Top Traders Unplugged

SI388: Peak Bubble? Why Markets Feel Different in 2026 ft. Mark Rzepczynski & Alan Dunne

65 snips
Feb 21, 2026
Guest
Mark Rzepczynski
Mark Rzepczynski, a seasoned global macro economist focused on asset management and trend following. They dig into whether we are at a peak bubble in metals and AI froth. Conversations cover gold’s steady demand, surprising EM vs US inflation dynamics, shifting bond-equity relationships, fiscal versus monetary pressures, and how regime thinking and ML affect systematic investing.
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INSIGHT

Safety Is A Relative Concept Now

  • Safety is relative: US Treasuries may be safe absolutely but less safe relative to alternatives.
  • Mark argues declining perceived US safety drives diversification into EM and other assets.
ADVICE

Build Portfolios Around Regime Awareness

  • Study regimes because asset relationships are conditional and betas change with environment.
  • Use regime analysis to adjust portfolio tilts and avoid overexposure to transient correlations.
INSIGHT

Multiple Regimes Drive Market Behaviour

  • Regimes exist at multiple levels: volatility, policy, sentiment, and geopolitics each change market behavior.
  • Mark suggests decomposing regimes to create differentiated edges in strategy and allocation.
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