Episode Details

Former AFL champion turned macro investor Chris Judd returns to unpack the biggest forces shaping markets right now. From the Iran conflict and energy security to the AI arms race, US interest rates, gold and Australia’s productivity problem, Chris explains where he thinks consensus is getting it wrong and how he's positioning the Cerutty Macro Fund to take advantage of the next wave of macro trends.

In this episode:

00:00 – Chris changes his view on Australian small caps

03:24 – Iran, the Strait of Hormuz and why energy matters

08:07 – Is Australia at the top of the rate cycle?

09:24 – Why Chris disagrees with consensus on US rates

13:54 – The real bubble is in bonds

19:17 – Will AI create a productivity boom?

24:07 – Positioning the portfolio for the AI race

31:23 – Australia's gas tax and energy policy debate

35:51 – Gold, central banks and sovereign reserves

41:23 – The most overlooked investment themes

43:47 – The best business Chris has ever seen: Tether

45:33 – Why Claude is his investing tool of choice

46:19 – Final investing advice: know your game 

ETFs & stocks mentioned: Gold, Oil, Natural Gas, Copper, Uranium, Helium, Sulphur, Bitcoin, Micron Technology (NASDAQ: MU), Google (NASDAQ: GOOGL), Meta Platforms (NASDAQ: META), Amazon (NASDAQ: AMZN), OpenAI, Anthropic, SpaceX, Zoom Communications (NASDAQ: ZM), SK Telecom (NYSE: SKM), Lynas Rare Earths (ASX: LYC), Santos (ASX: STO), BHP Group (ASX: BHP), Ramelius Resources (ASX: RMS), Tether, US Treasuries, US Dollar

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