95. Markets, Globalisation and Diversification: Are Investors Looking in the Wrong Place?

Richard and Brian are back for this week’s episode of Macro Aggressions. This episode breaks down the "Russian doll" problem sitting inside mega-cap tech earnings, why portfolio diversification may matter more now than it has in fifteen years, and what's happening beneath the surface of an S&P 500 that keeps hitting new highs.  Richard Taylor of Plan First Wealth and Brian Dunhill of Dunhill Financial unpack Burry's concerns around private company valuations (SpaceX, Anthropic, OpenAI) sitting inside public company earnings, changes to GPU depreciation accounting that are quietly inflating profits, and why small cap stocks, emerging markets, and international stocks are starting to outperform after over a decade of US large-cap dominance. This is practical stock market advice for anyone wondering if their portfolio is over-concentrated in seven companies and whether now is the moment to start rebalancing.  They also cover the diverging picture between the stock market and the real economy: sticky 4.2% inflation, weakening wage growth, and job losses under the current administration, set against a market still riding high on AI enthusiasm and a growing conversation around a potential market bubble.  The conversation turns geopolitical, covering Europe's active effort to decouple from American tech infrastructure, why universities across Europe are pushing to get off US servers, and what that could mean long term for US-Europe relations and international wealth strategies. Richard and Brian also dig into the UK's ongoing political instability, the lasting economic impact of Brexit, and whether a new Labour leadership shift could change the UK's trajectory.  Whether you're watching the Magnificent Seven dominate your portfolio, thinking about how UK politics and Brexit affect cross-border wealth, or just want a grounded read on where markets stand versus the economy, this episode covers the full picture, not just the headlines.  --  Expat Wealth is supported by Plan First Wealth. Plan First Wealth is a Registered Investment Advisor serving fellow expatriates and immigrants living across the US on matters such as retirement planning, investment management, tax planning and non-US asset management.  https://planfirstwealth.com/  -- Expat Wealth is affiliated with Plan First Wealth LLC, an SEC registered investment advisor. The views and opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of Plan First Wealth.    Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Plan First Wealth does not provide any tax and/or legal advice and strongly recommends that listeners seek their own advice in these areas.