Larry McDonald is a New York Times bestselling author and founder of the Bear Traps Report. In this conversation, we discuss his view that markets are shifting from financial assets to hard assets, why inflation and global conflict are driving this change, and how investors should think about bitcoin, energy, and materials. We also explore risks in private credit and what the next cycle could look like for global markets.

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0:00 - Intro
1:02 - The great rotation to hard assets thesis
5:22 - AI spending surge & tech cash burn risks
8:16 - How to invest in this market shift
16:39 - Do we get higher or lower inflation?
20:17 - Dollar dominance & bitcoin vs gold
29:55 - Private credit cracks & liquidity issues explained
35:23 - Where investors should allocate capital now
39:55 – Biggest risks in markets right now