Ben Jones

Non-US AI opportunities are underappreciated, and ASML is the obvious European AI chip stock to play the AI theme. ASML benefits from being the only major European semiconductor equipment maker exposed to AI-driven demand.

The speaker stated that in a scenario where the war drags on, he would increase exposure to gold. He also cited gold's hedging properties against geopolitical risk, negative real rates, and "pain in the U.S." The current environment features high geopolitical uncertainty, structurally higher inflation, and central banks potentially cutting rates, which supports gold as a long-term portfolio hedge. LONG as a strategic, medium-to-long-term hedge within a diversified portfolio, not a tactical short-term trade. A rapid de-escalation and return to a disinflationary, low-volatility macro regime where haven assets underperform.

A more siloed world means more defense spending, more inflation, and better growth. He sees better opportunities in Europe and Asia, noting the U.S. was not the best-performing market last year. Europe is also more defensive and undervalued compared to many others, and he expects it to outperform again this year.