When the Fed pivoted dramatically earlier this year, markets rallied aggressively. Jay Pelosky, TPW Investment Management co-founder and CIO, thinks that the rally is over because the US economy has yet to bottom. Instead, he sees Europe and emerging markets bottoming first, giving equity investors a great opportunity to re-allocate assets. Pelosky joins Real Vision’s Ed Harrison to outline his thesis that "lower for longer" growth will yield investment opportunities in fixed income, currencies and commodities. Filmed on May 20, 2019 in New York.