A warning that the long boom is ending, which is bad news for stock investors and ordinary people.

• The whole stock market rally is really just one bet: AI. Strip out 41 companies from the S&P 500 and the other 459 are going nowhere.
• Warren Buffett is sitting on $400 billion in cash, the most he has ever held, a sign he sees little worth buying.
• Consumer mood just hit its lowest level since records began in 1952, meaning regular people feel broke and worried.
• Central banks now hold more gold than US government bonds for the first time in modern history, a vote of no confidence in the dollar.
• Trump is brushing off bad inflation news, telling people the economy is great while these warning signs pile up.

Outlook: The setup points to a market top, with money shifting toward gold and away from stocks if the AI trade cracks.