Private Credit Is the Next Shock and Investors Are Not Ready

Recorded on December 17, 2025. In this episode of Natural Resource Stocks, Steve Yang sits down with Larry McDonald, founder of The Bear Traps Report, to unpack what markets may be signaling into 2026 and why energy, power, and hard assets keep re-entering the conversation in a #Millettian world. Larry draws from his cross-asset risk work and his experience watching warning signs before the Lehman collapse to discuss systemic risk, crowded trades, and where capital can rotate when confidence in financial assets starts to slip. Guest Links Larry McDonaldThe Bear Traps Report: https://www.thebeartrapsreport.com X: https://x.com/convertbond Host Steve Yang Natural Resource…