Today we have a classic Perch Pod episode with Phil Kelly. Phil’s a Professor at Emporia State University. He is the author of Classical Geopolitics which is one of the five books Jacob has assigned almost every geopolitical analyst he has ever trained. He and Jacob talk about the definition and intention of Geopolitics and delve into the Geopolitics of Latin America. -- Timestamps: (01:10) - Intro (04:47) - Why Geopolitics? (07:18) - What is Geopolitics?  (25:19) - Geopolitics of the “Three Americas” (47:16) - Mexico + South America- Discussing Immigration and Climate Change  -- Referenced in the Show: -- CI Site: cognitive.investments Jacob Site: jacobshapiro.com Jacob Twitter: x.com/JacobShap Subscribe to the Newsletter: bit.ly/weekly-sitrep -- Cognitive Investments is an investment advisory firm, founded in 2019 that provides clients with a nuanced array of financial planning, investment advisory and wealth management services. We aim to grow both our clients’ material wealth (i.e. their existing financial assets) and their human wealth (i.e. their ability to make good strategic decisions for their business, family, and career). -- Disclaimer: Cognitive Investments LLC (“Cognitive Investments”) is a registered investment advisor. Advisory services are only offered to clients or prospective clients where Cognitive Investments and its representatives are properly licensed or exempt from licensure. The information provided is for educational and informational purposes only and does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. You should consult your attorney or tax advisor This podcast uses the following third-party services for analysis: Chartable - https://chartable.com/privacy Podtrac - https://analytics.podtrac.com/privacy-policy-gdrp

Rachel Ziemba makes her debut on the podcast to discuss what you missed at APEC while everyone was focused on Xi and Biden, prospects for growth in Venezuelan oil production, and why the market might be a little too sanguine about oil prices in 2024. -- Timestamps: (00:51) – Argentina (05:58) – Indonesia/APEC (16:09) – Venezuela (26:10) – Dark underbelly of the economy (31:51) – Iran (39:00) – Oil -- Referenced in the Show: -- CI Site: cognitive.investments Jacob Site: jacobshapiro.com Jacob Twitter: x.com/JacobShap Subscribe to the Newsletter: bit.ly/weekly-sitrep -- Cognitive Investments is an investment advisory firm, founded in 2019 that provides clients with a nuanced array of financial planning, investment advisory and wealth management services. We aim to grow both our clients’ material wealth (i.e. their existing financial assets) and their human wealth (i.e. their ability to make good strategic decisions for their business, family, and career). -- Disclaimer: Cognitive Investments LLC (“Cognitive Investments”) is a registered investment advisor. Advisory services are only offered to clients or prospective clients where Cognitive Investments and its representatives are properly licensed or exempt from licensure. The information provided is for educational and informational purposes only and does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. You should consult your attorney or tax advisor This podcast uses the following third-party services for analysis: Chartable - https://chartable.com/privacy Podtrac - https://analytics.podtrac.com/privacy-policy-gdrp

Jacob pops onto Emre Doğru's Youtube show, Strategy Floor to discuss how Israeli intelligence failed to predict the Hama,s attack, the common mistakes in strategic intelligence analysis and forecasting, and managerial lessons for decision-makers. -- Referenced in the Show: Emre's Video: https://www.youtube.com/watch?v=5xJA7wKNtJY Emre's Channel: https://www.youtube.com/@ceyhunemredogru -- CI Site: cognitive.investments Jacob Site: jacobshapiro.com Jacob Twitter: x.com/JacobShap Subscribe to the Newsletter: bit.ly/weekly-sitrep -- Cognitive Investments is an investment advisory firm, founded in 2019 that provides clients with a nuanced array of financial planning, investment advisory and wealth management services. We aim to grow both our clients’ material wealth (i.e. their existing financial assets) and their human wealth (i.e. their ability to make good strategic decisions for their business, family, and career). -- Disclaimer: Cognitive Investments LLC (“Cognitive Investments”) is a registered investment advisor. Advisory services are only offered to clients or prospective clients where Cognitive Investments and its representatives are properly licensed or exempt from licensure. The information provided is for educational and informational purposes only and does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. You should consult your attorney or tax advisor This podcast uses the following third-party services for analysis: Chartable - https://chartable.com/privacy Podtrac - https://analytics.podtrac.com/privacy-policy-gdrp

