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On today’s show, we discuss:
-
- US stocks just suffered one of their most stunning reversals in 32 years
- P/E Has Gone Nowhere In 2025
- It’s Probably a Bubble, But There Is Plenty Else to Invest In
- Is the Financial Media Too Negative?
- Neil Dutta Says the Fed Is Committing Monetary Malpractice
- Is Gen Z “utterly screwed”?
- The Middle Class Is Buckling Under Almost Five Years of Persistent Inflation
- Why I’m Selling Some Bitcoin
- It’s the Strongest Buyer’s Market in Records Dating Back Over a Decade
- Private Equity’s Embrace of the Mass Market Alarms Longtime Investors
Listen here:
Charts:
Recommendations:
Tweets/Bluesky
Today's market dump makes absolutely no sense.
S&P 500 wiped out $1.5 trillion in value from today's high.
Bitcoin dropped to $87,000.
Crypto market cap is below $2.95T.
And the craziest part?
There wasn’t a single negative headline today.
No policy surprise.
No new… pic.twitter.com/GoPv2F2Lpb— Bull Theory (@BullTheoryio) November 20, 2025
444 stocks in the S&P 500 higher on Friday, most since late May. pic.twitter.com/I1EzWA9Qnl
— Ryan Detrick, CMT (@RyanDetrick) November 23, 2025
Here's a look at the Nasdaq 100's rolling 5-year percentage change, which peaked just below 1,000% in early 2000 at the peak of the Dot Com Bubble.
Thoughts? pic.twitter.com/bPsUu61sA0
— Bespoke (@bespokeinvest) November 21, 2025
Today's jobs report for September shows U.S. private-sector employment has declined in each of the last five months outside of the health care and social assistance and leisure and hospitality sectors—an occurrence that's never happened in the past 35 years outside of recessions
— Matthew B (@boes_) November 20, 2025
Holy shit. I’ve used ChatGPT every day for 3 years. Just spent 2 hours on Gemini 3. I’m not going back. The leap is insane — reasoning, speed, images, video… everything is sharper and faster. It feels like the world just changed, again. ❤️ 🤖 https://t.co/HruXhc16Mq
— Marc Benioff (@Benioff) November 23, 2025
This week I wrote about the de-mortgaging of America. As it becomes increasingly difficult to buy a home, American mortgage debt is falling – to a 25 year low relative to GDP, and a 60+ (!!!) year low relative to the value of the housing itself pic.twitter.com/ozD8MrEfMF
— Mike Bird (@Birdyword) November 20, 2025
When bitcoin is rising fast it feels like nothing can stop it from going higher
When bitcoin is falling hard it feels like it's going to zero
It's such a bizarre asset
— Ben Carlson (@awealthofcs) November 21, 2025
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