Squawk on the Street SOTS 2nd Hour: Debasement Trade, Software Vs. Hardware, & Trump's High Stakes Mar-A-Lago Meetings 12/29/25
Dec 29, 2025
In this discussion, Adam Parker, Founder of Trivariate Research, underscores the significance of earnings growth over valuations for market performance in 2026. Jonathan Kanter, a former antitrust prosecutor, analyzes Nvidia's unique Groq deal and its implications for regulatory scrutiny. Richard Haass, President Emeritus of the Council on Foreign Relations, shares insights on the fragile state of Middle East diplomacy, particularly regarding Israel and Iran, stressing the challenges of achieving peace in the region.
AI Snips
Chapters
Transcript
Episode notes
Debasement Trade Fuels Precious Metals
- Precious metals rallied as investors hedge perceived dollar debasement and geopolitical risk.
- Central bank buying and fiscal concerns helped drive demand for gold and silver this year.
Two January Dates To Watch
- Key January dates could reshape the debasement narrative: December CPI and the Lisa Cook Supreme Court hearing.
- Markets will watch inflation prints and potential tests of Fed independence closely in early January.
Earnings, Not Valuation, Will Drive Returns
- Adam Parker expects 2026 will make earnings beats harder and multiple expansion less likely.
- He emphasizes focusing on companies that can drive margin expansion, not valuation alone.