AI: Productivity Upside and Investment Bubble Risk

Scarce Assets: Jeroen Blokland explains why bonds have destroyed wealth for 20 years, how $124 trillion in generational wealth will reshape portfolios, & why gold at $5,000 is just the beginning.

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Jackson Mikalic on X // Jeroen Blokland on X // Jeroen Blokland on LinkedIn // Jeroen's new book

🎙️ About This Episode

Jeroen Blokland, founder of the Blokland Smart Multi-Asset Fund and author of The Great Rebalancing, joins Scarce Assets to explain why the traditional 60/40 portfolio is broken—and what replaces it. With 20+ years building multi-asset portfolios, Jeroen left traditional finance to launch a fund focused on scarce assets: quality stocks, physical gold, and directly-held Bitcoin. We discuss why bonds have delivered negative real returns for two decades, how gold at $5,000 still isn't enough to rebalance the system, the mechanics of financial repression, why owning assets outside the system matters more than ever, and how $124 trillion in generational wealth transfer will reshape portfolios. The conversation also covers Bitcoin's coming catalyst and the AI investment bubble Jeroen sees forming.

Scarce Assets: a biweekly podcast presented by Onramp which delves into the emergent role of bitcoin in finance professionals' strategies and outlooks. Hosted by Jackson Mikalic, Scarce Assets provides invaluable insights for wealth managers aiming to outperform their peers in the decades ahead. Finance professionals everywhere know about stocks and bonds, but the macroeconomic outlook requires that serious investors pay close attention to another category: Scarce Assets.

🧠 Chapters

00:00 — Gold's Historic Rally to $5,000

03:08 — What's Driving the Gold Breakout

08:43 — How Long Will the Rally Last?

16:20 — The Myth of Central Bank Independence

21:54 — Trussonomics: When Bond Markets Strike Back

29:58 — The Great Rebalancing Defined

38:40 — Financial Repression & Forced Bond Buying

47:44 — Owning Assets Outside the System

53:23 — The $124 Trillion Wealth Transfer

59:16 — AI Productivity Gains vs. Investment Bubble

1:06:58 — Bitcoin's Catalyst & 2026 Outlook

1:10:41 — Where to Find Jeroen's Book, Outro & Disclaimer

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