Thoughtful Money with Adam Taggart

In this enlightening conversation, Mike Green, Portfolio Manager and Chief Strategist at Simplify Asset Management, shares insights into the impact of passive capital flows on the stock market, arguing it's a primary driver of equity gains. He raises concerns about private markets and their potential spillover effects on the broader economy and pensions. Green also discusses the risks of AI stocks facing a repricing similar to the dot-com bubble, the societal consequences of concentrated wealth, and the necessity for regulatory reforms in an era of extractive capitalism.

This week, portfolio manager Michael Lebowitz offers his insights into rising market volatility and the tightening liquidity landscape. He explores the potential pitfalls of the AI spending boom and its sustainability. The duo discusses sector rotations, highlighting healthcare's recent surge and risks tied to credit markets. Lebowitz also examines the implications of high valuations amidst shifting sentiments, questioning whether current investment patterns reflect genuine growth or a head-fake boom. Lastly, they touch on personal health, emphasizing its importance as a form of wealth.

Jeff Clark, a precious-metals analyst and publisher of the Pater Prospector newsletter, shares his insights on gold and silver mining stocks. He discusses the current bull market and why gold stocks are leading in performance. Jeff highlights record institutional interest and outlines strategies for navigating potential market corrections. He identifies top-performing categories, including discovery stories and pre-producers, and offers compelling picks like Golden Cross and Rio2. His aggressive investment approach and analysis promise to enlighten investors looking to capitalize on this dynamic sector.

Andy Schectman, Co-founder and CEO of Miles Franklin, dives into the current state of gold and silver markets. He discusses the recent rally, influenced by significant purchases from major banks like Bank of America and Morgan Stanley. Inventory concerns arise as supply tightens globally, particularly with China's export controls. Andy also explores the role of stablecoins in backing gold and how revaluing gold could impact the dollar. Could silver become a precious family heirloom again? Andy believes so, given its historical significance and potential future demand.

John Thorndike, Co-Head of Asset Allocation at GMO, shares insights on the shifting landscape of investment strategies. He predicts that international value stocks will outshine US growth stocks over the coming years, attributing this to current market dynamics resembling the 2000 tech bubble. Thorndike highlights attractive opportunities in European banks, Japanese industrials, and global pharma, while also cautioning about AI hype and its potential repercussions. He emphasizes the importance of strategic, diversified portfolio positioning amidst an uncertain economic outlook.

Doomberg, an energy analyst known for his insights on hydrocarbons and geopolitics, dives deep into the evolving energy landscape. He discusses how AI is driving unprecedented demand for natural gas, potentially doubling its usage in a decade. The conversation covers the geopolitical implications of LNG as a substitute for Russian gas, and the future of U.S. shale production. Listeners gain insights into investment opportunities in midstream energy sectors and how cheap NGLs are reshaping oil prices, alongside predictions for the Western Hemisphere's oil potential.

Lance Roberts, a seasoned portfolio manager, shares his insights on the building economic headwinds as we approach 2026. He discusses concerning trends, including slowing growth and high market valuations, while cautioning against unrealistic earnings expectations. The conversation dives into the recent pullback in AI stocks, the Fed's new liquidity measures, and the challenges facing the middle class. Additionally, Lance explores potential investment opportunities in the oil and gas sector amidst these macroeconomic shifts.

Brent Johnson, the creator of the Dollar Milkshake Theory, dives into the future of USD stablecoins and their potential to reshape global finance. He explains how these digital tokens could stabilize transactions, alleviate volatility, and attract foreign investment, especially in unstable economies. Brent argues that the rise of stablecoins might reinforce dollar dominance, serving as a tool for geopolitical control. Plus, he discusses potential repercussions, the role of traditional banks, and why holding gold could be a smart hedge.

Peter Tchir, Head of Macro Strategy at Academy Securities, shares his insights on the current economic landscape. He discusses the diminished fears of trade wars and the effects of tariffs under the Biden administration. Tchir introduces the concept of 'Production for Security,' emphasizing its importance for supply-chain resilience. He predicts that while the economy may experience tailwinds, there are risks ahead for early 2026. Additionally, Tchir provides perspectives on shifting investments from AI high-flyers to smaller, more secure companies.

In a deep dive on market dynamics, John Lodra and Mike Preston of New Harbor Financial discuss the implications of high valuation levels amid potential Fed rate cuts. John highlights stress signals in credit markets and the rarity of current conditions. Mike shares insights on the risks of liquidity concentration in mega-cap tech and evaluates portfolio strategies. They also tackle whether the recent pullback in gold is a temporary lull or a trend change, offering tactical hedging advice for uncertain times.