Beyond Consensus:

Thoughts from the Dismal Roundtable

 

 

 

About Our Podcast

Beyond Consensus: Thoughts from the Dismal Roundtable, is a podcast where we’ll go beyond the headlines and inside the numbers, digging into the macro and market issues investors are asking us about.

We’re not aiming for consensus, but rather a better understanding of the forces shaping our world. And we’ll try to tackle the topics of the day with insight, a plucky spirit and a touch of humor. Because while we take these topics seriously, we’ll try not to take ourselves too seriously—as the name implies.

Whether you’re a capital-markets veteran or just looking to understand the macro and market forces shaping the landscape, this is your space for discovery, join us!

GBDO Podcast May 2025 - Beyond Consensus: Thoughts from the Dismal Roundtable - The End of US Exceptionalism?
Video Player is loading.
Current Time 0:00
Duration 49:23
Loaded: 0.00%
Stream Type LIVE
Remaining Time 49:23
 
1x
    • Chapters
    • descriptions off, selected
    • captions off, selected
    • en (Main), selected

    The End of US Exceptionalism? 

    Tariffs. Retaliatory tariffs. Tariff pauses. In the wake of the tempest of April 2025, global investors are asking: Is the US still exceptional? We’ll explore this topic on several levels. Cyclically speaking, exceptionalism still seems intact, but it’s overshadowed by anti-US sentiment and structural concerns—including a heavy debt burden. At the strategic level, we’ll weigh the “pro” and “con” cases. And we’ll tackle the other big question: What does all of this mean for US stocks, bonds and the dollar?

    Now Streaming:


    Meet the Speakers

    Richard A. Brink is a Senior Vice President and Market Strategist in the Client Group. Previously, he served as a managing director in the Alternatives and Multi-Asset Group. Prior to that role, Brink was a senior portfolio manager in Fixed Income, and before that an investment director for fixed-income investments within the Global Retail Investments Group. Before joining AB in 2004, he was senior product manager at the Dreyfus Corporation, covering both retail and institutional fixed-income offerings. Brink was previously a senior trainer, dealing primarily with the design and delivery of product training to financial advisors and mutual fund sales representatives. He holds a BS in applied mathematics and economics from Stony Brook University, and is a CFA charterholder. Location: New York

    Eric Winograd is a Senior Vice President and Director of Developed Market Economic Research. He joined the firm in 2017. From 2010 to 2016, Winograd was the senior economist at MKP Capital Management, a US-based diversified alternatives manager. From 2008 to 2010, he was the senior macro strategist at HSBC North America. Earlier in his career, Winograd worked at the Federal Reserve Bank of New York and the World Bank. He holds a BA (cum laude) in Asian studies from Dartmouth College and an MA in international studies from the Paul H. Nitze School of Advanced International Studies. Location: New York

    Alla Harmsworth is Co-Head of Institutional Solutions and Head of Alphalytics at AB. She was previously head of European Quantitative Strategy at Bernstein Research. Prior to joining Bernstein in 2015, Harmsworth worked for two years on Nomura's Institutional Investor-ranked European Equity Strategy and Quantitative Strategy team. Her previous experience includes seven years at Fidelity as a quantitative analyst and portfolio manager, along with stints at Nikko Asset Management and ABN AMRO. Harmsworth holds a BA (Hons) and an MA in philosophy, politics and economics from University College Oxford and an MSc in economics from the London School of Economics and Political Science. Location: London

    Inigo Fraser Jenkins is Co-Head of Institutional Solutions at AB. He was previously head of Global Quantitative Strategy at Bernstein Research. Prior to joining Bernstein in 2015, Fraser Jenkins headed Nomura's Global Quantitative Strategy and European Equity Strategy teams after holding the position of European quantitative strategist at Lehman Brothers. He began his career at the Bank of England. Fraser Jenkins holds a BSc in physics from Imperial College London, an MSc in history and philosophy of science from the London School of Economics and Political Science, and an MSc in finance from Imperial College London. Location: London

    Featured Resources

    A solemn row of flags fluttering over the resting places of honored veterans on Memorial Day.
    The End of US Exceptionalism?
    We take a view in this paper that will be unpopular: defending the case for US exceptionalism.
    Inigo Fraser-Jenkins | May 15, 2025

    For Investment Professional use only. Capital at risk. Not for inspection by, distribution or quotation to, the general public.

    The value of an investment can go down as well as up and investors may not get back the full amount they invested. Capital is at risk. Past performance does not guarantee future results.

    Note to all listeners: The views expressed in this podcast do not constitute research, investment advice or trade recommendations and do not necessarily represent the views of all AB portfolio-management teams and are subject to revision over time. The views expressed in this podcast may change at any time after the date of this publication. AllianceBernstein L.P. does not provide tax, legal or accounting advice. It does not take an investor’s personal investment objectives or financial situation into account; investors should discuss their individual circumstances with appropriate professionals before making any decisions. This information does not constitute investment advice and should not be construed as sales or marketing material or an offer or solicitation for the purchase or sale of any financial instrument, product or service sponsored by AB or its affiliates.

    References to specific securities are provided solely in the context of the analysis presented and are not to be considered recommendations by AllianceBernstein. AllianceBernstein and its affiliates may have positions in, and may effect transactions in, the markets, industry sectors and companies described herein.

    Note to listeners in the United Kingdom: This information is published by AllianceBernstein Limited, 60 London Wall, London EC2M 5SJ, registered in England, No. 2551144. AllianceBernstein Limited is authorised and regulated in the UK by the Financial Conduct Authority (FCA).

    Note to listeners in Europe: This information is published by AllianceBernstein (Luxembourg) S.à r.l. Société à responsabilité limitée, R.C.S. Luxembourg B 34 305, 2-4, rue Eugène Ruppert, L-2453 Luxembourg. Authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF)

    Note to listeners in Switzerland: This information is directed at Qualified Investors only. Issued by AllianceBernstein Schweiz AG, Zürich, a company registered in Switzerland under company number CHE-306.220.501. AllianceBernstein Schweiz AG is a financial services provider within the meaning of the Financial Services Act (FinSA) and is not subject to any prudential supervision in Switzerland. Further information on the company, its services and products, in accordance with Art. 8 FinSA, can be found on the Important Disclosures page at www.alliancebernstein.com

    Note to listeners in Taiwan: This document is provided solely for informational purposes and is not investment advice, nor is it intended to be an offer or solicitation, and does not pertain to the specific investment objectives, financial situation or particular needs of any person to whom it is sent. This document is not an advertisement. AllianceBernstein L.P.  is not licensed to, and does not purport to, conduct any business or offer any services in Taiwan.

    In Australia and New Zealand this podcast has been released by AllianceBernstein Australia Limited (ABN 53 095 022 718 and AFSL 230698) (“ABAL”). It is intended only for persons who qualify as “wholesale clients,” as defined in the Corporations Act 2001 (Cth of Australia) or the Financial Advisers Act 2008 (New Zealand), and should not be construed as advice. The views expressed herein do not constitute research, investment advice or trade recommendations and do not necessarily represent the views of all AB portfolio-management teams. Views are subject to revision over time. No reproduction of the materials in this document may be made without the express written permission of ABAL.

    In Hong Kong, this podcast has been issued by AllianceBernstein Hong Kong Limited and has not been reviewed by the Securities and Futures Commission.

    In Singapore, this podcast has been issued by AllianceBernstein (Singapore) Ltd. (“ABSL”, Company Registration No. 199703364C). AllianceBernstein (Singapore) Ltd. is regulated by the Monetary Authority of Singapore.