The current late-stage market cycle is predicted to end in Q4 2025, Q1 2026, or Q2 2026, potentially triggered by a bank failure causing widespread contagion.
"Whether it's in Q4, whether it's in Q1 or Q2, this is late cycle. ... And when one of these banks blows up, if it's a bank that ends up blowing up, it could be a big big problem that has contagion across the entire space."