‘No turning back’: Spitznagel predicts the biggest market crash since 1929. How to prepare your portfolio if he’s right

‘No turning back’: Spitznagel predicts the biggest market crash since 1929. How to prepare your portfolio if he’s right

Laura Grande

Thu, July 30, 2026 at 2:05 PM GMT+3 8 min read

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Mark Spitznagel, chief investment officer of Universa Investments, told Business Insider in 2024 that he thinks the "worst market crash since 1929" is coming (1).

More than a year later, Spitznagel hasn't backed away from that prediction. Instead, he says the market is still building toward one final rally before what he expects will be a historic crash.

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"I've been waiting for over three years for a final euphoric blow-off in equities — followed by the worst crash since 1929," Spitznagel told Business Insider earlier this year. "That blow-off is still unfolding (2)."

His new warning comes as U.S. stocks continue to climb on AI optimism and expectations for lower interest rates. But with government debt at record levels, stock valuations stretched and geopolitical tensions lingering amid the Iran conflict, Spitznagel says investors shouldn't mistake the rally for a sign the danger has passed.

Instead, he argues it's the final stage of a massive market bubble before a historic crash.

During an earlier interview with Intelligencer (3), he noted the high levels of national debt and the Federal Reserve's aggressive rate hikes as contributing factors to the "greatest credit bubble in human history."

"Credit bubbles end. They pop. There's no way to stop them from popping," he said, adding that the Fed has brought the economy to a place "where there's no turning back."

So, what's Spitznagel's advice to everyday investors? In another interview with Fortune, Wall Street's gloomiest bear noted that one of the most common investing maxims is actually hurting you.

Preparing for a crash

Spitznagel's advice to investors is unorthodox.

"Diversification is not the holy grail as it's been touted by many people. That is a big lie actually," he told Fortune (4).

Traditionally, diversification is used to protect yourself against a market nosedive. But, according to Spitznagel, many investors take it too far, believing that it will save them from a worst-case scenario. By the same token, an overly diversified portfolio can lead to missing out on maximizing your gains from market highs.

Rather, investors should be fully prepared for both the good and bad — ideally with a plan for each situation.

"Markets zig in order to zag," he said. "It's like poker, they try to squeeze us out of our positions to make us sell the low and buy the high. Let's make sure we don't do that."

While a diversified portfolio is traditionally held as the best way to protect your fortune against a fluctuating market, if Spitznagel's advice has you unsure, speaking with an experienced financial professional could help bring you clarity and peace of mind. They could also help you may out scenarios for both a boom and bust.

With Advisor.com — a modern wealth platform — you can connect with professionally vetted financial advisors in as little as three minutes and find the right match for you.

When you answer a few questions about yourself, the platform will match you with professionally vetted advisors that fit your needs. Then you can choose your favorite and book a free consultation with no obligation to hire.

Read More: Millionaires under 43 hold only 25% of their wealth in stocks. Here's where their money is actually going

Hedge with gold

Gold has long been touted as a safe haven asset during market uncertainty.

The precious Gold is regarded as a hedge against inflation for a simple reason: It can't be printed out of thin air like fiat money.

Priority Gold is an industry leader in precious metals, offering physical delivery of gold and silver. Plus, they have an A+ rating from the Better Business Bureau and a 5-star rating from Trust Link.

If you'd like to convert an existing IRA into a gold IRA, Priority Gold offers 100% free rollover, as well as free shipping and free storage for up to five years. Qualifying purchases can also receive up to $10,000 in free silver.

To learn more about how Priority Gold can help you reduce inflation's impact on your nest egg, download their free 2026 gold investor bundle.

Diversify with real estate income

If you're searching for an investment that offers both stability and potential for tempting returns, commercial real estate might be the answer. Unlike the stock market, which can be highly volatile, commercial real estate can provide steady income streams with generally lower volatility and a low correlation to the S&P 500, according to Nareit data.

Rental properties have long been a proven source of steady, passive income for high-net-worth investors. It's no wonder that real estate accounts for nearly 25% of the typical family office portfolio. However, the time, effort and costs involved in managing and maintaining multiple properties prevent many from investing. So unless you're a hedge fund titan or an oil baron, you've been shut out of one of the most profitable corners of the market.

That's where mogul comes in. This real estate investment platform offers fractional ownership in blue-chip rental properties, which gives investors monthly rental income, real-time appreciation and tax benefits — without the need for a hefty down payment or 3 a.m. tenant calls.

Founded by former Goldman Sachs real estate investors, the mogul team handpicks the top 1% of single-family rental homes nationwide for you. Simply put, you can invest in institutional-quality offerings for a fraction of the usual cost.

Each property undergoes a vetting process, requiring a minimum 12% return even in downside scenarios. Across the board, the platform features an average annual IRR of 18.8%. Their cash-on-cash yields, meanwhile, average between 10% to 12% annually. Offerings often sell out in under three hours, with investments typically ranging between $15,000 and $40,000 per property.

Getting started is a quick and easy process. You can sign up for an account and then browse available properties and invest in just a few clicks.

You can tap into this market by investing in shares of vacation homes or rental properties through Arrived.

Backed by world-class investors, including Jeff Bezos, Arrived allows you to invest in shares of vacation and rental properties, earning a passive income stream without the extra work that comes with being a landlord of your own rental property.

To get started, simply browse through their selection of vetted properties, each picked for their potential appreciation and income generation. Once you choose a property, you can start investing with as little as $100.

Once you're an investor with Arrived, you'll gain access to their newly launched quarterly secondary market, where investors can buy and sell shares of individual rental and vacation rental properties directly on the platform.

This allows you to buy into properties you may have missed at the initial offering or sell shares before a property reaches the end of its hold period.

With access to more than 500 properties in 65 cities, this new way to trade real estate opens up flexibility and opportunities to gain access to more properties every quarter.

Secure global diversification

Over the past 25 years, contemporary art has shown itself to be a unique opportunity to diversify your portfolio outside the stock market.

In 1999, the S&P 500 peaked, and it took 14 long years to fully recover.

Today, nearly everything feels priced near all-time highs — equities, gold, crypto, you name it.

That's why billionaires have long carved out a slice of their portfolios in an asset class with low correlation to the market and strong rebound potential: post-war and contemporary art.

It may sound surprising, but more than 70,000 investors have followed suit since 2019 — through Masterworks. Now you can own fractional shares of works by Banksy, Basquiat, Picasso and more.

Masterworks has sold 30 artworks so far, yielding net annualized returns like 14.6%, 17.6% and 17.8%.*

Moneywise readers can get priority access to diversify with art: Skip the waitlist here.

*Past performance is not indicative of future returns. Investing involves risk. See important Regulation A disclosures at Masterworks.com/cd

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