This Week on The Compound
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On TCAF this week, Josh and Michael spoke with returning guest James Lebenthal, Partner & Chief Market Strategist at Celerity Partners. They discussed stock market volatility, who's winning the AI race, risks and opportunities in private credit, and Jim's favorite stocks. (Listen)
QUOTE OF THE WEEK
In a great post this week, Josh Brown at Downtown Josh Brown examines the toxic environment we all live in and why he tries to focus on and interact with people, i.e., ‘good guys,’ who are trying to do things the right way.
In an attention-based economy, the shortcut is to start fights and stir up a tornado. That gains you followers and renown today but it stunts your growth over time and turns people off in the long-run. It’s a bad trade.
CHART OF THE WEEK
At TCAF this week, Josh, Michael, and Jim discussed that the forward P/E on the stock market has come down in 2026. You can see this, and more, in the Duality Research graph above. While tech stock valuations have come down, industrials and energy remain well above recent historical norms.
MERCH
We’ve got new merch! Check out our new long-sleeve ‘Public Equity’ long sleeve tee. Check out all our cool merch at idontshop.com.
COMING UP
Next week on TCAF, Josh and Michael will be joined by Jonathan Boyar, Managing Director of Boyar Value Group.
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