{"podcast":{"title":"The Julia La Roche Show","slug":"the-julia-la-roche-show-5842803","podcast_index_feed_id":5842803,"rss_url":"https://anchor.fm/s/41aa63c4/podcast/rss","website_url":"https://podcasters.spotify.com/pod/show/julia-la-roche","image_url":"https://d3t3ozftmdmh3i.cloudfront.net/production/podcast_uploaded_nologo/10916857/10916857-1660085096509-ec2c80bf0ad2a.jpg","author":"Julia La Roche","episode_count":395,"summary":"Julia La Roche brings her listeners in-depth conversations with some of the top CEOs, investors, founders, academics, and rising stars in business. Guests on \"The Julia La Roche Show\" have included Bill Ackman, Ray Dalio, Marc Benioff, Kyle Bass, Hugh Hendry, Nassim Taleb, Nouriel Roubini, David Friedberg, Anthony Scaramucci, Scott Galloway, Brent Johnson, Jim Rickards, Danielle DiMartino Booth, Carol Roth, Neil Howe, Jim Rogers, Jim Bianco, Josh Brown, and many more. Julia always makes the show about the guest, never the host. She speaks less and listens more. She always does her homework.","last_synced_at":"2026-07-24T00:18:02.386758+00:00","page_url":"https://stenobird.com/podcast/the-julia-la-roche-show-5842803"},"episode":{"title":"#351 Jay Pelosky: The ‘EMification of America’ — The U.S. No Longer Deserves Its Premium Valuation","slug":"351-jay-pelosky-the-emification-of-america-the-u-s-no-longer-deserves-its-premium-valuation","published_at":"2026-03-24T12:00:00+00:00","page_url":"https://stenobird.com/podcast/the-julia-la-roche-show-5842803/351-jay-pelosky-the-emification-of-america-the-u-s-no-longer-deserves-its-premium-valuation","show_page_url":"https://stenobird.com/podcast/the-julia-la-roche-show-5842803","url":"https://podcasters.spotify.com/pod/show/julia-la-roche/episodes/351-Jay-Pelosky-The-EMification-of-America--The-U-S--No-Longer-Deserves-Its-Premium-Valuation-e3gspfv","audio_url":"https://traffic.megaphone.fm/APO5770938217.mp3","summary":"Jay Pelosky, founder of TPW Advisory, makes the case that the U.S. no longer deserves its premium valuation — and that the biggest investing opportunity in decades is happening everywhere else. Jay's framework, the Tri-Polar World thesis, argues that regional integration across Europe, Asia and the Americas is the dominant force shaping the global economy. Built on 30+ years of global macro experience, his view is that a global growth long cycle — driven by government and private sector spending on AI, defense and renewable energy — remains firmly intact, and that the Iran conflict may actually accelerate it. His most provocative argument: the "EMification of America." The U.S. is increasingly exhibiting the volatile policymaking, concentrated power and institutional erosion typically associated with emerging markets — and yet still trades at a premium valuation. That, he says, is the disconnect that defines the next decade of investing. Where does he see opportunity? Emerging markets — particularly China and Latin America — copper miners, commodities broadly, and the intersection of renewable energy and autonomous defense technology. He has held no long duration developed market sovereign debt for years. Links: Subscribe to Jay's Substack: https://jaypelosky.substack.com/ Learn more about TPW Advisory: https://pelosky.com/ Timestamps 0:00 — "The US doesn't deserve its premium valuation" 0:26 — Welcome Jay Pelosky 1:00 — Is the global growth long cycle being derailed by Iran? 4:00 — AI, defense & climate as existential government spending drivers 6:30 — Oil price sensitivity today vs. the 1970s — why it's different this time 9:10 — The contrarian take: Iran could actually boost global growth 14:20 — TACO Trump & the search for an off-ramp 18…","meta_description":"Jay Pelosky, founder of TPW Advisory, makes the case that the U.S. no longer deserves its premium valuation — and that the biggest investing opportunity i…","key_points":[],"chapters":[],"topics":[],"duration_seconds":3640,"processing_state":"not_requested","actions":[{"name":"request_transcript","method":"POST","url":"https://stenobird.com/v1/public/podcasts/the-julia-la-roche-show-5842803/episodes/351-jay-pelosky-the-emification-of-america-the-u-s-no-longer-deserves-its-premium-valuation/transcription-requests","description":"Idempotently request low-priority transcript generation for this episode."},{"name":"read_markdown","method":"GET","url":"https://stenobird.com/podcast/the-julia-la-roche-show-5842803/351-jay-pelosky-the-emification-of-america-the-u-s-no-longer-deserves-its-premium-valuation.md","description":"Read the agent-friendly Markdown representation of this episode resource."}]}}