3 Things - Macro Thoughts

2025-07-31 04:10:00 ET

Here are some things I think I am thinking about.

1) Another Frothy Bubblet Growing?

While this is not exactly like the Covid-induced 2021 speculative market, there are signs that something similar is occurring in 2025. The biggie is valuations, which have now surpassed their 2021 highs and rank only second to the late 1990s period. Then again, this is nothing like the '90s in my view, and that’s because we have an actual technology boom that is supported by insane fundamentals. For instance, the firms that have amassed the market cap concentration (the Mag 7) are the most profitable firms that have ever existed. They dominate every aspect of what they do, and so their valuations are high because they should be high....

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