Felix Zulauf: Where to Invest in 2025

Ed D'Agostino
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December 17, 2024
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Change is all around. Or as Felix Zulauf put it during our recent discussion, “We're moving away from the world we come from.”

The sheer pace of geopolitical, technological, and economic change we are living through is unmatched, perhaps in all of human history. It can be challenging to orient yourself while we’re in the middle of it, but speaking with the right people can help.

Felix Zulauf is one of those people. Felix was a global strategist for UBS Bank and the head of its institutional portfolio management group. He went on to found Zulauf Asset Management. And today he runs Zulauf Consulting, where he advises some of the largest and most influential institutional investors.

Felix keeps his media appearances to a minimum for most of the year. So, we’re particularly pleased to welcome him back on Global Macro Update. We’re covering a lot of ground today… everything from Europe’s energy woes and cheap Chinese cars to AI’s effect on America’s manufacturing revival and de-risking global supply chains.

Here’s Felix on deglobalization:

You will see now with Donald Trump, he will try to make America great again and he will try to de-risk the US more, or more friendship and deglobalization, whatever you call it… You reduce your risk on the supply chains and risk to other trading partners and you go nationalist, and that's a new trend.

We go nationalist or regionalism. The Europeans will try to do that, because they have no choice. The Chinese will try to do that, and America is trying to do that. Of course, that has certain ramifications, because in that process along the line we will move further and further towards state capitalism.

State capitalism means that the government dictates to investors where they should invest and it dictates the investments that should be taken.

What are the broader effects of potential tariffs on the US economy? What lies ahead for oil and other commodities? And where should you invest in 2025 to benefit from the changing world order?

Click the image above to hear Felix’s take, along with his thoughts on quantum computing, gold, and the Japanese yen. A full transcript of our conversation is available here.

Thanks for reading and watching.

Ed D’Agostino
Publisher & COO