Bloomberg Surveillance · Friday, September 25, 2026
An extremely bullish stance is taken on global energy and infrastructure investments, driven by expectations of persistent inflation and higher global yields. The speaker suggests shorting bonds due to their inflationary nature and expresses a strong preference for energy and infrastructure sectors, including companies like BP, Royal Dutch Shell, and Total. AI and compute are seen as a separate, more questionable investment category.
“I would say I'm getting extremely bullish on energy globally and anything that feeds on the energy, the ProSec. And within that, I think you can really be bullish than all the kind of infrastructure. Anything that's going to go along to building out infrastructure, yes, there's going to be headwinds.”
“I think you can be bearish on bonds because that is going to be inflationary, right? If it was cheaper to do it this way... we'd already be doing it. So I think it's going to be hard to get inflation under that 2.5% for long. So global inflation, global higher yields, love the energy, love infrastructure.”
“I long and will continue to buy BP, Royal Dutch Shell, Total, because I think at some point, the light's going to go off and say, we need to do this.”