The Fragmentation Era
+ Jeff Currie, Invest America, Marc Andreessen, Erik Prince, Coatue, AQR & More
“Successful investing is anticipating the anticipations of others.”
— John Maynard Keynes
Research
Orbis Investments - Sunrise on Venus (12 pages)
After a brief period of strong performance for ex-US equities in 2025, Orbis Investments suggests that it is still a compelling time to diversify outside the US.
Coatue — View on the State of the Markets (102 pages)
Coatue co-founders Philippe Laffont and Thomas Laffont shared their outlook on the macroeconomic landscape and public and private markets.
AQR - Go Small or Go Home (9 pages)
AQR explores why small caps, especially in the international and emerging regions, present a compelling investment opportunity driven by the potential for higher expected market returns, attractive earnings growth, strong diversification benefits, and rich alpha opportunities.
PIMCO - The Fragmentation Era (12 pages)
Pimco explains how investors can look to fortify portfolios by diversifying across global markets and capitalizing on attractive, high quality yields.
Bonus Content
Tech analyst Benedict Evans updated his annual AI presentation. Link
Goldman Sachs explains why gold prices are forecast to rise to new record highs. Link
Blackwater founder Erik Prince argues that Ukraine’s, AI-guided drone tactics have democratized precision strike, exposing how America’s trillion-dollar legacy arsenal may be outmatched (61 minutes). Link
Morningstar’s 2025 report on the target-date fund landscape says these strategies have reached new highs and have been a boon to investors. Link
Podcasts
The Ben & Marc Show - How Andreessen Horowitz Disrupted VC & What’s Coming Next: a16z co-founders Marc Andreessen and Ben Horowitz walk through the origins of the firm, why they scaled with a platform model, and how the "barbell strategy" is reshaping venture capital today. [4/29/2025 - 86 minutes] Apple | Spotify | YouTube
Macro Voices - #485 Jeff Currie: The Joule Order: Carlyle’s Jeff Currie covers the global macro landscape, the energy transition, and how it affects specific commodities, including gold, oil and crypto. [6/18/2025 - 70 minutes] Apple | Spotify | YouTube
Verdict with Ted Cruz - Huge, Transformative Victory: Invest America 401k Accounts for Every Newborn Child in America: Sen. Ted Cruz and Ben Ferguson pitch the “Invest America” plan and explain how just $1k for every child could narrow wealth gaps for young Americans. [5/14/2025 - 49 minutes] Apple | Spotify
What Else Is Happening
Meb Faber spoke with Elm Wealth's Victor Haghani about handling wealth. Apple | Spotify | YouTube
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