Resolve Riffs Investment Podcast · ReSolve Asset Management

Julian Brigden on the Coming Reset and Decline of US Exceptionalism

·1 hr 25 min·25 clips

Adam Butler opens by pressing on the gap between nominal gains and real wealth. He uses a pension-fund example to make the issue feel concrete. Julian Brigden takes that thread and turns it into a broader critique of U.S. exceptionalism. The conversation treats U.S. market dominance as something to examine, not accept by default. It keeps returning to the idea that wealth management should be judged by purchasing power, not only by local asset returns. The discussion then moves into global equity flows and the concentration of capital in U.S. markets. A Bridgewater statistic about the share of global equity money flowing into the U.S. becomes a key pivot in the exchange. Brigden argues that even very large allocations can be hedged fairly quickly through currency protection. He also points out that investors can add other layers of defense, including downside hedges on the Nasdaq. The episode makes clear that rotation does not need a neat, orderly trigger to begin. Losses themselves shrink the pool of money available to rotate. That point is repeated bluntly so the portfolio math is hard to dodge. From there, the conversation turns to gold. Gold is framed as a prominent alternative and now sits close to the center of many investors’ mental models. The hosts ask what else belongs in that picture. Brigden is pushed on precious metals, energy, and whether crypto can play any role. He is open to the discussion, but keeps structural concerns about crypto front and center. The exchange stays focused on risk management instead of prediction. Throughout, the tone stays technical without getting stiff. The hosts keep asking for definitions, examples, and the mechanism underneath the claim. Brigden gets room to build a long causal chain before the topic shifts. The episode closes with the usual Resolve Riffs sign-off and a reminder that the conversation is meant to inform, not dictate decisions. It leaves the listener with a simple frame: if the U.S. stops absorbing so much global capital by default, portfolios may need to behave differently.

As heard by us

A disciplined macro conversation about dollar risk, global purchasing power, and possible portfolio responses including hedging, gold, and crypto.

The piece takes up a basic but high-stakes question: whether returns should be measured in local currency or by global purchasing power. Using a pension fund as the example, it shows how a strong S&P run can still leave a weak result if the dollar slips, then widens into U.S.

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Want a sharper way to think about U.S. market dominance and currency risk?

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