In this episode, The Finance Ghost and Mohammed Nalla unpack why US equity markets are refusing to take a break.

With the S&P 500 at all‑time highs despite geopolitical risk and rising energy prices, the conversation turns to what’s really driving returns, and why index‑level strength is masking extreme divergence beneath the surface. The rally is narrow and increasingly concentrated in hardware and semiconductors rather than software or applications.

The discussion then zooms out to earnings season, valuation risk and sector‑level surprises. From eye‑catching US earnings beats and six consecutive quarters of double‑digit growth, to stock‑specific lessons from Clicks and Capitec back home, the episode highlights why expectations matter more than good news.

Stock picking is becoming unavoidable in a market sailing ever closer to the wind. This discussion lands that message.

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Disclaimer: This podcast is for informational purposes only and does not constitute financial or investment advice. Please speak to your personal financial advisor.