Interview recorded - 21st of April, 2025

On this episode of the WTFinance podcast I have the pleasure of welcoming on Brent Johnson. Brent is the CEO of Santiago Capital, has twenty years experience in financial markets and is well known for coining the “Milkshake theory”.

During our conversation we touched on the Milkshake theory, the risk of a sovereign crisis, what this means for the markets currently, realignment of the world worder, who are the losers and more. I hope you enjoy!

0:00 - Introduction
1:22 - Milkshake theory
4:15 - Sovereign crisis
7:20 - All things link back to debt & dollar?
9:14 - China worse than the West?
11:28 - Misallocation of capital?
16:40 - Swap lines
20:31 - What is happening in the economy?
24:16 - Foreigners selling US assets?
26:31 - Dollar shortage
28:39 - Realignment of world order
32:09 - Who is the loser?
35:31 - Impact investment approach?
38:56 - One message to takeaway?

Brent Johnson brings over twenty years of experience in the financial markets to his position as CEO of Santiago Capital. Prior to that, Brent enjoyed more than nine years as a Managing Director at BakerAvenue Asset Management, a multi-billion dollar asset manager and wealth management firm. He was the lead advisor for several of the firm’s largest clients. Before joining BakerAvenue, Brent spent nine years at Credit Suisse in their private client group. He got his start as part of the training program at Donaldson, Lufkin & Jenrette (DLJ) which became part of Credit Suisse in the fall of 2000. Brent regularly gives interviews and speaks at conferences regarding financial markets & macroeconomic trends. His views have been quoted in numerous print, online and television outlets.

Brent Johnson -

Fund - https://santiagocapital.com/
X - https://x.com/SantiagoAuFund
Newsletter - https://macroalchemist.com/
YouTube -  @MilkshakesPod

WTFinance -

Instagram - https://www.instagram.com/wtfinancee/
Spotify - https://open.spotify.com/show/67rpmjG92PNBW0doLyPvfn
iTunes - https://podcasts.apple.com/us/podcast/wtfinance/id1554934665?uo=4
Twitter - https://twitter.com/AnthonyFatseas