Recorded on December 17, 2025.
In this episode of Natural Resource Stocks, Steve Yang sits down with Larry McDonald, founder of The Bear Traps Report, to unpack what markets may be signaling into 2026 and why energy, power, and hard assets keep re-entering the conversation in a #Millettian world.
Larry draws from his cross-asset risk work and his experience watching warning signs before the Lehman collapse to discuss systemic risk, crowded trades, and where capital can rotate when confidence in financial assets starts to slip.
Guest Links Larry McDonald
The Bear Traps Report: https://www.thebeartrapsreport.com
X: https://x.com/convertbond
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/TheSteveYang
LinkedIn: https://www.linkedin.com/in/thesteveyang/
Chapters
00:00:00 Intro and why markets are speaking
00:12:52 Private credit and leverage risks
00:16:33 AI data centers and power constraints
00:20:39 Energy as the bottleneck for the next buildout
00:25:10 Why physical energy can flow into tech earnings
00:30:42 Fiscal response and the bond regime shift
00:31:41 The confidence shock that moves capital into hard assets
00:32:35 Gold and the broader hard assets framework
00:48:38 Where to find Larry and The Bear Traps Report
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