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Jonathan Wellum joins Maggie Lake to break down why today’s market looks dangerously stretched — from AI-driven speculation to passive investing distortions — and why he believes investors should be paying much closer attention to real assets, active management, and the emerging commodity supercycle. With recent inflation data showing price pressures remain stubborn and unrelenting, Wellum argues the market may be underestimating the staying power of inflation — and the risks hiding beneath the surface of the stock market rally.
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CHAPTERS:
0:00 Inflation Is More Persistent Than We Think
1:29 Wellum’s Inflation Outlook for 2026
4:00 The Global Debt Crisis Is “Intractable”
6:01 How to Think About Bonds and Duration
7:02 Gold, Commodities, and Protecting Purchasing Power
9:06 Copper, Silver, and the AI Buildout
11:26 The AI Arms Race and Big Tech Spending
12:46 Be Careful Chasing AI Stocks
17:23 Are We in a Commodity Supercycle?
24:21 Buffett, Berkshire, and Dry Powder
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