Through the lens of his background in distressed debt and high yield, Larry McDonald, best-selling author on the Lehman collapse and founder of the Bear Traps Report, sees plenty of macro investment opportunities, many of them driven by government and central bank policy. He tells Raoul Pal why he is bullish on Brazil yet bearish on Europe, where he believes creditors will face a "debt jubilee." He also explains why, as an investment around climate change, we should forget about Tesla and look instead at lithium, nuclear, and natural gas. Filmed in Grand Cayman on February 21, 2019. Find more information at https://www.thebeartrapsreport.com