Whitney Baker on The Death of (Upside) American Exceptionalism | #523
Today’s guest is Whitney Baker, founder of Totem Macro. She previously worked at shops like Bridgewater and Soros.
In today’s episode, Whitney explains what led to $500 billion in money expansion last year and why that’s driven recent performance in asset prices. She discusses the challenge the Federal Reserve faces as they try to balance inflation concerns with the need to support asset prices.
Finally, Whitney talks about the huge opportunity she sees in emerging markets today and which countries have attractive valuations and troughing conditions.
Listen to Whitney’s appearances in episodes 387 and 453.
(1:37) - Welcome to our guest, Whitney Baker
(1:55) - Whitney’s view of the macro landscape
(4:48) - What led to the money expansion the past few months
(14:57) - The challenge the Fed faces
(30:58) - Opportunity in emerging markets
(40:46) - Interesting markets to keep an eye on
(48:03) - What leads to Whitney seeing an investment opportunity
(58:57) - Update from Whitney on launching a new fund
(1:04:11) - Whitney’s view on gold
(1:07:17) - Larry Summers Tweet
(1:10:53) - Whitney’s most controversial viewpoint
(1:14:44) - Using useful resources from history
Learn more about Whitney: Twitter; LinkedIn
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For detailed show notes, click here
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Sponsor: Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Subscribe for free here.
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Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, [Howard Marks](https://mebfaber.com/2018/10/03/episode-124-howard-marks-its-not-what-you-buy
