Episode
#355 Brent Johnson: The Old World Is Over, America Is Entering Its Empire Phase, and the Dollar Wins
- Podcast
- The Julia La Roche Show
- Published
- Apr 1, 2026
- Duration seconds
- 3816
- Processing state
not_requested
Actions
POST https://stenobird.com/v1/public/podcasts/the-julia-la-roche-show-5842803/episodes/355-brent-johnson-the-old-world-is-over-america-is-entering-its-empire-phase-and-the-dollar-wins/transcription-requests
Idempotently request low-priority transcript generation for this episode.GET https://stenobird.com/podcast/the-julia-la-roche-show-5842803/355-brent-johnson-the-old-world-is-over-america-is-entering-its-empire-phase-and-the-dollar-wins.md
Read the agent-friendly Markdown representation of this episode resource.
Summary
Brent Johnson, founder and CEO of Santiago Capital and creator of the Dollar Milkshake Theory, joins The Julia La Roche Show in-studio for a wide-ranging conversation on why the world most investors grew up in is over. Johnson argues that power now matters more than economics — that the old framework of spreadsheets and cash flows is no longer sufficient when supply chains, national security, and geopolitical competition determine outcomes. He breaks down the US-China power competition, the implications of the Iran conflict for energy, food prices, and portfolios, and why he remains in US equities despite the consensus rotation into emerging markets. He also updates his Dollar Milkshake Theory, makes a provocative case that what comes after the American Republic is the American Empire, and explains why stablecoins may be the most underappreciated geopolitical tool the US has right now. Links: Twitter/X: https://x.com/SantiagoAuFund YouTube: https://www.youtube.com/@milkshakespod Substack: https://research.santiagocapital.com/ 0:00 Intro & welcome Brent Johnson 1:05 Current macro picture: the world has changed & power matters more than economics 4:37 Signposts reinforcing the thesis — Trump as symptom, not cause 5:42 What the paradigm shift means for investors — the law of one price is gone 8:25 The high angst/low drawdown paradox — markets only down 10% but everyone's acting like it's 30% 9:43 Conviction vs. confliction — investing for what will happen vs. what you want to happen 13:23 Iran: thinking through the probabilities without the certainty 16:27 The US is still the most powerful country in the world — what that means for portfolios 18:01 Portfolio implications of the Iran scenarios — energy, food prices, the Strait of Hormuz 21:23 It's all about US-Chin…