In this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, explains why today's geopolitical tensions signal a deeper structural shift – and what it means for markets, alliances, and investors.

(1:08) Is the current state of the world only as permanent as Trump remains in office? In other words, is this just a phase, or are we actually living through something more structural?

(2:30) So, even if the political backdrop changes, the system itself has already shifted?

(4:29) Let's talk about that, because alliances have always been the backbone of the global system.

(5:27) And that realignment has second-order effects in places people might not immediately think about.

(6:29) So, even if nothing changes domestically, the global context could undermine that progress?

(7:56) To bring it back to the original question – this isn't just about who's in office.

(8:20) Let's move to the second theme, which builds directly on that idea: the Age of Chokepoints. It's a phrase we're hearing increasingly. Tell us about it.

(11:46) What does that redesign look like in practice?

(13:59) With all of that as the backdrop, it would be reasonable to expect markets to be under significant pressure. And yet, particularly in the US, equities have been remarkably resilient. Why is that?

(14:50) So, even with all the uncertainty, the underlying growth drivers are still intact?

(15:37) Are markets effectively looking through the noise?

(16:16) How should investors think about this environment?