Moore rejects the idea that US-China separation means globalization is ending. She expects trade and strategic relationships with other partners to deepen, producing a reconfigured global network rather than a retreat from international integration.

US-China separation does not end global trade.
Countries can deepen relationships with alternative partners.
Supply chains and alliances are shifting rather than disappearing.
Reglobalization is a more accurate description than deglobalization.

“I don't believe in deglobalization.”
Kate Moore · 25:20

“Maybe we call it reglobalization instead of deglobalization, but a shifting of some other relationships.”
Kate Moore · 25:46

#globalization#trade#china#geopolitics

Hot Take· 1

Hot Take55:18

Peak Tariff Shock Is Not Peak Tariff Pain

Moore distinguishes the initial headline shock from the delayed economic consequences of tariffs. She expects sector-specific tariffs on goods such as semiconductors, copper, steel, and medical products to be stickier and potentially more damaging than bilateral reciprocal tariffs.

The first market shock can pass before economic damage peaks.
Sectoral tariffs may persist longer than country-specific measures.
Supply shortages can emerge in critical industrial and medical goods.
Tariff effects may bleed into growth over an extended period.

“We may be past peak tariff shock, but we are nowhere close to peak tariff pain.”
Kate Moore · 55:32

“All of these sectoral tariffs are much stickier and have much greater potential impact than the country to country bilateral reciprocal tariffs.”
Kate Moore · 56:14

#tariffs#trade-policy#supply-chains#growth

Explainer· 4

Explainer35:18

Why Wealth Portfolios Are Moving Beyond 60/40

Moore sees wealth management moving away from static combinations of stocks, bonds, and cash. Future portfolios will combine asset classes and factors, balance beta with alpha-seeking exposures, and broaden access to liquid alternatives across different client risk profiles.

Static stocks-bonds-cash allocations may be insufficient.
Portfolios can combine asset-class and factor exposures.
Implementation should balance beta and alpha-seeking strategies.
Liquid alternatives can democratize portfolio diversification.

“Just to sort of set it and forget it, here's your stocks, bonds, cash. I'm not sure is going to be the right path moving…”
Kate Moore · 35:43

“That sort of diversification in a portfolio is going to be kind of democratized”
Kate Moore · 36:36

#wealth-management#asset-allocation#alternatives#portfolio

Explainer46:15

How Policy Uncertainty Freezes Corporate Decisions

Moore expects tariff uncertainty to suppress expansionary capital spending, acquisitions, hiring, and supply-chain realignment. Companies hesitate to make expensive multiyear changes when policy might shift after an election, producing slower activity without necessarily causing a recession.

Companies preserve essential spending but defer expansionary investment.
Hiring can remain frozen even without widespread layoffs.
Supply-chain realignment is costly and time-consuming.
Potential policy reversals reduce the incentive for multiyear commitments.
The likely result is slower growth rather than an automatic recession.

“I get this sort of paralysis that's playing out in terms of the market, in terms of corporate behavior”
Kate Moore · 49:22

“I wouldn't say worried about a recession, but concerned about much slower activity in the second half of the year.”
Kate Moore · 49:28

#tariffs#capex#labor#supply-chains#economy

Explainer50:44

Why CEOs May Hide How Worried They Really Are

Management teams risk being penalized if they cut spending or staff for a downturn that fails to arrive. Moore argues that companies therefore have an incentive to prepare contingency plans privately while publicly maintaining near-normal operations, because being the first to signal serious concern can damage confidence and valuation.

Premature defensive action can leave a company trailing peers.
Investors may interpret caution as weak leadership.
Management can prepare contingency plans without publicizing them.
The first company to express serious concern may be disproportionately penalized.

“Wow, that makes people lose confidence in that management team.”
Kate Moore · 51:15

“No company has an incent to talk about how concerned. They actually are publicly because the first one that does it will be penalized.”
Kate Moore · 51:56

#game-theory#management#corporate-behavior#risk

Explainer59:25

More Liquid Alternatives May Deliver Lower Returns

Moore expects private-market strategies to become accessible through more liquid or hybrid vehicles, much as mutual funds evolved into ETFs and active ETFs. However, growing pools of capital chasing a limited set of deals could compress future returns, while limited disclosure can allow poor capital allocation to persist inside private companies.

Alternative investments are moving toward more accessible vehicles.
Individual investors and family offices will gain broader access.
Too much capital chasing too few deals threatens historical returns.
Private-company opacity can enable weak capital allocation.
Private companies are not uniformly equal in quality to leading public firms.

