Why Gold Stopped Being a Commodity (AllianceBernstein’s Inigo Fraser Jenkins) | #649

Today’s guest is Inigo Fraser Jenkins, Chief Investment Strategist at AllianceBernstein.

In today’s episode, Inigo argues that the golden era of easy diversification and high real returns is ending. He defends US equity exceptionalism while declining to defend the dollar. 

To close, he makes the case for gold and explains why bonds may no longer diversify equities.

(0:00) Starts

(0:54) Is US exceptionalism dead?

(10:27) US vs. foreign profit margins

(15:12) Diversifying beyond 60/40

(21:05) Gold is money and the role it plays in portfolios

(33:08) Higher expected future inflation

(35:26) The bull case for healthcare

(39:24) Inflation volatility and commodity demand

(42:38) AI's impact on the labor market