Today on the program we welcome Director of Global Macro Jurrien Timmer for his weekly commentary on the markets and what macro themes are moving the markets. In this episode Jurrien talks about bitcoin, valuation versus growth, earnings and the tech bubble. Jurrien talks about bitcoin’s endurance and uniqueness and its maturity. He touches on the impact of tech companies and says this tech bubble doesn’t resemble bubbles of the past. In the early 70s and late 90s, the premium of the top 50 stocks over the bottom 450 in terms of P/E ratio was close to 100%. In other words, the P/E was twice as high on those stocks. Today we are at 30%In terms of inflation Jurrien says there are concerns reaching the 2% target. Looking at long-term inflation rate of change, the 5-year rate has gone from 2 to 3, but to reach the 2% mark, year-over-year marks must dip below 2 to reach that target.

Recorded on February 26, 2024.

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