The Grant Williams Podcast Ep. 108 - Larry McDonald

The Grant Williams Podcast

Grant Williams

Investing, Business:investing, Business

4.8 • 1.6K Ratings

🗓️ 15 October 2025

⏱️ 30 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this long-overdue episode of The Grant Williams Podcast, I’m joined by Larry McDonald, founder of The Bear Traps Report and author of How to Listen When Markets Speak, to explore how extraordinary fiscal and monetary responses have reshaped the investing landscape. Larry argues that the disinflationary era is over, replaced by an inflationary, multipolar world that calls for a fresh approach to portfolios—one that favours hard assets like copper, coal, and natural gas over stretched technology stocks. Our conversation spans the political and structural forces driving this shift, from chronic underinvestment in energy and the policy bottlenecks that worsen shortages, to the rising populism fuelled by inflation. Larry highlights how the makeup of the S&P 500 is set to evolve, with industrials, materials, and energy poised to reclaim influence, while risks mount in areas such as passive investing, private credit, and certain financial stocks. We close by examining the implications of the AI-driven capital expenditure boom, the strain it places on power infrastructure, and what it all means for the dollar, gold, and Bitcoin. The result is a timely, wide-ranging conversation offering investors both a roadmap to today’s shifting market environment and practical insight into how to navigate what lies ahead. Every episode of the Grant Williams podcast, including This Week In Doom, The End Game, The Super Terrific Happy Hour, The Narrative Game, Kaos Theory, Shifts Happen and The Hundred Year Pivot, is available to Copper, Silver and Gold Tier subscribers at my website www.Grant-Williams.com. Copper Tier subscribers get access to all podcasts, while members of the Silver Tier get both the podcasts and my monthly newsletter, Things That Make You Go Hmmm… Gold Tier subscribers have access to my new series of in-depth video conversations, About Time.

Transcript

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0:00.0	Before we get going, here's the bit where I remind you that nothing we discussed should be considered as investment advice.
0:16.1	This conversation is for informational and hopefully entertainment purposes only.
0:20.2	So while we hope you find
0:21.7	it both informative and entertaining, please do your own research or speak to a financial advisor
0:27.1	before putting a dime of your money into these crazy markets. You're about to listen to a special
0:36.8	preview edition of the Grant Williams podcast featuring my
0:39.2	very special guest and my good mate Larry MacDonald, author of The Bear Trap Report and
0:44.1	the terrific book How to Listen When Markets Speak. We talked about an awful lot of things,
0:49.0	his framework, how he uses his dashboard of proprietary indicators to figure out what the
0:53.7	hell is going on in markets. We talked about the AI bubble. We talked about gold. We talked about energy. We talked about the dollar. An awful lot of stuff here that you're going to enjoy digging into. Every episode off the Grant Williams podcast, including the end game, the super terrific happy hour, the narrative game. This week in Doom, shifts happen, chaos theory and the 100-year pivot
1:10.9	is available to copper and silver tier subscribers at my website, grant dash williams.com.
1:16.7	Copper tier subscribers get access to all the podcasts, while members of the Silvertier
1:20.3	get by the podcast and my monthly newsletter, things that make you go home.
1:24.6	So if enjoy work here on the show and you'd like more high quality
1:27.6	content like it, then please make the way over to grant-dashwilliams.com and join our excited community
1:32.7	today. And with that, on with the show. Larry, welcome to the podcast long overdue, and I'm delighted to have a chat with you,
1:49.0	and hopefully give a little second win to your terrific book, How to Listen When Markets Speak.
1:53.1	So welcome to the podcast.
1:54.3	Oh, Grant, thank you so much, and a huge fan, and just a big admirer of what you've built,
1:59.5	and the first mover advantage for you, my friend.
2:02.2	God bless.
2:03.0	That's very kind of you.
	...

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