| Dear Reader, I’ve often said that conferences are my personal art form, and this year, the world handed us one heck of a canvas. For those of us with capital at stake—our portfolios, our businesses, our families—we can’t afford to misread this moment. We’re living through a global realignment. Some call it a reset. Others, a reckoning. I call it a global vibe shift—a deep structural transformation impacting every one of us. That’s why this year’s SIC is built around the shifts taking place now, and what we can do about it. I want to briefly walk you through the lineup, so you can understand not just who you’ll hear from, but more importantly, why we’re listening to them now. The first day (Monday, May 12) will help set the stage for the rest of the conference. Few people understand tariffs as tools of geopolitical negotiation better than Pippa Malmgren. Her family spent two generations at the center of trade policy, and her take on this moment is just clarifying. She didn’t learn geopolitics from textbooks, but from the dinner table. Her father, Harald Malmgren, advised four U.S. presidents, and cabinet-level conversations were part of daily life. The apple didn’t fall far. Pippa brings a perspective that’s 90 degrees off-center, sometimes left, sometimes right, always orthogonal to consensus. She called the housing crisis before it hit. Saw drones before the Pentagon did. And this year, she’s tying it all together. Since recession risk is dominating the conversation, we bring in a staple of the conference: David Rosenberg. Rosie has been with us for nearly 15 years, and for good reason. He’s a crowd favorite year after year. Known for calling the 2008 recession before it had a name, he’s often six to twelve months ahead of the curve. But what sets Rosie apart isn’t his forecasts, it’s his framework. He helps us think clearly, especially when the numbers don’t match the narrative. Deeply wired into the data, and this year, Rosie sees tariffs, and the policy uncertainty around them, as the recession catalyst. Next, if you’ve attended in past years, you know the reverence Lacy Hunt commands. Lacy is the economist’s economist, deeply rooted in academics, yet remarkably clear in how he applies it to today’s markets. He can quote a paper from 30 years ago and explain why it matters for rates this quarter. He’s also one of the few calling for lower long-term Treasury and mortgage rates, and believes the Fed should act preemptively to prevent a recession. From a free-market lens, he’s one of the finest economic minds alive, and his performance managing money proves it. This year, he’ll unpack what Trump 2.0 means for debt, growth, policy, and long-term returns. Lacy is one of the most disciplined voices we’ll hear all week. Bookmark this one. And then comes Danielle DiMartino Booth. She’s become a rock star since leaving the Fed—because she has the receipts. Her book Fed Up opened a lot of eyes to how monetary policy is really made behind closed doors. Her work on inflation, the Fed, and structural policy failures is some of the sharpest in the business. Pair that with hard data with an unflinching take on what markets are missing. This is where policy meets portfolio, and you’ll feel the impact. After lunch, we zoom out with Liz Ann Sonders. There’s a reason she’s at the top of the food chain at Schwab, as Chief Investment Strategist, Liz Ann has a direct line to the movement of literally trillions. With recession risks rising and tariff shocks pulsing through the economy, her charts often tell us what the world will look like in three months. She’s a lighthouse, one of the clearest voices in the business. Then we turn to one of the sharpest minds in housing and mortgage markets: Barry Habib. He’s won Zillow’s Crystal Ball Award four times, and not by accident. His timing on housing, interest rates, and credit cycles has been extraordinary. If you care about inflation, consumer strength, or the next shift in the bond market, this session is Must-See SIC. He’ll show us where the cracks are forming, and where the opportunities will show up first. Then we end the day with one of the most globally grounded—and sought-after—voices in the lineup. Louis Gave. I’ve known Louis for nearly 20 years. He’s a European money manager who spent half his life in Hong Kong, and the other half on planes advising institutions around the world. Louis isn’t contrarian for the sake of it, he just sees things others miss. He’s a classic counterpoint thinker who helps you reframe the entire playing field. What he sees right now in Asia, Europe, and U.S. capital flows might surprise you. We begin Day 2 (Wednesday May 14) with a dose of grounded optimism. Matt Ridley joins us for a conversation with our friend Stephen McBride. Matt literally wrote the book on optimism, his 2010 bestseller The Rational Optimist reframed how we think about innovation, prosperity, and human progress. Today, as a founding member of the Rational Optimist Society, he’s helping defend the very ideas that lifted billions out of poverty: freedom, innovation, science, and reason. But optimism doesn’t mean naivety. Politics, power, public sentiment, and policy are now the main characters of the global economy. So if you’re not factoring in how they’re changing, you’re missing the entire plot. Because what if