This Week on The Compound
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EPISODES
On TCAF this week, Michael Batnick spoke with returning guest Neil Dutta, Head of Economic Research at Renaissance Macro Research and Skanda Amarnath, co-founder and Executive Director of Employ America. They discussed the AI investment boom, the state of the labor market, inflation risks, consumer spending, Fed policy, market breadth, and whether this cycle is as unusual as it feels. (Listen)
INSIDE THE COMPOUND
With the SpaceX IPO on deck Josh Brown at Downtown Josh Brown went looking for an analogous period for the market. Instead of 1999 he came up with 1964 and the COMSAT IPO. Josh writes:
I'm hoping the SpaceX deal isn't the end. COMSAT wasn’t the market top for the Go-Go era or the Space Age. But it was the beginning of the end because it set the tone and served as a signal for the suppliers of stock that they could swing for the fences. And that’s exactly what they did. So much so that the supply eventually overwhelmed the demand. Happened in ‘66. Happened in ‘99. Happens every time.
CHART OF THE WEEK
Friday was a tough day for the stock market. Matt Cerminaro however noted that a (slim) majority of S&P 500 stocks were actually up on the day. Not dispositive, but just another example of weird market stuff in 2026.
MERCH
Summer is here and the sun is out. Grab a Compound trucker hat to keep the sun out of your eyes. Check out all our cool merch at idontshop.com.
COMING UP
Next week on TCAF, Michael will be joined by Brian Levitt, Chief Global Market Strategist and Head of Strategy & Insights at Invesco.
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