Brian Gilmartin

CFA, MBA, BBA - been in the investing business since 1990 on both the fixed-income and equity sides of the capital markets. Started Trinity in 1995.

[Brian Gilmartin @TrinityAssetMan]

Good for Rahm

[Rahm Emanuel @RahmEmanuel]

I won’t be winning the FIFA Peace Prize anytime soon, but that’s OK.

For the ‘privilege’ of Chicago hosting games this historically corrupt organization wanted taxpayers to assume all of the risk, while FIFA got all of the reward.

I told FIFA: no way. Go pound sand.

[Brian Gilmartin @TrinityAssetMan]

Love Marc. No BS about the man at all.

[Bitcoin Teddy @Bitcoin_Teddy]

MARC ANDREESSEN: "We had meetings with the Biden admin where they told us to not even start AI companies because there's no way they'll let them succeed."

JOE ROGAN: "What do you do after a meeting like that?"

MARC ANDREESSEN: "You go endorse Donald Trump."

LMAO

[Brian Gilmartin @TrinityAssetMan]

@wesbury Makar

[Brian Gilmartin @TrinityAssetMan]

44 years later - from Oak Brook in 1982 - it never changes.

[Brian Wesbury @wesbury]

Mr Sanders, you have an insatiable desire to spend other people’s money. It doesn’t grow on trees and it’s not liquid.

[Brian Gilmartin @TrinityAssetMan]

She’s excellent.

[Wilfred Frost @WilfredFrost]

SP500 HAS ROOM TO RUN – that’s the message from Lori Calvasina – Head of US Equity Strategy at RBC Capital Markets – in the latest episode of The Master Investor Podcast.

At 23.6x PE she thinks the market is “not cheap” but “has room to run”, & is much more attractive that the 28x multiple reached last Summer/Fall, & hasn’t bounced that much since the 21x Iran War low in late March. Despite the bounce since then she assesses investor sentiment to still be neutral. We also discuss whether the 9% peak to trough pullback during March was underdone – Lori explains she thinks it was a rational move as long as we don’t expect a recession.

She outlines why she likes Growth over Value, US over International, & likes Small Caps but loves ‘AI Fast Lane’ Growth. We also discuss the likely market impact from the Mid-Terms; of the new Fed Chair; & the upcoming slate of mega cap IPOs.

Timestamps:
0:00 Intro
2:39 How to form an SP500 target
5:09 New SP500 target of 7900
7:24 Range of bull & bear targets
8:24 Where is sentiment?
10:44 Energy, Materials & Tech growth rates stand out
12:14 AI Fast Lane not impacted by Iran War
15:29 Sector valuation multiples
17:42 SP500 23.6x PE, & where that sits in recent range
22:17 Stressing the target with big Iran War impact
26:45 Lessons from Covid & Tariffs mean resilience for 2026 at least
29:36 US/China & tariffs
32:31 What will US Mid Terms mean for markets
35:37 Fed outlook under Warsh
37:19 Like small caps, love large cap growth
39:52 US over International, despite valuation gap
42:10 Growth over Value
43:32 Pressure from summer IPOs?
44:45 Conclusion – Not cheap, but room to run
@LoriCalvasina @RBC @rbccm

[Brian Gilmartin @TrinityAssetMan]

Wow…

[Sassafrass84 @Sassafrass_84]

"Arresting Black people for robbery, drugs, rape, violence, and murder by putting them in prison is racism. Plain and simple. Prison is not the answer. Freedom is." ~Brandon Johnson.

So, letting them run free to commit more crimes and loss of life makes more sense?

There should be a litmus test to be in government.

[Brian Gilmartin @TrinityAssetMan]

What a great idea by the “diverse individuals” - bet that went well.

[₿en Wehrman @benwehrman]

In tonight's news, some diverse individuals decided to start a fight with an entire platoon of U.S. Marines, and it went as expected.

📍 6th St, Austin TX

[Brian Gilmartin @TrinityAssetMan]

It wasn’t just Illinois, but Chicago too, under the Daley family for years.

[Sara Eisen @SaraEisen]

While Mayor Mamdani got pummeled by Ken Griffin during our convo at Milken, Ken had some choice words for @JBPritzker as well:

Ken Griffin: “What did it feel like in Chicago with JB Pritzker as governor? It felt like being a salmon swimming upstream to die.”

[Brian Gilmartin @TrinityAssetMan]

@herbgreenberg Good call

[Brian Gilmartin @TrinityAssetMan]

Yep

[Brian Gilmartin @TrinityAssetMan]

@TheRealKWS Me too

[Brian Gilmartin @TrinityAssetMan]

If you are a an SP 500 earnings watcher, or SP 500 earnings geek, and watch the numbers, you need to be following Howard Silverblatt (@hsilverb) of Standard & Poors. Absolutely some of the best earnings data and analytics from the source.

[Howard Silverblatt @hsilverb]

$SPX total return contributions for July&YTD,’21:IT(up 3.9%inJul,18.2%YTD) accounts for44%ofJul $SPX total return&27%YTD, as Commun Sv 3.6%,23.9%accounts for 16.5%&14.3%; for Jul $AAPL accounts for 16.2% of the gain, $MSFT 12.2%; YTD $GOOG/L 9.9%, $MSFT 8.3%, worst is $TSLA -0.2%

[Brian Gilmartin @TrinityAssetMan]

@TheRealKWS KWS, don’t know who at Standard & Poors picked up the analysis. I only found it from Howard publishing his own work. Don’t see it anymore.

[Brian Gilmartin @TrinityAssetMan]

Bad Stevie Wonder impersonation

[Brandon Tatum @TheOfficerTatum]

Makai Lemon slid from top-10 to No. 20 because he bombed his Combine interviews with a horrible attitude.

Teams called it a “disaster,” questioned his maturity, and some removed him from their boards.

Talent got him noticed but character got him passed up.

[Brian Gilmartin @TrinityAssetMan]

Truth. John Roque - technical analyst called that top. Semi’s were 3-4 std dev above 200-day in mid-March, 2000. The nasdaq, had also doubled from sept ‘99 to March ‘00. Up 100% in 6 mos.

[Helene Meisler @Chartfest1]

In 2000 the SOX nearly doubled in the final six weeks from late January to early March.

[Helene Meisler @Chartfest1]

In 2000 the SOX nearly doubled in the final six weeks from late January to early March.

[Brian Gilmartin @TrinityAssetMan]

@Cubskickass100 Too hot, too soon. But it beats the alternative. It’s a long season in baseball.

[Brian Gilmartin @TrinityAssetMan]

@Countcristo44 Old guy has game. Took a ton of punishment.

[Brian Gilmartin @TrinityAssetMan]

@AriFleischer @toyotamok You’re just getting that now?

[Brian Gilmartin @TrinityAssetMan]

@TheBabylonBee Gotta love “The Bee”

[Brian Gilmartin @TrinityAssetMan]

@Stephanie_Link You aren’t kidding. No sign of progress.