In Episode 407 of Hidden Forces, Demetri Kofinas speaks with the Macro Tourist’s Kevin Muir about the power of fiscal spending and why fiscal austerity and trade tariffs will lead to lower asset prices, U.S. equity market underperformance, and a falling U.S. dollar. Kevin and Demetri spend the first hour of this podcast discussing the importance of fiscal policy and why government spending has been one of the biggest sources of outperformance for investors in the last five years. They discuss why that’s the case, why the effects of fiscal policy continue to be overlooked and discounted relative to monetary policy, and what this means going forward if we take the Trump team at his word about wanting to reduce the deficit and scale back on fiscal spending. In the second hour, Muir and Kofinas dig even deeper into the fiscal spending implications for U.S. equity and bond markets, concerns about rotation risk into global equities, the investment opportunities in Europe and Asia, downside risks to the US dollar, the China gold put, and much more. Subscribe to our premium content—including our premium feed, episode transcripts, and Intelligence Reports—by visiting HiddenForces.io/subscribe. If you’d like to join the conversation and become a member of the Hidden Forces Genius community—with benefits like Q&A calls with guests, exclusive research and analysis, in-person events, and dinners—you can also sign up on our subscriber page at HiddenForces.io/subscribe. If you enjoyed today’s episode of Hidden Forces, please support the show by: Subscribing on Apple Podcasts, YouTube, Spotify, Stitcher, SoundCloud, CastBox, or via our RSS Feed Writing us a review on Apple Podcasts & Spotify Joining our mailing list at https://hiddenforces.io/newsletter/ Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Subscribe and support the podcast at https://hiddenforces.io. Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod Follow Demetri on Twitter at @Kofinas Episode Recorded on 03/24/2025

In Episode 406 of Hidden Forces, Demetri Kofinas speaks with renowned geopolitical analyst and forecaster George Friedman about the pivotal institutional and socioeconomic cycles that shape historical events—and how their convergence is driving the economic and political crises of the 2020s. George and Demetri examine critical turning points in American history, including Andrew Jackson’s abolition of the Second Bank of the United States (which financed westward expansion), the presidency of Rutherford B. Hayes (and the Long Depression), the consumer-driven growth wave following FDR’s 1930s reforms, and the neoliberal era sparked by the Reagan Revolution. In the second hour, Friedman and Kofinas apply this framework to the era we are living in today, which according to George, is the first time in American history that both the 80-year institutional cycle and 50-year socioeconomic cycle are occurring concurrently. They discuss how (and why) so-called “woke ideology” and a sclerotic and ineffective bureaucracy are symptoms of the end of the institutional cycle and why the economic policies of this new era will lead to more capital investment and a revitalization of the American economy. Lastly, George provides listeners with a roadmap for geopolitical events in the 21st century that includes reconciliation with Putin’s Russia, a new paradigm of peace in the middle east, and a long and challenging period of economic weakness in China that will consume the energies of the Chinese communist party and challenge the PRC’s ability to assert itself on the global stage for at least the next several decades. Subscribe to our premium content—including our premium feed, episode transcripts, and Intelligence Reports—by visiting HiddenForces.io/subscribe. If you’d like to join the conversation and become a member of the Hidden Forces Genius community—with benefits like Q&A calls with guests, exclusive research and analysis, in-person events, and dinners—you can also sign up on our subscriber page at HiddenForces.io/subscribe. If you enjoyed today’s episode of Hidden Forces, please support the show by: Subscribing on Apple Podcasts, YouTube, Spotify, Stitcher, SoundCloud, CastBox, or via our RSS Feed Writing us a review on Apple Podcasts & Spotify Joining our mailing list at https://hiddenforces.io/newsletter/ Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Subscribe and support the podcast at https://hiddenforces.io. Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod Follow Demetri on Twitter at @Kofinas Episode Recorded on 03/17/2025

