Published on: November 12th, 2021 • Duration: 41 minutes
Warren Pies, the founder of 3Fourteen Research, believes we need to prepare ourselves for a New World Order of Globalization. “We did not think the next 25 years were likely to resemble the last 25 years,” he says and adds that the movement between stocks and bonds is going to change. Pies believes also that globalization forever changed asset correlation and that Bitcoin is not a competition to the US dollar but instead it competes with gold. In the interview, Pies also talks about structural inflation and why a protectionist outlook has led to increasing prices of durable goods and major problems with global supply chains. Pies looks back at 1998 when globalization first made headwinds as China became a major manufacturer of the world, leading to structural secular deflation and removing the inflationary pressures between stocks and bonds. Pies gives his take on how investors should position their portfolios in this tumultuous macro environment. Interviewed by Maggie Lake on October 29th, 2021.