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In this episode, George Robertson returns to break down why he’s turned bearish. He explains why he thinks massive fiscal tightening from tariffs and job cuts, corporate profits rolling over, and the flow-of-funds are signaling recession even as markets sit at all-time highs. He walks through employment indicators, withholding data, and the widening gap between S&P levels and actual earnings, arguing the downturn has already begun. Enjoy!

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Timestamps:

(00:00) Introduction

(02:39) George’s Market Outlook

(05:38) Where the Money’s Moving?

(06:57) Trump’s Economic Ripple Effects

(08:56) How the Fed Shapes the Cycle

(15:12) VanEck Ad

(15:56) COVID Spending & Fiscal Fallout

(23:20) Are We in a Recession?

(32:09) VanEck Ad

(32:50) Jobs Data & FICA Withholding

(38:29) Taxes, Tariffs & Shorting the Market

(44:15) Supreme Court and Constitutional Risk

(48:59) When Does the Music Stop?

(54:50) Final Thoughts

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Disclaimer: Nothing said on Forward Guidance is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

#Macro #Investing #Markets #ForwardGuidance