In Episode 405 of Hidden Forces, Demetri Kofinas speaks with Rush Doshi, former Deputy Senior Director for China and Taiwan on the National Security Council about the state of the U.S.-China competition, the Trump administration’s China policy, and how the United States can compete successfully with China without risking imperial overreach or bankrupting the nation. Foreign policy in the first two months of the Trump administration has focused predominantly on ending America’s war in Ukraine, resetting U.S. commitments to Europe through NATO, reasserting dominance over the Western Hemisphere, and rebalancing trade relationships with both allies and competitors. What has not been clearly articulated in the Trump administration’s public communications is how America’s grand strategic vision—and any potential “Trump doctrine”—will look over the next four years, how China fits into that vision, and how success should be measured. Demetri and Rush begin their conversation by reviewing Chinese party documents, materials, and analyses of China’s communications, conduct, and behavior over the last three decades to understand Beijing’s intentions and how they should shape U.S. policy during a time of waning relative American power amid a geopolitical rebalancing. They examine the new bipartisan consensus on China, discuss the Trump administration’s strategic foreign policy tactics and objectives—including the use of tariffs and incentives to rebuild American industrial capacity—and explore how the United States can successfully compete with China without risking imperial overreach or bankrupting the nation. Subscribe to our premium content—including our premium feed, episode transcripts, and Intelligence Reports—by visiting HiddenForces.io/subscribe. If you’d like to join the conversation and become a member of the Hidden Forces Genius community—with benefits like Q&A calls with guests, exclusive research and analysis, in-person events, and dinners—you can also sign up on our subscriber page at HiddenForces.io/subscribe. If you enjoyed today’s episode of Hidden Forces, please support the show by: Subscribing on Apple Podcasts, YouTube, Spotify, Stitcher, SoundCloud, CastBox, or via our RSS Feed Writing us a review on Apple Podcasts & Spotify Joining our mailing list at https://hiddenforces.io/newsletter/ Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Subscribe and support the podcast at https://hiddenforces.io. Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod Follow Demetri on Twitter at @Kofinas Episode Recorded on 03/11/2025

In Episode 404 of Hidden Forces, Demetri Kofinas speaks with religious writer Rod Dreher about the crisis of modernity and how to open our eyes to the reality that life and the world are far more mysterious, exciting, and adventurous than we have been led to believe. Dreher and Kofinas spend the first hour of their conversation engaging on fundamental questions about the nature of existence, the knowability of God, the centrality of love, and how to find mystery and meaning in a world that for many has come to feel empty and soulless. In the second hour, Rod and Demetri discuss what the eastern tradition of Christianity can tell us about how we should live in the world, how those lessons apply to the culture wars, how to confront evil, and the appropriate role that Christianity should play in policy and politics. Subscribe to our premium content—including our premium feed, episode transcripts, and Intelligence Reports—by visiting HiddenForces.io/subscribe. If you’d like to join the conversation and become a member of the Hidden Forces Genius community—with benefits like Q&A calls with guests, exclusive research and analysis, in-person events, and dinners—you can also sign up on our subscriber page at HiddenForces.io/subscribe. If you enjoyed today’s episode of Hidden Forces, please support the show by: Subscribing on Apple Podcasts, YouTube, Spotify, Stitcher, SoundCloud, CastBox, or via our RSS Feed Writing us a review on Apple Podcasts & Spotify Joining our mailing list at https://hiddenforces.io/newsletter/ Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Subscribe and support the podcast at https://hiddenforces.io. Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod Follow Demetri on Twitter at @Kofinas Episode Recorded on 02/24/2025

In Episode 403 of Hidden Forces, Demetri Kofinas speaks with Russia and U.S. national security experts Andrea Kendall-Taylor and Michael Kofman about the Ukraine peace talks between the United States and Russia, and whether they are part of a larger vision by the Trump administration to reset American grand strategy and the global order. Across the first and second hour of the podcast, Taylor, Kofman, and Kofinas discuss: Ongoing negotiations in Saudi Arabia between the United States and Russia aimed at ending the Ukraine War Russian factional politics The future of Europe and European security U.S.-China relations U.S., Russian, and Chinese nuclear doctrines The future of America’s alliance structures The emergence of a new world order shaped by realpolitik, reciprocity, and a more transactional U.S. foreign policy Subscribe to our premium content—including our premium feed, episode transcripts, and Intelligence Reports—by visiting HiddenForces.io/subscribe. If you’d like to join the conversation and become a member of the Hidden Forces Genius community—with benefits like Q&A calls with guests, exclusive research and analysis, in-person events, and dinners—you can also sign up on our subscriber page at HiddenForces.io/subscribe. If you enjoyed today’s episode of Hidden Forces, please support the show by: Subscribing on Apple Podcasts, YouTube, Spotify, Stitcher, SoundCloud, CastBox, or via our RSS Feed Writing us a review on Apple Podcasts & Spotify Joining our mailing list at https://hiddenforces.io/newsletter/ Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Subscribe and support the podcast at https://hiddenforces.io. Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod Follow Demetri on Twitter at @Kofinas Episode Recorded on 02/25/2025

