For the past 15 years, investors learned a remarkably profitable formula: own US equities, concentrate on technology, trust the dollar and treat every setback as another opportunity to buy American assets. Bridgewater Co-CIO Greg Jensen believes that experience may now be turning into a trap.
In a wide-ranging conversation with Nicolai Tangen, Jensen describes three forces reshaping global markets. The first is the rise of modern mercantilism, as economic policy becomes increasingly organised around national security and industrial power. The second is an AI investment cycle moving from software into power, chips and physical infrastructure. The third is the extraordinary concentration of global wealth in US equities and illiquid assets.
Together, these forces point toward a more fragmented, capital-hungry and inflation-sensitive world. The market may still look familiar on the surface, but the machinery underneath it is changing rapidly.
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