Video News/Outlook 2026

Larry McDonald says the paper wealth era is ending as markets enter a full “Regime Change.” Speaking with Kitco News Anchor Jeremy Szafron in this Outlook 2026 special, McDonald warned that a credit accident is already underway, pointing to the collapse of the First Brands DIP loan, now trading in the 30s, and CoreWeave bonds yielding around 12% as evidence that underwriting standards have failed. He described private credit’s promise of “Quarterly Liquidity” as a structural trap and argued it could become the next Lehman-style moment. McDonald also outlined what he calls the “Great Rotation,” where capital begins moving out of the $32 trillion Nasdaq 100 and into what he described as “bombed-out villages” across hard assets including energy, copper, and coal. The discussion also covered shifting power dynamics in Washington, deep value opportunities, and how investors should position heading into 2026 as liquidity conditions tighten and credit stress spreads across markets. Thanks to our sponsor, Discovery Silver, for making this coverage possible.