Maggie Lake Talking Markets Episode 22: Top Trades for 26. With Vincent Deluard
22 snips
Mar 4, 2026 
Vincent Deluard, Director of Global Macro Strategy at StoneX Group, is a macro analyst focused on energy, inflation, and sector rotation. He discusses why energy remains central to his trade ideas, how inventories and geopolitics affect oil, inflation risks from dollar and tariffs, and his 'Holy Trinity' of energy, healthcare, and financials as portfolio hedges.
AI Snips
Chapters
Transcript
Episode notes
Energy As A Cheap Diversifier
- Energy served as a high-conviction hedge against rising inflation and portfolio concentration in Big Tech.
- Vincent first recommended energy because it had low correlation to the Magnificent Seven and offered cheap diversification that benefited from geopolitical risk.
Geopolitical Risk May Create Structural Energy Demand
- Geopolitical energy shocks often fade but this episode could be different because chokepoints and asymmetric risks create structural scarcity.
- Vincent points to Strait transit concentration and Houthi attacks as reasons governments will hold more inventories and raise structural demand.
Tilt Portfolios Toward Tangible Real Assets
- Prepare portfolios for persistent non-economic demand that breaks simple supply/demand forecasts.
- Vincent recommends increasing tangible exposure like energy and real assets because governments will favor preparedness over lean inventories.