George Efstathopoulos

With sticky inflation and poor bond returns, multi-asset investors should shift from fixed income to alternatives like commodities and real assets. Specifically, copper, uranium, and energy equities linked to green energy are attractive. China's know-how in green energy supply chains adds to the thesis.

With sticky inflation and poor bond returns, multi-asset investors should shift from fixed income to alternatives like commodities and real assets. Specifically, copper, uranium, and energy equities linked to green energy are attractive. China's know-how in green energy supply chains adds to the thesis.

With sticky inflation and poor bond returns, multi-asset investors should shift from fixed income to alternatives like commodities and real assets. Specifically, copper, uranium, and energy equities linked to green energy are attractive. China's know-how in green energy supply chains adds to the thesis.

Korean markets (KOSPI) and Taiwan are crashing. George states, "Fundamentals are still pretty resilient... AI spend is coming from the US into Taiwan and into Korea." The sell-off is driven by liquidity and panic ("positioning"), not a change in earnings power. The "pick and shovel" AI trade (chips/memory) is being liquidated to raise cash, creating a valuation disconnect. Long on the dip. The structural AI capex cycle has not stopped. Prolonged conflict disrupts physical shipping of chips; foreign capital flight continues.

George notes Fidelity sold gold prior to the crash to take profits but has "used that correction to buy back a bit of gold." Despite the dollar strength, the structural drivers for gold (fiscal deficits, US spending, geopolitical risk) remain intact. Bonds are failing as a safe haven (yields up), forcing capital into "real assets" like gold. Long as the ultimate safe haven when bonds correlate with equities. Extreme US Dollar strength (King Dollar) could cap upside temporarily.

Korean markets (KOSPI) and Taiwan are crashing. George states, "Fundamentals are still pretty resilient... AI spend is coming from the US into Taiwan and into Korea." The sell-off is driven by liquidity and panic ("positioning"), not a change in earnings power. The "pick and shovel" AI trade (chips/memory) is being liquidated to raise cash, creating a valuation disconnect. Long on the dip. The structural AI capex cycle has not stopped. Prolonged conflict disrupts physical shipping of chips; foreign capital flight continues.