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Mikkel Rosenvold

Mikkel is the lead author of The Great Game, our weekly editorial on geopolitics and global conflict. He is a former chief strategy consultant at PwC and Danish Ministry of Finance.
Andreas Steno Larsen
What We Told Hedge Funds: Fiscal Worries and Reciprocal Tariffs Out, Reflation and Sectorial Tariffs In

What We Told Hedge Funds: Fiscal Worries and Reciprocal Tariffs Out, Reflation and Sectorial Tariffs In

Markets may be noisy, but macro remains calm beneath the surface. Trump and Elon’s public spat is entertaining but economically empty, and meanwhile reflation continues to brew underneath the surface, amplifying the argument to be patient in both equities and crypto despite recent turbulence.

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The Drill – Is $65 the political equilibrium price?

The Drill – The Big Tech Showdown

The geopolitical interplay between the US, EU and China is intensifying, and it seems to revolve around Tech for now. What are the next steps from here in the race for AI, and what are the true intentions of the US and China?

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Great Game – Another cease-fire fata morgana?

Great Game – 5 Things I Expect from Kamalanomics

Whoa, yet another completely historical weekend in the US Presidential Race. President Biden is out of contention in what was perhaps the most predictable thing in a completely unpredictable race so far. Now, as we discussed  yesterday, Kamala Harris is entering the race as an underdog, but a Trump landslide in November is far from a foregone conclusion. I would still put Kamala at around 30% chance of winning the White House – especially due to all the uncertainty of this election cycle. The next debate is not until September 10th. so even if polls don’t swing in Kamala’s favor, she still has that joker up her sleeve. Usually, we wouldn’t expect debates to swing elections massively, but one debate performance just killed the candidacy of an incumbent President, so never say never! Now, while we had some grasp on what a second term Biden or Trump presidency would look like, most investors are in the dark over what to expect should Kamala win in November. In this piece, That’s important for two obvious reasons – 1) what to plan for if she wins and 2) which sectors could see movement if/when polls temporarily or permanently swing in Kamala’s favor. So without further ado – here’s my five predictions on what Kamalanomics might look like. 1. A tourist at the helm The main point here is that Kamala is NOT an economics major and has very little experience in managing the economy. She is a lawyer and former Attorney General, […]

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Great Game – Another cease-fire fata morgana?

Great Game – Trump: Election or Coronation?

This week’s edition of Great Game following a remarkable weekend. While we cover the Trump assassination attempt elsewhere, today we’ll concentrate on the political repercussions and discuss other pertinent issues, such as the Chinese Policy Plenary.

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STENO RESEARCH IS JOINING REAL VISION

From July 2025, Steno Research is joining Real Vision to create the ultimate macro research product for you!

As a subscriber, this means the following:

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