Recorded on February 10, 2026.
Dr. Marc Faber joins Andy Millette and Steve Yang to lay out a defensive 2026 playbook built around one blunt warning: asset holders may be in for a tougher year. Faber explains why he is keeping expectations low, why he thinks the S&P can end the year roughly flat while still delivering a frustrating experience for investors, and why he expects foreign markets, emerging markets, and parts of Europe to outperform the US. He also breaks down how he thinks about gold ownership and positioning, why most portfolios still under-own gold, and why energy and key commodities can look cheap when measured against gold. The discussion closes with risk framing around currencies, crypto survivability, and why distortions created by money and policy can produce uneven outcomes across different assets and different parts of society. #Millettian
Key topics covered
Why Faber expects 2026 to be difficult for asset holders and why he is staying conservative
Foreign markets versus the US and what outperformance can look like in 2026
Gold positioning and why most investors still do not hold meaningful gold exposure
Why energy and major commodities can look cheap relative to gold
Crypto skepticism and what may not survive in a risk-off cycle
Currency safety, purchasing power erosion, and how distortions show up in real life
Why asset moves often do not decline evenly and how bubbles shift around
Guest links
Website https://www.gloomboomdoom.com/
X https://x.com/gloomboomdoom?lang=en
LinkedIn https://hk.linkedin.com/in/marcfabergloomboomdoom
Host Andy Millette Natural Resource Stocks
Website https://www.NaturalResourceStocks.net
YouTube Main https://www.youtube.com/@naturalresourcestocks
YouTube Clips https://www.youtube.com/@NaturalResoureStocksClips
X https://x.com/theandymillette
LinkedIn https://www.linkedin.com/in/andymillette/
NRS LinkedIn https://www.linkedin.com/company/naturalresourcestocks-net/
NRS Facebook https://www.facebook.com/people/Natural-Resource-Stocks/100090526686713/
NRS TikTok https://www.tiktok.com/@natural.resource.stocks
NRS Instagram https://www.instagram.com/naturalresourcestocks/
Host Steve Yang Natural Resource Stocks
Website https://www.NaturalResourceStocks.net
YouTube Main https://www.youtube.com/@naturalresourcestocks
YouTube Clips https://www.youtube.com/@NaturalResoureStocksClips
X https://x.com/SteveYangStocks
LinkedIn https://www.linkedin.com/in/steveyangstocks/
NRS LinkedIn https://www.linkedin.com/company/naturalresourcestocks-net/
NRS Facebook https://www.facebook.com/people/Natural-Resource-Stocks/100090526686713/
NRS TikTok https://www.tiktok.com/@natural.resource.stocks
NRS Instagram https://www.instagram.com/naturalresourcestocks/
Chapters
00:00 2026 outlook and capital preservation
00:38 Trimming miners and risk posture
00:50 Foreign markets versus the US in 2026
01:33 Asset deflation thesis
06:51 Why most investors under-own gold
08:24 Where stocks may still work in 2026
09:16 Thailand and real-world demand signals
10:47 Country watchlist and relative value framing
13:42 What looks cheap now energy and commodities
15:32 Purchasing power and currency reality
16:07 Crypto skepticism and survivability
17:45 Currency safety and stable jurisdictions
24:50 Bubbles, distortions, and uneven asset declines
28:39 Closing thoughts
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