James Aitken is the founder of Aitken Advisors LLP and is referred to by Raoul as the "Expert's Expert". He has the ear of many of the world's largest hedge funds and asset allocators who rely on him to help them think through the complexities of the changing macro environment. In this real treat of an interview, Raoul and James discuss whether inflation is here to stay and how that might affect asset prices going forward. James isn't really a bond bear, which would be the more obvious trade—instead, he has a much more nuanced argument around the right equities to own (energy companies in particular) if things have really changed in the structure of the US economy. James also lends his deep experience on China, learning from his part mistakes to try to understand Xi's big transition of the Chinese economy and how it might play out. Filmed on September 14, 2021.