Brent Johnson
Founder, Santiago Capital · Macro investor (Dollar Milkshake Theory)
“National defense is going to be probably the biggest investment opportunity any of us have ever seen, both in the United States and abroad. I think every country is going to have to rearm themselves and money will be spent regardless of whether they can afford it or not.”
“Many ships did not get out during the planting season — not just energy but fertilizers, chemicals, other additives that help a planting season yield a higher crop. That sets us up for a potential food cascade later this year or next year.”
“I think the kinetic conflict is over for now... but I do not expect it to last. I think it is going to open up some. I don't think it's going to get back to normal. The big impact won't be realized for three to six months from now, maybe even nine months — Q4 and Q1.”
Brent Johnson
One-line summary: Santiago Capital founder; dollar-strength macro investor (the 'Dollar Milkshake' thesis). On Macro Voices, frames post-Iran supply-chain disruptions as second-order inflation shocks pointing to food, MRO, defense, and stablecoins.
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Speaker-attributed claims extracted from diarized sources. Each bullet mirrors one entry in quotes: frontmatter — keep them in sync.
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On defense-industrial-base-magazine-depth:
"National defense is going to be probably the biggest investment opportunity any of us have ever seen, both in the United States and abroad. I think every country is going to have to rearm themselves and money will be spent regardless of whether they can afford it or not." — 2026-06-18-podcast-macro-voices-macrovoices-537-brent-johnson-there-s-no-turning (2026-06-18)
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On hormuz-nitrogen-supply-shock-to-cf-risk-premium:
"Many ships did not get out during the planting season — not just energy but fertilizers, chemicals, other additives that help a planting season yield a higher crop. That sets us up for a potential food cascade later this year or next year." — 2026-06-18-podcast-macro-voices-macrovoices-537-brent-johnson-there-s-no-turning (2026-06-18)
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On iran-fuel-shock-consumer-bifurcation, uae-opec-exit-to-oil-market-share-war:
"I think the kinetic conflict is over for now... but I do not expect it to last. I think it is going to open up some. I don't think it's going to get back to normal. The big impact won't be realized for three to six months from now, maybe even nine months — Q4 and Q1." — 2026-06-18-podcast-macro-voices-macrovoices-537-brent-johnson-there-s-no-turning (2026-06-18)
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