Today’s returning guest is macro-expert Felix Zulauf, founder of Zulauf Consulting. He was previously the global strategist for UBS and later ran his own asset management firm.

In today’s episode, Felix explains why he’s concerned about the concentration of global equity markets and why he believes the US stock market is in a bubble. Then he shares his outlook for commodities, Bitcoin, and currencies. As we wind down, he advises investors to shift their focus from managing opportunities to managing risks.

(1:30) Market concentration & risks

(3:43) Late stage bull market indicators and valuation metrics

(7:07) Market fundamentals and market catalysts

(16:23) Fixed income and currency outlook

(33:02) Gold, Bitcoin and commodities

(45:59) Absolute vs. relative performance and investor resolutions

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Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more.

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