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Excess Returns: $20 Trillion Trapped in US Assets – What Happens When the Flows Reverse

Excess Returns Feat. Julian Brigden

October 8, 2025

“You Have 95% in US Equities. It Should Be 35%” – In this episode of Excess Returns, macro strategist Julian Brigden of MI2 Partners joins the show to break down today’s volatile market landscape. Brigden discusses why he believes we’re in one of the most fertile environments for macro investors in decades, the forces driving dollar weakness, inflation, and capital rotation, and how investors can position amid shifting policies, labor constraints, and AI’s uncertain impact. He also explains the risks of U.S. exceptionalism, the fragility of equity markets, and why he’s long everything not tied to the U.S.

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Talking Markets: Credit Distress? With Maggie Lake & Harry Melandri

December 18, 2025

During most stock market sell-offs, the dollar tends to rise. However, Julian Brigden, co-founder of Macro Intelligence 2 Partners, explains to host Jack Farley of Monetary Matters why he believes the U.S. dollar will weaken as the stock market declines, as a bubble in dollar assets is burst by new U.S. fiscal policy.

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