Technological Deflation with Jeff Booth

In this episode of Pro to Pro, Darius Dale and Michael Every, Global Strategist at Rabobank, explore the logic behind Trump-era neo-mercantilism. Michael explains that the push for tariffs, supply chain reshoring, and trade realignment reflects a deliberate “grand macro strategy” aimed at rebuilding U.S. industrial capacity and reducing dependence on foreign capital.

In this episode of 42 Macro's Pro to Pro, Darius Dale and Jeff Booth, author of The Price of Tomorrow: Why Deflation is the Key to an Abundant Future, discuss the breakdown of our inflationary, debt-driven economic system and how exponential technological deflation, especially from AI, reveals its fragility. Jeff theorizes that free markets naturally produce deflation, but central banks suppress it through unsustainable credit expansion and currency debasement.

In this episode, Darius Dale and David Levenson explore the mechanics behind market structure, focusing on balance sheet duration, mortgage volatility, and policy interference. Levenson outlines a two-body system—mortgage and equity volatility—that governs global finance through liquidity gaps and regulatory distortions.

In this episode of Pro to Pro Live, 42 Macro's Darius Dale and Hugh Hendry explore the hidden forces driving global markets. Hugh breaks down the Eurodollar system’s role in asset inflation, arguing that Japan—not the Fed—is the true source of global liquidity. He warns of a potential yen collapse and market dislocations driven by shifting collateral dynamics. They discuss the Fed’s recent policy shifts, with Hugh contending that rate cuts were aimed at preventing a refinancing boom rather than fighting inflation. Looking ahead, he sees a major market reset as U.S. policy shifts toward fiscal conservatism and protectionism, potentially triggering a deep asset price correction. The discussion highlights the need for investors to challenge consensus views and prepare for an era of heightened volatility.

In this episode, Darius Dale and Brent Kochuba of SpotGamma discuss the increasing role of options-driven leverage in market structure, the rise of zero-day options (0DTE), and their impact on short-term volatility. Brent highlights how short-term flows and derivatives positioning are driving extreme price dislocations, often distorting market reactions to news events like CPI reports and earnings releases.

In this episode, 42 Macro's Darius Dale and Raoul Pal of Real Vision discuss the rapid acceleration of AI, the exponential age, and the implications of these transformative technologies on financial markets and society. Raoul outlines how AI’s intelligence is doubling yearly, pushing humanity toward artificial superintelligence within five years, fundamentally reshaping industries, labor markets, and global economic structures. They explore the shift from a capital vs. labor dynamic to a humanist vs. transhumanist political divide, emphasizing the deflationary yet disruptive impact of AI and robotics. The conversation underscores the urgency of allocating to exponential assets like crypto and AI-driven investments while managing risk, as traditional portfolio strategies may become obsolete in this new era.

In this episode, 42 Macro's Darius Dale and Cem Karsan of Kai Volatility Advisors discuss market structure, interest rate dynamics, and innovative portfolio strategies for risk-adjusted returns. Cem introduces Kai Wealth, a non-correlated wealth advisory program that avoids traditional duration and credit risks, leveraging options-based yield stacking and multi-strategy hedge fund approaches to achieve superior risk-adjusted returns. They highlight structural risks in bonds and equities due to rising interest rates and inflation, emphasizing the need for investors to move beyond traditional 60/40 portfolios. The conversation underscores the importance of diversification and innovation in navigating today’s complex market environment.

In this episode, 42 Macro's Darius Dale hosts Joel Shulman and Ava Ados of ERShares to discuss their innovative approach to democratizing private equity investments. They introduce XOVR, their flagship ETF, which combines entrepreneurial public companies with private equity exposure, including companies like SpaceX, offering daily liquidity and no minimum investment requirements. Joel and Ava emphasize their proprietary model, the Entrepreneur Factor, which identifies entrepreneurial companies driving alpha. The conversation highlights their mission to provide retail investors with access to private equity markets traditionally reserved for accredited investors, aligning with the broader trend of bridging public and private investment opportunities.

In this episode, 42 Macro's Darius Dale and Luke Gromen of Forest for the Trees discuss the U.S. fiscal crisis, exploring the implications of growing deficits, rising interest expenses, and the potential for systemic changes. Luke highlights the unsustainable dynamics of U.S. debt, emphasizing the role of the dollar as a key lever in global markets and the risks of attempting fiscal austerity without addressing dollar strength. They also examine potential solutions, such as dollar devaluation, revaluation of U.S. gold reserves, and strategic use of inflation to stabilize the fiscal trajectory. The conversation underscores the urgency of addressing structural challenges and the importance of preparing for significant market and policy shifts.

Peter leads the team that is responsible for the development, management and oversight of Bleakley’s investment management program, managing the investment committee, and setting the firm’s overall investment philosophy, global investment outlook and asset allocation decisions. Peter also is the portfolio manager of a global macro multi-asset strategy and one focused on global income.