Former hedge fund manager Felix Zulauf, founder and president of Zulauf Consulting, returns to The Julia La Roche Show for episode 220 for his annual outlook interview to discuss why U.S. stocks are in a bubble and what could break it. In this wide-ranging conversation, Zulauf explains why watching the Japanese yen is critical for understanding when global liquidity might dry up, warns that AI stocks could fall 50-70% when the bubble bursts, and shares his view that 2025 will be a "mini version" of the decade's roller coaster ride for markets. He also discusses why Trump's proposed tariffs could create significant economic headwinds, explores why Europe and China face structural challenges, and outlines his targets for Bitcoin ($115,000-$130,000) before a potential 80% correction.
https://www.felixzulauf.com/
0:00 Welcome back Felix Zulauf
00:50 Macro picture
03:47 China's structural challenges
06:14 Germany and Europe's structural malaise
09:36 US labor market dynamics
12:46 Impact of government spending cuts and tariffs
16:30 US stock market bubble discussion
21:14 Global liquidity and Japanese yen dynamics
25:14 Market bubble indicators and timing
28:39 Decennial pattern analysis
32:36 Discussion of inflation dynamics
36:36 Bond market paradigm shift
41:20 Commodity sector leadership outlook
45:21 Trade war risks and historical parallels
48:56 Gold and Bitcoin outlook
51:20 Financial system stability concerns
https://www.felixzulauf.com/
