The 60/40 Portfolio Is Dead Because Bonds No Longer Work | Louis Gave

At 0:00 the speaker opens with a discussion of emerging markets outperforming the S&P 500, highlighting the shift in global investment dynamics. By 1:22, geopolitical developments are examined, noting rising tensions and their impact on markets. At 1:53, the host welcomes Louis Gave, the founder of Gavekal, to provide insight into global economic trends. The presentation continues with a global economy assessment at 2:29, followed by an analysis of accommodative monetary policies at 3:55. The speaker then explores low energy prices and their role in boosting growth at 5:02, and discusses risks associated with re‑flationary trends at 6:23. At 8:16, the focus turns to Asian currencies and their potential for cheap growth, while 10:31 highlights interlinked risks projected for 2026. The narrative moves to energy stocks allocation at 12:23, and the role of energy as an inflation hedge at 13:32. Subsequent sections cover the relationship between precious metals and energy ratios at 15:02, the impact of low interest rates on gold at 16:19, and the influence of Western investors on gold markets at 18:52. The discussion continues with interest rates and gold flows at 20:00, Asian currencies as a headwind for gold at 23:06, and silver to oil ratio analysis at 24:51. Energy prices as a re‑flation risk is examined at 27:32, followed by AI bull market phases at 29:39. The speaker addresses policy responses to AI bursts at 36:31, U.S. deficits and stimulus at 41:16, and opportunities in Latin America at 47:01. Japanese bond yields and carry trade dynamics are discussed at 55:30, U.S. policy in Latin America at 57:54, bullish allocation in China at 1:01:28, Russia‑Ukraine peace impacts at 1:02:07, and the odds of EU survival at 1:04:01.