Excess Returns

The Fourth Turning is Here | Neil Howe and Ben Hunt on Inflation, Trust and What Comes Next

13 Feb 2026

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Description

In this episode of Excess Returns, we sit down with Neil Howe, author of The Fourth Turning Is Here and co-creator of the Fourth Turning generational framework, along with Ben Hunt of Epsilon Theory, to discuss where we are in the current cycle and what it means for markets, inflation, AI, capital flows, and America’s long-term economic outlook. From the debasement trade and rising gold prices to global capital crowding out and the structural forces shaping productivity and growth, this conversation connects generational theory with real-world investing decisions. If you’re thinking about inflation, deficits, AI capital spending, global diversification, or how to position defensively and offensively in a shifting macro regime, this discussion provides a powerful framework for navigating what may be a historic transition period.Topics CoveredThe Fourth Turning framework and where we are in the current crisis cycleWhy inflation is not a problem but a policy solution in major crisesThe collapse in US national savings and long-term deficit risksCapital flows, the debasement trade, and the future of the US dollarGold, commodities, and real assets in a regime shiftGlobal diversification and opportunities outside the United StatesAI capital spending, productivity gains, and the risk of overinvestmentCrowding out effects from government deficits and AI hyper scalingTrust, geopolitics, and the long-term implications for global marketsHealthcare, demographics, and structural investment themesDefensive and offensive positioning in a Fourth Turning environmentTimestamps00:00 Inflation as a solution and the generational crisis framework04:00 Explaining the Fourth Turning and historical crisis cycles12:55 Narratives, generational archetypes, and market behavior22:24 Is the Fourth Turning pessimistic or optimistic34:00 Inflation, gold, and the debasement trade40:00 Global capital flows and the reversal of US inflows50:00 AI capital spending and the K shaped capital markets55:09 Crowding out, deficits, and slow growth risks01:02:23 Defensive and offensive investment positioning01:09:31 Final thoughts on diversification, gold, and financials

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13:00H | 21 DIC 2025 | Fin de Semana

01 Jan 1970

Fin de Semana

10:00H | 21 DIC 2025 | Fin de Semana

01 Jan 1970

Fin de Semana

12:00H | 20 DIC 2025 | Fin de Semana

01 Jan 1970

Fin de Semana

2ª PARTE | 06 ENE 2026 | EL PARTIDAZO DE COPE

01 Jan 1970

El Partidazo de COPE

3ª PARTE | 22 ENE 2026 | EL PARTIDAZO DE COPE

01 Jan 1970

El Partidazo de COPE

3ª PARTE | 04 MAR 2026 | EL PARTIDAZO DE COPE

01 Jan 1970

El Partidazo de COPE

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Excess Returns

The Fourth Turning is Here | Neil Howe and Ben Hunt on Inflation, Trust and What Comes Next

This episode hasn't been transcribed yet

Other recent transcribed episodes

13:00H | 21 DIC 2025 | Fin de Semana

10:00H | 21 DIC 2025 | Fin de Semana

12:00H | 20 DIC 2025 | Fin de Semana

2ª PARTE | 06 ENE 2026 | EL PARTIDAZO DE COPE

3ª PARTE | 22 ENE 2026 | EL PARTIDAZO DE COPE

3ª PARTE | 04 MAR 2026 | EL PARTIDAZO DE COPE

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