September 25, 2025· 40 min

Ozan Tarman on What's Driving The Nonstop Rise in Gold and Tech

Ozan Tarman

Orality

Model

55%

Mixed oral/literate (blogs, casual essays)

Speaker Breakdown

HostJoe Weisenthal(1,050 words)

M:29%

HostTracy Alloway(1,821 words)

M:94%

GuestOzan Tarman(4,336 words)

M:29%

Oral Indicators

Agonistic30%

literally, completely, very

Engagement70%

you, our, your

Memory Aids100%

listen, now, like

Repetition100%

like (72x), about (65x), they (63x)

Parallelism44%

And I'm Tracy Alloway...., And it's just it's relentless...., And the big thing about this i...

Sound Patterns61%

56 question(s), alliteration: "markets move", alliteration: "barclays brief"

Formulaic Phrases7%

you know what, i mean, believe it or not

Literate Indicators

Hedging9%

may, probably, maybe

Passive Voice3%

be invited, be fooled, are hedged

Abstract Nouns16%

investment, recommendation, business

Subordination7%

because, while, though

Sentence Length25%

Avg: 11.3 words/sentence

Word Complexity47%

investment, analyze, anticipate

Academic Markers0%

Impersonal Style30%

642 personal pronouns found

Descriptive Style65%

literally, completely, apply

Description

There are two huge winning trades that people are looking at day after day. Gold keeps going up and US tech stocks keep going up. But what is driving this intense flow? How long can these consensus trades last? On this episode, we speak with Ozan Tarman, the Vice Chair of Global Macro at Deutsche Bank. As part of his role at the bank, Ozan talks non-stop with hedge funders, sovereign wealth fund managers, and, of course, the analysts at his own bank. This means he has an excellent perspective on why these trades are so popular now. He explains why there is a decline in confidence about the US sovereign (hence the rise in gold) around the world, but also an incredible fixation on the success of the big US tech companies (hence their constant bid). We also talk about other popular consensus trades, from steepeners to Chinese equities to Liz Truss moments all around the world.c Read more: China Courts Foreign Gold Reserves to Boost Global Clout Nvidia’s OpenAI Deal Fuels ‘Circular’ Financing Concerns Only Bloomberg subscribers can get the Odd Lots newsletter in their inbox each week, plus unlimited access to the site and app. Subscribe at bloomberg.com/subscriptions/oddlots See omnystudio.com/listener for privacy information.

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