Jacob Shapiro fires up the hot-take factory to give you some fresh, piping-hot analysis of Javier Milei’s surprise landslide victory in Argentina’s presidential elections. -- Timestamps: (00:00) - Javier Milei -- CI Site: cognitive.investments Jacob Site: jacobshapiro.com Jacob Twitter: x.com/JacobShap Subscribe to the Newsletter: bit.ly/weekly-sitrep -- Cognitive Investments is an investment advisory firm, founded in 2019 that provides clients with a nuanced array of financial planning, investment advisory and wealth management services. We aim to grow both our clients’ material wealth (i.e. their existing financial assets) and their human wealth (i.e. their ability to make good strategic decisions for their business, family, and career). -- Disclaimer: Cognitive Investments LLC (“Cognitive Investments”) is a registered investment advisor. Advisory services are only offered to clients or prospective clients where Cognitive Investments and its representatives are properly licensed or exempt from licensure. The information provided is for educational and informational purposes only and does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. You should consult your attorney or tax advisor This podcast uses the following third-party services for analysis: Chartable - https://chartable.com/privacy Podtrac - https://analytics.podtrac.com/privacy-policy-gdrp

Jacob welcomes Paul Triolo onto the podcast for a nuanced treatment of the relationship between geopolitics and technology – in the context of U.S.-China relations, in the context of multipolar geopolitics, in the context of artificial intelligence, and how all these things are affecting the semiconductor industry in particular. -- Timestamps: (00:00) - Intro (01:02) – Current perceptions of deglobalization (07:02) - Current reality of deglobalization (15:15) - Is IP ever safe? (24:01) - Semiconductors & AI & China (30:08) - The trajectory of US/China relations (39:40) - What's next for semiconductor production? (47:20) - Geopolitical competition and the future of tech -- CI Site: cognitive.investments Jacob Site: jacobshapiro.com Jacob Twitter: x.com/JacobShap Subscribe to the Newsletter: bit.ly/weekly-sitrep -- Cognitive Investments is an investment advisory firm, founded in 2019 that provides clients with a nuanced array of financial planning, investment advisory and wealth management services. We aim to grow both our clients’ material wealth (i.e. their existing financial assets) and their human wealth (i.e. their ability to make good strategic decisions for their business, family, and career). -- Disclaimer: Cognitive Investments LLC (“Cognitive Investments”) is a registered investment advisor. Advisory services are only offered to clients or prospective clients where Cognitive Investments and its representatives are properly licensed or exempt from licensure. The information provided is for educational and informational purposes only and does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. You should consult your attorney or tax advisor This podcast uses the following third-party services for analysis: Chartable - https://chartable.com/privacy Podtrac - https://analytics.podtrac.com/privacy-policy-gdrp