In Episode 402 of Hidden Forces, Demetri Kofinas speaks with Mark Holowesko, the founding Partner and Chief Executive Officer of Holowesko Partners—a Bahamian-based, value-oriented investment firm that allocates capital across a wide range of industries, geographies, and market capitalizations. This episode is part of a series in which Demetri interviews value investors, motivated by his concerns about how the global economy’s direction and the ongoing geostrategic competition between the U.S. and China will impact asset markets in the coming years. In the first hour, Holowesko and Kofinas discuss: Mark’s macro framework and approach to value investing His concerns about government debt and its implications for interest rates and inflation Trends in global liquidity The future direction of the U.S. dollar Why Holowesko believes that 2022 marked a long-term turning point for value investing—with enormous implications for investors In the second hour, Mark and Demetri explore some of the most promising investment opportunities outside the United States—particularly in the UK and Japan—as well as how to assess similar opportunities in China, whether the country is investible, and the risks investors face when deploying capital in Chinese companies and the broader Chinese market. They also delve deeper into Mark’s investment process, his views on the role of gold in one’s portfolio, opportunities in the U.S. energy sector, and much more. Subscribe to our premium content—including our premium feed, episode transcripts, and Intelligence Reports—by visiting HiddenForces.io/subscribe. If you’d like to join the conversation and become a member of the Hidden Forces Genius community—with benefits like Q&A calls with guests, exclusive research and analysis, in-person events, and dinners—you can also sign up on our subscriber page at HiddenForces.io/subscribe. If you enjoyed today’s episode of Hidden Forces, please support the show by: Subscribing on Apple Podcasts, YouTube, Spotify, Stitcher, SoundCloud, CastBox, or via our RSS Feed Writing us a review on Apple Podcasts & Spotify Joining our mailing list at https://hiddenforces.io/newsletter/ Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Subscribe and support the podcast at https://hiddenforces.io. Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod Follow Demetri on Twitter at @Kofinas Episode Recorded on 02/11/2025

In Episode 401 of Hidden Forces, Demetri Kofinas shares his recent appearance on the Grant Williams podcast in which he and Grant discuss how the interplay of political power, technology, and moral decline in society are driving the unraveling of the social order as we pass through the final stages of what Neil Howe has famously described as “The Fourth Turning.” Demetri and Grant explore how cyclical historical theories apply to today’s turbulent geopolitics, emphasizing the rise of populism, shifting alliances, and eroding trust in institutions. Kofinas highlights the role of media in shaping collective narratives and exacerbating societal fault lines, while Williams calls attention to the erosion of personal accountability—an absence that fuels trends in financial nihilism and accelerates the broader moral decline of American life. This decay, they argue, extends to the country’s political structures and the integrity of its financial markets. The conversation also touches on the fragility of complex systems, from social structures to global financial frameworks, underscoring the need for intellectual rigor and ethical leadership. Throughout, they urge listeners to stay critical yet open-minded, balancing caution with the desire to seize opportunities that emerge from the transformative changes currently underway. Subscribe to our premium content—including our premium feed, episode transcripts, and Intelligence Reports—by visiting HiddenForces.io/subscribe. If you’d like to join the conversation and become a member of the Hidden Forces Genius community—with benefits like Q&A calls with guests, exclusive research and analysis, in-person events, and dinners—you can also sign up on our subscriber page at HiddenForces.io/subscribe. If you enjoyed today’s episode of Hidden Forces, please support the show by: Subscribing on Apple Podcasts, YouTube, Spotify, Stitcher, SoundCloud, CastBox, or via our RSS Feed Writing us a review on Apple Podcasts & Spotify Joining our mailing list at https://hiddenforces.io/newsletter/ Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Subscribe and support the podcast at https://hiddenforces.io. Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod Follow Demetri on Twitter at @Kofinas Episode Recorded on 01/27/2025

In Episode 400 of Hidden Forces, Demetri Kofinas speaks with Federico Sturzenegger, the current head of the Ministry of Deregulation and State Transformation under President Javier Milei in Argentina. Demetri asks Sturzenegger about Argentina’s political and economic history in the 20th century, comparing its industrial model, capital markets, and political system to those of the United States. They then explore President Milei’s initiatives to overhaul Argentina’s political economy—including market reforms, changes to labor laws, industry regulations, and price controls. The conversation covers the progress made so far, the challenges that remain, lessons for the United States, and the Milei government’s broader mission to transform the Argentine state and fulfill its mandate of restoring economic prosperity and freedom to a nation that was once among the wealthiest and most resource-rich in the world. You can subscribe to our premium content and access our premium feed, episode transcripts, and Intelligence Reports at HiddenForces.io/subscribe. If you want to join in on the conversation and become a member of the Hidden Forces Genius community, which includes Q&A calls with guests, access to special research and analysis, in-person events, and dinners, you can also do that on our subscriber page at HiddenForces.io/subscribe. If you enjoyed listening to today’s episode of Hidden Forces, you can help support the show by doing the following: Subscribe on Apple Podcasts | YouTube | Spotify | Stitcher | SoundCloud | CastBox | RSS Feed Write us a review on Apple Podcasts & Spotify Subscribe to our mailing list at https://hiddenforces.io/newsletter/ Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Subscribe and Support the Podcast at https://hiddenforces.io Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod Follow Demetri on Twitter at @Kofinas Episode Recorded on 01/30/2025

