Talk Your Book: Consternation About Concentration

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Today's Talk Your Book is sponsored by State Street:

To learn more about State Street Investment Management click here: statestreet.com/IM

On today’s show, we discuss:

  • The rapid growth of the ETF industry and where the new money is coming from

  • The rotation away from Mag-7 toward small caps, industrials, and international and what structural forces are driving it

  • Why the AI capex cycle is starting to look a lot like the TMT bubble and how investors are pricing in winners and losers

  • Why strong earnings growth has kept the market resilient in the face of geopolitical risk and inflation concerns

  • What drove the doubling of US corporate profitability this century and whether those tailwinds can last

Animal Spirits:

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