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Steen is one of the best yet on this channel. Big brain, big heart, small ego. What a confident high quality human! Adam, thanks for introducing the best minds to your audience and being the best interviewer.

love your videos, what would make them EVEN better was if you utilized that youtube feature that breaks the timeline into different topics

*People say that money is not the key to happiness, but I always figured if you have enough money, you can have a key made.*

Does everyone forget that the 2008 crash happened in an election year? They pumped 800 billion initially which was an unheard of amount at that time and the market continued to dive…. Its sentiment that will probably determine the percentage drop if it occurs not the Fed “ not letting” the market fall.

Thank you Adam! Very informative ❤

In his round about way, he is correct. Actual production has got to increase. There are too many computer jobs and not enough people producing a good quality product. The older folks use to call it having too many chiefs and not enough indians. If the economy keeps going as usual, food production will cease and the rest of the population will starve. The farmers are already in panic mode and if they loose their land, food prices may exceed the price of an automobile in a year to year expense. I suspect that we're getting on the verge of that already. The more foreclosures we have on farms, the less production of food we have. With less production of food, like anything else, the prices continue to go up. Everyone will feel the pain if that starts happening. Farmers were already struggling before the pandemic. And hes right about the employment measurements. Ive heard it reported that 1.5 million jobs have been lost just last year. And many of those jobs are not coming back. Only those in the upper third of classes can afford a home. If workers cant afford a home and transpotation, they have no incentive to work. With corporate investment buying up houses and taking them off the market to drive up the price of housing, means that a collapse is coming. It might not affect everything, but its going to affect most of everything. We are already seeing a drop in sales, but with this being an election year, massive layoffs are starting to complicate the problems we face. Most people dont understand that the higher prices go, the less people have an incentive to work to produce things. With production dropping so low, prices might go even beyond what the upper class can afford. Its my understanding that this is the very hallmarks of a depression. And with governments spending so much, I cant see this trend turning around right now.

Don't say everyone is wrong Adam. I feel we are in for more than a 30% correction. Has it happened yet? No... but it will. We still have to wait for the 3-month / 10-year yield curve to uninvert. Until that happens it is possible... even probable, that the stock market continues to go up. Which is great because the bigger the bubble gets the better price I get on all my shorts.

Nobody talks about the quality of people. When I look at America and Europe and compare the kind of people I have seen and interacted with over six decades I see that people are becoming "trashy". You really see this in big cities like Paris where the city is nothing like it was in the 60's. In America you see the best fleeing away wherever they can go heading to places like Florida to get away from the dumbed down criminal classes. The people a nation has are everything but quality is vanishing fast.

Learned so much from this! Great interview

A lot of really great guests lately, as usual. Thank you to Steen for this interview!

I agree with Steen's time horizon: late March will be a challenge for markets and the Fed. A 10-15% pullback in markets = stronger Fed intervention and rebound into the 2nd half of year? or a stronger drop of 30% leading to a serious pivot with another reckoning after the election? The trend is up due to the financial demands of a debt-driven fiat currency regime, but the road could be rocky.

Best advice I've heard. Thank you. Steen emphasizes the importance of empathy as a non-financial activity that benefits people. He reflects on his observations that often the smartest person in a room or gathering is not the most aggressive or loudest but the one who shows the greatest empathy. In a world prone to blame and strong, divisive voices, Steen believes that displaying empathy signifies the ability to transcend self-interest and contribute to something greater and more beautiful.

Adam, I know it's difficult to talk about a problematic market ... but we appreciate all the effort on your new channel ... i share them often .... great diverse guests

Thank you guys!! Brilliant interview, love it when you have Steen on to hear the European perspective Thanks from the UK

Steen!!! I wish your conversation with Adam lasted 24 hours 😂 Please come back again and would love to hear from you more about your golden rules on becoming a successful investor/trader (by the way, I’m one of your loyalest customers 😅). Adam is such an amazing facilitator!!! He understands when to cut in with his super good questions or just let the guest talk without interrupting!!! Love the conversation when you said “put my trader’s brain on”! That’s for every novice investor out there like myself. Thanks. Empathy… your explanation is the best so far to me! Please talk more about it in your life next time if not inconvenient for you at all.

Great show Adam, thank you. Lots of good info from Steen

Always worth making an hour available to listen to Mr Jakobsen, a very wise and measured man, learnt a lot.

Steen is the man, great insights!

Yes, 17:06. The circle of extreme deficit spending causing inflation. Rates would not have been raised if we had no deficit!

Thanks! Great interview.

Adam, thanks as always for the amazing content and guests!

Thank you Adam

Like this man no sugar coating.

