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Markets, Multipolarity, and the Next Cycle For more than a decade, investors have been rewarded for a simple strategy: buy U.S. stocks, own big technology companies, and trust that American exceptionalism would continue to drive markets higher.
But what if that playbook is beginning to chan
Time: 33:50
For more than a decade, investors have been rewarded for a simple strategy: buy U.S. stocks, own big technology companies, and trust that American exceptionalism would continue to drive markets higher.
But what if that playbook is beginning to change?
In this episode of the Global Thinking Podcast, Rob Duncan sits down with Sébastien Mc Mahon, Chief Economist at iA Financial Group, to discuss the forces reshaping the global investment landscape. From geopolitical tensions and energy markets to AI-driven productivity gains and the resurgence of international equities, they explore why the next phase of the market cycle may look very different from the last.
Rob and Seb discuss:
Why markets continue to climb despite geopolitical uncertainty Whether U.S. exceptionalism is beginning to fade The growing case for international diversification Canada's productivity challenge and economic outlook AI, capital spending, and the future of global growth The biggest mistakes investors are making today
As investors grapple with shifting narratives, one thing is becoming increasingly clear: the world is becoming more multipolar, and portfolios may need to evolve alongside it.
Episode Timestamps
00:00 Introduction and market backdrop
02:15 What's the biggest thing markets are misunderstanding?
05:10 Iran, geopolitics, and the real impact of oil shocks
08:45 Why this cycle looks different from the 1970s
11:20 Is U.S. exceptionalism starting to fade?
15:00 International markets and the global rotation trade
18:30 AI, productivity, and the next capex cycle
22:15 Canada's productivity challenge
26:30 Portfolio implications for investors
29:00 Biggest mistakes investors are making today
31:00 Closing thoughts and outlook
Resources
Why Nations Fail by Darren Asimoglu - https://www.amazon.com/Why-Nations-Fail-Institutions-Rule/dp/0307719227
Power and Progress by Darren Asimoglu - https://www.amazon.com/Power-Progress-Technology-History-Change/dp/XXXXXX
Speaker
Sebastien McMahon - https://www.linkedin.com/in/sebastien-mcmahon/
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Thank for you listening, please considering leaving a review and subscribing for future episodes.
For any questions, comments or suggested topics please reach out to Rob Duncan, rduncan@forstrong.com
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Release Date: 02/06/2026, 20:05:00