“The evolution of this broad bucket of alternatives is going to be towards more liquid expressions.”
Kate Moore · 59:25

“The returns that some of these strategies have been able to achieve in the past. I think are much more challenged in the future.”
Kate Moore · 1:00:13

#alternatives#private-markets#liquidity#returns

Story· 1

Story10:16

How Working Across Finance Created an Information Edge

Moore's career crossed mutual funds, hedge funds, sell-side strategy, private banking, and multi-asset portfolio management. She says this breadth helps her interpret how retail investors, institutions, traders, and fundamental managers behave, turning sentiment and flow information into a richer view of markets.

Moore worked across buy-side and sell-side roles.
She gained exposure to both retail and institutional behavior.
Different investor groups react to distinct incentives and horizons.
Career breadth became an input into her investing process.

“I love the fact that I've experienced all sides of the investing business, and it makes me understand what makes investors tick a lot more…”
Kate Moore · 10:57

#career#investors#market-structure#flows

Q&A· 1

Q&A1:08:44

Why Young Professionals Should Not Map Their Entire Careers

Moore advises graduates to remain open-minded, absorb as much as possible, and resist rushing toward predetermined titles. Technological disruption will create both opportunities and requirements to pivot, so patience and learning are more valuable than rigid three-, five-, or ten-year plans.

Rigid career maps break when industries change.
Early-career professionals should prioritize learning.
Young workers have more time than they often realize.
Disruption creates a mandate, not merely an option, to pivot.

“Your goal is to be a sponge and to learn and learn and learn, and also to be patient.”
Kate Moore · 1:09:07

“They'll have the mandate to pivot. As you know, industries get disrupted and technology evolves.”
Kate Moore · 1:09:34

#careers#learning#adaptability#finance

Takeaway· 4

Takeaway04:09

Why Broad Thinkers Can Become Better Macro Investors

Moore argues that macro investing is a multivariable puzzle requiring inputs from economics, politics, policy, behavioral science, and game theory. Her interdisciplinary education trained her to study incentives and human behavior rather than reduce markets to a small set of variables.

Macro investing combines policy, politics, economics, and behavior.
Game theory helps identify incentives and likely reactions.
The investment puzzle must be solved again as conditions change.
Broad intellectual exposure can improve investment judgment.

“It wasn't just, you know, a two variable puzzle. It was a multi variable puzzle.”
Kate Moore · 04:51

“Understanding that every day you wake up and you have to do it a new.”
Kate Moore · 04:58

#macro#interdisciplinary#game-theory#investing

Takeaway32:27

AI Raises the Value of Learning How to Think

AI can provide investors with instant terminology, competitor commentary, and data, but Moore worries that specialization may prevent younger workers from developing judgment. She recommends broad study across philosophy, art history, science, and music so people learn to ask better questions and use AI flexibly.

AI makes experienced investors faster and better informed.
Automation may remove traditional entry-level learning opportunities.
Narrow specialization leaves people with only one problem-solving approach.
Broad education develops adaptable judgment and better questions.

“You want your brain to be flexible and pliant.”
Kate Moore · 34:46

“You want to be able to approach the problem by using these tools in unique ways.”
Kate Moore · 34:49

#ai#education#careers#critical-thinking

Takeaway1:07:10

Treating Time as Scarce Clarifies What Matters

Discussing Four Thousand Weeks, Moore says awareness of mortality can be empowering rather than discouraging. Recognizing that time is finite helps people abandon unimportant work and prioritize meaningful relationships, experiences, and activities instead of treating completion of a to-do list as the goal.

Human life is finite and unusually brief.
Completing every task is not the purpose of life.
Mortality awareness can improve present-day decisions.
Scarcity encourages focus on meaningful people and experiences.

“If you know that you don't have infan time, you make better decisions.”
Kate Moore · 1:07:58

“You cut out the stuff that's not important and you focus on the things and the people and the experiences that are.”
Kate Moore · 1:08:04

#time#mortality#priorities#productivity

Takeaway1:09:54

Failed Research Can Still Improve Future Decisions

Moore began her career expecting investing to be more systematic than it is. She now sees it as both art and science: models and research may fail to produce an immediate result, yet the work can become useful years later or permanently improve how an investor frames problems.

Investing cannot be reduced to one systematic model.
Analytical failure does not make the research process worthless.
Unused work can become valuable in a later market environment.
Long-term success requires comfort with ambiguity and imperfect models.

“Now I understand that true investing is both art and science.”
Kate Moore · 1:09:59

“Sometimes the process of going through creating a model or a piece of analysis, or going down a rabbit hole and research that doesn't yield…”
Kate Moore · 1:10:12

#investing#research#models#judgment

Frameworks in this episode

Macro-Fundamentals-Positioning Investment Process

Three-Flavour Thematic Investing Model

Three-Order Consensus Analysis

Insights & moments

⚡Myth Buster· 1

The World Is Reglobalizing, Not Deglobalizing

◆Hot Take· 1