Larry McDonald Warns The Paper Wealth Era Is Over And The Great Rotation Has Begun

In this Outlook 2026 special, Jeremy Szafron sits down with Larry McDonald, founder of The Bear Traps Report, to break down the "Regime Change" hitting markets. Larry warns that a credit accident has already started, citing the collapse of the First Brands DIP loan (trading in the 30s) and the CoreWeave bonds (yielding 12%) as proof that underwriting standards have failed.They discuss the "New Axis" of power in Washington, why the "Quarterly Liquidity" promise in private credit is the next Lehman-style risk, and why capital is about to rotate from the $32 Trillion Nasdaq 100 into the "bombed-out villages" of Hard Assets (Energy, Copper, Coal). Plus, actionable deep-value trades on Diageo, Schlumberger, and Brazil.Recorded on December 15 2025This Outlook 2026 segment is brought to you by Discovery Silver. Combining high-quality gold production with one of the world's largest undeveloped silver deposits. Learn more at (https://discoverysilver.com)https://youtu.be/yOqZP2nm_VY?si=miC9iyc3tYBaJDm3Disclaimer:  The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.