tariffs aren’t just tax policy—but signals? Opening bids in a broader negotiation? Until the dust settles, if it settles, we need clarity. That starts with Bruce Mehlman. There’s before Bruce Mehlman, and there’s after. He’s one of the great political insiders of our time. His firm advises CEOs, lobbyists, and power players on both sides of the aisle. He has his finger on the pulse of Washington like few others. His presentations are fast-paced, rich, and loaded, and I mean loaded, with insight. Next, we go broader with Martin Gurri. Martin saw the rise of anti-elite sentiment coming long before it showed up in voting booths. If you’ve read The Revolt of the Public, you know why we invited him. His thesis, that we’re living through a breakdown of institutional authority, is now the undercurrent shaping markets, policy, and every investment decision we make. This year, Martin will be discussing AI’s current and potential impact on society and our political system. Then we pivot to Argentina. Yes, Argentina. Because Argentina may be the blueprint—or the cautionary tale—for the next phase of global fiscal policy. Claudio Maulhardt and former treasury minister Nicolás Dujovne are going to walk us through the radical reforms underway under President Milei. For those of us watching the government debt balloon and its impacts around the world, this is a live case study on what happens when you try to break the system in order to save it. The implications ripple far beyond Buenos Aires. You won't see this analysis anywhere else. But what happens when capital gets more expensive and tariffs reshape trade? What do you think first before reorganizing your portfolio? That’s where Howard Marks comes in. You know his memos. You know his voice. But what you might not know is how closely Howard has been watching the broader shift in interest rates, fiscal policy, and global dynamics. Last year, he told us to prepare for a world where capital costs more and cycles bite harder. This year, he’ll show us how he’s navigating that world. Howard doesn’t speak often, but when he does, we listen. We close out Day 2 with Peter Boockvar. Peter is the reason I don’t have to sit in front of a computer all day, bouncing between a hundred different websites, chasing economic data. My readers know I quote him more than any of my other sources. When I’m in New York, he’s one of the first people I make sure to sit down with. This year, after everything we’ve seen, I can’t wait to hear what Peter’s seeing now. Attend this session live if you can, and if not, don’t miss the recording! Leading off Day 3 (May 16) is Felix Zulauf. Felix is just the consummate money manager, macro economist, macro thinker. There was a reason he was on Barron's Roundtable for 25 years. In a real sense, he is the ultimate Swiss. He's neutral. He's not pro-American or pro-Europe or pro-China. He’s looking at the world from the outside in asking, "What can I do to help my clients and me protect our assets, to grow our assets?" His views often diverge from the crowd, and this year, he may surprise a few people. Then we shift to Karen Harris. Karen leads Bain & Company’s Macro Trends Group. They’ve got the biggest clients in the world. And they’ve built a powerhouse team that’s always a step ahead. I love reading their work because they’re simply on top of it. Karen isn’t someone who will be at the top of her game in ten years—she’s there now. And at SIC, this is the kind of session that upgrades your operating system. You may walk in with one view—and walk out seeing things entirely differently. From there, we move to one of the clearest geopolitical thinkers alive: Marko Papic. Marko sees the world through incentives. He reads political constraints like an analyst reads a balance sheet. Whether it’s Trump 2.0, energy realignment, or a G7 fracture, Marko shows us how the world’s power structures actually work, and what that means for our portfolio. Which is exactly why we’ve asked him to join us again, this time for a deep dive on China. Then Marko returns to our online stage alongside @ShanghaiMacro—an anonymous strategist whose data-rich work is quietly shaping hedge fund and policy desks—and Matthew Pines, who bridges national security, crypto, and macro risk. Together, they’ll unpack what’s really happening behind China’s walls—and how those moves ripple across markets, technology, energy, and sovereign debt. You’ll be thinking about this one for weeks. The conversation on China continues as we bring in Lyric Hughes Hale, one of the most linguistically and culturally fluent voices on Asia—alongside Carl Minzner, legal scholar and expert on Chinese governance. Lyric speaks 6 languages fluently, including Japanese and Chinese, has lived in both countries, and is deeply connected to the leadership there, having grown up with them. She literally brought the 1986 Super Bowl to China (the Ditka Bears). If you care about the future of trade, tariffs, or global alignment, don’t miss this session. Day 4 (Monday, May 19) starts with what I expect to be one of the most talked-about sessions of the week. Renè Aninao and David Bahnsen take the stage together. Renè is the guy hedge funds call before policy shifts. David blends Washington insight with disciplined investment strategy. Together, they’ll tackle the big