Hi all,
A year ago, we had the pleasure of hosting Louis-Vincent Gave on the podcast. His perspective stood out immediately: instead of looking at markets through headlines and narratives, Louis starts with the deeper forces—capital flows, currencies, and long historical cycles.
When we invited him back this week, the world had changed dramatically.
Oil had just traded in a $40 range in a single day.
War in the Middle East is threatening critical energy infrastructure.
Supply chains are once again showing how fragile the global system can be.
In this new episode, Louis lays out a simple but powerful framework:
Economic activity is energy transformed.
And when energy prices spike, they don’t just move one sector of the market—they destabilize everything. In his words:
“Energy is the dark force of our economic systems. Once it goes up a lot, everything else dies.”
We discuss:
Why the old habit of “buying every geopolitical dip” may no longer work
Why energy is becoming the central constraint of the global economy
Why China may be far better prepared for this new era than most Western countries
What rising geopolitical tensions mean for interest rates, bonds, and global capital flows
How investors—and ordinary people—should think about positioning themselves in a more volatile world
The conversation also turns surprisingly personal:
What it actually looks like on the ground in China today, why Europe may be losing momentum, and why the next decade may reward resilience and real-world production over financial engineering.
It’s a wide-ranging discussion with one of the sharpest macro thinkers we know.
If you’re trying to understand how energy, geopolitics, and global capital flows fit together, this is an episode worth listening to.
As always, thank you for listening - we look forward to your comments and questions!
— Lovis & Jason
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