Bridgewater co-CIO Karen Karniol-Tambour joins Jawad Mian, the founder of Stray Reflections, a global macro research firm, at the 2024 Sohn Investment Conference . During their fireside chat, Karen answers questions on a number of market anomalies—situations where historical relationships appear to break down, creating opportunity for investors seeking alpha.

Throughout their conversation, Karen shares her insights on how the outlook for growth and inflation will influence stock/bond correlations, why markets have been willing to finance such a large US budget deficit, and why gold and the dollar have rallied together despite higher interest rates. She explores how it’s important to look at initial expectations when comparing the subsequent returns of different markets—and what this may tell us about the potential for continued US equity outperformance.

Karen also touches on what she learned from the late economist Daniel Kahneman, who was her senior thesis advisor at Princeton.

Published with credit to the Sohn Conference Foundation .