ThinkCell’s CIO says Trump’s second-term vision could reshape capital flows, redraw trade alliances and change the dollar system – with major implications for investors.
Veteran portfolio manager Tony Bell has warned that a fundamental shift in the global order is underway – one that could upend capital markets.
Speaking at the BCI Global Investment Conference 2025, Bell said investors should prepare for a more divided and volatile world, where inclusion in a new ‘select dollar club’ will determine who benefits from US market access and security guarantees. Bell is the chief investment officer of ThinkCell and runs the R2.5bn MiPlan IP Global Macro fund for Mi-Plan Asset Management. He is also a Citywire + rated manager.
At the heart of this shift, he said, is Project 2025 – a 900-page policy document developed in 2022 by the conservative Heritage Foundation in Washington – which outlines the ideological framework for restoring American hegemony. Bell believes the document reveals how Donald Trump’s second-term vision will redraw the global map.
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