← Research hub  ·  Research library

Vincent Deluard — research hub

Vincent Deluard · global macro strategist (independent research; @VincentDeluard) — debasement trade, “holy trinity” healthcare/energy/financials.
Sections: stock index · overall thesis · the product · transcripts. Last updated 2026-SEP-17.

Stock & name index

▲ Positive

TickerNameCurrent thesisResearchSeen inTotal $k
BTCBitcoin (proxy: crypto)Crypto sits in the debasement basket beside gold and commodities (category mention, no coin named).QT · STK2026-SEP-17
EWUiShares MSCI United Kingdom ETF (proxy: UK equities)Most out-of-consensus call — UK DB pensions cut UK equities 50%→5% (“who’s left to sell?”); the correlated hedge for anyone short euro assets.QT · SA · STK2026-SEP-17
GLDSPDR Gold Shares (proxy: gold bullion)Core debasement hedge — Japan devalued, Europe will next; “if everybody devalues, the only things that rise are the things that cannot be devalued.”QT · SA · STK2026-SEP-17
TIPiShares TIPS Bond ETF (proxy: Treasury inflation-protected securities)TIPS at ~2.5% real on the ten-year “pretty good” — the sell-off came through real yields, not inflation expectations.QT · SA · STK2026-SEP-17
TLTiShares 20+ Year Treasury Bond ETF (proxy: long Treasuries)First duration buy in five years — 5% nominal is fair vs ~2% real growth + 3% inflation and beats equities; a hedge for the expected winter correction, “not out of bullishness.”QT · SA · STK · FA2026-SEP-17
XLEEnergy Select Sector SPDR (proxy: energy sector)Holy-trinity energy leg in a “$200 oil world” at the product level (diesel cracks widest ever); maintain.QT · SA · STK2026-SEP-17
XLFFinancial Select Sector SPDR (proxy: financials sector)Holy-trinity financials leg — part of a sector sleeve now firing on all three legs at once; maintain.QT · SA · STK2026-SEP-17
XLVHealth Care Select Sector SPDR (proxy: healthcare sector)Holy-trinity leg (healthcare/energy/financials) — launched ~4 years ago, “done superbly,” all three top sectors this summer; maintain.QT · SA · STK2026-SEP-17

► Neutral / referenced

TickerNameCurrent thesisResearchSeen inTotal $k
CATCaterpillarHost’s example of how far the AI trade has spread (“up like 10x” as the data-center builder) — referenced, no view.QT · SA · STK · FA2026-SEP-17

▼ Negative

TickerNameCurrent thesisResearchSeen inTotal $k
AnthropicAnthropic (private)“Profitable if you remove the cost of training” = excluding COGS; regulation push read as a monopoly/utility play; IPO pushed back.2026-SEP-17
NVDANvidiaFlat despite ~150% earnings upgrades — circular financing and a hyperscaler-capex base that can’t keep doubling; the AI narrative is weakening.QT · SA · STK · FA2026-SEP-17
OpenAIOpenAI (private)Hinting it may not IPO + seeking backstops (“hand me 500 billion”) — too big to fail isn’t too big to lose.2026-SEP-17
ORCLOracleNamed with OpenAI as an AI player leaning on government backstops — shareholders can be wiped out before any bailout.QT · SA · STK · FA2026-SEP-17
SPCXSpaceXMega-IPO as the top marker — listed June 2 on the Nasdaq’s high (30,666 vs 28,845 now) on a “$30 trillion TAM” pitch.QT · SA · STK · FA2026-SEP-17
SPYSPDR S&P 500 ETF Trust (proxy: US equities)Bear market — “at least a two-year period during which stocks post negative real returns”; early-2000/2001 analog, hold cash.QT · SA · STK2026-SEP-17

Overall thesis

In one line: US stocks are in a bear market of at least two years of negative real returns. Devaluation is the only painless exit from debt: Japan has already done it, and Europe will get there through a eurozone crisis. So hold cash, some duration (TIPS), the debasement trade and the healthcare/energy/financials "holy trinity," and use the UK as the correlated hedge against Europe.

The product

What it is: Deluard sells independent macro research reports, on the UK, Europe, Japan and secular inflation among others. On X (@VincentDeluard) his pinned tweet links to a free trial, "I think for a month," and he invites DMs for more or for a specific report. He also ran a sector portfolio, the "holy trinity," launched about four years ago. (Grounded in 2026-SEP-17.)
OfferingWhat it isHow he runs itSeen in the index
Macro research reportsThematic country and inflation researchFree trial via the pinned tweet; specific reports shared on requestTLT, TIP, EWU, GLD
"Holy trinity" sector portfolioHealthcare + energy + financials, built so one leg usually worksHeld together rather than rotated; "done superbly" since launchXLV, XLE, XLF

Transcripts

One dated page per appearance — each has its stock table (when securities are named), talking points, and the saved transcript. Newest first.

DateTitle / analysis pageShowLinkTranscriptActionable insights
2026-SEP-17Prepare For Two Years Of Pain In American StocksRisk Takers▶ YouTubetranscriptactionable insights

To process — backlog

Appearances not yet processed — newest first. None queued yet.


For personal study — not investment advice. Source material © Risk Takers (YouTube).