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Hedgeye CEO Keith McCullough sits down with JonesTrading Chief Market Strategist Mike O'Rourke, one of the last remaining bears on Wall Street, in the latest installment of Real Conversations. O'Rourke contextualizes the current bubble, warns of a coming "bear-mageddon" scenario, and addresses the waning effectiveness of QE.

1:04 One of the only bears left
2:10 Contextualizing the bubble
3:01 Undergoing a structural shift
4:08 Counter cyclical signals
4:35 The Fed will remain easy
5:58 The Bear-Mageddon scenario
6:58 Lower highs = negative growth signal
7: 53 Signs of an equity market top
8:47 Narrowing leadership in the stock market is a concern
10:24 When this bubble pops no one will be able to get out
11:20 Market turns can be dangerous
12:31 The most epic bubble of all time
14:59 Return on capital vs. return of capital
15:34 How do you cut from zero?
16:49 QE will stop working