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The 10-Year Hit 5%. Time to Rethink Tech Stocks?
We get into the equity risk premium (ERP), shout out to Fulcrum, which presents that this has flipped negative for the first time since the dot-com bubble. This is where the ten-year sits at 5% above the market's forward earnings yield of roughly 4.5%. On this particular metric, it makes stocks the most expensive they have been relative to bonds in decades, and I explain my thoughts at the end of the podcast. I finally get to the five themes from Goldman's tech conference too, from AI capex converting to real ROI to agentic and physical AI. This is the nuts and bolts that is getting drowned…
The skinny
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