#220 Felix Zulauf: Sailing In Dangerous Waters — US Stocks Are In A Bubble And Here's What Could Break It

Former hedge fund manager Felix Zulauf, founder and president of Zulauf Consulting, returns to The Julia La Roche Show for episode 220 for his annual outlook interview to discuss why U.S. stocks are in a bubble and what could break it. In this wide-ranging conversation, Zulauf explains why watching the Japanese yen is critical for understanding when global liquidity might dry up, warns that AI stocks could fall 50-70% when the bubble bursts, and shares his view that 2025 will be a "mini version" of the decade's roller coaster ride for markets. He also discusses why Trump's proposed tariffs could create significant economic headwinds, explores why Europe and China face structural challenges, and outlines his targets for Bitcoin ($115,000-$130,000) before a potential 80% correction. https://www.felixzulauf.com/ 0:00 Welcome back Felix Zulauf 00:50 Macro picture 03:47 China's structural challenges 06:14 Germany and Europe's structural malaise 09:36 US labor market dynamics 12:46 Impact of government spending cuts and tariffs 16:30 US stock market bubble discussion 21:14 Global liquidity and Japanese yen dynamics 25:14 Market bubble indicators and timing 28:39 Decennial pattern analysis 32:36 Discussion of inflation dynamics 36:36 Bond market paradigm shift 41:20 Commodity sector leadership outlook 45:21 Trade war risks and historical parallels 48:56 Gold and Bitcoin outlook 51:20 Financial system stability concerns https://www.felixzulauf.com/