MacroPass™: More On Felix Zulauf's Outlook For 2025

Further details on where he thinks markets are headed

This week’s installment of our popular MacroPass™ service for premium members of this Substack comes from legendary investor Felix Zulauf, whom I just interviewed on Thoughtful Money yesterday.

After we finished recording the interview, I asked Felix if he would be willing to share his latest 2025 outlook report with my premium Substack members, as a complement to the video interview. It goes into additional detail on a number of points I did not have time to cover with him on the podcast.

Felix kindly gave his permission and we’ve made the report available below.

As a reminder, MacroPass™ is a weekly rotating selection of premium analysis from many of the big thinkers interviewed on Thoughtful Money.

To-date that list of contributors includes experts like Lacy Hunt (Hoisington), Stephanie Pomboy (Macro Mavens), Danielle DiMartino Booth (QI Research), Tom McClellan, Michael Howell (Capital Wars), Darius Dale (42 Macro), Doomberg, Ted Oakley (Oxbow Advisors), Kevin Muir (The Macro Tourist), Alf Peccatiello (The Macro Compass), Lance Lambert (ResiClub), Ed Yardini (Yardini Research), David Hay (Haymaker), Melody Wright (M3_Melody), David Stockman (Contra Corner), David Brady (FIPEST Report), John Rubino, Adam Kobeissi (The Kobeissi Letter), Sven Henrich (Northman Trader), Jeff Clark (The Gold Advisor), Charles Hugh Smith, Steven Bavaria (Inside the Income Factory®), Chris Whalen (The Institutional Risk Analyst), Felix Zulauf and Brent Johnson (Macro Alchemist).

Recent MacroPass™ reports in this series include:

• Brent Johnson on the Yen carry trade

• David Hay's top investment rankings

• Ted Oakley on his latest market outlook

• Steven Bavaria on income investing

• Charles Hugh Smith on returning to a gold-backed currency

• Chris Whalen on the health of the banking industry

• Jeff Clark on the promising outlook for junior mining stocks

• David Stockman on Bitcoin's threat to fiat currency

• Darius Dale on the market's transition from 'Goldilocks' towards Deflation

• The Kobeissi Letter on tech stock weakness & recession fears

• Melody Wright on fast-worsening housing data

If you’re already a premium subscriber to this Substack, just continue below to access Felix Zulauf’s full 2025 outlook report.

And if you’re not (yet), read its Executive Summary below and consider upgrading to premium and access the full version, as well as all past and future MacroPass™ content.

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