All-Time Highs Should Feel Better Than This

Michael and Ben discuss the shifting market narratives of 2025, from deregulation hopes to AI anxieties, noting the surprising resilience of the stock market despite struggles in big tech. They highlight the outperformance of European financials and international stocks, and debate whether the current market conditions constitute a bubble, referencing Howard Marks' balanced perspective. The conversation touches on retail investors rotating away from mega-cap tech, the health of cyclical sectors, and the potential for a catch-up trade in AI-disrupted companies. They analyze the labor market's deterioration, the consumer's state, and the impact of inflation, before transitioning to media recommendations, including the new Knives Out movie, and a discussion about leasing versus buying cars.