Introduces Bob Michele as CIO overseeing $800 billion at JPMorgan Asset Management
Host
Bob Michele
Professional optimist - US economy gliding into year end in good environment, corporate America absorbed tariffs well, consumer doing well, expects Fed to cut rates in December
Questions market timing citing JP Morgan analysis showing poor returns from investing at 23-24x P/E ratios historically
Host
Bob Michele
Believes investors will look pretty good in a decade due to secular changes - technology, demographics (1991 cohort now 34), stimulative fiscal environment with governments borrowing and spending
Asks about doubling down on Mag-7/Mag-10 stocks given Nvidia earnings focus
Host
Bob Michele
Companies gearing up for CapEx next year, ramping hiring, building out AI capabilities due to seeing effectiveness - money flowing to biggest AI producers
Questions credit risks and whether AI CapEx spending is excessive given economics
Host
Bob Michele
Draws parallel to dot-com era - some money will be fruitless, some will bear fruit, but we're not in an AI bubble now