Jacob and Rob gather for a chat about the big Xi-Biden meeting on the sidelines of APEC and what it means for the future of the bilateral relationship. Then they turn to passive v. active investing – and explain why playing golf won’t make you a better investor. -- Timestamps: (00:00) - Intro (03:30) - U.S-China relations (32:04) - Investing -- Referenced in the Show: Fight in the Senate: https://www.youtube.com/watch?v=BO9fnjshHvg Chinese readout: https://www.fmprc.gov.cn/mfa_eng/zxxx_662805/202311/t20231116_11181442.html US readout: https://www.whitehouse.gov/briefing-room/statements-releases/2023/11/15/readout-of-president-joe-bidens-meeting-with-president-xi-jinping-of-the-peoples-republic-of-china-2/ Tweet: https://x.com/MebFaber/status/1722409650380005859?s=20 -- CI Site: cognitive.investments Jacob Site: jacobshapiro.com Jacob Twitter: x.com/JacobShap Subscribe to the Newsletter: bit.ly/weekly-sitrep -- Cognitive Investments is an investment advisory firm, founded in 2019 that provides clients with a nuanced array of financial planning, investment advisory and wealth management services. We aim to grow both our clients’ material wealth (i.e. their existing financial assets) and their human wealth (i.e. their ability to make good strategic decisions for their business, family, and career). -- Disclaimer: Cognitive Investments LLC (“Cognitive Investments”) is a registered investment advisor. Advisory services are only offered to clients or prospective clients where Cognitive Investments and its representatives are properly licensed or exempt from licensure. The information provided is for educational and informational purposes only and does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. You should consult your attorney or tax advisor This podcast uses the following third-party services for analysis: Chartable - https://chartable.com/privacy Podtrac - https://analytics.podtrac.com/privacy-policy-gdrp

Jacek and Jacob brave illness to reunite on the podcast. Jacek offers a gloomy perspective on the Russia-Ukraine war, an optimistic perspective on Poland’s future no matter who rules its government – and a lesson to learn for the democratic world from Turkish pragmatism. -- Timestamps: (00:00) - Intro (01:52) - Polish elections (09:00) - Will Ukraine be a part of EU/NATO? (14:27) - Russia-Ukraine war (20:45) - Can Ukraine produce their own ammunition? (22:45) - Nuclear proliferation (28:00) - Russia-Ukraine war (29:16) - What's next for Poland/Polish awakening (40:05) - Turkey in relation to Poland/Ukraine (44:43) - Israeli's lack of strategic depth -- Referenced in the Show: -- CI Site: cognitive.investments Jacob Site: jacobshapiro.com Jacob Twitter: x.com/JacobShap Subscribe to the Newsletter: bit.ly/weekly-sitrep -- Cognitive Investments is an investment advisory firm, founded in 2019 that provides clients with a nuanced array of financial planning, investment advisory and wealth management services. We aim to grow both our clients’ material wealth (i.e. their existing financial assets) and their human wealth (i.e. their ability to make good strategic decisions for their business, family, and career). -- Disclaimer: Cognitive Investments LLC (“Cognitive Investments”) is a registered investment advisor. Advisory services are only offered to clients or prospective clients where Cognitive Investments and its representatives are properly licensed or exempt from licensure. The information provided is for educational and informational purposes only and does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. You should consult your attorney or tax advisor This podcast uses the following third-party services for analysis: Chartable - https://chartable.com/privacy Podtrac - https://analytics.podtrac.com/privacy-policy-gdrp

Jacob is on the road and Rob is fresh off earnings season but that doesn’t stop them from churning out a pod on life’s most persistent questions. They explore the demise of a nuclear project in the U.S. and what it means for the U.S. energy economy, Jacob comes clean about feeling pessimistic about Ukraine, and Rob talks about credit quality issues in the U.S. economy. It’s not all doom & gloom though – Brazil continues to shine. -- Timestamps: (00:00) - Intro (02:07) – Nuclear problems in the US (15:30) – Brazil updates (22:15) - Troubles for Ukraine (32:50) – Credit problems -- CI Site: cognitive.investments Jacob Site: jacobshapiro.com Jacob Twitter: x.com/JacobShap Subscribe to the Newsletter: bit.ly/weekly-sitrep -- Cognitive Investments is an investment advisory firm, founded in 2019 that provides clients with a nuanced array of financial planning, investment advisory and wealth management services. We aim to grow both our clients’ material wealth (i.e. their existing financial assets) and their human wealth (i.e. their ability to make good strategic decisions for their business, family, and career). -- Disclaimer: Cognitive Investments LLC (“Cognitive Investments”) is a registered investment advisor. Advisory services are only offered to clients or prospective clients where Cognitive Investments and its representatives are properly licensed or exempt from licensure. The information provided is for educational and informational purposes only and does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. You should consult your attorney or tax advisor This podcast uses the following third-party services for analysis: Chartable - https://chartable.com/privacy Podtrac - https://analytics.podtrac.com/privacy-policy-gdrp

