Milk Road Macro Jordi Visser: The Biggest Market Shift of Our Lifetime Is Starting
Mar 19, 2026
Jordi Visser, macro and AI-focused analyst who leads AI Macro Nexus research at 22v Research and founded Visser Labs. He explains a massive economic transition driven by AI, rising commodity and compute demand, and private credit stress. He discusses oil spikes, why software moats may erode, rotation into commodities and semiconductors, and how liquidity shocks could reshape markets.
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Rotate From Software To Commodities And Compute
- Short assets built purely on code and favor exposure to commodities, compute, chemicals and optical fiber.
- Jordi recommends long commodities and compute and short software-heavy, long-duration assets like commercial real estate.
Stocks May See Multiple Compression Like The 1970s
- Expect episodic 15–20% corrections and a multi-year period of multiple compression similar to the 1970s.
- Jordi warns earnings may grow while P/E compresses, making returns disappointing despite rising profits.
Prepare For Private Credit Redemptions And Liquidity Actions
- Prepare for private credit redemptions forcing markdowns; expect liquidity facilities to be used to contain stress.
- Jordi explains managers are trapped in illiquid funds and selling bonds to meet redemptions can spread losses quickly.
