#414 Andy Constan: Markets Vulnerable to Disappointment, Cautious on Equities, and the 60/40 Strikes Back

Podcast: The Julia La Roche Show · Julia La Roche

Opublikowano: 2026-09-29

Andy Constan, founder and CIO of Damped Spring and a veteran of Bridgewater and Brevan Howard, makes his debut on The Julia La Roche Show. He lays out his four-pillar macro framework and explains why he's turning cautious on equities despite a strong U.S. economy. His "pie theory" argues that the earnings AI companies are promising add up to more than the GDP available to deliver them. His "hamburger theory" warns that the massive borrowing needed to fund AI capex could stall if capital markets take a breather. With rates spiking for the seventh time since COVID, Constan...