Chris Judd Thinks You're Wrong About Rates, Bonds and AI
6/15/202648 min
Former AFL champion turned macro investor Chris Judd returns to unpack the biggest forces shaping markets right now. From the Iran conflict and energy security to the AI arms race, US interest rates, gold and Australia’s productivity problem, Chris explains where he thinks consensus is getting it wrong and how he's positioning the Cerutty Macro Fund to take advantage of the next wave of macro trends.
In this episode:
00:00 – Chris changes his view on Australian small caps
03:24 – Iran, the Strait of Hormuz and why energy matters
08:07 – Is Australia at the top of the rate cycle?
09:24 – Why Chris disagrees with consensus on US rates
13:54 – The real bubble is in bonds
19:17 – Will AI create a productivity boom?
24:07 – Positioning the portfolio for the AI race
31:23 – Australia's gas tax and energy policy debate
35:51 – Gold, central banks and sovereign reserves
41:23 – The most overlooked investment themes
43:47 – The best business Chris has ever seen: Tether
45:33 – Why Claude is his investing tool of choice
46:19 – Final investing advice: know your game
ETFs & stocks mentioned: Gold, Oil, Natural Gas, Copper, Uranium, Helium, Sulphur, Bitcoin, Micron Technology (NASDAQ: MU), Google (NASDAQ: GOOGL), Meta Platforms (NASDAQ: META), Amazon (NASDAQ: AMZN), OpenAI, Anthropic, SpaceX, Zoom Communications (NASDAQ: ZM), SK Telecom (NYSE: SKM), Lynas Rare Earths (ASX: LYC), Santos (ASX: STO), BHP Group (ASX: BHP), Ramelius Resources (ASX: RMS), Tether, US Treasuries, US Dollar
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Clips
Transcript preview
First 90 secondsAlec Renehan· Host0:00
[gentle music] Everything you're about to hear is for education and entertainment purposes only. Whilst we are licensed, we're not aware of your personal financial circumstances. Any advice is general advice. Equity Mates operates under Australian Financial Services License 540697. Today's podcast is brought to you by Flow Power.
Bryce Leske· Host0:18
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Alec Renehan· Host0:24
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Bryce Leske· Host0:35
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Alec Renehan· Host0:44
You've already invested in a battery, now let your energy plan turn that into real value.
Bryce Leske· Host0:49
Go to flowpower.com.au/residential/equitymates and use code EM50 to score an extra $50 welcome credit when you sign up to Flow Power. T&Cs apply.
Chris Judd· Guest1:00
The consensus view that's building in the US now is the next move is gonna be a high. I do think US administration feels it's an existential threat to the US empire if they don't win the AI race. This demonizing of oil and gas, it's just crazy.
Bryce Leske· Host1:16
Equity Mates. Welcome to another episode of Equity Mates, a podcast where we explore what's possible in the world of investing. If you've just joined us for the very first time, a huge welcome to our community. My name's Bryce.
Alec Renehan· Host1:28
And I'm Ren. And today we are talking