Michael Gayed, CFA — portfolio manager and publisher of The Lead-Lag Report — provides a bold warning: conditions for a crash are building fast, and most investors are ignoring the signals.In this wide-ranging episode, we discuss:Why Japan’s bond market is a global threatHow the carry trade could trigger a margin call cascadeThe myth of stagflation in a debt-ridden worldWhat deregulation could mean for small-cap outperformanceWhy gold may sell off first in a crash… and why that’s a buying opportunity