Come for Hafsa Halawa’s deep insight on the Israeli-Palestinian conflict from a regional point of view. Stay for her insight on the Sudanese civil war, the future of the Egyptian and Ethiopian states, and how everything in the region is interconnected. -- Timestamps: (00:00) - Intro (02:00) -9:35 – Regional considerations (11:30) – Israel's perspective and strategic goals (19:04) – Egypt, Jordan and the reinvigoration of Palestinian politics (7:57) – Palestinian perspective (38:22) – Sudan’s civil war (48:40) – Egypt's spiraling situation (53:46) – Ethiopia's civil war -- Referenced in the Show: -- CI Site: cognitive.investments Jacob Site: jacobshapiro.com Jacob Twitter: x.com/JacobShap Subscribe to the Newsletter: bit.ly/weekly-sitrep -- Cognitive Investments is an investment advisory firm, founded in 2019 that provides clients with a nuanced array of financial planning, investment advisory and wealth management services. We aim to grow both our clients’ material wealth (i.e. their existing financial assets) and their human wealth (i.e. their ability to make good strategic decisions for their business, family, and career). -- Disclaimer: Cognitive Investments LLC (“Cognitive Investments”) is a registered investment advisor. Advisory services are only offered to clients or prospective clients where Cognitive Investments and its representatives are properly licensed or exempt from licensure. The information provided is for educational and informational purposes only and does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. You should consult your attorney or tax advisor This podcast uses the following third-party services for analysis: Chartable - https://chartable.com/privacy Podtrac - https://analytics.podtrac.com/privacy-policy-gdrp

Professor Helen Thompson of Cambridge University joins the podcast to talk about her recent book. She traces three histories – geopolitical, economic, and democratic – to explain how the world reached its current level of disorder and why she sees hard times on the horizon. -- Timestamps: (00:00) - Intro (02:55) - Book Summary (06:30) - Dealing with a changing landscape (12:09) - Understanding Putin's motivations/US Energy (17:30) - Suez Crisis and Germany and Energy (25:11) - What's next for Germany and the EU? (33:24) - Turkey (39:08) - Economic nationhood (43:54) - Inflation and monetary policy (54:37) - Are democratic or authoritarian regimes more efficient? (59:00) - Future of the UK -- CI Site: cognitive.investments Jacob Site: jacobshapiro.com Jacob Twitter: x.com/JacobShap Subscribe to the Newsletter: bit.ly/weekly-sitrep -- Cognitive Investments is an investment advisory firm, founded in 2019 that provides clients with a nuanced array of financial planning, investment advisory and wealth management services. We aim to grow both our clients’ material wealth (i.e. their existing financial assets) and their human wealth (i.e. their ability to make good strategic decisions for their business, family, and career). -- Disclaimer: Cognitive Investments LLC (“Cognitive Investments”) is a registered investment advisor. Advisory services are only offered to clients or prospective clients where Cognitive Investments and its representatives are properly licensed or exempt from licensure. The information provided is for educational and informational purposes only and does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. You should consult your attorney or tax advisor This podcast uses the following third-party services for analysis: Chartable - https://chartable.com/privacy Podtrac - https://analytics.podtrac.com/privacy-policy-gdrp

