What happens when liquidity floods the system, narratives drive markets, and the international investing playbook gets rewritten in real time? In this episode of Click Beta, Cameron Dawson joins Matt Zeigler and Dave Nadig for a wide-ranging conversation that blends sharp macro insight with unfiltered commentary on global markets, thematic investing, valuation risk, and even concert etiquette. From the Mag 7 to Labubu toys to the Church of the SubGenius, this is finance as you've never heard it before.
🔍 Topics Covered:
Why international earnings have flatlined since 2007 vs. 150% U.S. earnings growth
The role of liquidity in driving asset prices and masking risk
Whether dollar weakness could trigger an international bull market
The earnings dynamics behind U.S. and European bank rallies
Capital flows, tariffs, and the sustainability of international outperformance
The search for a "liquidity killer" and the shadow finance risk
Why thematic investing often masks lazy portfolio construction
The behavioral case for income-focused investing (even when it makes no sense)
The future of Total Addressable Markets (TAMs), cult brands, and cultural investing
Cameron Dawson’s stance on standing at concerts—and why you should too
⏱️ Timestamps:
00:00 – Global earnings: U.S. vs. International and EM
02:00 – Ground rules and intro banter
03:30 – Why international investing is back in the conversation
06:00 – Earnings stagnation outside the U.S.
08:00 – Capital flows and the dollar’s role in international bull markets
10:00 – Are European banks investable again?
13:00 – The fairy tale of tariffs turning into CapEx
15:00 – Liquidity as the market’s ultimate panacea
18:00 – Shadow banking and the private credit risk stack
21:00 – Valuation as amplifier, not timing tool
23:00 – What could kill the liquidity narrative?
26:00 – Are clients chasing the wrong themes?
28:00 – The case against lazy thematic investing
32:00 – The Church of the SubGenius and embracing small TAMs
35:00 – Cultural signals, talismans, and deeper connections
38:00 – Why do income products exist? Exploring irrational demand
43:00 – Trust structures and gaming distributions
44:30 – Standing at concerts: A live debate
49:00 – The Ozzy Osbourne legacy and Tina Turner on meditation
51:00 – Where to find the hosts and guest online