Markets feel invincible—but valuations tell a different story: a quick primer on why Dave Collum warns a 70% drawdown is mathematically possible. (Original 2 hours → Condensed 4 minutes.) Anthony Pompliano and contrarian professor Dave Collum break down stretched stock multiples, the limits of AI-driven productivity for returns, and what that means for stocks, gold, Bitcoin, bonds, and housing. Learn the key takeaways on valuation risk, inflation hedges, stablecoin leverage, and why winners in technology can still be bad investments. Topics include AI, macroeconomic trends, market outlook, and political and policy risks. If you want actionable context on valuations, portfolio defensives, and where to watch next in markets, this summary gives you the math and mindset in minutes. Listen now to get the key ideas in minutes.