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During a podcast with Tom Bodrovics, Lawrence Lepard, Founder and Managing Partner of Equity Management Associates, discussed the complex economic and geopolitical landscape, focusing on the impact of the recent war and its potential consequences. Lepard highlighted several key indicators to monitor, including the U.S. 10-year yield, gold, Bitcoin, and the price of oil, which he believes are crucial for understanding market dynamics. Lepard expressed surprise that financial markets have held up relatively well despite significant risks, suggesting potential market manipulation by the federal government to maintain stability. He predicted that the war could lead to a recession and a rollover in the stock market, although he believes the market might be artificially supported. He also discussed the potential for increased inflation due to higher energy costs and supply chain disruptions, particularly from the Strait of Hormuz, which could impact various commodities and goods. Lepard emphasized the importance of holding assets like gold, silver, and Bitcoin, which he views as safe havens in an environment of potential currency debasement. He argued that the current monetary system is unsustainable and that a return to a sound money standard is necessary to prevent further economic and social issues. Lepard also touched on the private credit bubble, comparing it to the housing crisis of 2008, and warned that the unwinding of this bubble could have significant repercussions for the financial system. Throughout the discussion, Lepard stressed the need for investors to stay informed and adaptable, as the economic environment is likely to remain volatile. He predicted that the next leg of the gold and silver bull market is imminent, with silver potentially offering more asymmetric upside due to its industrial uses and lower stock levels. Lepard also highlighted the potential of Bitcoin, particularly in geopolitically unstable regions, as a portable and secure store of value.