Kevin Gordon is the head of macro research and strategy at Charles Schwab's Center for Financial Research. He joined Phil Rosen on Full Signal to discuss the top-heavy bull market, comparisons to the dot-com bubble, the K-shaped economy, signals from alternative economic data, and more.

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TIMESTAMPS:

0:00 - Intro

0:27 - Concentration in stock market

3:33 - Top-heavy market as 'new normal'

5:40 - AI vs. dot-com bubble

9:43 - AI driving layoffs

13:46 - White-collar recession

17:12 - How Kevin uses AI at Schwab

18:32 - Alternative job market data

21:24 - Labor market cycles

23:27 - Economists have been wrong all year

26:08 - Vibecession vs. vibepression

29:00 - K-shaped economy

33:36 - Fed rate cuts

36:13 - Where stocks go in 2026

#podcast #investing #markets #macro #stocks #bitcoin #fed

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