Maggie Lake Talking Markets Episode 78: How To Trade September Volatility. With Julian Brigden.
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Sep 3, 2025 
Julian Brigden, co-founder of MI2 Partners and creator of MacroCapture, shares his insights into navigating today’s market volatility. He expresses concerns regarding tech stocks and the AI bubble while questioning US exceptionalism. Brigden highlights the importance of considering hard assets like gold and silver amid shifting economic conditions. He also discusses the complexities of bond markets and the growing appeal of stable coins, challenging traditional investment strategies and emphasizing emerging markets.
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We’re In A Capital Rotation
- Capital rotation is underway as the dollar trend and policy incentives change global allocations.
- Julian sees US exceptionalism as reflexive and likely to reverse, creating big opportunities elsewhere.
Shift Capital Toward Hard Assets
- Do consider buying miners, metals, and gold as a hedge against a falling dollar.
- Julian says he moved his money into these hard assets over the last six months and profited.
Tech Vs. Miners Ratio At Extremes
- The tech-to-mining ratio has breached a multi-decade downtrend and sits at extreme valuation dispersion.
- Julian highlights a historic ratio gap implying large relative upside for miners versus tech.