On TCAF this week Josh and Michael spoke with returning guest Jurrien Timmer, Director of Global Macro at Fidelity Investments. They discussed why year-end S&P 500 price targets miss the point, the $17 trillion rise in the national debt and the missing buyers of Treasuries, hyperscaler borrowing and reverse crowding out, 5% bond yields and the stealth correction underneath the market, record market concentration, whether AI is an earnings bubble, Kevin Warsh's Fed, why Nvidia and Apple have become the new defensive trade, going on with gold and Bitcoin, why the predicted AI job losses haven't shown up, the 60/20/20 portfolio, and whether today's AI bull market is following the dot-com playbook. (Listen)

Stock market concentration is real. Michael Batnick recently tweeted this chart that shows growing stock market concentration in terms of the number of S&P 500 companies needed to equal the top five stocks.

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A new Compound-Tropical Bros. collab just dropped. The Compound x Tropical Bros. Par-Tee Polo brings together everything we love about the game and the island lifestyle. Featuring a clean white backdrop with palm trees, golf clubs, golf balls, and The Compound logos throughout, this polo is built to stand out. A women’s version is available as well!

Next week on TCAF, Josh and Michael will speak with returning guest Steve Eisman, host of the Real Eisman Playbook.