Henrik Zeberg: Why Bonds May Be Too Cheap

Henrik Zeberg, macro strategist at Swissblock and founder of The Zeberg Letter, believes the stock market’s final melt-up may still have much further to run — but warns that the setup beneath the surface is becoming increasingly unstable.

In this wide-ranging conversation with Maggie Lake, Zeberg explains why he thinks the Nasdaq could surge toward 37,000–39,000 before the cycle turns, why today’s market increasingly resembles the final phase of the dot-com bubble, and why investors may be underestimating how quickly a major reversal could unfold.

Zeberg also breaks down the weakening U.S. consumer, a labor market he believes is far softer than headline data suggests, and why the Federal Reserve could risk tightening into an economy that is already losing momentum.

He explains why he sees similarities to both 2000 and 2007, why a market top may not require an obvious catalyst, and why he compares the current setup to an avalanche: the underlying structure can become increasingly unstable before the break finally comes.

Zeberg also shares his outlook for the U.S. dollar, gold, commodities, Bitcoin and Ethereum, including why he expects another burst of crypto enthusiasm before conditions potentially change dramatically.

Could stocks surge one final time before the next major downturn — and what should investors be watching for when the cycle finally turns?

Watch the full conversation for Henrik Zeberg’s latest outlook on the stock market, Nasdaq, Federal Reserve, inflation, recession, AI bubble, U.S. dollar, gold, commodities, Bitcoin, Ethereum and the global economy.

💡 Henrik Zeberg warns that the market’s final melt-up may still have further to run — but says the underlying setup is becoming increasingly unstable, with a weaker consumer, softer labor market and the risk of a sharp reversal once the cycle turns. Sign up for a free portfolio review with one of Wealthion’s trusted advisors to see whether your portfolio is positioned for both the upside — and what may come after: https://bit.ly/4xFx2Jr

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