There's A Long, Grinding Bear Market Coming | David Hay

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The last time I interviewed today's guest was right after the stock market plunged 20% to its post-Liberation Day lows in April.

Wall Street was stunned, as just a few months before, the market seemed unstoppable.

Well, here we are three months later...and stocks have rocketed back to new highs.

The fears that panicked investors so much back in April seem completely forgotten.

What is going on and what's most likely to happen from here?

To discuss, we're fortunate to be joined today by David Hay, the up-until-recently Chief Investment Officer & Principal at Evergreen Gavekal. He now publishes daily investing commentary on his excellent Haymaker Substack.

#bearmarket #deficit #debt

0:00 - Market Recovery
3:01 - The Trump Turnaround
10:26 - Debts, Deficits, and Fed Balance Sheet
15:37 - Bond Market Breakouts
23:16 - Emerging Market Bonds
31:03 - Tariffs and Economic Impacts
46:56 - Student Loans and Delinquencies
52:42 - AI and Productivity
58:01 - Crypto and Bitcoin Treasuries:
1:10:22 - Investment Recommendations
1:21:13 - New Harbor Update
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