Jacob and Rob break down the Jerome's latest Fed announcement, inventory and manufacturing cycles, China's interesting new approach to semiconductors, and the inherent danger of monopolistic industries. They venture into the auto world and discuss recent issues with scaling up EV production, before turning to macro-trends and the geopolitical trends (in Mexico, Israel, and Saudi Arabia) that are driving CI's macro strategy. -- Timestamps: (00:00) - Intro (02:23) - The Fed/Rates (07:31) - Global cycles (11:54) - China's new semiconductor (13:54) - Monopolies and innovation (22:15) - EV demand and production (32:31) - CI's macro moves and geopolitics (36:34) - Mexico, risk, and manufacturing (43:00) - Suadi Arabia, war, and oil -- Referenced in the Show: -- CI Site: cognitive.investments Jacob Site: jacobshapiro.com Jacob Twitter: x.com/JacobShap Subscribe to the Newsletter: bit.ly/weekly-sitrep -- Cognitive Investments is an investment advisory firm, founded in 2019 that provides clients with a nuanced array of financial planning, investment advisory and wealth management services. We aim to grow both our clients’ material wealth (i.e. their existing financial assets) and their human wealth (i.e. their ability to make good strategic decisions for their business, family, and career). -- Disclaimer: Cognitive Investments LLC (“Cognitive Investments”) is a registered investment advisor. Advisory services are only offered to clients or prospective clients where Cognitive Investments and its representatives are properly licensed or exempt from licensure. The information provided is for educational and informational purposes only and does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. You should consult your attorney or tax advisor This podcast uses the following third-party services for analysis: Chartable - https://chartable.com/privacy Podtrac - https://analytics.podtrac.com/privacy-policy-gdrp

Jacob welcomes Elohim and Ignacio back on the podcast for a much more upbeat discussion about Argentina’s future in light of last week’s surprising triumph for Sergio Massa against the chainsaw-wielding libertarian Javier Milei. They also address recent changes in U.S. policy toward Venezuela – and explain why the country may be reaching a critical juncture. -- Timestamps: (00:00) - Intro (01:30) – Argentina election results (10:04) – What is Peronism? (17:34) – The role of social media (26:11)) – Milei’s chances in the next round (42:35) – The role of the military (51:15) – What happens next? (56:54) – Venezuela -- Referenced in the Show: -- CI Site: cognitive.investments Jacob Site: jacobshapiro.com Jacob Twitter: x.com/JacobShap Subscribe to the Newsletter: bit.ly/weekly-sitrep -- Cognitive Investments is an investment advisory firm, founded in 2019 that provides clients with a nuanced array of financial planning, investment advisory and wealth management services. We aim to grow both our clients’ material wealth (i.e. their existing financial assets) and their human wealth (i.e. their ability to make good strategic decisions for their business, family, and career). -- Disclaimer: Cognitive Investments LLC (“Cognitive Investments”) is a registered investment advisor. Advisory services are only offered to clients or prospective clients where Cognitive Investments and its representatives are properly licensed or exempt from licensure. The information provided is for educational and informational purposes only and does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. You should consult your attorney or tax advisor This podcast uses the following third-party services for analysis: Chartable - https://chartable.com/privacy Podtrac - https://analytics.podtrac.com/privacy-policy-gdrp

Jacob and Rob offer thoughts about U.S. macro out-performance and some concerning signals coming out of Europe. From there, they offer some thoughts about CI’s unique approach to using geopolitics in the context of investing. They close with thoughts about the life-cycle of analysts and investors and a cautionary tale about guru-syndrome. -- Timestamps: (00:00) - Intro (01:55) - US Macro (08:20) - US consumers are doing well?? (12:10) - Economy is good, so why is Joe's rating bad?? (15:15) - Migration surge at US border (17:25) - Immigration trends (24:00) - Europe Updates (32:53) – Geopolitics and investing -- CI Site: cognitive.investments Jacob Site: jacobshapiro.com Jacob Twitter: x.com/JacobShap Subscribe to the Newsletter: bit.ly/weekly-sitrep -- Cognitive Investments is an investment advisory firm, founded in 2019 that provides clients with a nuanced array of financial planning, investment advisory and wealth management services. We aim to grow both our clients’ material wealth (i.e. their existing financial assets) and their human wealth (i.e. their ability to make good strategic decisions for their business, family, and career). -- Disclaimer: Cognitive Investments LLC (“Cognitive Investments”) is a registered investment advisor. Advisory services are only offered to clients or prospective clients where Cognitive Investments and its representatives are properly licensed or exempt from licensure. The information provided is for educational and informational purposes only and does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. You should consult your attorney or tax advisor This podcast uses the following third-party services for analysis: Chartable - https://chartable.com/privacy Podtrac - https://analytics.podtrac.com/privacy-policy-gdrp