questions: What does Trump 2.0 mean for portfolios, the economy, taxes, and global trade. You’ll be thinking about this one for weeks. Then Juliette Declercq picks up the baton. Juliette takes bold views. And she’s often early and right, especially on macro policy and market psychology. Her latest thesis is that we’re heading into a new kind of capitalism crisis, fueled by labor shortages, institutional decay, and growing backlash against global markets. If you want to spot the next regime shift before it shows up in the charts, you’ll want to hear what she has to say. And then, we follow the signals from credit. Jim Bianco is one of the best bond and interest rate analysts anywhere. When the data gets messy and the stories don’t add up, Jim helps us see what’s really going on. Whether it’s Fed policy, inflation shifts, or market stress hiding in plain sight—Jim spots it early. I always say: 50 minutes with Jim is more than worth your time. Since we’re trying to read the road ahead, this session will be one of our best markers. Dr. Mike Roizen and Dr. Robert Redfield (and we are hoping to add a very special last minute guest) take the stage for a candid discussion on the future of health. These aren’t just respected voices in public wellness—they’re at the center of the longevity revolution. They’ll talk about cellular rejuvenation, diagnostics, policy shifts, and the accelerating science that could reshape how long, and how well, we live. I’ll be taking notes right alongside you. George Friedman is one of the most respected geopolitical forecasters alive. As founder of Stratfor and now Geopolitical Futures, George has spent decades briefing military commanders, corporate boards, and heads of state. With tensions rising and alliances fracturing, his perspective is more vital than ever. Expect a timely, unvarnished breakdown of the geopolitical realignment now underway—across NATO, China, the Middle East—and what it means for markets, supply chains, and global capital. That sets the stage for our final day (May 21). We begin with David Bahnsen. David is one of the most grounded economic and investment thinkers I know—regularly in conversation with leaders at Treasury, Commerce, and other key policy institutions. He brings a steady hand to volatile topics, and has a way of anchoring us in the principles, heuristics, and mental models that still work—even when the headlines don’t. Then, Mark Halperin joins us. Mark has spent decades covering the political-media machine. But now, that machine is breaking down. As narratives fragment, trust collapses, and elections get more volatile, Mark is one of the few who can explain how we can ride the shifts without getting tossed overboard. Then Jared Dillian will join us. Nobody, and I mean nobody, reads investor psychology like Jared. He’s not just looking at macro indicators or policy speeches. He’s listening to what people feel. And that’s where the market lives. Expect a provocative, often contrarian look at sentiment, positioning, and how emotion is driving decisions in today’s market. His talk is part finance, part therapy, and exactly what many investors need right now. Then we welcome Ed Yardeni. Ed is the definition of sober, data-driven thinking. He’s been optimistic about this decade’s potential. calling it the “Roaring 2020s.” But recently, Ed’s tone has shifted. He’s still data-first, but he’s adjusting for real risks: slower growth, fragile sentiment, global fragmentation. His session will help us calibrate, then recalibrate. Then we move into energy with Mark Mills. If you’ve been watching capital flows lately, you know energy sits at the center of everything—from inflation to geopolitics. Mark has the rare ability to connect the science with the markets. He’s spent years in the field, advising leaders inside the industry and out. Whether it’s oil, gas, nuclear, or renewables, Mark brings the facts—and the clarity—to help us understand where the energy narrative is going next, and how to position before it gets there. And then we close with the final panel. This is where it all comes together. Felix Zulauf. David Bahnsen. Martin Gurri. And me. We’re going to tackle the question behind every portfolio decision right now: How do you position when the world is undergoing a complete rewiring—of markets, of policy, of geopolitics—and no one’s handed you the new rulebook yet? There will be tension. There will be disagreement. But there will be clarity. This is the time for grounded thinking. And for us to be blunt and answer the question: What now? We’re knee deep into a stretch where uncertainty is the norm, recession risks, trade war tremors, and policy shifts rattling the markets overnight. But that’s exactly why we built this year’s SIC the way we did. To give you the tools to think clearly, respond wisely, and make the best decisions—for yourself, your portfolio, and your family. You’ll be able to watch it live, revisit sessions at your convenience, listen in audio format, watch the recordings, or read the full transcripts. We’re also building in time after most sessions for your Q&A. My team has stepped up in a big way to make this your best SIC experience yet. I hope you enjoy it. I trust you will. [Click Here to Claim Your Virtual Pass]
John Mauldin
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