Talley Leger

Talley Léger is the Chief Market Strategist at WCG. Investment advice offered through WCG Wealth Advisors, LLC, a registered investment advisor.

[Talley Leger @TalleyLeger]

The stock market “bubble” metaphor implies share prices are supported by nothing but air. When stocks are supported by earnings, the “bubble” metaphor seems flawed. The architectural “cantilever” is a better mechanical concept, especially for stress testing and scenario analysis.

[Talley Leger @TalleyLeger]

"There are some near-term pressures on the short end of the curve and it's largely because of the geopolitical impact on WTI and headline CPI. Looking through that, we also understand that these pressures tend to be temporary and calm back down."

https://t.co/MxxcXBkLuR

[Talley Leger @TalleyLeger]

How can we scale and value the space economy?

Read my breakdown of how to practically value the space economy today, why infinite space may not equal infinite value, and a few unconventional frameworks for sizing its market and economic prospects.

https://t.co/oIngvepLiY

[Talley Leger @TalleyLeger]

Water finds its own level. From a market perspective, that includes bond yields.

Watch and listen to my conversation with Thomas White on the @SchwabNetwork.

https://t.co/SFW78nCGj0

[Talley Leger @TalleyLeger]

@SchwabNetwork @TomWhite_S Thanks for having me on again! Till next time :)

[Talley Leger @TalleyLeger]

It was a pleasure representing The Wealth Consulting Group yesterday at the Nasdaq Closing Bell Ceremony for the launch of the Goldman Sachs MSCI World Private Equity Return Tracker ETF (GTPE).

[Talley Leger @TalleyLeger]

Why have bond yields increased around the world? Read my answers and learn why I think the current level of the 10-year Treasury yield may be healthy and sustainable, and why the Fed should do no harm IMHO:

https://t.co/RgND9GyU6c

[Talley Leger @TalleyLeger]

Jevon’s Paradox and Schumpeter’s Creative Destruction are useful concepts here:

[Lou Basenese @LouBasenese]

Is AI really killing jobs? Or is it just a fashionable, fear-inducing headline?

Here's what the data shows: Unemployment for 16–24-year-olds – the cohort allegedly the most at risk – is a full point LOWER than it was last summer.

@TalleyLeger’s take 👇

If AI lowers the cost of labor, it could boost demand for labor. Classic supply and demand.

What's your read? Bullish or bearish on the AI jobs narrative?

[Talley Leger @TalleyLeger]

Listen to Lou

[Lou Basenese @LouBasenese]

Is consumer discretionary the most hated sector right now?

It’s definitely one of the worst performing with $XLY down 1% on the year. But that’s got @TalleyLeger’s attention.

Listen in 👇as he shares an undeniable buy signal related to falling energy prices and consumer spending.

Hint: We’re witnessing a near perfect set-up right now…

$XLY $XLE

[Talley Leger @TalleyLeger]

@LouBasenese is very easy to chat with! He let me call the US economic engine a “four-banger” live on the air. I thought the Big Skinny set felt a bit like “Between Two Ferns” but Lou said we weren't that funny.

https://t.co/7UFAClYvT5

[Talley Leger @TalleyLeger]

@LouBasenese Fun episode, @LouBasenese. Is it just me or did the set feel a bit like “Between Two Ferns?” Ha, ha :)

[Talley Leger @TalleyLeger]

@LouBasenese is a pro. Very easy to talk to. Plus he let me say “four-banger” on the air :) Stay tuned for WCG’s pod episode featuring Lou!

[Lou Basenese @LouBasenese]

Everyone's screaming recession because energy prices are up. But @TalleyLeger disagrees.

Why? Because the "oil spike = recession" playbook is 50 years old and in desperate need of an update.

Listen in 👇

Talley shares the most shocking stat about GDP growth for every $1 of energy consumed.

It needs to be updated in every model. Is yours?

$SPY $XLE

[Talley Leger @TalleyLeger]

Read why I still think tech stocks are supported by tech fundamentals, and why extreme crowding in the semiconductor momentum trade points to another "catchup" phase for lagging market segments, including software.

https://t.co/30MikzcpNw

[Talley Leger @TalleyLeger]

It was a pleasure reuniting The Wealth Consulting Group family with the Baron Capital family at their RIA Symposium in NYC last week!

The exchange of ideas with our podcast guest Ashim Mehra and my former Morgan Stanley colleague Alexander Umansky was especially stimulating.

[Talley Leger @TalleyLeger]

Dive deeply into my "tech enablement" thesis, learn why strong sales drive strong capex, and read why we still believe the information technology sector should pull the rest of the market along for the ride across the style, size and sector spectrums.

https://t.co/2wfaZYd5ZP

[Talley Leger @TalleyLeger]

Margin Math: When a PPI (prices received) of 6.0% Y/Y laps a CPI (prices paid) of 3.8% Y/Y, corporate profit margins don’t walk—they fly. 💸

https://t.co/Un71xQszsI

[Talley Leger @TalleyLeger]

Watch my fun conversation with @joshuahlipton and @SPYJared on @YahooFinance about a "peace dividend" and how smaller large caps and mid caps could potentially emerge from "no man's land." Huge props to Jared for rockin' a flanel on a live broadcast!

https://t.co/flCAGlkbe2

[Talley Leger @TalleyLeger]

The Scout Motto is: "Be prepared."

That was good advice this morning because @Bloomberg's @tomkeene and @ptsweeney were in rare form!

And I got to say "four-banger" live on the air, plus a bunch of other fun stuff.

S&P 500 8,500, here we come!

https://t.co/7k6xjKlErK

[Talley Leger @TalleyLeger]

We had a sweaty Q1. Now, my focus is on where we started the year - the AI race and the productive capacity of the US economy.

This isn’t just about 5 companies. This is about the ripple effects across the market. Now, it’s also an old-economy theme.

https://t.co/Mh1i1BIQDs

[Talley Leger @TalleyLeger]

Does the US economy have a breadth problem? Aren’t imports a gauge of domestic demand? Where’s the bright spot on the economy? How are tech-enabled companies doing?

Read my answers and why we think investors should enjoy the stock market rally.

https://t.co/brlPACDYuL