This Doesn’t End Well: Markets & What Comes Next After Iran War

Dave Collum warns that equity markets are dangerously overvalued, with systemic risks from private credit and carry trades poised to unravel.

Geopolitical tensions, particularly involving Iran and the Strait of Hormuz, threaten global supply chains and could trigger a major economic depression.

Investors should prioritize defensive positioning, focusing on gold and liquidity to preserve capital amid a potential fourth turning crisis.