Ideas
Europe and Asia equities outperform US
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.
Avoid U.S. duration as yields rise
He expects inflation to stay higher, with rate hikes on the table and cuts inappropriate. He sees 10-year U.S. yields heading toward 5%, so he would not take duration risk in the U.S. and sees bond yields creeping higher.
Amaroq benefits from Greenland mining
U.S. attention on Greenland is positive for investment. His company has raised more than $300 million over 10 years, developed the first gold mine in production, and is developing critical minerals and copper important to the U.S., with a processing plant planned in Louisiana. He expects to be Greenland's largest taxpayer in 2027.
Own commodities and gold as hedges
Geopolitics is a low-probability, high-impact event that is hard to price. Historically, disruptions like the Russian invasion of Ukraine sent oil and energy prices higher. He thinks it is worth considering having commodities in the portfolio, and more generally likes gold to hedge that risk.
US equities win on tech leadership
AI is inflationary in the current phase due to higher demand, but that environment also supports strong equity returns. U.S. equities tend to gain or outperform other markets because the U.S. has led the tech revolution in recent decades.
AI theme broadens to infrastructure
The broadening out of the market and the AI theme is coming through on chips, hardware, energy, infrastructure, and materials, and she expects this broadening to continue.
European banks are compelling value
They remain overweight European banks. Quality will return, and the sector significantly underperformed last year, leaving valuations much more compelling. European banks can offer up to 25% returns in market-cap terms, an interesting play as we move into the year.
Renewable energy benefits from AI demand
They remain focused on sustainable and renewable energy because AI will drive demand for energy.
Defense spending drives earnings growth
Defense remains an area they are very focused on. European governments have made huge commitments to defense spending, and the investment case is about earnings, top-line and bottom-line growth, not dividends or income.
European defense rally has further to run
More geopolitical headlines and an unpredictable U.S. administration, plus Europe needing to increase defense spending, will accelerate the defense rally. This is a capital appreciation story based on top-line and earnings growth, not income. Risks include constrained budgets in many European countries.
BAE benefits from US defense exposure
BAE Systems is the biggest beneficiary of the U.S. defense spending push because it has the largest exposure to the United States and is a major supplier in Washington. It should benefit from the spending Trump is talking about.
Oil oversupplied, prices vulnerable
The oil market is heavily oversupplied and moving into heavier oversupply in the first half of the year. There are many sanctioned barrels off Malaysia and plenty of Middle East supply, so China can readily source oil elsewhere. If prices work, barrels move, but the overall supply backdrop is loose.
Venezuelan bonds offer asymmetric upside
He has been exposed to Venezuelan bonds for a while. Restructuring was ready to go in mid-2024 and is now poised to start this year. The downside risk has disappeared after Maduro was removed without loss of life, and bonds still trade at low levels for a sovereign. New money and potential oil/GDP warrants could create material upside.
Chinese property bonds are next big trade
Chinese property bonds are in restructuring under U.S. law with about 40 names, trading between 2 and 10 cents on the dollar. The structures are similar to a normal U.S. Chapter 11 restructuring. He calls this their next big trade.
This Bloomberg Markets video, published January 08, 2026,
features Ben Jones, Eldur Olafsson, Skylar, Helen Jewell, Michael Field, Guy Johnson, Helima Croft, Lee Robinson
discussing VGK, AAXJ, TLT, AMRQ, DBC, GLD, SPY, AI infrastructure supply chain, EUFN, SOLAR, ITA, European defense sector, BAESY, WTI, Venezuelan sovereign bonds, Chinese property bonds.
14 trade ideas extracted by AI with direction and confidence scoring.
Speakers:
Ben Jones,
Eldur Olafsson,
Skylar,
Helen Jewell,
Michael Field,
Guy Johnson,
Helima Croft,
Lee Robinson
· Tickers:
VGK,
AAXJ,
TLT,
AMRQ,
DBC,
GLD,
SPY,
AI infrastructure supply chain,
EUFN,
SOLAR,
ITA,
European defense sector,
BAESY,
WTI,
Venezuelan sovereign bonds,
Chinese property bonds
