Joining us today on Talking Markets for the first time is Bob Elliott, CIO of Unlimited Funds and PM of $HFGM & $HFND. Bob thinks the second half of 2025 is going to be a "season of disappointment" due to a combination of high expectations, softening growth, and a Fed on hold. We'll be discussing how he's playing it, what would change his mind, and his thoughts on the coming year. Don't miss out on future episodes - get on the list here: https://maggielake.markets/notify-meConnect with me on Substack: https://themarkethouse.substack.com/Connect with me on Twitter: https://x.com/maggielake*We know you get this, but gotta say it anyway - this show is for informational purposes only and is not financial advice.00:00 - Introduction with Bob Elliott00:30 - Is Trump Trying to Fire Jerome Powell?03:00 - What to Expect from Foreign Treasury Purchases05:10 - How Does the U.S. Economy Really Look Right Now?08:40 - Would Firing Powell Cause Market Chaos?11:10 - Takeaways from the Bank of America Fund Survey14:00 - S&P vs ISM: Diverging Signals?16:20 - What's Next for Bonds?18:30 - The Bank SLR and Systemic Risk22:30 - Bitcoin & Ethereum Price Run-up: What’s Driving It?25:00 - Bob Elliott’s Outlook on Unlimited Funds ETFs27:45 - Are Institutions Underexposed to U.S. Equities?31:15 - Is the Market Setting Up for a Pullback?