General Marks and Peter Tchir on Geopolitics, Markets, & Leadership

Published on:
November 11, 2025
By:
  • SIFMA Editors
General Marks, Peter Tchir, and SIFMA's Joe Seidel at SIFMA's 2025 Annual Meeting

A Conversation at SIFMA’s 2025 Annual Meeting

At the 2025 SIFMA Annual Meeting, Major General (Ret.) James A. “Spider” Marks, Head of Geopolitical Strategy for Academy Securities, and Peter Tchir, Head of Macro Strategy for Academy Securities, explored how today’s geopolitical fault lines are reshaping risk, supply chains, and investment strategy.

From a “pre-war” mindset and deterrence to “production for security” and the future of energy, chips, and critical minerals, the discussion connected global flashpoints to practical leadership and implications for investment portfolios.

Key Takeaways

  • From post-war to pre-war: General Marks contends we’ve shifted into a pre-war era—one that demands deterrence beyond the military alone (diplomacy, information, economics) and daily decisions that reduce escalation risk.
  • ProSec will rival ESG: Tchir framed production for security (ProSec)—re-onshoring or allied-shoring of essentials like chips, power, pharma, and critical minerals—as a durable investment theme that will drive corporate strategy, regulation, and capital flows.
  • Supply chains, energy, and minerals are the new chokepoints: Expect policy and investment to prioritize electricity generation (for AI/data centers), semiconductor capacity, and processing of rare earths/critical minerals—alongside shipping-route resilience.
  • Hot spots & scenarios:
    • Middle East: Ceasefire dynamics remain fragile; peacekeeping ≠ peacemaking; long horizon and high complexity.
    • Ukraine: A negotiated outcome (with land concessions) is possible as winter reduces fighting, but funding mechanics (e.g., frozen reserves) and European coordination will shape timing and markets.
    • China: Risk of a sharper trade confrontation is underappreciated; firms should diversify shipping lanes and reduce single-route dependencies.
  • Policy tools to watch: Expanded use of industrial policy (targeted investments, deregulation), portfolio margining across markets, and—on rates—greater willingness to anchor yields if volatility rises.
  • Leadership lessons from the field: The “contrarian intel” role—stress-testing plans, naming vulnerabilities early, and staying mission-focused—translates directly to boardrooms and investment committees.

Speakers

Transcript

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