Is the bull case priced in?

This podcast episode explores whether risk assets have additional upside beyond what is currently priced in. It discusses how the bond market blowup weakened President Trump’s ability to pursue a hawkish agenda and precipitated a fiscal pivot toward pro-growth policies—though the stimulus is largely anticipated and carries execution risks. The hosts outline a cautious portfolio strategy that avoids stocks, favors significant gold exposure, and makes modest Bitcoin adjustments based on improved momentum signals. They also review quantitative indicators, market regime challenges (characterized by deflationary trends and lagging policy responses), and address client concerns about maintaining stock exposure in the face of fiscal largesse.