This is a 20 year correction. Neither the Fed nor western governments know what is happening in their economies, Why ? Because their is such little supervision of the shadow banking sectors ( hedge funds, private equity funds, mortgage lenders) that are not banks and do not have to report to anyone, not even their investors- because these businesses are not listed in stock exchanges. These financial sectors are international and non regulated- hence their huge growth. Each dollar invested is potentially 20 dollars of leverage generated- at least. How can governments possibly bank role unknown levels of liquidity ?

The stock market probably won't go down 30%, but if it does it will be from a s&p 500, 6500 or 7000 handle, so not that bad from thise levels. After that 30% downturn would be an investment opportunity of a lifetime

I'm one of those who really appreciate that much this kind of european view, since I follow you from Spain. Wonderful discussion, I loved the framework 'it's all about the elections, stupid'. Keep it up Adam, you are doing an excelent job

Wow, what an insightful conversation! Thank you for sharing these key insights from your discussion with Steen Jakobsen. It's fascinating to hear his perspective on the current economic landscape and his strategies for navigating through potential challenges. I particularly appreciate his emphasis on empathy as a crucial investment in both personal and professional contexts.

Thank you! Steen seems like such a gentleman and very intelligent.

Another great interview. I like saxobank, who I believe are doing their best to resist the compulsory digital ID in Denmark and their yearly outrageous predictions. He talks a lot of sense with his rubber bands thought

good closing point re empathy

Let's have a 1 percent drop first before we talk about a 30 percent drop.

Adam: great interview with Steen. I’m really interested learning more about recent developments in FUSION energy that he talked about. I have a friend who has been working with fusion for many years and will tell me very little about new developments as it’s all intellectual property as I’m sure Steen's source is navigating. I still remember “cold fusion” how it was going to change the world and turned out to be complete nonsense. Let’s hope Steen’s sources are the real deal.!!!

Steen is very thoughtful and observant. It is nice to hear an outside perspective and he is about as non-political as one can be in this day and age.

Great interview. Highly informative.

i doubt if the forces that be will allow this market to fall anywhere close to 30%...i've got a strong feeling they are taking measures to keep it where it is. things don't add up!

While I agree with Steen, and I think this was a good interview, I think we need to keep in mind that many experts told us the market could drop 30% in 2023, and instead it rallied 20%. Timing is everything.

Thank you! 🇩🇰

Terrific analysis. Absolutely love to see him coming back.

Thank you very much...

Thanks Adam 👍

Excellent interview, bring Steen back each quarter.

Steen wastes no words getting to the heart of issues. Please have him on more often! 🙂

That's great! Thanks from Germany

Awesome, two legends, thanks Adam 🎉

Steen, you are absolutely correct. This economy is being mismanaged!

Good interview. Also a very insightful comment at the end from Steen that we all should strive to have more empathy.

Adam, Steen Jakobsen was insightful and provided a valuable framework for 2024 and beyond. Steen may have been the most insightful economist and financial manager on your program. Please ask him back to soon present his vision for the nuclear and defense industries. Compelling expert. Gerry

Great to get a perspective from expert based outside of US, Thanks !

I can listen to this guy talk all day.

would have loved to hear how the average man could invest. what steve outlined was quite complex, grt interview

“Productivity” is actually stimulus

One of the best answers so far to your non-financial advice question!👍

Great interview with a guy who is refreshingly open and forthright...especially for a banker! His opinions are well-argued and tough to disagree with. The only pushback I would offer is against his comment early in the show to the effect that voters looking for alternatives are moving to the extreme right or (to a lesser extent) the extreme left. They in fact are moving to wherever their voices will be heard and listened to, and old-school labels such as 'right' and 'left' are no longer relevant. Nowhere is this more true than in the US. But it is true in Europe as well - except in the undemocratic and increasingly authoritarian UK, where an antediluvian electoral system and the pervasiveness of a captured and toxic media make plausible alternatives to the Establishment's 'uniparty' unthinkable.

Thank you for an European Inside. Best wishes from Europe!

Your a genius Steen

Steen should come to channel more often! Always good to see the view from this side of the pond! Best wishes for your new project! Hope it gets even biggerrhan Wealthion!!

This guy is very good, and a great communicator. Thanks

Great insights and conversations! Thank you both!

Great talk. Was it Jack Welch who said "success on wall street requires a rising market and a short memory"? lol

Thank you for outside USA perspective 🇦🇺👏👍

How about some subject-verb agreement?!

Great interview and guest

Guy is brilliant, when he was speaking of the 'the third alternative or perspective at looking at the same thing happening now as has happened time and time again (no really this time is different).' He said someone called him stupid....I'm wondering who?

Excellent analysis.

What was that allocation?

