Foundations: U.S. Market Structure & Value

Powerful Trends, Increasing Fragility & Coiled Tension

As you know, many on CNBC and across the social media spectrum are very excited about AI and the potential for very high stock valuations continuing and even expanding.

$6 trillion. I see $6 trillion! Can we have a $7 trillion? $7 trillion! Can we have a $10 trillion? $10 trillion oh my!

I have a different view rooted in the fundamental arguments I have made, so far, including Cardinal Sign of A Bubble: Supply Side Gluttony, Unicorns & Cockroaches: Blessed Fraud, as well as The Supply Side Gluttony Recurrence and the Blessed Fraud Recurrence.

I have also penned my bearish take on Palantir with Palantir’s New Clothes: Foundry, AIP & the Failure of Reason, and Palantir, An Accounting.

I have been attacking the narrative, warning of failed expectations.

I have yet to tackle directly the overvaluation of the market itself, which is generally a good thing - for a very specific reason. Along these lines, however, I do track something that I want to share with you.