The Great Rebalancing: Why Debt, Demographics, and Politics Will Crush Forward Returns | Sony Kapoor

<p dir="ltr">In <a href= "https://hiddenforces.io/podcasts/great-rebalancing-debt-demographics-and-politics-sony-kapoor"> Episode 436</a> of Hidden Forces, Demetri Kofinas speaks with economist, policy adviser, and investor <a href= "https://substack.com/@geostrategy4tumultoustimes">Sony Kapoor</a> about why developed world demographics, debt, and political sclerosis will crush forward returns for investors who fail to rebalance their portfolios for the new investment paradigm.</p> <p dir="ltr">Kapoor and Kofinas spend the first hour of their conversation unpacking the thesis explored by Sony in two of his papers: "Winter Is Coming" and "The Case for a Great Rebalancing" in which he argues that global capital has been increasingly misallocated due to factors such as the growth of passive indexation, maladaptive benchmarking, and an excessive focus on short-term performance at the expense of long-term returns.</p> <p dir="ltr">They explore how demographic tailwinds in advanced economies...