RiskReversal Pod Bubbles as a Feature, Not a Bug with Carlyle's Jason Thomas
Mar 13, 2026
Jason Thomas, Head of Global Research and Investment Strategy at Carlyle, offers macro and market perspective in this lively discussion. He covers why equities shrug off geopolitical shocks, a rising security premium in energy and stockpiling, a strong dollar driving gold demand, S&P concentration spurring flows into equal-weight and old-economy names, and the AI capex versus revenue puzzle.
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Scottie Pippen Event In Boca Raton
- Jason Thomas attended a CME Group/FanDuel event in Boca Raton where Scottie Pippen played a net-style game with guests.
- He described Pippen as a 'gem of an individual' and called the day fun for attendees like 'G Swizzle.'
Security Premium Is Boosting Energy Demand
- Policymakers are shifting from prioritizing rapid energy transition to prioritizing reliable energy supplies, creating a security premium.
- That premium can cause stockpiling and higher demand as countries accumulate reserves after shocks to ensure resiliency.
Markets Adapted To Tariffs Like FX Shifts
- Tariffs initially looked existential for many companies but markets and firms adapted quickly once rules clarified.
- Carlyle's portfolio data showed companies treated tariffs like a FX shock, normalizing by Q3 with final demand growth rebounding to ~3%.