The "Unbundling" of Emerging Markets: A New Framework for Global Wealth | Louis Gave

Gavekal CEO Louis Gave joins me today for an insightful (and timely) conversation about emerging markets, China’s manufacturing edge, Japanese bond yields, and the broken relationship between Canada and the US. If you’re discovering emerging markets for the first time (or think you already understand them), you need to hear this conversation because simplifying the opportunity abroad into one big blob is a mistake. Louis helps reframe how we should think about investing in emerging markets, covering the lenses that matter most. We also dive into why the old 60/40 portfolio is dead, why Louis believes energy is the new anti-fragile asset, and more. Find out more about Louis Gave here: https://research.gavekal.com/author/l... Follow Louis Gave on LinkedIn:   / louis-vincent-gave-6260241   Sign up for Ed D’Agostino’s free newsletter here: https://www.mauldineconomics.com/glob... Follow Ed D’Agostino on LinkedIn:   / ed-d-agostino-415475296   Follow Ed D’Agostino on Twitter: https://x.com/EdDAgostino 00:00 Intro 01:44 Why the “EM” Label Is Now Obsolete 03:56 The New Structural Reality of Global Capital 17:40 How China Leapfrogged the West in Tech 19:57 Latin America: The Trade of the Decade 30:07 The Power Crisis: Why the US Is Falling Behind 31:52 The Fractured Alliance: US-Canada Tension 37:40 The Japanese Carry Trade Reality Check 41:04 Final Verdict: Portfolio Strategy for 2026