Stocks are soaring on AI hype but are investors missing the real
risks? In this episode of In the Money with Amber Kanwar,
legendary Wall Street strategist Larry McDonald, founder of the
Bear Traps Report and author of the new book How to Listen When
Markets Speak, explains why the next big rotation is already
underway from overvalued tech stocks to overlooked hard assets.
Larry explains why gold, silver, copper, uranium, and even coal
are crushing tech stocks like Nvidia and Meta, and why energy
infrastructure is the overlooked key to the AI boom. He argues
that the “Magnificent 7” may face significant drawdowns and
explains why institutional investors are growing wary of the Mag
7 as capital expenditures skyrocket and return on invested
capital becomes harder to justify.
In a wide-ranging discussion, Larry unpacks why inflation may
prove stickier than markets expect, how monetary and fiscal
policy are fueling a stagflation setup, and why the Fed’s easing
could backfire, pushing even more capital into gold, silver,
copper, uranium, and natural gas.
In the mailbag, Larry answers questions on copper demand in the
robotics age, how to approach physical commodities vs equities,
and why it’s time to start thinking seriously about junior
miners. He also shares a contrarian take on Tesla and warns about
growing debt risks, specifically in Europe.
Then, in his Pro Picks segment, Larry reveals three of his top
trade ideas in this new market regime: shorting Nvidia through a
leveraged ETF, going long natural gas via equities like Range
Resources and Antero, and betting on coal as an unexpected winner
of AI’s energy needs.
Whether you’re rethinking tech exposure, looking for real
inflation hedges, or trying to understand how capital is rotating
in a high-volatility world, this episode is packed with
big-picture insight and tactical ideas you won’t want to miss.
The Bear Traps Report: https://www.thebeartrapsreport.com/
How to Listen When Markets Speak:
https://www.amazon.ca/Listen-When-Markets-Speak-Opportunities/dp/0593727495
Timestamps
00:00 Welcome back & details for our swag
giveaway
04:05 The Lehman story and Larry’s origin story
06:00 Larry’s new book and the migration of capital to hard
assets
10:00 What about AI? Investing in commodities for the AI
trade
14:30 Aren’t the commodities vulnerable?
16:30 But Microsoft & Nvidia are not Class of 2000
stocks
18:30 Are Larry’s clients ready to wean off the Mag 7?
21:30 Why Larry believes inflation will remain elevated
25:30 What kind of drawdown could investors be looking at?
29:00 The risk of Trump crushing the Fed’s credibility &
stagflationary risk
33:30 When does the U.S. debt situation become an actionable
accident
37:50 What is the struggling U.S. dollar telling us?
39:40 ITM Mailbag: Where is copper going in the next 1-3 years?
(COPX)
44:00 Junior gold miners and Equinox Gold stock (EQX)
45:20 Foran Mining, uranium miners
46:20 Tesla stock (TSLA)
49:00 What’s the biggest risk in markets Larry sees right
now?
52:35 Larry’s Pro Picks (short NVDA, long nat gas, long
coal)
1:05:15 ETF Minute: CI Covered Call ETFs
1:09:45 Coming up: Adam Waterous
Sponsors
For over 25 years, Raymond James has been helping Canadians
achieve their financial goals. Visit https://raymondjames.ca
today to discover how you can live a life well planned.
Pro Picks is brought to you by ATB Financial. Visit
https://ATB.com/inthemoney for more information
ETF Minute is brought to you by CI Global Asset Management. Find
out more about the CI Covered Call ETFs here:
https://funds.cifinancial.com/en/funds/ETFS/CIGoldGiantsCoveredCallETF.html?currencySelector=1&classId=455&redirect_type=class_id
https://funds.cifinancial.com/en/funds/ETFS/CITechGiantsCoveredCallETF.html?currencySelector=4&classId=455&redirect_type=class_id
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