Sell America Trade 2.0 | Andy Constan on Foreign Outperformance, Huge Financing Need, and Bull Case For Short-Term Rates
Monetary Matters with Jack Farley
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Show Notes
In this episode, Andy Constan of Damped Spring Advisors reveals why he has liquidated 100% of his US asset positions to bet on the "Rest of the World". He breaks down the looming financing headwinds created by massive AI capital expenditures and political promises, explaining how this borrowing spree creates a near-term drag on US equity and corporate bond prices. Constan argues that the era of US exceptionalism is fading, making Japanese and European assets far more attractive for risk premia and diversification now that their yields have normalized. He also predicts that while a recession isn't imminent, economic growth will likely miss lofty expectations, potentially forcing the Federal Reserve to cut rates more aggressively than the market has priced in. Finally, Constan shares his insights on why he remains long gold as a portfolio hedge and how investors should reposition for a period where global assets are set to outperform the U.S. Recorded January 20, 2026.
Follow Jack Farley on Twitter https://x.com/JackFarley96
Follow Andy Constan on Twitter https://x.com/dampedspring
Andy’s gold piece, “Glittery”: https://dampedspring.com/wp-content/uploads/2025/09/Glittery.pdf
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