Value investor Brian Hirschmann, managing partner of hedge fund Hirschmann Capital, warns we're in the most dangerous time in financial history with three unprecedented bubbles—equities, real estate, and bonds. Hirschmann sees gold doubling to $8,000+ in the coming crisis, but argues for significant upside in gold mining developers. He predicts the Fed will be trapped in a stagflation scenario, and warns the next crisis will be the mother of all financial crises.

This episode is brought to you by VanEck.

Learn more about the VanEck Rare Earth and Strategic Metals ETF: http://vaneck.com/REMXJulia

Links:

Hirschmann Capital: https://www.hcapital.llc/

Twitter/X: https://twitter.com/HCapitalLLC

Timestamps:

0:00 Intro and welcome back Brian Hirschmann

1:20 Macro picture, 3 bubbles bigger, most dangerous time in US financial history

5:00 Era of bailouts is over, government debt at breaking point

8:10 Are we past the point of no return?

9:00 US debt at 120% of GDP, virtually all countries at this level defaulted

15:55 Gold discussion: doubled since last appearance 18 months ago

20:54 Gold could more than double to $8,500+ if crisis hits

24:27 Gold miners vs gold: developers trading at 20% of intrinsic value

30:36 Misconceptions about gold's rise: tariffs, Chinese central bank, ETFs

34:04 Bitcoin

39:33 Fed will be trapped, lose control of interest rates in stagflation scenario

42:00 Lessons from David Swensen

45:19 Closing remarks

The Lesson Not Easily Learned - REFLECTIONS Pt. 1 2019-02-03