Henrik Zeberg: The Final Melt-Up Before Everything Breaks

**SPEAKER_1** (0:00)
No one goes to Hank's for his spreadsheets. They go for a darn good pizza. Lately though, the shop's been quiet. So Hank decides to bring back the $1 slice. He asks Copilot in Microsoft Excel to look at his sales and costs and help him see if he can afford it. Copilot shows Hank where the money's going and which little extras make the dollar slice work. Now Hank says, I'll line out the door. Hank makes the pizza, Copilot handles the spreadsheets. Learn more at m365copilot.com/work.

**SPEAKER_2** (0:31)
When it comes to what your family eats and drinks, you know your choices matter. You're the expert because you know what fits your life, and getting it right starts with good information. That's why America's beverage companies are sharing more information about our ingredients at goodtonofacts.org. No spin, no judgments, just the facts straight from the experts for more than 140 beverage ingredients.
Visit goodtonofacts.org.

**SPEAKER_3** (1:00)
This episode is brought to you by Verst. Guys wear that guys wear. This Father's Day Verst has something for dads who can activate vacation mode anytime, anywhere. The Verst Resort Collection. Versatile enough for a tropical getaway or a well-earned staycation. For dads who turn a grill into a buffet with a click of the tongs, a backyard into a waterpark with just a sprinkler, and are definitely not asleep on the couch.
They're resting their eyes.
Verst. Fit for dads. Only at Dix.

**Henrik Zeberg** (1:32)
I think the.com will be the appetizer. And then you will see the 2008, 2009 as the main course. We may see another at least 15% in the Nasdaq from right here. And I'm not even certain that the next pullback we'll see will be the one that will actually be the big, big move. The top will be in Q3 of this year.
And that's being as bold as I can right now. At the same time, we could see a huge deflationary factor from the fact that the stock market could implode.

**Maggie Lake** (2:08)
Hello and welcome to Wealthion. I'm Maggie Lake. Joining me today to discuss global markets is Henrik Zeberg, MicroStrategy at SwissBlock and founder of the Zeberg Letter.

**Henrik Zeberg** (2:17)
Hello.

**Maggie Lake** (2:18)
It's wonderful to see you again.

**Henrik Zeberg** (2:20)
Hi, Maggie. Thank you so much and good to see you again as well.

**Maggie Lake** (2:23)
So warm welcome to everyone listening. If you have questions about anything we discuss, you can drop it in the chat. And if you'd like to stress test your portfolio, we can get you a free review with an advisor in the Wealthion network. Just go to wealthion.com/free.
And there is a lot to track in markets. So no surprise that all of us are trying to figure out what to do, Henrik. But you tweeted out something this week that caught my eye. And it was very simple. Weak economy, largest IPO, largest bubble. It sounds like you see trouble ahead.

**Henrik Zeberg** (2:55)
Yeah, well, sometimes it's really about seeing things from the simple side. Instead of trying to make it so overthink things and just to look at things and then say, well, what is it that we have in our hands here? And when it comes to the weak economy, I think maybe that's what comes to a surprise to some that I say that. That's actually pretty straightforward, as I can dive into.
And then when it comes to the largest IPO, that's a no brainer as well. We can see that. And yeah, so I think there are troubles ahead. And it's, as I said, just before we joined here, or we went live, I would say that it's interesting to see how people don't learn from history at all. Some might not have the, you know, to history to lean up against because they don't have the age, but people my age at least should be able to remember and learn from these things that we have seen and heard before.

**Maggie Lake** (3:43)
So what do you think, what are we repeating in terms of history? What does this seem like? Is it the.com bubble? Is that what it seems like?

**Henrik Zeberg** (3:50)
It's, I think the.com will be the appetizer. Then you will see the 2008 mine as the main course. The thing is really that you have the combination of these things these days.
You have the largest bubble that we've ever seen, and I don't think we can discuss, I mean, we can of course discuss that and say, yeah, but you know, this and that. But again, just not trying to overthink it from all possible ratio we can think of now. Cape, Shilo Cape, you know, P levels in terms of at least also from the valuation now of SpaceX compared to what we saw back in the days with Yahoo and other, you know, then we have the extremes here. And these extremes are not what we see at the beginning of a bull market. That's what we see at the end of it. And that's so all of this and the tech bubble in itself that we have is just quite straightforward if you look to the ratio. So, of course, there will always be somebody who is about to doubt this. But when we went back to 2000, we looked, you know, in hindsight, we could look at that, we could say, well, all of these extreme ratios, why didn't we say anything? And we had all the excuses being in that bubble. I mean, I remember that being 24, 25 at the time.