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On today’s show, we discuss:
-
- The Blob: Capital, China, Chips, Chicago and Chilliwack
- Big Tech’s Costly AI Race is Fueling Hundreds of Billion of Dollars in Debt Deals
- The S&P 500 Index Is Very Pricey. Adjust, Don’t Flee.
- In Memoriam
- Wacky world of baby names: guess how much mine cost?
- Rise and fall of the nepo homebuyer
- Some PE Firms Doomed to Fail as High-Flying Industry Loses Its Way
- Why American families are so much richer than us
- Talking Wealth, by The Compound
Listen here:
Charts:
Recommendations:
Tweets/Bluesky:
It’s worth remembering that while the top-heavy concentration during the late 1990’s was quickly reversed in the early 2000’s, during the 1950’s and 1960’s the market remained top-heavy for many years before excessive valuations finally took their toll. This could take some time. pic.twitter.com/tWF9tVOfUz
— Jurrien Timmer (@TimmerFidelity) September 25, 2025
The leaders of the pack, the Mag 7, continue to lead with their earnings and are not showing signs of valuation excesses.
Taking a broader lens to the Mag 7 and looking at the Nifty Fifty, my study of the 50 largest stocks shows that we are nowhere near the valuation extremes… pic.twitter.com/AAlxYYJnei
— Jurrien Timmer (@TimmerFidelity) September 25, 2025
These numbers are in billions. pic.twitter.com/70JtN1RDgi
— Josh Schafer (@_JoshSchafer) September 25, 2025
Global new highs aren’t fading… they have been accelerating.
73 days of more new highs than new lows… longest run since May 2021
This isn’t isolated strength.
👉https://t.co/SFVrMKtCeH pic.twitter.com/2kP631D9F9
— Grant Hawkridge (@granthawkridge) September 29, 2025
The four biggest speculative "quantum" stocks – $IONQ $RGTI $QUBT $QBTS – came into today up an average of 2,750% year-over-year. Analysts estimate combined 2025 revenues for these companies will be about $124 million. They have a combined market cap of $46 billion.
— Bespoke (@bespokeinvest) September 25, 2025
The number of levered ETFs has doubled over the last three years, and assets under management have almost tripled since 2022@LeutholdGroup pic.twitter.com/Y46cUCIPHU
— Gunjan Banerji (@GunjanJS) September 24, 2025
Wow. Final read on Q2 GDP is 3.8%. (The initial report was 3%)
Consumption was +2.5% in Q2. Both goods and services spending was healthy.
The U.S. consumer remained a lot stronger than many thought, even in the midst of a stock market sell-off and a lot of trade uncertainty. pic.twitter.com/qqPNJD7SDP
— Heather Long (@byHeatherLong) September 25, 2025
There is a woman in San Francisco who charges $30k to name your baby.
She started at $100, but she was going to dinner with VCs and a friend told her to charge more and nobody blinked.
The Bay Area might be the best place in the world for this kind of business. pic.twitter.com/6eCy0iUiqE
— Sheel Mohnot (@pitdesi) September 28, 2025
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