When Christmas comes and every analyst breaks out their 2025 predictions, what good is it if you can’t challenge the thesis? Rather than letting someone talk their book, we are bringing a new format.

Tune in to the ZeroHedge homepage tonight at 7pm ET for an exclusive end-of-year debate with Lance Roberts (the bull) of RIA Advisors and Michael Pento (the bear) of Pento Portfolio Strategies who will give their 2025 market outlooks. Moderating will be Real Vision’s Ash Bennington.

At the center of the debate will be Pento’s call for a major 50%+ crash in the near future, as he told Thoughtful Money’s Adam Taggart last week. According to Pento, “buy-and-hold” investors’ days are numbered:

“We have an artificial construct for the economy and the market, and it is extremely dangerous,” Pento told Taggart. “It is going to be disastrous for those that buy and hold in perpetuity — the 60-40 portfolio, target date funds, closet indexing forever — they are going to get wiped out.”

Meanwhile Roberts — a self-described buy-and-hold investor “while markets are rising” — remains concerned about pre-tax portfolio rebalancing. He’s cautiously bullish for 2025 and is no fan of doomer crash predictions, arguing they harm investors more than they help them.

“When? They’ll never tell you when.”

We’ll dive into what factors lead Pento to his dramatic call, how the new Trump Admin is likely to affect markets (also how the Deep State could f*** things up), Fed policy/interest rates, and more.

The debate will be stream exclusively to premium and professional subscribers, embedded right at the top of the ZH homepage at 7pm ET. If you are not already a subscriber, sign up here to catch tonight’s debate.