Closing Bell Closing Bell: Tide Going Out on the Bull Market? 11/4/25
Nov 4, 2025
Brian Kersmanc, a portfolio manager from GQG Partners, shares his insights on the current market dynamics. He emphasizes the need to reduce tech exposure due to limited monetization in AI and falling cloud prices. Kersmanc highlights promising opportunities in regulated utilities and insurance sectors as resilient alternatives. The conversation also touches on the potential fragility of the market if current trends continue and discusses the impact of consumer strength even amid tech volatility.
AI Snips
Chapters
Transcript
Episode notes
Pullbacks Often Need Excuses
- Today's selloff may reflect headline-driven excuses rather than a decisive market turn, with participants looking for reasons to get nervous.
- Liz Thomas says the large-cap tech-led rally still has earnings support and likely remains intact into year-end.
Narrow Leadership Suggests Short Cool-Off
- Ed Clissold notes narrow leadership and speculative froth set the market up for a short pullback.
- He expects a cooling then possible push into year-end since such divergences have been relatively brief.
Divergences Raise Bigger Downside Risk
- Persistent divergences between equal-weight and cap-weight S&P can amplify downside if they last into next year.
- Ed warns long-lasting divergence raises risk of a cyclical bear (20%+) if uncertainty persists around Fed and fiscal boosts.