Thoughtful Money with Adam Taggart

Michael Every, global strategist at Rabobank known for forecasting the shift from globalization to neo-mercantilism. He breaks down the remaking of the liberal world order, why Japan’s election matters, U.S. reindustrialization and hemispheric strategy, Taiwan’s strategic role, and how neo‑mercantilist policies reshape trade, capital and global alliances.

Stephanie Pomboy, macro analyst and founder of Macro Mavens, breaks down confusing economic signals. She contrasts a strong payroll print with weakening retail sales, rising credit-card debt and delinquencies. They discuss Fed politics, Kevin Warsh’s nomination, gold’s pullback and policy links, plus consumer stress from student loans and bankruptcies.

Luke Gromen, macro strategist and founder of FFTT, warns of an accelerating global sovereign debt crisis. He connects Japan’s bond-currency dilemma to U.S. market risks. He explains why physical gold is becoming a preferred monetary hedge, describes large sovereign bullion flows, and outlines how gold-driven trade settlement could reshape the dollar over the next 5–10 years.

Tavi Costa, macro and commodities investor who founded Azuria Capital and structured major mining deals, joins to discuss a coming commodities boom. He outlines why mining and base metals may lead a multi-year rotation. Topics include sovereign buying, Latin America energy and mining opportunities, capital flows from tech to materials, and practical ways to access the cycle.

Lance Roberts, portfolio manager known for macro and factor-driven investing, joins to weigh whether markets are topping or gearing up to bounce. He covers rotation from value back into growth, margin-driven sell-offs and correlated speculative risks, the Bitcoin decline and corporate treasury bets, plus concerns about private credit and technical signals traders watch.

Chance Finucane, Chief Investment Officer at Oxbow Advisors, offers a concise portfolio-minded perspective. He discusses stretched price-to-free-cash-flow in big tech and the risk of AI-driven capex. He outlines rotation away from mega-cap winners, a 30-30-30-10 framework, commodity and energy opportunities, and disciplined risk management including trimming winners and using stops.

Danielle DiMartino Booth, former central bank analyst and founder of QI Research, explains why cracks at the top of the K-shaped economy could matter. She discusses weakening spending by the wealthy, risks from credit stress and refinancing, rising job losses and shelter disinflation. She also covers market rotation, gold volatility, and defensive trades to consider.

Jesse Felder, macro analyst and founder of The Felder Report, warns stocks may face a nasty surprise as the dollar weakens and foreign capital withdraws. He contrasts retail mania and leverage-driven market distortions with a bullish outlook for commodities, especially oil and gas. He highlights energy underinvestment, geopolitical supply risks, and a defensive barbell of cash plus real assets.

David Hay, founder and former CIO of Evergreen Gavekal and author of the Haymaker newsletter, warns of a little-noticed risk: massive foreign repatriation out of U.S. assets. He discusses dollar breakdowns, shifting capital flows, and why commodities, metals, and international markets may surge. Short, sharp takes on technical breakouts, country-specific catalysts, and where opportunities could appear.

Lance Roberts, portfolio manager and macro-focused market analyst, shares his risk-centered take on recent market action. He discusses the breakdown from a tight trading range and the odds of a risk-off reset. Conversation covers AI stock froth, valuation measures like PEG, sector rotations (notably energy), technical breakdowns in the S&P, and the volatile moves in gold and silver.