Real Vision: Finance & Investing · Real Vision Podcast Network

Dalio: "The World Order Has Broken Down"

·33 min·2 clips

Andreas says 90% to 95% of their team’s work has been automated by agents in 12 to 18 months.

1. Real Vision: Finance & Investing centers on AI, inflation, geopolitics, and asset-allocation shifts in a changing macro regime. 2. Mikkel Rosenwald hosts with Andreas, his usual macro co-host, and Michael joins the discussion as another Real Vision voice on policy and markets. 3. The episode asks whether AI capex, soft inflation, and geopolitical decoupling are creating a new investment regime. 4. Andreas says a white paper from a trucking company claimed shipping volumes could rise 300% with AI and no added cost. 5. He says that AI fear has moved from SaaS into financial services and logistics, while big technology firms are spending heavily on infrastructure and chips. 6. Andreas says he wrote that 90% to 95% of their team’s work has been automated by agents over 12 to 18 months. 7. He argues that the market is still trying to decide whether the return on that capex will show up soon enough to justify the spending. 8. Michael says the free cash flow of the big hyperscalers is in free fall as they build infrastructure and spend on R&D. 9. He says the key missing link is whether there is a feasible use case on the other side of all this capex. 10. Andreas says his X poll on the Magnificent 7 split 50-50 between overinvesting in AI and underinvesting in AI. 11. Michael says companies often get punished for heavy capex before markets later reward the returns on that spending. 12. The inflation discussion points to ten inflation reports since Liberation Day, with seven coming in substantially softer than expected. 13. Andreas says transportation services was the main outlier, driven by the biggest spike ever in registration fees for autos and parking fees. 14. Michael says the market is not pricing rate cuts before Kevin Walsh takes over, and he does not rule out Powell trying to manage one cut before leaving office. 15. The conversation says U.S. inflation looks softer in February than January, while March is usually a soft inflation month seasonally. 16. Andreas says the U.S. now-casting shows cyclical momentum improving in the U.S. while the Eurozone is peaking and weakening. 17. Michael links Marco Rubio’s Munich message, “friends pay for their own beers,” to decoupling between the U.S. and Europe and to broader U.S.-China separation. 18. The tone is analytical and fast-moving, with charts, poll results, and back-and-forth commentary across macro themes. 19. Listeners focused on macro, rates, and AI capex cycles. 20. Skip it if you want a narrow sector interview or a single-stock story.

As heard by us

A focused macro read on inflation, Powell, and U.S. market leadership.

Real Vision stays focused on the live macro setup, tying inflation, the Fed, and the U.S. cycle to the Eurozone comparison. It does not pretend the path ahead is settled, and that restraint gives the discussion some credibility.

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Why you'd press play

For a chart-led read on soft inflation, Powell's next move, and why the U.S. may still be the stronger macro story.

Read the full recommendation in PlayNext →

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