Larry Mcdonald: The Migration is Upon us · MacroVoices
Business, Finance & Industries · Jun 11, 2026
Reduce exposure to Nasdaq-led growth and rotate into value tied to real assets—energy, materials, oil services, small caps and later healthcare—because of extreme valuation bifurcation, concentrated forced selling in growth, and the potential for the Treasury curve to steepen if Fed-hike fears prove unfounded, favoring Berkshire-style hard-asset ownership and names like SLB and Weatherford.
Larry Mcdonald: The Migration is Upon us · MacroVoices
Business, Finance & Industries · Jun 11, 2026
McDonald recommends a staggered, tactical approach: scale into gold miners now despite expected near-term weakness from rising front-end yields and EM central-bank sales, while taking uranium exposure via the commodity and only rotating into uranium miners after a sharper equity drawdown that improves the risk-reward amid a projected 2027–29 supply shortfall.
Larry Mcdonald: The Migration is Upon us · MacroVoices
Business, Finance & Industries · Jun 11, 2026
The note argues that AI’s medium-term winners may be overlooked healthcare and energy-infrastructure firms that own proprietary clinical or physical data (e.g., Intuitive Surgical) or stranded gas assets (e.g., Tourmaline) that hyperscalers can monetize via colocated data centers and private turbines, suggesting a portfolio shift away from crowded semiconductor momentum toward cheaper, underowned sectors that can monetize AI through data or power rather than chip fabrication.
Larry Mcdonald: The Migration is Upon us · MacroVoices
Business, Finance & Industries · Jun 11, 2026
McDonald’s argues markets are misreading an inflation resurgence as a typical Fed-tightening cycle: high debt-service and a strained bottom 60–65% of consumers constrain aggressive hikes, producing sticky/supercore inflation and a rotation from bonds and expensive growth into energy, materials and other hard-asset exposures.
Larry Mcdonald: The Migration is Upon us · MacroVoices
Business, Finance & Industries · Jun 11, 2026
A surge of large equity issuance—big IPOs, secondaries and convertibles (notably SpaceX, Google’s secondary and future AI listings)—is forcing sales of mega-cap winners and could create sustained market pressure with a further overhang when lockups expire in 6–12 months.