Jacob and Rob get introspective and take a step back from the day-to-day grind of the newsflow recently to talk about the rise of uncertainty, the importance of what you choose to pay attention to, and the impact of ideology on geopolitical constraints. Along the way they talk about U.S.-Venezuela relations, the Israeli-Palestinian War, Hindu nationalism, the future of Mexico, and more. -- Timestamps: (00:00) - Intro (3:35) - Attention and Uncertainty (12:55) - Fear and Uncertainty (17:50) - Why are markets so unstable right now? (25:33) - The Law of Unintended Consequences (36:00) - Are we headed in a good direction? (41:08) - Does a multi-polar world increase the importance of ideology and preferences relative to constraints? (56:25) - Ideologies are malleable at the moment (01:02:05) - How do we apply these concept in investment? -- CI Site: cognitive.investments Jacob Site: jacobshapiro.com Jacob Twitter: x.com/JacobShap Subscribe to the Newsletter: bit.ly/weekly-sitrep -- Cognitive Investments is an investment advisory firm, founded in 2019 that provides clients with a nuanced array of financial planning, investment advisory and wealth management services. We aim to grow both our clients’ material wealth (i.e. their existing financial assets) and their human wealth (i.e. their ability to make good strategic decisions for their business, family, and career). -- Disclaimer: Cognitive Investments LLC (“Cognitive Investments”) is a registered investment advisor. Advisory services are only offered to clients or prospective clients where Cognitive Investments and its representatives are properly licensed or exempt from licensure. The information provided is for educational and informational purposes only and does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. You should consult your attorney or tax advisor This podcast uses the following third-party services for analysis: Chartable - https://chartable.com/privacy Podtrac - https://analytics.podtrac.com/privacy-policy-gdrp

Jacob welcomes Emre Dogru back on to the podcast to discuss Turkey’s view of the violence happening in the Middle East. Emre takes a break from eating baklava to explain why he thinks the violence spiraling out of control is unlikely at this point – but he and Jacob explore scenarios for escalation that could prove this view wrong. Jacob will be appearing in a video on Emre’s channel next week on the concept of intelligence failures and lessons to learn for executives – we’ll be sure to share it with you when it comes out. -- Timestamps: (00:00) - Intro (02:41) – Turkey’s view of the war (09:54) – Turkey and Iran: Frenemies 4 lyfe (12:20) - Turkey in a regional war (16:45) – Turkey, energy, Saudi Arabia (19:23) - Prospects for regional war (26:49) – Turkey-China (28:25) – What if the conflict spills? -- Referenced in the Show: -- CI Site: cognitive.investments Jacob Site: jacobshapiro.com Jacob Twitter: x.com/JacobShap Subscribe to the Newsletter: bit.ly/weekly-sitrep -- Cognitive Investments is an investment advisory firm, founded in 2019 that provides clients with a nuanced array of financial planning, investment advisory and wealth management services. We aim to grow both our clients’ material wealth (i.e. their existing financial assets) and their human wealth (i.e. their ability to make good strategic decisions for their business, family, and career). -- Disclaimer: Cognitive Investments LLC (“Cognitive Investments”) is a registered investment advisor. Advisory services are only offered to clients or prospective clients where Cognitive Investments and its representatives are properly licensed or exempt from licensure. The information provided is for educational and informational purposes only and does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. You should consult your attorney or tax advisor This podcast uses the following third-party services for analysis: Chartable - https://chartable.com/privacy Podtrac - https://analytics.podtrac.com/privacy-policy-gdrp

