scripod.com

A Global Thematic Masterclass with Mark Farrington

Shownote

I increasingly believe that to invest in today’s markets, one needs a macroeconomic framework. Pure momentum or valuation approaches are insufficient. I have been keen to talk with people who understand the macroeconomic and geopolitical landscape we opera...

Highlights

In an era of shifting global power dynamics and economic realignment, understanding the macro forces shaping markets has never been more critical. This conversation dives into the structural transformations underway in Asia, the legacy of Japan’s economic experiments, and what they reveal about China’s current trajectory. Far from abstract theory, these developments carry tangible implications for investors navigating a world where geopolitics and industrial policy are redefining risk and opportunity.
10:21
Industrial policy is back, with Asia focusing on real-economy niches while the West leans into economic nationalism
16:45
National security now drives industrial policy more than global competition
26:31
Japan is an outlier in monetary policy, considering rate hikes while others eye cuts.
36:05
China's banking cleanup success in 1999 contrasts with current lack of reform urgency.
49:12
Central banks will reverse interest rate policies due to macroeconomic mistakes.

Chapters

How did Asia's industrial strategies reshape the global economy?
00:00
Why is national security now driving inflation and trade policies?
16:45
Can Japan escape decades of deflation without triggering global turmoil?
23:22
Is China reliving Japan’s bubble—and heading for a lost decade?
36:05
What should investors prepare for in a world of tightening liquidity?
49:12

Transcript

Jeremy McKeown: It was the ultimate macro trade, wasn't it, really? Mark Farrington: Yeah, it was a brilliant macro trade. And if you think about it, the trading houses are like buying ETFs on Japan's economy, I mean, they are little micro structures of J...