The Exchange Freight Fright, Consumer Names Report and Uber's Slide 11/4/25
Nov 4, 2025
Matt Mishkin, Co-chief investment strategist at Manulife John Hancock, shares insights on AI-driven valuations like Palantir and their implications for market strategies. Craig Fuller, Founder of FreightWaves, explains strains in long-haul freight, comparing them to the Great Financial Crisis, while discussing potential recovery triggers. Steve Leisman, a CNBC economics reporter, interrogates the real reasons behind recent mass layoffs, cautioning against attributing them solely to AI. The conversation dives deep into current economic pressures and consumer trends.
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Episode notes
Valuation Needs Growth Context
- Matt Mishkin argues PEG ratios (P/E ÷ growth) give better context than raw P/E for AI winners.
- He favors high-ROE, quality companies over speculative 100+ P/E names like Palantir.
Don't Blame Layoffs On AI Automatically
- Steve Leisman warns many layoffs are being labeled 'AI' when they may be restructuring or business downturns.
- He cautions journalists and analysts to dig into true causes before accepting AI explanations.
Freelance Market Fuels AI Adoption
- Hayden Brown says Upwork is an "AI equalizer" as companies lack in-house AI skills and hire freelance experts.
- Upwork reported 53% growth in AI-related GSV and sees continued tailwinds into 2026.