Not Enough EM Assets to go Around!
Benny & The Squirrel: Episode 25 with Louis Gave.
Benny & I sat down with Gavekal Founder and CEO, Louis Vincent Gave on Thursday 12th February. My old friend Louis never disappoints - one of the best and most entertaining market strategists out there. Warning: this session was not good for the 🐿️’s confirmation bias!
Key Themes Discussed:
The US dollar bear case
AI disruption of knowledge economy and US equity valuations
Asian capital repatriation dynamics
China’s competitive advantages (energy, labor, capital costs) plus policy pivot
India-Russia-China triangle as a new geopolitical-economic axis
‘US Treasury = commodity’ breakdown to drive physical commodity hoarding
Latin America as his highest-conviction trade for 2026
Frankly there are not enough EM financial assets to go around!
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