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Podcast: Excess Returns
Episode: The Great Moderation is Over. The Great Convergence is Here | Luca Paolini on What Comes Next
Description: In this episode, we speak with Luca Paolini, Chief Strategist at Pictet Asset Management, about the firm’s 2025 Secular Outlook and the unfolding shift in global markets. Paolini argues that the era of U.S. exceptionalism is fading—and investors may be mispricing what comes next. We discuss why the “Great Convergence” could redefine asset allocation, what it means for U.S. equities and the dollar, and why now might be the time to lean into bonds and income-generating assets.Paolini also shares his views on inflation, tariffs, AI, private markets, and the challenges of navigating a low-retu...