# Ep. 377: Jay Pelosky on the Tripolar World, the Spending Super Cycle, and the Global Earnings Boom

Page: https://stenobird.com/podcast/macro-hive-conversations-with-bilal-hafeez-524900/ep-377-jay-pelosky-on-the-tripolar-world-the-spending-super-cycle-and-the-global-earnings-boom
Text version: https://stenobird.com/podcast/macro-hive-conversations-with-bilal-hafeez-524900/ep-377-jay-pelosky-on-the-tripolar-world-the-spending-super-cycle-and-the-global-earnings-boom.md
Podcast: [Macro Hive Conversations With Bilal Hafeez](https://stenobird.com/podcast/macro-hive-conversations-with-bilal-hafeez-524900)
Published: 2026-09-25T09:47:00+00:00
Episode link: https://macrohive.libsyn.com/ep-377-jay-pelosky-on-the-tripolar-world-the-spending-super-cycle-and-the-global-earnings-boom
Audio file: https://traffic.libsyn.com/secure/macrohive/MH_w_PELOSKY2.mp3?dest-id=1929056
Processing state: not_requested
JSON: https://stenobird.com/v1/public/podcasts/macro-hive-conversations-with-bilal-hafeez-524900/episodes/ep-377-jay-pelosky-on-the-tripolar-world-the-spending-super-cycle-and-the-global-earnings-boom
Duration seconds: 2900

## Resource

Jay Pelosky is the founder of TPW Advisory. He has over 35 years of buy-side and sell-side financial market experience. Before going independent, Jay was at Morgan Stanley, where he was ranked #1 by Institutional Investor in Global Equity Strategy and Global Asset Allocation Strategy . In this podcast, we discuss: The Tripolar World & Spending Super Cycle US Valuati on "Haircut" vs. Non-US Bargains Reframing Bearish Narratives & High Nominal Growth European Plays: Financial Consolidation, Spain, and Poland Emerging Markets, China's Tech/Biotech, and Brazil Rate Cuts Energy Security, Clean Energy Adoption, and Battery Plays US Midterm Outlook & Policy Incoherence Year-End "Face Ripper" Rally & Answering AI ROI

## Actions

- request_transcript: `POST https://stenobird.com/v1/public/podcasts/macro-hive-conversations-with-bilal-hafeez-524900/episodes/ep-377-jay-pelosky-on-the-tripolar-world-the-spending-super-cycle-and-the-global-earnings-boom/transcription-requests` — Idempotently request low-priority transcript generation for this episode.
- read_markdown: `GET https://stenobird.com/podcast/macro-hive-conversations-with-bilal-hafeez-524900/ep-377-jay-pelosky-on-the-tripolar-world-the-spending-super-cycle-and-the-global-earnings-boom.md` — Read the agent-friendly Markdown representation of this episode resource.

A page view does not enqueue transcription. Agents should invoke `request_transcript` explicitly when they need this episode processed.

## Transcript

Full transcripts are not published on public pages unless there is a clear rights basis.