Matt King – Page 2 – Satori Insights

AI pushing us to breaking point

Commentators argue increasingly that tariffs matter little, and for the return of US and tech exceptionalism
But this risks retro-fitting the explanation to the price action
An examination of the monetary data points to the exceptional way in which fiscal stimulus has been fuelling equities

Free clip from 8 Jul webinar
The single greatest force driving modern economies, society and politics is scalability
It is the common narrative underlying the dominance of big tech, through to the teen mental health crisis and the rise of political polarization and populism
Markets tend to treat scale as a largely linear concept
But human systems change character at scale – and ultimately have breaking points
Clients with Group Webinar or One-on-One subscriptions should log in to see the full version

Full replay of 8 Jul webinar
The single greatest force driving modern economies, society and politics is scalability
It is the common narrative underlying the dominance of big tech, through to the teen mental health crisis and the rise of political polarization and populism
Markets tend to treat scale as a largely linear concept
But human systems change character at scale – and ultimately have breaking points
Open to clients with Group Webinar or One-on-One subscriptions, and to the press

The single greatest force driving modern economies, society and politics is scalability
It is the common narrative underlying the dominance of big tech, through to the teen mental health crisis and the rise of political polarization and populism
Markets tend to treat scale as a largely linear concept
But human systems change character at scale – and ultimately have breaking points

Like tariffs, Section 899 continues the Trump administration’s declaration of economic war against erstwhile allies
As with tariffs, there remain considerable questions about the scale and scope of its eventual application
But the net effect should still be to cause foreign investors of all types to question their investments in America

Even before Trump’s EU tariff tweets, the risk rally had seemed unconvincing
This is in part because bond market developments are so concerning
But we think there are better ways to position than outright shorts in 30y govies

The bounceback in risk is unconvincing
This is in part because of overoptimism that tariffs and economic pain can be avoided
It is also because sentiment across markets has moved much more than actual positions
But ultimately it is because Hemingway’s famous quip applies as much to reserve currencies as to personal bankruptcy