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Sub stack for Jack Duval

http://tarotfso.substack.com/

The market can look quiet right up until it doesn’t, and that gap between calm prices and messy reality is where investors get hurt. We sit down with Jack Duval, CEO and CIO at Bantam Inc., to unpack why he sees today as a “neo-medieval” investing environment, one defined by weakened states, sharper economic imbalances, and security risks that don’t fit the old post-1945 playbook.

From there, we get practical. Jack makes the case that chasing benchmark outperformance can be the wrong north star when capital preservation is the real job, especially for families who don’t want to “give it back.” We talk about what a meaningful real return target looks like (think CPI plus a reasonable spread), why avoiding large drawdowns can outperform over full cycles, and how investors only discover their true risk tolerance when portfolios are already bleeding.

We also challenge popular portfolio ideas that sound diversified on a pie chart but behave like equities when markets break. That leads into a clear-eyed look at cash, dividend and value regimes, and why monitoring sector, size, and style leadership can keep you grounded in what the market is actually doing. Finally, we explore commodities and gold in a world of persistent inflation, interest rate suppression risk, and the possibility of negative real yields, then wrap with a professional mindset: build contingency plans instead of predictions, and develop real sell discipline.

If you want clearer thinking about risk management, inflation hedging, and investing through geopolitical chaos, listen through to the end, then subscribe, share this with a friend, and leave a review. What part of your portfolio needs a contingency plan first?

Straight Talk for All - Nonsense for None

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Disclaimer - These podcasts are not intended as investment advice. Individuals please consult your own investment, tax and legal advisors. They provide these insights for educational purposes only.