Episode Details

For years, investors have been waiting for a recession that never seems to arrive. According to Fourth Lane Partners Portfolio Manager Andrew Sarna, there's a simple reason why: massive government deficits continue to overwhelm traditional recession signals. In this interview with Maggie Lake, Sarna explains why bonds are no longer a core portfolio holding, why the AI trade may be losing momentum, and why he believes real assets—especially energy and gold—remain among the best long-term investments as debt, deficits, and geopolitical tensions reshape global markets. Topics discussed: - Why recession calls have been wrong - The bond market's warning - Is the AI trade starting to crack? - Why bonds are no longer "safe" - Gold vs. equities - Why energy remains undervalued - Building a portfolio for the next decade 💡 Inspired by Andrew Sarna's outlook on deficits, gold, and real assets? Get a free portfolio review with one of Wealthion's trusted financial advisors: https://www.wealthion.com/advisors Chapters: 00:00 Cold Open: Why a Recession May Never Come 00:43 Why Treasury Yields Have a Ceiling 01:51 Trump, Oil Prices & Inflation Risk 04:05 Fed Chair Warsh: Will Interest Rates Stay Higher? 05:39 Why Andrew Sarna Says a Recession Is Unlikely 07:45 Why Bonds Are No Longer a Core Holding 10:43 Is the AI Bubble Starting to Crack? 13:03 Should Investors Buy the AI Dip? 15:10 Why Energy Stocks Could Outperform 17:24 Is Gold Still a Buy? Connect with us online: Website: https://www.wealthion.com X: https://www.x.com/wealthion Instagram: https://www.instagram.com/wealthionofficial/ LinkedIn: https://www.linkedin.com/company/wealthion/ #Wealthion #Gold #GoldBullMarket #Recession #BondMarket #TreasuryYields #AIBubble #RealAssets #MacroInvesting #PortfolioManagement #WealthManagement #FinancialPlanning #AndrewSarna #FourthLanePartners #Investing ________________________________________________________________________ IMPORTANT NOTE: The information, opinions, and insights expressed by our guests and our hosts do not necessarily reflect the views of Wealthion or the views of their respective employers. They are intended to provide a diverse perspective on the economy, investing, and other relevant topics to enrich your understanding of these complex fields.   While we value and appreciate the insights shared by our esteemed guests and hosts, they are to be viewed as personal opinions and not as investment advice or recommendations from Wealthion or their respective employers. These opinions should not replace your own due diligence or the advice of a professional financial advisor.   We strongly encourage all of our audience members to seek out the guidance of a financial advisor who can provide advice based on your individual circumstances and financial goals. Wealthion has a distinguished network of advisors who are available to guide you on your financial journey. However, should you choose to seek guidance elsewhere, we respect and support your decision to do so.   The world of finance and investment is intricate and diverse. It's our mission at Wealthion to provide you with a variety of insights and perspectives to help you navigate it more effectively. We thank you for your understanding and your trust.

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