Bloomberg Surveillance Single Best Idea with Tom Keene: Matt Miskin & Barry Ritholtz
15 snips
Oct 7, 2025 The discussion kicks off with Dell's positive revenue outlook, sparking a market rally. Both guests tackle the Buy America initiative and the controversies surrounding AI investments. Barry Ritholtz warns of the risks tied to AI hype and stresses that true equity growth relies on solid earnings. Insights into upcoming earnings seasons and labor market dynamics reveal potential challenges and trends, including a projected GDP slowdown. Emphasizing humility, they highlight the importance of navigating complex market signals with care.
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Certainty Moves Markets Quickly
- Tom Keene says Dell's multi-year timeline and guidance briefly lifted the market despite uncertainty about precise numbers.
- Market sentiment can pivot strongly on confident long-term corporate framing rather than immediate detail.
Let Earnings Guide Market Views
- Follow upcoming earnings and revenue reports closely, starting with J.P. Morgan next week.
- Use earnings season to test growth narratives like Dell's elevated revenue guidance before trusting market moves.
AI Headlines Vs. Fundamentals
- Barry Ritholtz warns the AI trade is producing headline-driven multiple expansions disconnected from fundamentals.
- He emphasizes earnings growth and cash flow as the real drivers of sustained equity appreciation.
