Software was supposed to be AI’s first casualty. Kenny Polcari’s guests argue it became AI’s best use case instead, and that the market has not repriced it yet.
Julian Koski, Chief Investment Officer of New Age Alpha, explains why he manages risk like an actuary rather than a stock picker, and why he thinks human behavior is a bigger threat to a portfolio than any fundamental. Adam Johnson, Portfolio Manager of the Bullseye American Ingenuity Fund, names the software companies he says the market wrote off too early.
Also covered: whether the Fed moves this week, a 10-year yield near 5%, $6 diesel, and what a lower multiple actually asks of a company.
Timestamps
0:00 Nervous market, strong fundamentals
1:40 Which parts of the market are stretched
2:30 Software was supposed to be AI’s casualty
3:19 The AI safety scare, and who should regulate it
5:20 Why behavior beats fundamentals as a portfolio risk
6:30 Manage risk like an actuary, not a portfolio manager
8:01 Johnson: the opposite approach, and how he sizes it
9:42 Polcari: the Fed does nothing on Wednesday
11:58 The market prices a 90% chance of a hike
13:06 The LEI is still positive, and so is the VIX
15:07 $6 diesel, and the $85 oil precedent
17:18 Forty drawdowns since 2008, and staying 80/20
19:01 The 10-year at 5%, and cash becomes an asset again
20:55 From 22 times earnings to 20, maybe 19
23:32 Wall Street empties when everything goes on sale
24:24 Year-end outlook into 2027
#Software #AIStocks #Oracle #TraderTalk #YahooFinance
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