Interview recorded - 23rd of January, 2025

On this episode of the WTFinance podcast I had the pleasure of welcoming back Louis-Vincent Gave. Louis is the Founding Partner & Chief Executive Officer of Gavekal.

During our conversation we spoke about his thoughts on the markets, the everything bubble in the US, what tariffs mean for the US Dollar, the Chinese economic revolution, QE in the market, manufacturing boom and more. I hope you enjoy!

0:00 - Introduction
0:59 - Louis’ overview of markets
4:00 - Everything bubble in the US?
7:44 - Are tariffs bullish US Dollar?
10:20 - Expectation of US/China relationship?
13:39 - Geopolitical ideology with Biden
15:11 - What is happening in China?
22:26 - China QE
26:08 - Shifting to consumption economy?
30:31 - Data points to watch?
32:56 - Reliant on foreign investors?
36:46 - Issues in Europe
38:31 - Chinese currency?
44:55 - One message to takeaway?

After receiving his bachelor's degree from Duke University and studying Mandarin at Nanjing University, Louis joined the French Army where he served as a second lieutenant in a mountain infantry battalion. After a couple of years, Louis left the army and joined Paribas where he worked as a financial analyst—first in Paris, then in Hong Kong.

Louis left Paribas in 1998 to launch Gavekal with his father Charles and Anatole Kaletsky. The idea at the time was that Asia was set to become an ever more important factor in global growth, and that consequently Gavekal needed to offer its clients more information, and more ideas, relating to Asia.

Louis has written seven books, the latest being Avoiding the Punch: Investing in Uncertain Times which reviews how to build a portfolio at a time of rising geostrategic strife, and when very low interest rates and stretched valuations on most assets announce constrained returns on most assets over the next decade.

Louis speaks English and French. He spent many hours studying Mandarin and Spanish, which he once spoke decently. He is married with two sons and two daughters.

Louis-Vincent Gave:

Website - https://research.gavekal.com/
Twitter - https://x.com/gave_vincent

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