The Fragmentation Era

+ Jeff Currie, Invest America, Marc Andreessen, Erik Prince, Coatue, AQR & More

Author

The Idea Farm
June 29, 2025

“Successful investing is anticipating the anticipations of others.”

— John Maynard Keynes

Research

Orbis Investments - Sunrise on Venus (12 pages)

After a brief period of strong performance for ex-US equities in 2025, Orbis Investments suggests that it is still a compelling time to diversify outside the US.

Coatue co-founders Philippe Laffont and Thomas Laffont shared their outlook on the macroeconomic landscape and public and private markets.

AQR explores why small caps, especially in the international and emerging regions, present a compelling investment opportunity driven by the potential for higher expected market returns, attractive earnings growth, strong diversification benefits, and rich alpha opportunities.

PIMCO - The Fragmentation Era (12 pages)

Pimco explains how investors can look to fortify portfolios by diversifying across global markets and capitalizing on attractive, high quality yields.

Bonus Content

Tech analyst Benedict Evans updated his annual AI presentation. Link

Goldman Sachs explains why gold prices are forecast to rise to new record highs. Link

Blackwater founder Erik Prince argues that Ukraine’s, AI-guided drone tactics have democratized precision strike, exposing how America’s trillion-dollar legacy arsenal may be outmatched (61 minutes). Link

Morningstar’s 2025 report on the target-date fund landscape says these strategies have reached new highs and have been a boon to investors. Link

Source: Morningstar Direct, author's calculations, and surveyed data. Data as of Dec. 31, 2024. 

Podcasts

4/29/2025 - 86 minutes

a16z co-founders Marc Andreessen and Ben Horowitz walk through the origins of the firm, why they scaled with a platform model, and how the "barbell strategy" is reshaping venture capital today.

6/18/2025 - 70 minutes

Carlyle’s Jeff Currie covers the global macro landscape, the energy transition, and how it affects specific commodities, including gold, oil and crypto.

5/14/2025 - 49 minutes

Sen. Ted Cruz and Ben Ferguson pitch the “Invest America” plan and explain how just $1k for every child could narrow wealth gaps for young Americans.

What Else Is Happening