Henrik Zeberg: Why Bonds May Be Too Cheap

Wealthion - Be Financially Resilient · Sep 16, 2026 · 48m

Henrik Zeberg, macro strategist at Swissblock and founder of The Zeberg Letter, believes the stock market’s final melt-up may still have much further to run — but warns that the setup beneath the surface is becoming increasingly unstable. In this wide-ranging conversation with Maggie Lake, Zeberg explains why he thinks the Nasdaq could surge toward 37,000–39,000 before the cycle turns, why today’s market increasingly resembles the final phase of the dot-com bubble, and why investors may be underestimating how quickly a major reversal could unfold. Zeberg also breaks down the weakening U.S…