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cover of episode 173: The End of US Equity Dominance? With Chris Wood, Global Strategist and Author of 'Greed and Fear'

173: The End of US Equity Dominance? With Chris Wood, Global Strategist and Author of 'Greed and Fear'

2025/5/15
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Chris Wood: 我认为美国股市可能已经达到其历史相对峰值，类似于1989年的日本。美国占世界市场资本总额的67%是一个巨大的比例，考虑到美国对经济增长的贡献。特朗普的政策议程可能会破坏美国印制世界储备货币的特权，并加速美元纸币标准的崩溃。市场担心美国在经济衰退期间因收入崩溃而面临财政困境，且认为美元和美国国债不再是优质资产。因此，今年应该将更多的资金配置到欧洲、中国、日本和印度等市场。总部设在美国的全球基金仍然害怕购买中国股票，因为他们认为这是一种政治风险。美国对中国没有任何影响力，中国已经明确表示，他们将效仿美国的行动。总之，美国股市的超常表现正受到威胁，美元的风险日益明显，全球资产配置需要进行调整。

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Chris Wood predicts a peak in the US stock market, comparing it to Japan in 1989. He discusses the impact of tariffs, the dominance of big tech, and the implications of the 'DeepSeek' moment on AI investment.
  • US stock market reached its all-time relative peak, similar to Japan in 1989
  • Tariffs are bearish for the market
  • Domination of big tech and concerns about AI monetization
  • DeepSeek moment raised questions about AI investment and potential overspending

Shownotes Transcript

 Chris Wood, former guest and highly respected global strategist, recently made a bold prediction, namely that the US stock market has reached its all-time relative peak, similar to Japan in 1989. 

His recent commentaries include one describing Trump’s “Liberation Day” as “Impoverishment Day” and that Trump is the “Bull in the China Shop”. 

In this conversation, Chris gives his take on whether US equities are peaking, or just pausing.

Alongside sharing some thoughts on US equities, Chris also analyses the dollar, the bitcoin/gold dilemma, EM fixed income, private equity, and private debt. 

​​The Money Maze Podcast is kindly sponsored by Schroders), IFM Investors), World Gold Council) and LSEG).

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