I sat down with Lawrence McDonald (@Convertbond) to discuss his view that markets are shifting from financial assets to hard assets, why inflation and global conflict are driving this change, and how investors should think about bitcoin, energy, and materials. We also explore risks in private credit and what the next cycle could look like for global markets. YouTube: https://youtu.be/M3yac-RkXJA?si=5da2Ly2q_3aYcr61 Spotify: https://open.spotify.com/episode/2lCuePj4vlSrlZH7cGwISO?si=Ku3r1XDUSLaZREPkMcGeYQ Apple: https://podcasts.apple.com/us/podcast/bitcoin-gold-energy-the-next-massive-wealth-shift/id1434060078?i=1000758289426 TIMESTAMPS: 0:00 - Intro 1:02 - The great rotation to hard assets thesis 5:22 - AI spending surge & tech cash burn risks 8:16 - How to invest in this market shift 16:39 - Do we get higher or lower inflation? 20:17 - Dollar dominance & bitcoin vs gold 29:55 - Private credit cracks & liquidity issues explained 35:23 - Where investors should allocate capital now 39:55 – Biggest risks in markets right now(Anthony Pompliano 🌪)