MLD Wealth – Money Matters with Chad Larson

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In this episode of Money Matters, Chad looks at the month gold miners returned 43% and beat the most crowded trade of the year, and why the setup for it was built in the months that felt like nothing was happening.

He breaks down why the bond market is now the main story: forty trillion in US debt, a Treasury buying its own bonds, the long end at levels last seen in 2007, and a new Fed chair who put a hike back on the table.

The episode also covers the risk almost nobody is watching. Japan is normalizing after 30 years, and the cheap capital that has quietly funded global markets for a generation is getting more expensive.

Plus the fund's best month in its history, why it landed in the exact month the trade felt finished, what nearly 20% cash had to do with it, and why you don't win on the straights.

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We are sixteen and a half years into a secular bull market that ties the 1982–2000 record next month, and the late-stage checklist is nearly complete. In this episode, Chad Larson breaks down how capital spending booms have historically ended market regimes, why the S&P has become a data centre index in disguise, and what July's chip selloff was really telling us.

He also digs into three things that are quietly changing investor behaviour: the trap of anchoring to your portfolio's high-water mark, the gamification of markets, where a feed built for engagement, zero-day options and forty-five billion dollars a month in prediction market volume have blurred the line between investing and betting, and the record one-and-a-half trillion dollars of margin debt sitting on top of it all.

Then the positioning: why international equities have gone from a hedge to a driver, why he is more bullish on gold after a twenty-eight percent drawdown and where he actually wants that exposure, and how structured returns work, including the risks most people never hear explained. Plus what MLD is doing in the portfolios, and a Stampede metaphor about a rope.

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In this episode, Chad explains why price action is not the thesis, and why the instinct to question what you own when markets cool is almost always backwards. He breaks down the difference between short-term price action and a durable investable thesis, and how anchoring on recent moves lets the least informative signal override the most important one.

Chad also covers what central banks are actually doing with gold versus what the money supply is doing, how much energy the world consumes every single day and what that means through 2050, and why international equities and infrastructure belong in the center of the portfolio rather than the edge.

A timely discussion for investors focused on portfolio discipline, real assets, behavior management, and staying positioned for opportunity when conditions change.

Send us a Text with any questions or comments

Send us a Text with any questions or comments

In this episode, Chad discusses the latest market backdrop and why discipline remains important as investors navigate volatility, elevated valuations, and shifting global risks.

He also highlights the continued strength of the AI infrastructure theme, including the growing demand for power, semiconductors, utilities, and critical materials.

A timely update for investors focused on staying informed, positioned, and disciplined through a more complex market environment.

Send us a Text with any questions or comments

Send us a Text with any questions or comments

Send us a Text with any questions or comments

Copper is no longer just a commodity — it’s a strategic bottleneck.

In this episode, we break down why we believe the world is entering a multi-decade copper supercycle, driven by electrification, AI infrastructure, and chronic supply constraints. We connect copper to the real economics of AI, unpack what Palantir’s earnings signal about the market’s “show-me” phase, explain Microsoft’s strong print but weak stock reaction, and discuss why we remain bullish on gold despite recent volatility and how it’s strengthened core portfolios.

This is a conversation about structural forces, duration risk, and portfolio construction in a changing macro regime.

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In this episode of MLD Money Matters, Chad Larson is joined by David Szybunka, Senior Portfolio Manager and Managing Director at Canoe Financial, for a timely deep dive into what may be one of the most misunderstood and mispriced structural themes in global markets: energy. The conversation explores the accelerating power-demand supercycle driven by AI and data centers, the valuation disconnect between fundamentals and public market sentiment, the impact of industry consolidation and capital discipline, and the stark contrast between public and private market positioning. Together, they outline why energy is evolving from a legacy sector into a strategic growth and profitability opportunity and how investors should think about positioning for the decade ahead. 

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In this episode, Chad breaks down the year that re-centered markets around fundamentals, discipline, and real-world constraints. From gold’s breakout to the resurgence of international equities, from energy’s structural super-cycle to the fragile underpinnings of private credit, this episode delivers a comprehensive and practical guide for investors heading into 2026.

 Key Topics Discussed:
• What truly drove returns in 2025
• Gold’s renewed bull market and the role of central banks
• Why energy remains one of the most asymmetric opportunities of the decade
• The re-emergence of Germany and Japan as global equity leaders
• Strategic opportunities in defense, utilities, and infrastructure
• What went wrong in private markets and how to avoid structural pitfalls
• MLD’s people, process, and philosophy for long-term compounding
• Our disciplined, diversified 2026 positioning playbook

Whether you’re an investor, advisor, or market enthusiast, this episode will sharpen your understanding of the global landscape and help you position with conviction for the year ahead.