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Feb 09, 2026
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LONG
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Central banks globally are actively diversifying away from US Treasuries and the US Dollar. While private investors are buying stocks, sovereign entities (Central Banks) are moving reserves into hard assets like Gold to reduce reliance on the US financial system. Sharma confirms central banks are "principally buying gold" while cutting Treasury exposure. A reversal in geopolitical tensions or higher real yields on Treasuries could make bonds attractive again. |
CNBC
Rockefeller International’s Ruchir Sharma exp...
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Feb 09, 2026
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WATCH
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The US Dollar is down nearly 2% to start the year and fell over 9% last year, signaling structural weakness. The US is running a massive current account deficit ($1.3 trillion) that is being plugged by "hot money" (portfolio investments of $1.6 trillion). If foreign investor sentiment wavers, the funding for this deficit dries up, pressuring the currency further. Pronounced declines in the currency over the last 12+ months despite the AI and productivity narrative. A "flight to safety" event usually boosts the USD regardless of fundamentals. |
CNBC
Rockefeller International’s Ruchir Sharma exp...
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Feb 09, 2026
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LONG
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The era of "American Exceptionalism"—where the US is the only investable market—has come to an end. Despite massive foreign inflows into the US, American markets actually underperformed the rest of the world last year. This divergence suggests better value and momentum exist outside the US. Global markets outperformed the US (which was up ~18%) despite the US receiving record capital inflows. A global recession would likely hurt emerging/international markets more than the US defensive trade. |
CNBC
Rockefeller International’s Ruchir Sharma exp...
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