#400 Michael Howell: The Liquidity Cycle Has Turned, Low Quality Returns for Stocks, The Real Driver Behind Gold

Podcast: The Julia La Roche Show · Julia La Roche

Opublikowano: 2026-08-11

Michael Howell, CEO of CrossBorder Capital, an investment advisory firm, and author of Capital Wars, returns to explain why the global liquidity cycle peaked in late Q3/early Q4 of last year — and what that means for the rest of 2026. His core argument: money is fungible but finite, and a booming real economy is now pulling liquidity out of financial assets, which compresses P/E multiples even as earnings look fine. That puts us in what he calls the speculation phase: rising bond yields, strong commodities, pressured crypto, and low-quality equity returns where index gains mask widespread underperformance. He al...