Bloomberg Surveillance Single Best Idea with Tom Keene: Sebastien Page and James Steel
Oct 9, 2025
Markets are maintaining an upward trajectory despite widespread bubble fears, as Tom Keene and Sebastien Page discuss the resilience of today's cash-flow businesses compared to the late 1990s. Meanwhile, gold's recent strength is examined by Tom and James Steel, who delve into the influence of geopolitics, the role of ETFs, and how gold measurement varies with different currencies. These insights provide a fascinating look at current market dynamics.
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Sentiment Can Signal Market Conservatism
- When broad sentiment warns of a bubble, Sebastien Page says that can be a stabilizing sign of conservatism in markets.
- He contrasts today with the late 90s where belief in froth was universal, implying current rises may be healthier.
Cash Flows Distinguish Today's Tech Winners
- Page highlights the difference between cash-flow businesses and speculative finance when comparing tech bubbles across eras.
- He implies current market leaders generate real cash flows, changing the risk profile versus the late 90s.
Gartman's Currency-Weighted Gold Win
- Tom Keene recounts Dennis Gartman's long-term gold trade success, especially in euro and yen terms.
- Gartman remains invested in gold in foreign currencies but has stepped to the sidelines on dollar-priced gold.