The End of Globalisation: How to Invest in a Fragmenting World with Chris MacIntosh
Poor MillionairesShow Notes
What happens to your portfolio when the rules of globalisation begin to break down? Chris MacIntosh — founder of Capitalist Exploits and principal at Glenorchy Capital — joins James to examine a world moving from just-in-time efficiency to just-in-case resilience. Chris explains why rising debt, sanctions, disrupted trade routes and strategic competition are fragmenting markets into rival blocs. The conversation explores capital-starved energy and commodity sectors, inflation and fiscal drag, jurisdictional risk, emerging markets, index concentration and the assets Chris believes may benefit from a historic rotation away from financialised Western markets. They also test the counterargument that AI-driven productivity could make today’s debt burden more sustainable. A provocative episode about hard assets, portfolio optionality and investing when the old diversification playbook may no longer be enough. This podcast is for information and entertainment only and does not constitute financial, legal or tax advice.
About Chris Chris MacIntosh is the founder of Capitalist Exploits and a principal at Glenorchy Capital. His work focuses on global macro trends, asymmetric risk and opportunities overlooked by conventional portfolios. He previously worked across investment banking and venture capital and now writes and advises investors on capital allocation in changing political and economic regimes.
Key takeaways · Globalisation may be fragmenting into rival trade, financial and security blocs rather than simply reversing. · The shift from just-in-time to just-in-case supply chains increases inventory, duplication and capital requirements. · High public debt can feed inflation, political conflict, financial repression and more aggressive competition for capital. · Years of underinvestment make new supply in energy and commodities slow, expensive and vulnerable to disruption. · Chris favours essential hard-asset sectors including energy, agriculture and precious metals, while stressing valuation and jurisdiction. · Emerging markets may carry real political risk, but Chris argues that the relative pricing of that risk is often more attractive. · The traditional Western stock-and-bond diversification model may offer less protection in a world of correlated policy and inflation risk. · AI-driven productivity is the clearest counterargument discussed, but Chris is sceptical that current economics can solve sovereign debt.
Capitalist Exploits: https://capitalistexploits.at/ Capitalist Insider newsletter: https://substack.capitalistexploits.at/ Chris on LinkedIn: https://www.linkedin.com/in/chris-macintosh-40a0a123 Poor Millionaires: https://poormillionaires.com/
Disclaimer This podcast is for education and entertainment only. It is not financial, investment, tax or legal advice. Investments can fall as well as rise, and you may not get back the amount invested. Do your own research and seek professional advice where appropriate.
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