Current themes of focus, part 2

In my previous post, I discussed the following themes:

1. Geopolitics > Monetary policy

2. Hard stick > diplomacy

3. Dedollarization and reduction of government bond holdings

4. Debasement of fiat and central bank independence

5. Fiscal dominance

6. EM outperformance

Little did I know that Trump would try to annex Greenland by threatening tariffs on Europe. Some of the beneficiaries of these themes (precious metals, EM equities) have extended their gains as a result. My long term holdings are doing a lot of the heavy lifting in my portfolio, and I’m perfectly happy with that as it is pure return added on top of my tactical trading.

As I didn’t have time to finish the previous post, this is a continuation of my current themes of focus.

1. Frothy, expensive markets but lack of downside catalyst

2. Productivity, AI, and the K-shaped economy

3. US Midterms

4. Oil markets bottom out

5. Accelerating change and what this means for traders. And finally…

6. Why the golden age of crypto is over