Jacob welcomes Eugene Chausovsky, former Stratfor alum and now Senior Director at Newlines Institute, to discuss all things post-soviet: wtf is going on in the Western Balkans, prospects for Ukraine’s inclusion in the EU, whether Azerbaijan will stop at Nagorno-Karabakh, and the many intersecting interests of Central Asia. From there they discuss China and what lessons China may have learned from Russia’s invasion of Ukraine re: Taiwan. They also make a global plea for more Georgian food, plz and thx. -- Timestamps: (00:00) - Intro (01:14) – Serbia/Kosovo (06:08) - Ukraine/Russia (19:07) – The South Caucasus (31:36) – Central Asia (41:05) - end – China -- Referenced in the Show: -- CI Site: cognitive.investments Jacob Site: jacobshapiro.com Jacob Twitter: x.com/JacobShap Subscribe to the Newsletter: bit.ly/weekly-sitrep -- Cognitive Investments is an investment advisory firm, founded in 2019 that provides clients with a nuanced array of financial planning, investment advisory and wealth management services. We aim to grow both our clients’ material wealth (i.e. their existing financial assets) and their human wealth (i.e. their ability to make good strategic decisions for their business, family, and career). -- Disclaimer: Cognitive Investments LLC (“Cognitive Investments”) is a registered investment advisor. Advisory services are only offered to clients or prospective clients where Cognitive Investments and its representatives are properly licensed or exempt from licensure. The information provided is for educational and informational purposes only and does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. You should consult your attorney or tax advisor This podcast uses the following third-party services for analysis: Chartable - https://chartable.com/privacy Podtrac - https://analytics.podtrac.com/privacy-policy-gdrp

On today's Intrigue Outloud, Ethan is joined by Intrigue co-founder John Fowler and Jacob Shapiro, Partner and Director of Geopolitical Analysis at Cognitive Investments, to break down the latest from the conflict in Israel and Gaza, and to consider what the fighting tells us about the state of the world order. Thanks to our sponsor, Millennium Space Systems. -- CI Site: cognitive.investments Jacob Site: jacobshapiro.com Jacob Twitter: x.com/JacobShap Subscribe to the Newsletter: bit.ly/weekly-sitrep -- Cognitive Investments is an investment advisory firm, founded in 2019 that provides clients with a nuanced array of financial planning, investment advisory and wealth management services. We aim to grow both our clients’ material wealth (i.e. their existing financial assets) and their human wealth (i.e. their ability to make good strategic decisions for their business, family, and career). -- Disclaimer: Cognitive Investments LLC (“Cognitive Investments”) is a registered investment advisor. Advisory services are only offered to clients or prospective clients where Cognitive Investments and its representatives are properly licensed or exempt from licensure. The information provided is for educational and informational purposes only and does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. You should consult your attorney or tax advisor This podcast uses the following third-party services for analysis: Chartable - https://chartable.com/privacy Podtrac - https://analytics.podtrac.com/privacy-policy-gdrp

Jacob and Rob join forces to catch you up on all the important geopolitical and market developments that the Israel-Palestine war has obscured. They tackle carnage in the U.S. bond market and some very worrying developments in the Chinese economy. From there, they briefly explore gold as an investment opportunity as well as the profile of a good emerging market investment, before closing with thoughts on energy markets. -- Timestamps: (00:00) - Intro (01:02) – U.S. Treasuries (11:14) - Government spending increases... an issue?? (14:15) – China’s treadmill to hell (20:45) - What is recapitalization? (24:00) - China's banking consolidation (25:46) - Can China use ForEx to wipe out their liabilities? (28:00) - Gold (34:34) - Emerging markets -> Chile (38:55) - Emerging markets -> Turkey (45:45) - Emerging markets -> Argentina (47:00) – Oil and natural gas -- CI Site: cognitive.investments Jacob Site: jacobshapiro.com Jacob Twitter: x.com/JacobShap Subscribe to the Newsletter: bit.ly/weekly-sitrep -- Cognitive Investments is an investment advisory firm, founded in 2019 that provides clients with a nuanced array of financial planning, investment advisory and wealth management services. We aim to grow both our clients’ material wealth (i.e. their existing financial assets) and their human wealth (i.e. their ability to make good strategic decisions for their business, family, and career). -- Disclaimer: Cognitive Investments LLC (“Cognitive Investments”) is a registered investment advisor. Advisory services are only offered to clients or prospective clients where Cognitive Investments and its representatives are properly licensed or exempt from licensure. The information provided is for educational and informational purposes only and does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. You should consult your attorney or tax advisor This podcast uses the following third-party services for analysis: Chartable - https://chartable.com/privacy Podtrac - https://analytics.podtrac.com/privacy-policy-gdrp

