The Market Is In A Topping Process | Cem Karsan
The calm before the storm?
Today’s guest is the perfect expert to discuss a year as volatile as 2025 has been so far.
Cem Karsan is Founder, CIO, and Managing Principal of Kai Volatility Advisors & Kai Wealth. He’s widely known as @jam_croissant on X/Twitter.
Heading into 2025, Cem warned us that he predicted it would be a year of heightened volatility. And that certainly proved true in the first half of the year. And again over the past two months.
But what about the road ahead?
Are we through the worst of the bumps, twists and turns the market will throw at us?
Or is the ride about to get rocky again?
To we hear straight from the man himself, who calculates the market is currently in a “topping process” that will be followed by a lot more coming volatility, initially to the downside.
To learn why, click here or on the video below:
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Adam’s Notes: Cem Karsan (recorded 12.1.25)
EXECUTIVE SUMMARY:
Cem Karsan sees the U.S. entering the final stage of a multi-decade topping process and the early innings of a 15–20-year regime shift driven by demographics, populism, deglobalization, and rising structural inflation.
He believes we are on the cusp of a “lost decade-plus” in nominal equity returns and meaningful real losses if investors keep using
