Gold and rethinking the risk-free asset

Raphaël Gallardo is Chief Economist within the Cross-Asset team at Carmignac. Carmignac is a leading European investment management boutique established in 1989, with over EUR 40 bn in assets under management. Raphaël joined them in 2018. He started his career in 1997 at BNP Paribas, where he spent ten years as a Quantitative Analyst within the Risk Department, a Country-risk Economist, a Financial Engineer specialising in interest rate risk, and ultimately a cross-asset strategist. In 2007, he joined Axa IM as Head of Macroeconomic Research and moved to Rothschild & Cie Gestion in 2012 to occupy the same position. From 2013 to 2018, he was Cross-Asset Strategist at Ostrum Asset Management. Raphaël holds an Engineering Degree from École Nationale Supérieure des Mines de Paris. In this podcast, we discuss:

1. Austrian Economics Framework
2. Three "Wobbling" Bubbles
3. The "Sad" AI Bubble
4. Trump Risk Parity Portfolio
5. Spain's "Virtuous Circle"
6. France's Fiscal Existential Risk
7. Japan's Vicious Circle
8. China's Dual Economy
9. Death of the Risk-Free Asset
10. 2026–2027 Outlook