From the Desk of Anthony Pompliano 3 Reasons This Bull Market Is Just Beginning
Oct 1, 2025
Dave Mazza, CEO of Roundhill Investments and ETF industry expert, shares his insights on the booming ETF market. He highlights how concentrated market leadership in sectors like AI and semiconductors shapes capital flows. Mazza breaks down the unique structures of thematic and income-focused ETFs, including the innovative XDIV, which enhances tax efficiency by avoiding dividends. He also discusses the robust performance of the 'Magnificent Seven' and what to watch for among emerging contenders like Broadcom and Oracle.
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Earnings, Not Hype, Power Returns
- Earnings growth is driving most of the S&P 500's gains since 2019, not just speculation.
- Anthony Pompliano argues rising corporate profitability justifies higher stock prices.
Cheap Capital Fuels Risk Appetite
- Falling interest rates make capital cheaper and push investors toward risk assets like stocks.
- Pompliano notes global central bank easing amplifies this move beyond the U.S.
GDP Surge Counters Recession Fears
- Strong GDP forecasts (e.g., Atlanta Fed's Q3 3.9% estimate) contradict recession calls.
- Pompliano sees this growth as another tailwind for stock markets.