New York Times’ bestselling author Larry McDonald, founder of The Bear Traps Report, returns to The Julia La Roche Show for an in-person episode discussing the risks in the markets today. McDonald makes the case that private credit is this cycle's subprime — opaque, over-leveraged, and already cracking — and warns that the retail investors who were sold quarterly liquidity on an inherently illiquid asset class are about to find out the hard way. He also breaks down why stagflation is the defining macro theme of 2026, why the 60/40 portfolio is broken, and why the great migration out of financial assets and into hard assets — energy, copper, gold, and commodities — is only in the second or third inning. Plus: a surprising first-ever Bitcoin buy, why natural gas is his top multi-year trade, and the under-the-radar risk nobody is talking about.
The Bear Traps Report founder Larry McDonald joins 'Mornings with Maria' to discuss the Iran conflict, oil supply shocks and a looming credit crisis. #foxbusiness #morningswithmaria
The International Energy Agency (IEA) has officially identified this as the largest supply disruption in the history of the global oil market. As the Federal Reserve begins its two-day policy meeting today, it faces a "nightmare setup": energy prices are soaring just as the U.S. labor market begins to soften. In this interview, Larry McDonald, founder of The Bear Traps Report and author of How to Listen to Market Speak, reveals why this isn't just a macro scare—it is the "exhaustion of the paper-credit system itself". From the 70% collapse of subprime lenders like Goeasy to Morgan Stanley’s 8% default warning for private credit, the "truth bleed" has begun.
Larry McDonald gives his views on interest rates, private credit, stock market, commodities, and metals.
Lawrence McDonald, founder of the Bear Traps Report and former Lehman Brothers VP, warns that a growing credit crisis in private markets and AI-driven job disruption are creating hidden risks that Wall Street is only beginning to acknowledge. *This video was recorded on March 9, 2026.