Squawk on the Street SOTS 10AM: Palantir Pulls Back, Kostin’s Red Flag Warning, Ted Leonsis on the Enduring Power of Sports 11/4/25
15 snips
Nov 4, 2025 
David Kostin, Goldman Sachs’ Chief U.S. equity strategist, shares critical insights on market red flags emerging from earnings season. He questions whether earnings beats are truly rewarding investors or merely creating illusions in the stock market. Kyle Clark, CEO of Beta Technologies, discusses their upcoming IPO and innovative strides in electric aviation, emphasizing production timelines and unique business models. Ted Leonsis, Chairman of Monumental Sports, explores evolving sports media rights, franchise valuations, and the surprising parallels between sports teams and SaaS businesses.
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Earnings Beats Aren't Always Rewarded
- Earnings season showed broad beats but markets barely rewarded surprises, signaling investor expectations were already priced in.
- David Kostin warns smaller surprise magnitudes and private-market reflexivity could pose downside risks later.
AI Effects Differ In Public Vs Private Markets
- AI's economic impact is real but uneven across public and private markets and may hide reflexivity risks.
- Kostin says public prices and earnings can align while private capital returns remain uncertain.
Buy Pullbacks If Macroeconomy Holds
- Buy dips according to Goldman's view because a recession isn't expected and cuts are forecasted.
- Kostin expects Fed cuts that should support higher equity prices, so use pullbacks as entry points.
