Скачать или смотреть George Noble: Regime Change, Gold to $7,000, and Why the AI Trade Is Breaking

In this episode of the Market Misbehavior podcast, Dave is joined by legendary investor George Noble. George began his career as an intern for Peter Lynch at Fidelity and later managed the Fidelity Overseas Fund, which at one point was the number one mutual fund in the world.

We dig into what George sees as a major regime shift in 2026: rotation over recession, real assets over liquidity trades, and valuation over narrative. We discuss the unwind of the AI euphoria, why price is not the same as value, the case for energy and precious metals, and George’s strong views on gold versus Bitcoin. Along the way, he shares timeless lessons on humility, conviction, and avoiding the trap of emotional attachment to positions.

Check out George Noble's newsletter https://georgenoble.substack.com/ and also sign up for his upcoming event on March 11th at https://noble-capevents.com/.

⏰ Timestamps
0:00 Rotation, not recession: “R is for rotation and reflation”
1:58 Is this a true regime change in markets?
6:02 Price vs. value: why lower prices don’t equal bargains
11:47 Trading sardines: narrative investing and speculative excess
17:32 Where is the opportunity? Energy, small caps, and select value
23:40 Geopolitics and oil: hot takes vs. long-term drivers
29:18 Gold vs. Bitcoin: store of value or liquidity trade?
36:44 Liquidity, central banks, and why gold has persisted for 5,000 years
42:55 Institutionalization of Bitcoin and the volatility shift
48:10 Looking at markets less—and thinking more clearly
52:21 George’s upcoming virtual “chart dinner” event

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The content in this presentation should not be considered as a recommendation to buy or sell any security. All information is intended for educational purposes only and in no way should be considered as investment advice. Some of the links in this description and in the video may be affiliate links, which means you pay nothing more and it helps me to make Market Misbehavior awesome! As an Amazon Associate, I earn from qualifying purchases. For full disclaimer, please see our website: https://www.marketmisbehavior.com/dis....

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