Tom Holland

Tom Holland

Deputy Global Research Director

Tom helps to steer Gavekal’s global research, with a special focus on geoeconomics and energy markets. Before joining Gavekal in 2014 he worked as an analyst and commentator at media organizations including CNBC, The Wall Street Journal and the Far Eastern Economic Review, earning his spurs as the lead foreign exchange analyst for Dow Jones during the 1997-98 Asian currency crisis. He originally started his working life as an exploration geologist, until a collapse in commodity prices forced him into journalism as the traditional refuge of the otherwise unemployable.

Tom Holland's Articles

Selected research

Webinar: Regime Change Can Cause Market Madness
Webinar: Regime Change Can Cause Market Madness
Anatole Kaletsky, Tom Holland
3 Jul 2026
Markets continue to behave as if the world has not fundamentally changed, even as inflation, interest rates, geopolitics and global capital flows enter a new regime. Anatole argues that investors are systematically mispricing four major shifts: the long-term outlook for inflation and bond yields, the global growth cycle, the rotation from AI-led growth to cyclical value and the end of US exceptionalism.
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Geoeconomic Monitor: Latin America Turns Right
26 Jun 2026
With tensions cooling in the Middle East, global attention is shifting elsewhere. In Latin America’s rambunctious political landscape, electorates continue to vote in right-wing leaders. But the wave may yet break before it reaches Brazil, where Luiz Inacio Lula da Silva is favorite to win his fourth term in October’s election, says Tom Miller. Back in the Strait of Hormuz, Tom Holland explains why Iran’s emerging protection racket sets a dangerous precedent for global trade.
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Energy Markets Are Too Complacent
25 Jun 2026
On Thursday morning in Asia, front month Brent crude futures were trading at US$72.48/bbl. The price is significant, because on February 27, just hours before the US and Israel began bombing Iran, Brent closed at US$72.48. In other words, with a memorandum of understanding on peace in place and talks scheduled on a longer-term deal, the price of oil has dropped back to where it was on the eve of the conflict. So, is the 2026 energy crisis really over—with relatively little economic harm done?
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