In this explosive interview, Gavekal CEO Louis-Vincent Gave delivers a stark warning: the AI bubble is already deflating, private credit and private equity returns were an illusion, and the “air is coming out” of the same assets that pushed U.S. market cap from $40T to $70T. With energy and interest rates still low, a classic recession trigger isn’t here yet — but a brutal repricing of misallocated capital is underway. Gave explains why gold remains a must-own at $4,300, why China just won the trade war, why the U.S. dollar has entered a bear market, and why investors should now rotate out of overowned U.S. assets into China, Japan, Europe, and emerging markets. He closes with his biggest call: the next 5–10 years will be defined by the economic integration of the Eurasian supercontinent (Russia’s cheap commodities + China’s capital + India’s labor), a mega-trend most Western investors are completely missing.

🗓️ Recording date: November 28, 2025

📖 Chapters
0:00 Intro
0:47 2026 Crash Risk Real?
1:33 The Deadly 1-2 Punch
2:40 Capital Misallocation Repricing
3:59 “Air Coming Out of AI & Crypto Bubbles”
5:15 Oracle & SoftBank Crash
6:55 Where to Hide in a Crash?
7:34 Gold at $4,300 – Still a Buy?
10:58 Tide Going Out: Who’s Naked?
12:52 Did China Just Win the Trade War?
17:53 “USD Bear Market Has Started”
21:36 Europe Ready to Outperform US?
25:10 The 5-10 Year Mega-Trend
27:31 Russia + China + India = New World Order
28:09 End