In this episode we are joined by Andy Constan, founder of Damped Spring Advisors. We discuss his outlook on the current economic landscape, why he left "higher for longer" island, inflation, the Fed's actions, the bond market, and the influence of Treasury Secretary Janet Yellen and a lot more. He also shares his views on defining alpha and beta in investing, and how he constructs portfolios to generate long-term returns. Finally, Andy expresses his biggest concerns and reasons for optimism looking out over the next 12-18 months.
00:00 - Introduction
02:30 - Andy's current outlook on the macro landscape and "economic islands"
07:00 - Recession island and consensus views
10:00 - Where Andy thinks the economy is headed
13:00 - Discussion on potential Fed rate cuts
18:30 - The role of the Treasury and Janet Yellen in monetary policy
26:00 - Long-term structural inflation factors (technology, demographics, globalization)
31:00 - Concerns about the national debt and possibility of returning to near-zero interest rates
35:00 - Corporate debt refinancing and potential risks
37:00 - Defining alpha and beta in investing
42:00 - Andy's views on including gold and crypto in a beta portfolio
45:00 - Decision making process and changing one's mind in investing
48:00 - Andy's biggest concerns and reasons for optimism in the next 12-18 months
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