Big Government, Big Business, Big Labor - October Big Picture Call [video + AI summary] | Research

Speakers: Tian Yang (CEO & Head of Research) and Scott Freeman (Director of Asset Allocation)
The likely holding pattern until the US election makes it a good time to revisit our key structural (2-3y+) themes and their investment implications.
Fiscal deficits and greater government involvement will be a feature, not a bug, in the coming decades as moral obligations (e.g. social security, national security) have locked us into heavy future spending.
Industrial policies are mostly motivated by geopolitics and strategic competition. We are in a world that prioritizes security over efficiency. As geopolitical tensions rise, governments will continue to provide a relatively price-intensive source of demand for companies that offer the materials, tools, and infrastructure needed to support escalating geopolitical competition.
US housing has seen an extended period of underbuilding, creating a structural supply-demand mismatch specifically in entry-level single-family housing in the US.
Investment implications: long real assets, gold, energy, TIPS, US homebuilders. Avoid US nominal bonds.