The Compound and Friends Does the Stock Market Know Something We Don’t?
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Aug 15, 2025 In this engaging discussion, Shannon Saccocia, CIO at Neuberger Berman, and Todd Sohn, ETF strategist at Strategas, bring their Wall Street expertise to the table. They delve into the stock market's surprising resilience despite global uncertainties, analyzing how major tech companies like NVIDIA shape market dynamics. The duo also explores the rise of AI's influence on hiring and the challenges new job seekers face. With personal anecdotes sprinkled throughout, this conversation is both insightful and entertaining, making complex financial topics accessible.
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Three Simple Drivers Of The Rally
- The market rally is explainable by three big forces: earnings surprises, anticipated rate cuts, and moderating inflation.
- Add the AI/hyperscaler tailwind and the rally becomes more logical than mysterious.
Companies Keep Protecting Margins
- Corporate America surprised analysts with an unusually high frequency of positive earnings surprises.
- Management teams have become adept at protecting margins and passing through costs, cushioning downside risk.
Retail Is Not One Cohort Anymore
- 'Retail' is now heterogeneous: long-term advisors, active traders, early crypto adopters and speculators all coexist.
- Aggregate sentiment surveys may hide these diverging behaviors, so flows and on-platform data matter more.