Round Tripped

This Week on The Compound

August 17, 2025

This Week on The Compound

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This week on TCAF, Michael was joined by returning guests Shannon Saccocia, Chief Investment Officer-Wealth at Neuberger Berman, and Todd Sohn, ETF Strategist at Strategas Asset Management. They discussed the market narrative, the AI economy, ARK's big run, Circle's round trip, and the labor market. (Listen)

PE EVERYWHERE

Josh wasn’t on TCAF this week, but his post from last week is worth revisiting. If you haven’t been paying attention, the push is on to get private assets, both equity and credit, into individual investors' portfolios. In addition, it seems likely that private assets will soon be allowed into 401(k) accounts. Josh is, not surprisingly, skeptical. He writes:

I would remind you (everyone) that if you think it’s hard to select traditional actively managed mutual funds (and it is), well, that’s going to look like child’s play compared to the private markets. Just think of all the new dimensions of things that could go wrong - illiquidity, fiduciary mismatch between sponsors and holders, asset class opacity, the impossibility of due diligence on underlying investments, credit quality, etc. If selecting stock mutual funds is chess, private equity is a 12-sided Rubik’s Cube. Happy hunting!

Joshua Brown

CHART OF THE WEEK

Prior TCAF guest Matt Cerminaro has launched a newsletter. This week, he looked at the simple reason why the stock market keeps hitting new highs - earnings estimates keep hitting new highs! Sign up today to get more charts like this in your inbox.

MERCH

Summer is running out, but there is still time to grab a Series 777 t-shirt. Check it out and lots more dope merch at idontshop.com.

COMING SOON

This week on TCAF, Michael will be joined by Tom Lee, co-founder and Head of Research of FundStrat. 

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