In Episode 399 of Hidden Forces, Demetri Kofinas interviews Bowtied Mara about Argentina’s political history, its economy, the local real estate market, the energy sector, and President Javier Milei’s efforts to revive growth, combat inflation, and liberalize the country’s economy. In the first hour, Mara and Demetri explore Argentina’s political history and the roots of its economic decline, drawing comparisons with the United States during the pivotal decades of the 1930s and 1940s. They delve into the legacy of Juan Perón, the significance of Peronismo in Argentine politics, what defines a Peronista, and why Javier Milei’s libertarian approach and his election as Argentina’s 59th president mark a departure from the country’s history of alternating between Marxist and fascist regimes. In the second hour, the discussion shifts to Milei’s master plan, his initial priorities upon taking office, and the strategies he’s employing to achieve his political goals. They examine specific policy changes already enacted through his use of emergency powers, such as reforms to Argentina’s price control system, export tariffs, privatization initiatives, and measures aimed at cutting through decades of bureaucratic red tape to liberalize the economy. The conversation also touches on Argentina’s ‘crawling peg,’ efforts to align the official peso-USD exchange rate with the unofficial blue rate, the introduction of competing currencies, and Milei’s controversial push to abolish the Central Bank of Argentina. You can subscribe to our premium content and access our premium feed, episode transcripts, and Intelligence Reports at HiddenForces.io/subscribe. If you want to join in on the conversation and become a member of the Hidden Forces Genius community, which includes Q&A calls with guests, access to special research and analysis, in-person events, and dinners, you can also do that on our subscriber page at HiddenForces.io/subscribe. If you enjoyed listening to today’s episode of Hidden Forces, you can help support the show by doing the following: Subscribe on Apple Podcasts | YouTube | Spotify | Stitcher | SoundCloud | CastBox | RSS Feed Write us a review on Apple Podcasts & Spotify Subscribe to our mailing list at https://hiddenforces.io/newsletter/ Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Subscribe and Support the Podcast at https://hiddenforces.io Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod Follow Demetri on Twitter at @Kofinas Episode Recorded on 01/27/2025

In Episode 398 of Hidden Forces, Demetri Kofinas speaks with Kennox Strategic Value Fund investment directors Charles Heenan and Geoff Legg about their investment framework and macro worldview. Known for their focus on top-quality, sector-leading companies, Charles and Geoff share valuable insights about what it takes to build and manage a portfolio with a long-term, value-driven perspective. This conversation explores the challenge of finding value in a world that seems to have gone absolutely insane. Not only are developed economies facing challenges and confronting headwinds that require us to think differently about investment risk, but many market participants seem to be increasingly indifferent to value as an anchor for assessing an asset’s investment worthiness and the price they are willing to pay in order to own it. In the first hour, Demetri asks Charles Heenan and Geoff Legg about their value investment framework and how it informs—and is shaped by—their macro worldview. They also delve into the process and philosophy guiding their investment decisions, including how they are positioning themselves for a world characterized by structurally high inflation, geopolitical risk, and capital controls. In the second hour, the discussion takes a deeper dive into investment philosophy and the qualities required to be a successful investor. Topics include the distinction between luck and skill, the balance between action and patience, the importance of being risk-focused rather than optimizing for returns, and why the skills that generate success as an entrepreneur or founder could be detrimental to your performance as an investor. The audience also gets a first-hand look into Charles’ and Geoff’s rigorous process for evaluating potential investments. They share their perspectives on various sectors and asset classes, including energy companies, gold miners, telecom providers, retailers, and other businesses across the United States, Europe, and Asia. You can subscribe to our premium content and access our premium feed, episode transcripts, and Intelligence Reports at HiddenForces.io/subscribe. If you want to join in on the conversation and become a member of the Hidden Forces Genius community, which includes Q&A calls with guests, access to special research and analysis, in-person events, and dinners, you can also do that on our subscriber page at HiddenForces.io/subscribe. If you enjoyed listening to today’s episode of Hidden Forces, you can help support the show by doing the following: Subscribe on Apple Podcasts | YouTube | Spotify | Stitcher | SoundCloud | CastBox | RSS Feed Write us a review on Apple Podcasts & Spotify Subscribe to our mailing list at https://hiddenforces.io/newsletter/ Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Subscribe and Support the Podcast at https://hiddenforces.io Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod Follow Demetri on Twitter at @Kofinas Episode Recorded on 01/20/2025

