Louis-Vincent Gave, co-founder of Gavekal Research, has been warning investors about a paradigm shift in the world order. Specifically, Gave says the assumptions underpinning financial assets need to be rethought due to a move toward a multipolar world and away from one dominated by the US and the dollar. His message seems especially germane now, given Russia’s invasion of Ukraine, the West’s dramatic sanctions, and China’s attempts to support Russia without jeopardising its economic ties with the West.

Gave, who served in the French army and studied Mandarin at China’s Nanjing University during his undergraduate days at Duke University, co-founded the Hong Kong–based independent macro research firm in 2000, with a focus on Asia. His seventh book, Avoiding the Punch: Investing in Uncertain Times, published last year, provides a framework for helping investors to navigate a period of geopolitical competition, high stock market valuations, and low interest rates.