Dr. Alan O'Sullivan

We've got a world on fire.

We've got multipolarism, increased competition, trade wars, lack of cooperation, and that leads to volatility, but also inflation.

Because war is inflationary.

When countries are competing with each other, they're bringing down the aggregate cost of goods and services.

If you think about what China did for Europe and the West since it joined the WTO, it exported deflation.

So people kind of

What does he mean?

So when China is flooding the market with cheap goods, that's bringing down inflation, let's say, in the West.

But that trend is reversing now.

And countries like India are the beneficiaries of this.

But that's for another discussion.

It means increased uncertainty.

It means increased volatility.

But it also means that the old relationships that used to exist

no longer exists.

And I'm not talking about political relationships or country.

I'm talking about the relationships between assets.

And this is a crucial point.

So Jeffrey Gundlach is known as the bond king.

He's a very famous investor.