I agree with Steen, we haven't had real capitalism in a couple decades at least and probably all the way back to Nixon taking the US off the gold standard by defaulting. If we had real capitalism this debt based world would be much different with lower debts and many bankrupt banks and companies along the way who made bad choices, including insurance companies and General Motors. This bastardized corporatism is a terrible system with politicians captured by corporate entities driven by lobbyists, the whole system needs reform starting with elections and term limits and limit fund raising for politicians and recall, then reinstitute Glass-Steagal and dramatically reduce regulations but increase fines for bad actors. Increase energy production as it is the life blood for growth and real wealth creation while letting net zero happen in a natural market based fashion. Plus stop the climate change BS and outlaw world economic forum types, who needs billionaires making decisions, they are not real people like most of us but part of the problem.

Have you noticed, that everyone is an expert on what is going to happen,

The market is well ahead of itself, I would not bet against a 20%-25% correction.

8:45 my husband and I are living lower quality of life than our parents. Partly because of our decision to have a single income family. I have 0% confidence that our financial outlook will get any better. It actually feels like it’s harder to keep up. Having kids makes it harder.

Thoughtful Money needs a crypto segment, digital man in the market 👍

You mention cost of capital is high. Are you saying a 4 to 7 percent interest rate is too high? Isn’t that an historical average? Are zero bound rates normal? Average? Or necessary for growth? My mortgage rate was 11% in 1989 growth was huge in the 90s , I was making 40k three kids and a 10 acre farm life was good. Now I make 175k and 150 k in treasury bills and I’m worried I don’t have enough. How much is enough?

Empathy. Great advice. Adam, you have it in spades.

Getting close to Net Energy above breakeven for Fusion Energy is relative. You can't believe everything the scientists and specialists tell you. Some of the projects say they have had successfully reached breakeven with their systems. But, scaling those projects to meaningful contributing generators to the Electric Grid is a Very Big Question Mark.

Brilliant! Steen has a very distinct view of the political and the economic situation, globally. Very interesting discussion.

hello Adam, I love what you do and been following your program sine 2022. (Starting from Wealthion days), everything your speakers are saying is correct but markets don't care and it's going up and up. past years following you I become a bear, made poor investment decisions that cost me a ton of money that I wouldn't have lost if I hadn't been so concerned about economy .

Adam is always good. I have seen steen several times in Copenhagen he is great. But the headline says that the market could go down 30% or more this year, am I getting old( yes) or didn’t steen not explain when/why?

I will believe it when I see it.

Honestly.. I'm still not witnessing any kind of credit crunch.

This was awesome!

... "biggest amount of "empathy".... bang on! Excellent interview Adam :)

How much money has the Fed propped up the stock market with quantitative easing? We are not in good shape folks.

I'm Team AI-Fusion! Bring it on!

I appreciate his optimism at the end of the video but AI controlling fusion only gets you electricity and electricity is still only about 20% of our total energy usage. The rise from the ashes ignores species decline, oceans dying, deforestation, uninhabitable hot areas, drought, and famine, just to name a few. Its hard to be long term bullish with all those little elephants in room.

What is inflation increases what will the FED do

Markets trade on expectations, not present realities. If the Fed goes back to QE, PE multiples will expand.

Michael Howell says the market is flooded with liquidity, Mr.Jakobsen says we're headed for trouble because of lack of liquidity. What am I missing?

Its always a soft landing, until it isnt

Aaand markets still go uuup !

You’re assuming stocks are over valued. The stock market returns have not been out of the ordinary. Real estate prices and bond returns probably have been higher than they should be. I think the safety is in stocks broadly diversified. Even your thesis relies on that you’ll have capital to buy stocks once they crash so even you see the inherent value in owning stocks but you are just looking to time the market while losing out in gains.

Recession to depression to civil breakdown then Civilwar, this is just following the 90-100 year cycles. Prepare for the worst , hope for the best.

ironically, i did so much better in the market before i found out about all these things that were bad for it.

If fed lowers rates back to zero bound , will there be anyone buying the US debt? Your guest likes 5% as I do with zero coupon bonds, but I don’t see our government cutting spending it’s only increasing and they need to sell treasuries.

I hope partying on the top deck is not the Titanic. The Middle Class is playing musical chairs and some are realizing the chairs are decreasing.

great guest

Everyone knows a market correction is imminent the only unknown is when and how deep... And how long it will last.

Steen had my attention until he alluded his belief in the high commissioner saying they are going to begin rolling fusion energy onto the UK grid by 2030. This opinion comes from someone who was a nuclear operator for 6 years and currently operates the US energy grid…that timeline is so unbelievable funny hahaha. Even if fusion was something that we understood, even if a plant was already built, it would still be after 2030 that it was reliable enough to pass regulations to be commercially used. I’ll be surprised if a fusion reactor is built before I die.

Is inflation even that bad? Isn't this "inflation" mostly from supply chain disruption and price gouging?

Finally somebody mentions AI.

Great