Bloomberg Intelligence Podcast Summary

Episode Title: Gold Reasserts Lead Over Bitcoin as Top Hedge
Date: November 24, 2025
Hosts: Scarlet Fu & Paul Sweeney
Key Guests: Mike McGlone, Sam Fazelli, Michael Casper, Matthew Shettenhelm

Overview

This episode of Bloomberg Intelligence, hosted by Scarlet Fu and Paul Sweeney, dives into the shifting dynamics between gold and bitcoin as safe-haven assets, explores the recent turbulence in bitcoin and crypto markets, discusses developments in Alzheimer’s treatments, examines whether there’s an AI-driven equity bubble, and analyzes regulatory uncertainty in the broadcasting industry under the Trump administration.

Main Segments & Key Discussion Points

1. Gold vs. Bitcoin: The Safe-Haven Battle (02:02–06:34)

Guest: Mike McGlone, Senior Commodity Strategist, Bloomberg Intelligence

• Bitcoin’s Sharp Decline:

  • Bitcoin has dropped 30% from a high of $125,000 to $86,000, making it the “worst November for Bitcoin since 2022” (03:14).
  • Market sentiment has shifted as speculative excesses are being purged, with “millions of cryptocurrencies that track nothing” dragging bitcoin down.

• Bitcoin as a Commodity (Or Not):

  • McGlone: “In all commodities you have an underlying basis and you have supply and demand fundamentals. In bitcoin there’s millions of competitors and there’s no underlying to it.” (02:33)
  • Skepticism about bitcoin’s intrinsic value compared to gold: “At least gold looks pretty and things. I’m afraid what’s happening in bitcoin is we’re seeing that overdue purge.” (02:33)

• ETFs and Retail Investors:

  • The launch of spot bitcoin ETFs marked a “plateau” for the market, bringing in retail money at the top and fueling bubble-like behavior.
  • “It’s classic peak bubbles… like the dot-com bubble in 2000, in 1999.” (03:45)

• Market Outlook:

  • On price targets and risk: “My primary warning here is that bitcoin's first stop… is really towards 50,000.” (05:47)
  • “The key question is, what do we do for the end of the year? Can we recover from these levels? I think it’s unlikely we do. Which means the whole system might be coming down—maybe a Grinch is going to win Christmas.” (02:33)

• Political Influence:

  • On the Trump family’s crypto involvement: “We might have laws against those kind of things because there’s a vested interest. I don’t know how it’s going to work out, but it was that Faustian bargain. I’m worried about that just imploding now.” (05:47)
  • Macro forces and potential Fed policy shifts could influence prices, but McGlone remains skeptical of a turnaround before the year’s end.

Notable Quotes

• “If you want a bubble in all markets, it starts with cryptos… as bad as it was for the dot com bubble.” – Mike McGlone (03:45)
• “I’m worried it’s just going to… I’m worried about that Grinch effect until the end of the year.” – Mike McGlone (05:29)

2. Alzheimer’s Drug Developments: Hope, Hype, and Reality (09:05–14:49)

Guest: Sam Fazelli, Director of Research, Global Industries & Senior Pharmaceuticals Analyst, Bloomberg Intelligence

• Novo Nordisk’s Setback:

  • Recent trial for the Alzheimer’s use of semaglutide (pill form) failed to deliver on high expectations.
  • “They said they’re seeing some impacts in some biomarkers… But the trial didn’t work out." (09:51)
  • Questions raised on whether the delivery method or theory is flawed.

• Future Testing & The Big Players:

  • Further large-scale trials unlikely unless someone like Eli Lilly, now over a $1T company, takes the risk.
  • “It would be magic if this thing just helped so many different diseases.” – Sam Fazelli (11:02)

• Market Dynamics:

  • The dementia and Alzheimer’s market is “humongous,” but effective treatments remain elusive; effective therapies would require early intervention and long, costly trials.
  • Existing treatments offer only modest slowing of disease progression.

• Timeline for Progress:

  • “Lilly is literally trying that, and we’ll find out… in the next two or three years.” (13:56)

Memorable Moment

• “There are not many families who would say they haven’t experienced [Alzheimer’s] if they have older people in their extended family.” – Sam Fazelli (12:04)

3. AI Stocks: Bubble Territory or Sustainable Growth? (17:43–23:30)

Guest: Michael Casper, Senior U.S. Equity Strategist, Bloomberg Intelligence

• Valuation Analysis:

  • The ‘Mag 7’ AI-related stocks are trading at about half the multiples of the top stocks during the 2000 dot-com bubble.
  • “They're growing into their multiple… Earnings running well faster than normal at the end of these melt up periods.” (18:10)

• Profitability:

  • Out of nearly 50 companies in their ‘AI universe,’ only three are currently unprofitable. Another indicator that this is not a bubble.

