Episode Details

In this episode of the Global Thinking Podcast Rob Duncan sits down with Lead Portfolio Manager, David Kletz, to explore the powerful shift in global market leadership that has defined the year. Since "Liberation Day," momentum has moved decisively toward International and Emerging Markets, with Europe and Asia driving much of the advance.

While U.S. equities have staged a recovery, they face mounting challenges — weakening dollar, government shutdowns, and a softening labor market. In contrast, International markets are showing renewed strength, supported by attractive valuations, capital inflows, and central banks that appear poised to maintain accommodative policies.

The discussion also highlights recent developments in Japan, where corporate reforms and currency dynamics are shaping investment opportunities, and the ASEAN summit, where U.S.–China engagement has helped ease trade tensions. Together, these global factors could lay the groundwork for a year-end "Santa Claus rally" and signal a more durable rotation toward global equities.

It's a timely, data-driven look at how government policy, geopolitics, and investor psychology are shifting the investment landscape — and where the next leg of leadership may emerge.

Chapters:

01:05 Introduction and Welcome

03:26 Investment Summary: A Tale of Two Years

05:20 Government Shut Down and Patchy Data

09:00 OpenAI Tour of Asia Powering Returns

10:01 ASEAN Summit Highlights

16:03 Interest Rate Cuts and Expectations

17:58 Why Japan is Setting New Record Highs

24:33 Investment Implications and Allocations

28:25 US Financials Outlook

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