Larry McDonald
macro strategist (Bear Traps Report)
“Investors may be starting to rotate from financial assets towards hard assets, value, healthcare, energy and materials. When you see this kind of value, the rotations can be amazing. If you look back to 2022, what were the big winners? Energy stocks were up a lot.”
“The best trades of our careers are what I call the hot money flush... three rate cuts to one hike, that knocks a lot of steam out of the gold miners.”
Larry McDonald
One-line summary: Author of The Bear Traps Report; argues a structural 'migration' from financial assets (bonds, tech) into hard assets — value, energy, materials, healthcare.
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On energy-shock-2026-vs-2022, mega-issuance-peak-to-ai-capex-derate:
"Investors may be starting to rotate from financial assets towards hard assets, value, healthcare, energy and materials. When you see this kind of value, the rotations can be amazing. If you look back to 2022, what were the big winners? Energy stocks were up a lot." — 2026-06-11-podcast-macro-voices-macrovoices-536-larry-mcdonald-the-migration-is (2026-06-11)
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"The best trades of our careers are what I call the hot money flush... three rate cuts to one hike, that knocks a lot of steam out of the gold miners." — 2026-06-11-podcast-macro-voices-macrovoices-536-larry-mcdonald-the-migration-is (2026-06-11)
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