This bull cycle will last far longer than Wall Street expects.
There is no bubble. AI infrastructure and semiconductor demand are still in the early stages, supporting S&P 500 earnings growth toward $650 by 2031.
Inflation is not the issue many claim; a supply shock simply changes relative prices. Why does everyone forget their undergraduate economics?
Warsh is not a hawk.
We are also heading toward a constructive Iran deal that restores risk-on momentum.
Ignore the doomers. This cycle has substantial room to run.