The Prof G Pod with Scott Galloway Prof G Markets: Takeaways from the Second Debate + Does the US Need a Sovereign Wealth Fund?
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Sep 16, 2024 The hosts dive into inflation data and Oracle’s earnings while addressing Wall Street's new working hour policies for young bankers. They analyze the recent presidential debate, emphasizing Kamala Harris’ strategies and their market effects. Predictions on stocks benefiting from the race are made, alongside a critique of the U.S. needing a sovereign wealth fund. Economic pressures and personal struggles amid rising costs are discussed, punctuated by insights into market reactions following the debate and the importance of cybersecurity for small businesses.
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Uneven Prosperity
- The U.S. economy is strong with low inflation and rising household incomes, resembling a "Goldilocks" scenario.
- However, this prosperity isn't evenly distributed, with 50% of households earning under $75,000 yearly.
Oracle's AI Play
- Ed was bullish on Oracle as the fourth cloud player, attractive to AI companies not building their own LLMs.
- Oracle's cloud revenue and future bookings are strong, suggesting Ed's thesis is playing out.
Early Career Grind
- Scott Galloway's first job at Morgan Stanley involved high-pressure, tedious work like proofing prospectuses.
- He worked excessive hours to compensate for feeling less skilled than his colleagues, a culture the firm rewarded.