How can investors make sense of the macro and geopolitical headlines that are coming fast and furious? Ricardo Adrogue and Cem Karacadag join the Streaming Income podcast to help parse signal from noise.Episode Segments(02:32) – Rates, tariffs, oil, growth & what history tells us(09:09) – Is the risk-free rate really risk free?(10:48) – U.S exceptionalism or decadence?(11:52) – How shifting global alliances are shaping the investment picture(18:20) – Quantifying EM countries’ exposures to Trump’s policies (21:05) – Did 2024’s “low quality” rally leave credit spreads too tight?(25:56) – Why EM default risk looks lower in 2025(30:09) – The bull cases for EM sovereign & local debt(33:18) – The books & articles influencing Ricardo & Cem’s thinkingBooks and Articles Mentioned in the Conversation:<ul><li><a href="https://a.co/d/fOTsjjr" rel="noopener noreferrer" target="_blank">Why Nations Fail (Acemoglu, Robinson)</a> </li><li><a href="https://a.co/d/d8p1Ypp" rel="noopener noreferrer" target="_blank">Hoover (Whyte)</a></li><li><a href="https://a.co/d/6rV2ekE" rel="noopener noreferrer" target="_blank">The Road to Character (Brooks)</a></li><li><a href="https://www.ft.com/content/13a830ce-071a-477f-864c-e499ce9e6065" rel="noopener noreferrer" target="_blank">Forget the US – Europe has successfully put tariffs on itself (Draghi)</a></li><li><a href="https://www.ft.com/content/4e3f1731-3d63-4b31-88ce-c3f5157d8170" rel="noopener noreferrer" target="_blank">The real threat to American prosperity (Acemoglu)</a> </li></ul>IMPORTANT INFORMATIONAny forecasts in this podcast are based upon Barings’ opinion of the market at the date of preparation and are subject to change without notice, dependent upon many factors. Any prediction, projection or forecast is not necessarily indicative of the future or likely performance. Investment involves risk. The value of any investments and any income generated may go down as well as up and is not guaranteed. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Any examples set forth in this podcast are provided for illustrative purposes only and are not indicative of any future investment results or investments. The composition, size of, and risks associated with an investment may differ substantially from any examples set forth in this podcast. No representation is made that an investment will be profitable or will not incur losses. Barings is the brand name for the worldwide asset management and associated businesses of Barings LLC and its global affiliates. Barings Securities LLC, Barings (U.K.) Limited, Barings Global Advisers Limited, Barings Australia Pty Ltd, Barings Japan Limited, Barings Real Estate Advisers Europe Finance LLP, BREAE AIFM LLP, Baring Asset Management Limited, Baring International Investment Limited, Baring Fund Managers Limited, Baring International Fund Managers (Ireland) Limited, Baring Asset Management (Asia) Limited, Baring SICE (Taiwan) Limited, Baring Asset Management Switzerland Sarl, and Baring Asset Management Korea Limited each are affiliated financial service companies owned by Barings LLC (each, individually, an “Affiliate”).NO OFFER: The podcast is for informational purposes only and is not an offer or solicitation for the purchase or sale of any financial instrument or service in any jurisdiction. The material herein was prepared without any consideration of the investment objectives, financial situation or particular needs of anyone who may receive it. This podcast is not, and must not be treated as, investment advice, an investment recommendation, investment research, or a recommendation about the suitability or appropriateness of any security, commodity, investment, or particular investment strategy.Unless otherwise mentioned, the views contained in this podcast are those of Barings and are subject to change without notice. Individual portfolio management teams may hold different views and may make different investment decisions for different clients. Parts of this podcast may be based on information received from sources we believe to be reliable. Although every effort is taken to ensure that the information contained in this podcast is accurate, Barings makes no representation or warranty, express or implied, regarding the accuracy, completeness or adequacy of the informationAny service, security, investment or product outlined in this podcast may not be suitable for a prospective investor or available in their jurisdiction.Copyright in this podcast is owned by Barings. Information in this podcast may be used for your own personal use, but may not be altered, reproduced or distributed without Barings’ consent.25-4265633

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