The US Manufacturing and Electrification Megatrends Are Here and They’re Way More Than AI | Chris Semenuk
Other People's Money with Max WietheShow Notes
In this episode of Other People’s Money, host Max Wiethe sits down with Chris Semenuk, an investment partner at Tema ETFs, to discuss the massive secular tailwinds driving the US manufacturing and electrification renaissance. Semenuk argues that after a three-year recession and decades of underinvestment, US industrial capacity and manufacturing are finally entering a powerful recovery cycle. Moving beyond the hype of AI and hyperscalers, they explore how "boring" short-cycle industrial companies like those producing essential components like ball bearings, pneumatics, and filters are primed for extraordinary earnings growth. They also discuss how America’s electrification mega trend goes beyond the AI data center buildout.
Follow Chris on X: https://x.com/ChrisSemenuk
Follow Max on X: https://x.com/maxwiethe
Follow Other People’s Money on:
Apple Podcast https://bit.ly/4e7QJ1M
Spotify https://bit.ly/3Yhaazi
YouTube https://bit.ly/3C63VXR
Timestamps:
00:00 Manufacturing Recession Ends
00:46 Meet the Industrial Bull
02:00 Proof Reindustrialization Is Real
05:28 What Reindustrialization Really Means
07:49 Why Companies Build Here
12:45 Advanced Goods Not Old Jobs
15:52 AI Hype Versus Reality
17:27 Picking the Equipment Winners
21:46 Inside Factory Wall Plays
23:26 Short Cycle Sequencing
27:53 Destocking Rates Tariffs Fog
32:28 Why Stocks Held Up
37:03 Valuing Cyclical Industrials
45:05 Tariffs Drive Onshoring
50:31 Humanoids And Automation
54:31 Grid Demand Inflection
57:05 Behind the Meter Reality
01:01:10 Rural Utilities Winners
01:08:22 High Voltage Bottleneck
01:14:40 Service Backlogs and Duration
01:18:28 Secular Tailwinds Wrap Up
More from Other People's Money with Max Wiethe
This episode is brought to you by Sarmaya Partners. Learn more about Sarmaya’s LENS ETF, their full data and comparison, including performance here: https://sarmayaetf.com/
This episode is brought to you by Sarmaya Partners. Learn more about Sarmaya’s LENS ETF, their full data and comparison, including performance here: https://sarmayaetf.com/
James Elbaor, Founder and Portfolio Manager at Marlton LLC joins OPM to discuss why the private credit boom is officially over. Elbaor explains how artificial intelligence is threatening the SaaS businesses that make up over half a trillion dollars of private credit exposure, while also detailing how liquidity gates are currently trapping investors in massive interval funds like BCRED. The discussion concludes by exploring lucrative upcoming merger opportunities in the public BDC space and analyzing why asset managers utilizing permanent capital vehicles are being rewarded with premium market multiples.
Eric Wallerstein, Chief Macro Strategist at Clocktower Group, joins OPM to discuss why he sees substantial risk that the Fed is making a policy mistake by hiking into a supply shock that could cause a 2022 style bear market. He also explores the global coordination of rate hikes and why he believes the participation of lower growth economies like Canada indicate that this is a reaction to higher energy prices and not a substantially higher global neutral rate.
Try model portfolios available on Plutus and get a 45-day fee waiver when you signup with code OPM45: https://runplutus.com/mm-opm/login