Tom welcomes back investment manager Lawrence Lepard for a discussion on the current economic landscape, focusing on potential signs of a “crack-up boom” and the challenges facing the US monetary system. Lepard suggests we may be entering a period of significant economic transformation, characterized by record highs in stock markets, gold, and Bitcoin, while expressing skepticism about the stability of current financial structures. The discussion centers on the Federal Reserve’s potential monetary policy shifts, with Lepard believing that a new dovish Fed chairman could lead to increased money printing and inflationary pressures. He anticipates a decade of high inflation and potentially significant economic restructuring.
Larry is particularly bullish on gold, silver, and Bitcoin as hedge assets, predicting gold could reach $5,000 and Bitcoin could hit hundreds of thousands of dollars. He draws parallels between the current AI investment landscape and the dot-com bubble, warning that overinvestment in AI could potentially trigger a significant economic downturn. He also discusses the possibility of a gold revaluation, suggesting that the government might eventually reset gold’s value as a way to address mounting national debt.
Regarding gold and silver mining stocks, Larry sees tremendous potential for growth. He highlights that these stocks have significantly underperformed the metal prices and believes they could potentially double in the next 12-18 months as investors recognize the long-term upward trajectory of precious metals.
This interview concludes with Lepard promoting his book, “The Big Print,” which explores the current monetary system’s challenges and offers strategies for protecting wealth during potential economic instability. His core message emphasizes the need to return to a sound money standard and prepare for potential inflationary pressures.
Timestamps:
00:00:00 – Introduction
00:00:50 – Crack Up Doom Phase
00:02:56 – Trump Rates & Powell
00:10:20 – Mortgages & Housing
00:11:59 – Gold, Bitcoin, & Bonds
00:16:58 – U.S. Economic Dominance?
00:21:53 – Stablecoins & Treasuries
00:26:54 – Japanese Debt & Carry Trade
00:29:50 – A.I. The New .com Bubble?
00:32:00 – Fed & Revaluing Gold?
00:38:23 – Gold ETF Inflows/Demand
00:39:35 – Silver Price Levels
00:43:13 – HUI Chart Vs. Gold
00:47:08 – What Could Go Wrong?
00:49:28 – Larry’s Book – The Big Print
Guest Links:
X: https://x.com/LawrenceLepard
Website: http://www.ema2.com
Newsletter: http://eepurl.com/gOf1dT
Amazon Book: https://tinyurl.com/llepard
Lawrence W. Lepard is the Founder and Managing Partner of Equity Management Associates. He has spent his entire 38-year career as an investor, principally focusing on venture capital opportunities.
Before co-founding EMA, Mr. Lepard spent 13 years at Geocapital Partners, in Fort Lee, NJ. There he was one of two Managing General Partners and was responsible for several venture capital funds. Before Geocapital, Mr. Lepard spent seven years at Summit Partners in Boston and California, where he was a General Partner at Summit I and Summit II.
Mr. Lepard received his BA in Economics from Colgate University, and he received an MBA with Academic Distinction from Harvard Business School.
