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Industry veteran and portfolio manager Michael Aronstein, CIO of Marketfield Asset Management, has made a career out of making the big, contrarian macro calls that no one else saw coming. In this brief excerpt from a longer “Real Conversations” interview, Aronstein sat down with private investor Buddy Carter and Hedgeye CEO Keith McCullough to discuss why the markets and economy look increasingly vulnerable.

“Bull markets don’t end because suddenly people who have made a lot of money decide you know what I’ve made too much I’ve got to sell this,” Aronstein says in the interview. “All bull markets end with a surge in supply.” Essentially, investors crowd into a popular trade that then suddenly goes bust due to some unforeseen shock.

In the brief clip below, Aronstein suggests how he thinks this bull market ends.

Want more?

To watch this edition of “Real Conversations” in its entirety check out the video below.