“This should not have surprised anyone” Trump and the great rebalancing

Louise Watson talks to Chris Wallis, CEO and CIO of Vaughan Nelson, about Trump’s tariffs and recent policy changes and the current market volatility. Chris believes that the current market turmoil is an inevitable part of a global change to trade and capital flows that has been going on since 2021 which he calls: “the great rebalancing”.

After a period of US exceptionalism where everyone had piled into US large cap stocks and mega-cap technology, Chris says capital is now flowing out of an over-invested US and “going home”.

Listen to the full podcast where Chris also discusses:

• How his portfolios are positioned for this volatility
• The countries and geographic areas he is most confident in, including why he thinks Chinese equities are a “dead cat bounce” and investors in ‘ReArm Europe’ should book their profits and move on
• The equity asset class where he has his highest personal allocation
• The big risk he thinks many investors are not fully grasping.

For those who enjoyed Chris Wallis's macro and market commentary, you can hear him regularly on the Vaughan Nelson Investment Management Podcast on Soundcloud, Spotify, and Apple.