Vlad Barbalat
speaker
638 appearances
1 recordings
1 series
first heard Jun 2026
last heard 23 Jun
Vlad Barbalat’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Jun 2026 with 1.
Appearances
But that was also probably true during the Industrial Revolution.
For the people that looked back 15 years after the steam engine became mainstream, society looked nothing like it did 15 years before.
Is it really that different, or is it just continuous progress?
And then I think about the geopolitics today, and they do feel like we are certainly breaking the order that had governed economic flow, security, architecture across the globe that has been in place more or less since World War II.
You can make the argument that along the way, we had some really major shifts like the Berlin Wall falling, but it's been a period where
certain norms in international relations and certain alliances held through all that.
And it does feel like that's changing.
That in itself, I don't think affects investing if you're focused in the US so much.
What does clearly matter is that the economic architecture is changing.
It's changing from an energy perspective.
It's changing from a supply chain perspective.
And there are real investing opportunities and risks that evolve from that.
I continue to think that the US is endowed with inherent advantages, whether that's the ability to innovate, whether that is the energy abundance that we ultimately have.
All those things continue to conspire for American exceptionalism, but we've also gotten quite accustomed to a world where just-in-time inventory is worth a thing, and now that's challenged.
The ability to identify the cheapest pockets of labor or competitive advantages, like the economics book would say, that's going to potentially have structural impediments, which has implications on inflation, on rates.
How does all that...
balance with this, what I perceive as an incredibly deflationary impulse from technology?
I'm not sure.
I think we are reasonably good at identifying by we, I mean, not LMI, but we, as people who like to think about these things, at identifying the variables that drive
economic outcomes.
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