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Larry Mcdonald: The Migration is Upon us

MacroVoices

Jun 11, 2026

6/11/2026

Investors Should Rotate From Nasdaq Growth To Value And Real Asset Sectors As Valuations Diverge And The Yield Curve Outlook Supports A Shift

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.


6/11/2026

Adopt A Staged Incremental Exposure To Gold Miners And Uranium, Scale In On Dips And Rotate After Sharper Equity Drawdowns To Improve The Risk Reward

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.


6/11/2026

AI Value May Shift From Semiconductors To Data-Rich Healthcare And Gas-Linked Infrastructure

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.


6/11/2026

Sticky Inflation And Constrained Policy Drive Rotation From Bonds And Growth To Hard Assets

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.


6/11/2026

Large Equity Supply From IPOs And Secondaries And Lockup Expirations May Pressure Mega-Cap Stocks And Create A Prolonged Overhang

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.