time now. It's been a massive stellar performer.”

    Ben·53:17
• $PASSIVEFLOWS - Ben believes passive flows are transforming the stock market into a utility-like entity, shaping the broader economy.

  • “All of this stuff comes together, starts coalescing, and we end up with something that I'm calling the stock market economy. The nation's financial wealth is now being turned into a utility.”

    Ben·50:11
• $TECH - Ben highlights significant capital investment in technology since 2018, indicating a strong bullish stance on the tech sector.

  • “If you wanna look at this from a real GDP growth perspective, like since 2018 ex technology, there's been like no fixed capital investment. That means that all of the fixed capital investments since 2018 has been going into technology and related capital that's been about 700,000,000,000.”

    Ben·19:36
• $NDX - Ben views the Nasdaq 100 favorably as a representation of the ongoing technological boom.

  • “What I'm seeing right now is obviously this huge technological boom, you know, Nasdaq 100, for example, being being a really easy way to look at that.”

    Ben·53:17
• $CRYPTO - Ben suggests considering crypto investments, particularly for assets with fixed supply, though with some caution.

  • “The other big thing here to look at for particular clients who are able to look at this type of thing is crypto. I mean, really you're looking at anything that has kind of a fixed supply in this world.”

    Ben·53:17
• $MAG7 - Ben emphasizes the critical importance of the largest tech companies to the US economy and system.

  • “These companies have become so large that in my opinion, they are integral woven into the very apparatus of The US system. Like there is no US government. There is no US country without these companies. They are that large. They are that important.”

    Ben·36:10

Bearish:

• $BONDS - Ben expresses a strong negative view on fixed income, having avoided it in his portfolios since 2021.

  • “I'm not a big fan of fixed income. I haven't held fixed income in the portfolios here since like 2021.”

    Ben·53:17