• "When you say bubble it infers that it is bubbly multiple levels, but you look at US tech right now, it's trading at the same multiple as US ex-tech. Isn't that crazy?" - Wei Li [01:00]

• "It can be both. You give it time, it gives you both." - Wei Li [00:45]

• "Right now the range of…

• "The more government has tried to create services for people and help bring them up the ladder, the more expensive those things get." - David Friedberg [00:00:09]

• "The key measure of a country's success is how many people are transitioning from labor to capital each year." - David Friedberg…

• "Governments have surpassed all of the limits that give them credibility to maintain their debt as a reserve of value and those limits are the economic limit the fiscal limit and the inflationary limit." - Daniel Lacalle [00:00:00]

• "State-issued money is predominantly state-owned debt... the sovereign debt is the asset of lowest risk and the first…

"Freedom is a weapon... it is a serious advantage that we can afford to look at ourselves and say we don't do everything perfectly and we want to know the truth." - Eric Weinstein [00:04:28]

"When I hear the word consensus I get very, very nervous because a consensus is usually an artificial agreement achieved through pressure." - Eric Weinstein…

"if you took all of the titles off of that chart and showed it to somebody... any human would be like down of course it goes down why do you say that because it always goes down... but as soon as you tell them it's AI oh no it's fine it's totally fine" - Daryl Spence [00:29:31]

"in a quarter or two AI related capex has actually added more to growth…

• "When the growth rate surpasses the interest rate... it is possible to keep rolling over that debt and not get into a kind of a debt spiral... As soon as R is bigger than G, that's when you have the threat of a debt spiral." - Jared Bernstein [04:01]

• "How did we pay off the debt from World War II? And the answer is we didn't... It was just vastly…

• "So the idea that the dollar losing purchasing power is is evidence of its failure I think is to misunderstand the design of the system that's a feature of fiat currency" - Brent Johnson [00:00:00]

• "There is no such thing as a US debt crisis that the rest of the world gets to avoid" - Brent Johnson…

• "In the long run we are all dead. Economists set themselves too easy, too useless a task if in tempestuous seasons they can only tell us that when the storm is long passed the ocean is flat again." - John Maynard Keynes [00:00:12]

• "The policy of reducing Germany to servitude for a generation, of degrading the lives of millions of human beings, and…

Quotes

• "Rebalancing is often done based on the calendar... portfolio or volatility-based rebalancing is what gives you an edge in this environment because... it forces investors to do a version of buy low, sell high." - Liz Ann Sonders [00:07:20]

• "The AI story is not dead, but it's being found in other areas... rotation is the new momentum…

"We move from a rule-based to a transactional, from a multilateral to a bilateral world order where the spheres of influence matter much more, larger countries have more influence compared to smaller ones, and it's more about minimizing choke points of the others and emphasizing a lot of resilience." - Markus Brunnermeier 00:01:18

"It is a mistake to view…

• "China shock 1.0 academic literature shows is that even though these weren't the industries of the future, they were still employing a meaningful number of Americans... and it becomes a generalized downturn in those communities that was clearly underestimated." - Brad Setser [00:02:16]

• "China starts getting growth, big part of it growth from an…

"every fourth turning since the 15th century has ended in total war we'd be remiss to forecast that outcome but we'd also be remissed to not understand that the distribution of probable economic policy and market outcomes is ultimately as wide as anyone not named Warren Buffett trading risk has ever seen." - Darius Dale [00:10:27]

"a sovereign can…

• "I see an accelerating continuum from Alan Turing through deep blue, AlphaGo, the development of the transformer and LLMs to inference through to the path to AGI... replacement of ourselves as the controllers of this let's call it our industry being asset management." - Andrew Reicher [00:02:24]

• "There is no way that they would allow a robotic or an…

Note: Conversation recorded on July 23rd, 2026

Quotes

"I like to say crude is the noise, products are the signal, but people are not looking at them." - Jeff Currie [00:04:21]

• "The bottom line is the higher for longer interest rate environment I think is very much here to stay especially if you're bullish on AI and this whole capex boom because that's going to feed this crowding out phenomenon." - Stephanie Pomboy [00:00:00]

• "These hyperscalers are also issuing debt like crazy and that debt increasing is becoming…

1. Executive Briefing (TL;DR)

• Top Key Takeaways:
• Q2 2026 real GDP printed at a 1.5% annualized growth rate, reflecting a softening headline number offset by resilient consumer spending and AI-driven capex [00:09:12].
• Post-pandemic consumer resilience has been heavily supported by wealth effects, despite real disposable income growth…

Note: Keynote speech on 9 June 2026.

• "I don't think uh yes indeed the economy created technology but I would much prefer to say that technology creates the economy and that's the story I want to tell." - W. Brian Arthur [04:29]

• "Firms, organizations don't adopt a new technology not very directly, they encounter the technology." - W. Brian Arthur…