In Episode 397 of Hidden Forces, Demetri Kofinas speaks with Jim Bianco, President and Macro Strategist at Bianco Research, about the macroeconomic factors driving the recent rise in bond yields and a range of other variables shaping the economies of the U.S., Europe, and China, as well as their impact on investors' portfolios. In the first hour, Bianco and Kofinas analyze the factors behind the surge in long-term interest rates across the developed world. Their discussion covers the Federal Reserve's role, concerns about government debt and deficits, inflation, tariff policies, and economic growth expectations amid these potential challenges. In the second hour, they shift their focus to the implications of these changes for investors. They explore the resilience—or lack thereof—of the traditional 60/40 portfolio and strategies for mitigating portfolio volatility in a market environment where stocks and bonds increasingly move in tandem. Additionally, Demetri and Jim examine the drivers of U.S. dollar strength, the risks posed by U.S. equity concentration, the potential for a recession, and what the continued decline in Chinese bond yields suggests about the state of China's economy. You can subscribe to our premium content and access our premium feed, episode transcripts, and Intelligence Reports at HiddenForces.io/subscribe. If you want to join in on the conversation and become a member of the Hidden Forces Genius community, which includes Q&A calls with guests, access to special research and analysis, in-person events, and dinners, you can also do that on our subscriber page at HiddenForces.io/subscribe. If you enjoyed listening to today’s episode of Hidden Forces, you can help support the show by doing the following: Subscribe on Apple Podcasts | YouTube | Spotify | Stitcher | SoundCloud | CastBox | RSS Feed Write us a review on Apple Podcasts & Spotify Subscribe to our mailing list at https://hiddenforces.io/newsletter/ Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Subscribe and Support the Podcast at https://hiddenforces.io Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod Follow Demetri on Twitter at @Kofinas Episode Recorded on 01/14/2025

In Episode 396 of Hidden Forces, Demetri Kofinas speaks with Christine Rosen about her book, “Extinction of Experience: Being Human in a Disembodied World,” which explores the cultural and emotional shifts that accompany our embrace of technology and its effects on our experience of life as embodied human beings. Christine is a senior fellow at the American Enterprise Institute, where she focuses on American history, society and culture, and technology and human behavior. Rosen is also a monthly columnist for Commentary Magazine, one of the cohosts of the popular Commentary Podcast. Demetri and Christine spend the first hour of their conversation focused on the philosophical and moral questions that arise from our unreserved embrace of virtual realities and mediated experiences. They explore questions about the nature of reality, how embodiment shapes experience, and whether the virtualization of our lives is the natural progression of our interplay with technology or if it represents something fundamentally different and profoundly immoral about the world we are building. In the second hour, Kofinas and Rosen discuss the effect that these technologies and the logic that animates them have on our sense of self, agency, and freedom. They explore how time spent inside virtual spaces hosted on large tech platforms may be contributing to the rising levels of depression, anxiety, antisociality, and other mental and personality disorders that we may or may not recognize in each other and in ourselves. They also discuss what can and should be done, both at an individual and societal level, to begin to address the problem. You can subscribe to our premium content and access our premium feed, episode transcripts, and Intelligence Reports at HiddenForces.io/subscribe. If you want to join in on the conversation and become a member of the Hidden Forces Genius community, which includes Q&A calls with guests, access to special research and analysis, in-person events, and dinners, you can also do that on our subscriber page at HiddenForces.io/subscribe. If you enjoyed listening to today’s episode of Hidden Forces, you can help support the show by doing the following: Subscribe on Apple Podcasts | YouTube | Spotify | Stitcher | SoundCloud | CastBox | RSS Feed Write us a review on Apple Podcasts & Spotify Subscribe to our mailing list at https://hiddenforces.io/newsletter/ Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Subscribe and Support the Podcast at https://hiddenforces.io Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod Follow Demetri on Twitter at @Kofinas Episode Recorded on 12/17/2024