Recorded on December 12, 2025. Michael Pento is President and Founder of Pento Portfolio Strategies, a registered investment advisory firm focused on macro-driven portfolio management. In this interview with host Andy Millette, Michael lays out how he is thinking about the next phase of the cycle, why he expects policy makers to keep leaning on rate cuts and financial repression, and where he sees the biggest risks if inflation stays sticky. Key topics include the Fed response function, yield curve signals, the risk of intractable stagflation, how fiscal dynamics can push the long end of the bond market higher, and why precious metals and energy can matter in a long-short framework. #Millettian The opinions expressed are solely those of the guest and do not necessarily reflect those of Natural Resource Stocks. Guest Links Website: Mid-Week Reality Check: Michael Pento’s Book: X: LinkedIn: Host Links Andy Millette | Natural Resource Stocks Website: YouTube Main: @NaturalResourceStocks YouTube Clips: @NaturalResoureStocksClips X: LinkedIn: Chapters 00:00 Intro and market positioning update 00:48 Looking back at 2025 and policy whiplash 03:24 Net long exposure, hedges, and why volatility matters 04:43 Fiscal risk and why rates can reprice higher 07:10 Recession risk, bond market stress, and yield curve signals 08:36 Dollar risk and what breaks first 11:09 Solvency and the stock bubble discussion 15:06 Why the Fed cuts rates and the stagflation setup 16:46 Dollar destruction risk and trade implications 20:33 Portfolio stance and what could happen next Financial Disclaimer for Galt Consulting Group dba The content provided by Galt Consulting Group, doing business as , including but not limited to interviews, articles, podcasts, and other digital media, is for informational purposes only. We reserve the right to buy and sell shares of any company mentioned in these communications, including sponsors of the platform. If Galt Consulting Group or any affiliated parties are invested in a company mentioned in our content, we will publicly disclose such investments on all digital platforms, including but not limited to the NaturalResourceStocks YouTube channel, Apple Podcasts, and Spotify. This disclosure will include clear statements indicating whether or not we hold shares in the companies discussed. Nothing in our content constitutes financial advice. Every investor is responsible for conducting their own due diligence and should seek the advice of a qualified financial professional before making any investment decisions. Past performance is not indicative of future results, and investments in the stock market can result in the loss of principal. By engaging with our content, you acknowledge that you are fully responsible for your investment decisions and agree to hold Galt Consulting Group, , and its affiliates harmless for any financial losses incurred.