Episode description

Chen Zhao, co-founder and Chief Global Strategist at Alpine Macro joins us today to outline why growth has been resilient in 2023 but why he sees deflation and an economic downturn as a rising risk as we move into in 2024. We hear why the best global macro trades are the hardest to hold and why he believes long fixed income is the best trade at the moment. We discuss the long term outlook for growth and inflation in the major economies and hear why Chen is dismissive of the idea that deglobalisation and the greening of the global economy may be inflationary forces going forward. We also discuss investment opportunities in Japan and emerging markets and hear why Chen is concerned about the macro outlook in China but sees value in the local stock market.

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Episode TimeStamps:

02:13 - Who is Chen Zhao?

06:19 - Why has the economy been so resilient?

11:20 - The typical electoral cycle?

16:44 - The outlook for inflation

19:27 - Concerns about stagflation - valid or not?

26:07 - Rates going back to zero?

28:48 - Achieving high sustained investment growth

31:01 - The effect of moving towards climate friendly production

32:57 - China - a deflationary force

38:38 - Bond yields - any surprises?

39:29 - Concerns...