In this episode of Non-Consensus Investing, host Ram Ahluwalia, CIO at Lumida Wealth, delves into various investment strategies and economic trends impacting the market. Rahm discusses the demographic changes affecting household formation, the effects of economic populism, and the international stock markets outperforming the S&P 500. He emphasizes the importance of international value stocks and analyzes specific sectors like software, defense tech, and healthcare. Moreover, Ram underscores the resiliency of the U.S. economy, the strength of the consumer market, and the importance of staying flexible in investment approaches. Concluding with geopolitical insights, Rahm provides a nuanced view of the shifting global economy and its implications for investors.
(03:23) Trump's economic policies are actually left of Bernie Sanders
(07:07) International markets outperforming the S&P 500 by 4x
(16:23) Why bank earnings matter more than Fed officials for reading the economy
(21:49) How dismantling Sally Mae created the student debt crisis
(24:27) The software paradox - rising revenue meets falling stock prices
(29:31) Adobe growing 10% annually but trading like a dying company
(30:17) The data that debunks the AI killing SaaS narrative
(35:50) Palantir and Robinhood losing market leadership
(39:30) Gold replaces US Treasuries as the global safe haven trade
(39:54) Defense tech opportunity with Pentagon budget jumping to $1.5T
(50:45) Following baby boomer spending trends in travel, healthcare, and leisure