Jacob welcomes Kamran Bokhari back to the podcast to discuss the Israeli-Palestinian war. They explore regional considerations, Iran’s role and motive behind supporting Hamas, and consider scenarios for what could happen next. -- Timestamps: (00:00) - Intro (01:05) - Hamas' tradecraft (11:42) - Iran and the West Bank (19:00) - How does this affect the image of Hamas and Iran? (28:17) - What is next for Iran? (34:55) - Does Israel go after Hezbollah? (40:40) - Joe Biden's next steps (45:44) - Where is Turkey in all of this? (51:00) - Egypt's role in this crisis (55:51) - The Muslim world's take -- CI Site: cognitive.investments Jacob Site: jacobshapiro.com Jacob Twitter: x.com/JacobShap Subscribe to the Newsletter: bit.ly/weekly-sitrep -- Cognitive Investments is an investment advisory firm, founded in 2019 that provides clients with a nuanced array of financial planning, investment advisory and wealth management services. We aim to grow both our clients’ material wealth (i.e. their existing financial assets) and their human wealth (i.e. their ability to make good strategic decisions for their business, family, and career). -- Disclaimer: Cognitive Investments LLC (“Cognitive Investments”) is a registered investment advisor. Advisory services are only offered to clients or prospective clients where Cognitive Investments and its representatives are properly licensed or exempt from licensure. The information provided is for educational and informational purposes only and does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. You should consult your attorney or tax advisor This podcast uses the following third-party services for analysis: Chartable - https://chartable.com/privacy Podtrac - https://analytics.podtrac.com/privacy-policy-gdrp

Jacob welcomes Israeli geopolitical analyst Nitzan David Fuchs to offer an Israeli perspective on the terrible events of the past few days and the difficult weeks ahead. -- Timestamps: (00:00) - Intro (03:15) - Israel's intelligence failure (08:15) - Israel/Hamas situation update (10:20) – Hamas’s intentions (17:08) - Is Iran behind this? (22:12) - What are Israel's strategic goals? (29:33) - How do hostages fit into the situation? (36:00) - How long does Israel have to accomplish its goals? (38:59) - How will this affect Israel's relationships with Arab neighbors? -- Referenced in the Show: Nitzan's Twitter: https://twitter.com/nitzandfux Substack: https://nitzangreatgame.substack.com Great Game Pod: https://greatgame.blog -- CI Site: cognitive.investments Jacob Site: jacobshapiro.com Jacob Twitter: x.com/JacobShap Subscribe to the Newsletter: bit.ly/weekly-sitrep -- Cognitive Investments is an investment advisory firm, founded in 2019 that provides clients with a nuanced array of financial planning, investment advisory and wealth management services. We aim to grow both our clients’ material wealth (i.e. their existing financial assets) and their human wealth (i.e. their ability to make good strategic decisions for their business, family, and career). -- Disclaimer: Cognitive Investments LLC (“Cognitive Investments”) is a registered investment advisor. Advisory services are only offered to clients or prospective clients where Cognitive Investments and its representatives are properly licensed or exempt from licensure. The information provided is for educational and informational purposes only and does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. You should consult your attorney or tax advisor This podcast uses the following third-party services for analysis: Chartable - https://chartable.com/privacy Podtrac - https://analytics.podtrac.com/privacy-policy-gdrp