Ep. 377: Jay Pelosky on the Tripolar World, the Spending Super Cycle, and the Global Earnings Boom

Pelosky sees cheap valuations and a record global earnings boom driving equity leadership away from the US toward Europe, Asia, and EM.

• Tripolar spending super cycle: Jay Pelosky argues Asia, Europe, and the Americas are all spending aggressively on AI, defense, and climate simultaneously, driving a global growth long cycle through 2030+.
• Valuations favor non-US: S&P trades at 18x 2027 forward earnings (below its 5-10yr average); EM trades at a 50% discount; South Korea at 5x forward earnings despite 100%+ memory-chip earnings growth.

Themes, sentiment and reasons are AI-written paraphrases, checked so they never quote an episode. They may contain errors. Not investment advice. Episodes remain the property of their creators.