Maggie Lake Talking Markets Episode 68: Is Everyone Underinvested in the U.S.? With Tony Greer.
Jul 2, 2025
Tony Greer, Editor of The Morning Navigator and co-host of Macro Dirt, shares his bullish outlook on U.S. stocks while expressing skepticism towards gold. He argues that many are underinvested in the U.S., emphasizing a shift in market dynamics from tech to cyclicals and commodities. Greer highlights emerging trends in uranium mining, strategies for investing in industrial sectors, and the optimistic outlook for silver. The discussion also delves into contrasting market perspectives, balancing optimism with the potential for volatility.
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U.S. Market Bullish and Broadening
- The U.S. stock market shows strong bullish behavior despite geopolitical tensions and rate uncertainty.
- Sector rotation supports broad market gains rather than relying on narrow leadership.
Rotation Drives Market Leadership
- Market leadership rotates daily between cyclicals, technology, and natural resources, indicating broad strength.
- Current sentiment is moderate, with room to grow before the market becomes overheated.
Retail Holds U.S. Stock Supply
- European funds sold U.S. stocks at lows, handing shares to retail investors who now hold them tightly.
- This limits available supply for sellers, supporting sustained U.S. market rallies.