Market Sell-Off Is A Feature Not A Bug
MacroEdge Interview (recorded on Mar 14, 2025)
In this interview with John Galt from MacroEdge, recorded on Mar 14, 2025, Samantha LaDuc discusses the underlying forces driving recent market volatility and warns of deeper structural shifts underway.
She explains that the recent market selloff has been controlled and orderly, driven by foreign capital leaving U.S. equities, tightening liquidity, and a deliberate policy shift aimed at weakening the dollar and suppressing yields.
Samantha highlights that this is not a short-term correction but part of a broader strategy to unwind excesses, shift capital back to Main Street, and reset economic expectations.
She cautions that the equity market remains vulnerable due to overvaluation, mispriced earnings, and the absence of government stimulus, all of which could lead to more pain in 2025 despite temporary rallies.
00:00 Introduction
03:10 Thoughts On Young Retail Traders And Zero-DTE Options
06:00 Market Realities, Risk Profiles, And Policy Intervention
08:35 Foreign Selling, Dollar Weakness, And Global Rotation
11:10 Why Policymakers Want A Falling Dollar And Controlled Destabilisation
13:50 Yields, Deficits, And Fiscal Constraints
16:05 The Shift From Equity Support To Bond Support
18:25 Controlled Selling Versus Panic: What’s Happening Now
21:10 Volatility Trends, Macro Correlations, And Policy Shifts
23:45 Structural Flows, Dealer Positioning, And Short-Term Bounce
26:00 Market Stabilisation Ahead Of Key Macro Events
28:15 Downgrades In U.S. Stocks And Rotation To China Tech
30:45 Rerating Risk And Ongoing Uncertainty In Equities
33:10 Green Shoots Of Stabilisation Or More Downside Ahead?
35:25 Impact Of Backwardation, Volatility Compression, And Dealer Hedging
37:45 Rotation Indicators And Underlying Weakness In Breadth
40:10 Durable Volatility And Risks For Equity Investors
42:00 The Wealth Effect, Overvaluation, And Economic Vulnerability
44:30 Trump’s Policy Goals: Reshoring Capital And Isolating Foreign Influence
47:00 Recession Risk Pulled Forward And Lack Of Analyst Adjustments
49:10 Capital Misallocation And Implications For The Broader Economy
51:00 Tariffs, Construction Costs, And Struggles For Mid-Sized Companies
53:10 Employment Slack, Labour Shedding, And Sectoral Impact
54:45 Final Thoughts On Yields, Fiscal Discipline, And What Comes Next
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