RiskReversal Pod Cameron Dawson: AI Has the World on a String
Oct 3, 2025
Cameron Dawson, Chief Investment Officer at NewEdge Wealth and recently acknowledged as a top RIA by Barron's, dives into the shifting landscape of market positioning since April. He explores how AI is impacting corporate earnings and raises questions about valuation risks. Cameron discusses potential liquidity changes heading into 2026 and how global economic signals interplay with interest rates. He also highlights alternative investments like infrastructure and litigation finance, emphasizing their growing relevance in client portfolios.
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Episode notes
Positioning Drove The Rally
- Institutional positioning, not fundamentals, drove the big market moves earlier this year.
- Many institutions remain underweight equities, leaving room for further inflows and market upside.
Valuation Amplifies Earnings
- Valuation amplifies earnings direction rather than times market turns.
- Rising earnings estimates have supported multiple expansion despite historically high valuations.
Abundant Liquidity Is A Key Market Engine
- Liquidity is abundant and has powered risk-taking across assets like crypto and unprofitable tech.
- Watch money market balances and Treasury bill demand as rate cuts could reduce cash attraction and create funding frictions.