Felix Nikolas Prehn: The Hidden Bear Market

Felix Nikolas Prehn's Podcast · Oct 29, 2026 · 20m · transcript

We break down why the US stock market can look calm at the index level while most stocks are already deep in a bear market. We also lay out the three forces we see lining up around the midterms and how skilled money tends to position before the headlines change.

• Market breadth showing most stocks down 20% plus while the S&P 500 holds up

• How index concentration turns “diversified” funds into a handful of mega cap bets

• Why a broad washout can be closer to opportunity than a bubble top

• Midterm elections as a trigger that clears uncertainty and historically coincides with strong returns

•…