• Leverage and Debt:

  • Tech companies’ leverage is “significantly lower than where they were in 2000… Leverage is actually below norms for the S&P 500.” (19:36)

• Investor Anxiety:

  • Despite the “paranoia,” worry is actually healthy for a bull market: “Bubbles usually happen when nobody’s worried.” (20:16)

• Earnings and Technicals:

  • Q3 earnings were strong and expectations for 2026 remain firm (about 13% growth projected).
  • Technical catalysts are limited for the rest of the year, with holiday spending and the FOMC decision as key watchpoints.

• Crypto-Equity Link:

  • Bitcoin is seen more as a “gauge of risk tolerance” rather than fundamentally affecting equities. “Stocks are the dog that wags the tail, and crypto is the tail.” (22:53)

Quotes

• “Pretty much all the signposts for a bubble… are pointing towards no bubble.” – Michael Casper (18:10)
• “There's still plenty of worry in the system and that's a good thing for a bull market.” – Michael Casper (20:16)

4. Broadcasting Regulation Under Trump: Policy Uncertainty (26:30–31:46)

Guest: Matthew Shettenhelm, Media Litigation Analyst, Bloomberg Intelligence

• Trump’s U-Turn on Broadcast Consolidation:

  • Trump’s recent statements suggest opposition to further deregulating caps on broadcast TV ownership, surprising the industry.
  • “Trump latching on to Newsmax’s opposition because he's concerned about the TV networks growing larger is a concern. It's a real risk.” (27:26)
  • Ongoing Nexstar–Tegna merger application would boost reach to 70-80% of U.S. households but depends on FCC deregulation.

• FCC Dynamics:

  • Traditionally, the FCC operated independently, but now “if the president takes a firm view… the FCC is not going to defy it.” (29:03)
  • Lack of clarity if Trump’s post will amount to real policy; industry and Republican members push for deregulation.

• Industry Survival Arguments:

  • TV broadcasters argue legacy ownership caps are obsolete in an era of dominant digital platforms.
  • “Broadcasters are left to try to fight with one hand tied behind their back with these… ancient FCC rules on the books.” (30:43)

Notable Quote

• “The FCC used to operate as an independent agency… That’s not going to work anymore. The way this FCC is operating, if the president takes a firm view… the FCC is not going to defy it.” – Matthew Shettenhelm (29:03)

Notable Quotes & Timestamps

• Mike McGlone:
  “At least gold looks pretty… I’m afraid what’s happening in bitcoin is we’re seeing that overdue purge in those millions of cryptocurrencies that track nothing.” (02:33)
  “It's classic peak bubbles. So if you want a bubble in all markets, it starts with cryptos. Maybe not equities, but it's as bad as it was for dot com bubble in 2000, in 1999.” (03:45)

• Sam Fazelli:
  “There are not many families who would say they haven’t experienced [Alzheimer’s] if they have older people in their extended family. So the market has humongous potential, but you need drugs that actually treat the disease.” (12:04)

• Michael Casper:
  “Pretty much all the signposts for a bubble that we have identified so far are pointing towards no bubble.” (18:10)
  “Bubbles usually happen when nobody’s worried about them. … There’s still plenty of worry in the system and that’s a good thing for a bull market.” (20:16)
  “Stocks are the dog that wags the tail, and crypto is the tail here.” (22:53)

• Matthew Shettenhelm:
  “The FCC used to operate as an independent agency… That’s not going to work anymore.” (29:03)
  “Broadcasters are left to try to fight with one hand tied behind their back with these, these, you know, ancient FCC rules on the books.” (30:43)

Episode Flow & Key Timestamps

• 00:00–02:02: Adverts and podcast intro
• 02:02–06:34: Bitcoin’s decline, ETF flows, and macro/ political factors affecting crypto (with Mike McGlone)
• 09:05–14:49: Alzheimer’s drug trial disappointments, overview of dementia market (with Sam Fazelli)
• 17:43–23:30: AI stocks and bubble risk, equity market health, and crypto-equity connections (with Michael Casper)
• 26:30–31:46: Broadcasting consolidation debate under the Trump administration, FCC authority and industry challenges (with Matthew Shettenhelm)

Final Takeaways

• Gold is regaining its shine as a top hedge, while speculative excesses in crypto—especially bitcoin—are under major pressure.
• Crypto ETFs brought in a wave of retail “peak bubble” behavior, but fundamental macro and political headwinds remain unresolved.
• Pharma's hunt for Alzheimer’s breakthroughs continues, with recent failures showing the high-risk, high-reward nature of drug innovation.
• Despite froth in AI and tech equities, current markers do not suggest a classic bubble—earnings and balance sheets remain strong.
• Regulatory uncertainty in the old media industry is mounting, with Trump’s stance on consolidation creating fresh doubt for broadcasters’ future.

This summary highlights the most compelling insights and takeaways for listeners interested in market dynamics, innovation in pharma, AI valuation, and regulatory policy.