LIVE NOW — Defensive Investing for an AI Bubble | Ruchir Sharma America is one big AI trade. Hedge concentration risk without shorting progress. In this episode: - The AI capex → narrative → gains loop—and what could snap it - Howard Marks’ defense: trim risk, upgrade quality, go global - Over-allocation to U.S. equities and practical rebalancing - Gold + stocks up together: debasement, buyers, correlation risk - Where to look next: India, select EM, Europe; BTC/stables as alternatives -------------- TIMESTAMPS 0:00 The Contrarian Take: American Exceptionalism Peaks 4:06 Theme of the 2020s 6:42 “America Is One Big Bet on AI” 13:07 The Counterfactual 19:01 Is This an AI Bubble? 22:59 The Catalyst That Pops Bubbles 29:05 How U.S. Dominance Happened 34:41 Moral Hazard & Household Risk 37:24 Green Shoots Abroad 39:37 Practical Rebalance for U.S.-Heavy Investors 50:17 How to Start Outside the U.S. 1:00:58 Gold & Stocks: Partying Together 1:05:47 Real Hedges Now 1:09:39 Bitcoin: Two Cheers 1:13:08 Closing Thoughts