Navigating Quad 2, Gold's Dollar Paradox & Inelastic Markets with Hedgeye

Markets don't just move—they stampede when liquidity thins and algorithms chase the same signals. In this episode, Robert from Hedgeye breaks down why flows are overpowering fundamentals in 2025, and what that means for your positioning heading into 2026.

We're in Quad 2: growth and inflation both edging higher. That backdrop favors AI, copper, uranium, and precious metals—but it also creates dangerous crowding in inelastic markets where moves get amplified fast. You'll learn why gold can hit new highs while the dollar firms, how to hedge intelligently without killing your hard-asset exposure, and why the credit behind AI data centers deserves closer scrutiny.

We also tackle global allocation through a currency lens (are you buying real growth or just FX translation?), risk management when stops don't work, and how to size positions using signals and volatility instead of narratives. The goal isn't calling tops—it's staying on the right side of the move long enough to matter, then trimming when the tape tells you to.

KEY TOPICS:
Quad 2 dynamics into early 2026
Why gold and the dollar can rise together
AI, hard assets, and capital flow leadership
Inelastic markets amplifying rallies and drawdowns
Practical hedging with dynamic position sizing
Currency math driving international returns
Process over valuation for timing entries and exits

If you trade the macro tape and want actionable frameworks over narratives, this episode will sharpen your playbook.

👉 Subscribe, share with a friend, and drop a comment: what are you hedging first this quarter?

DISCLAIMER:
Information presented on this program is believed to be factual and up-to-date, but we do not guarantee its accuracy, and it should not be regarded as a complete analysis of the subjects discussed. Discussions and answers to questions do not involve the rendering of personalized investment advice, but are limited to the dissemination of general information. A professional advisor should be consulted before implementing any of the options presented. Encompass More Asset Management LLC is a registered investment adviser with the U.S. Securities and Exchange Commission (SEC) and only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements.

[00:00:00] Welcome, Disclaimers, And Setup
[00:04:43] 2025 Setup: Quad Two Outlook
[00:08:28] What's Working: Hard Assets And AI
[00:15:20] AI Data Centers, Credit, And Risk
[00:23:00] International vs US: Currency Matters
[00:30:12] Deficits, Money Supply, And Assets
[00:38:08] Inelastic Markets And Big Drawdowns
[00:42:00] Speed Of Flows And Auto-Liquidations
[00:49:40] Dynamic Allocation Over 60/40