Investment Insights
March 28 2023
Reinventing Globalization Part I: Playing the Movie in Reverse
15 min read
Kevin Hebner, PhD, Managing Director, Global Portfolio Management, TD Epoch; William W. Priest, CFA, Executive Chairman, Co-Chief Investment Officer and Portfolio Manager, TD Epoch
Global supply chains are being overhauled to reduce vulnerabilities and to restrict Chinese imports of “dual-use” products that can be used for both commercial and military purposes. In Part I of this two part series we show why the initial focus is on semiconductors and energy, and where it might go from there (AI, quantum computing, and other advanced tech). We also demonstrate the challenges for Chinese equities and U.S.-based multinational corporations, which have been the two biggest beneficiaries of globalization.
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