{"id":12663,"date":"2026-05-12T07:00:07","date_gmt":"2026-05-12T12:00:07","guid":{"rendered":"https:\/\/www.cainwatters.com\/digitalblogs\/?p=12663"},"modified":"2026-05-15T14:09:14","modified_gmt":"2026-05-15T19:09:14","slug":"wealth-podcast-ep-286","status":"publish","type":"post","link":"https:\/\/www.cainwatters.com\/digitalblogs\/wealth-podcast-ep-286\/","title":{"rendered":"Small Caps, Big Gains &#8211; Ep. 286"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"12663\" class=\"elementor elementor-12663\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"has_ae_slider elementor-element elementor-element-52ac7f1d e-flex e-con-boxed ae-bg-gallery-type-default e-con e-parent\" data-id=\"52ac7f1d\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-32c4fad3 elementor-widget elementor-widget-heading\" data-id=\"32c4fad3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">How market rotation and tech trends could shape investment strategies.<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7aa92f09 elementor-widget elementor-widget-text-editor\" data-id=\"7aa92f09\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div><span class=\"TextRun SCXW259218375 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW259218375 BCX0\">In this episode of the Accumulating Wealth podcast, hosts Judson Crawford and Hunter Satterfield\u00a0<\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW259218375 BCX0\">explore<\/span><span class=\"NormalTextRun SCXW259218375 BCX0\">\u00a0the evolving investment market landscape. Joined by financial strategist Brad Sanders<\/span><span class=\"NormalTextRun SCXW259218375 BCX0\">\u00a0<\/span><span class=\"NormalTextRun SCXW259218375 BCX0\">from\u00a0<\/span><\/span><a class=\"Hyperlink SCXW259218375 BCX0\" href=\"https:\/\/tectonicadvisors.com\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW259218375 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW259218375 BCX0\" data-ccp-charstyle=\"Hyperlink\"><span style=\"text-decoration: underline; color: #33cccc;\">Tectonic Advisors<\/span><\/span><\/span><\/a><span class=\"TextRun SCXW259218375 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW259218375 BCX0\">, they delve into market trends, sector rotations, and the implications of recent corporate activities. From infrastructure investment to AI advancements, this discussion offers\u00a0<\/span><span class=\"NormalTextRun SCXW259218375 BCX0\">timely<\/span><span class=\"NormalTextRun SCXW259218375 BCX0\">\u00a0insights for investors looking to navigate the financial waters of tomorrow.<\/span><\/span><span class=\"EOP Selected SCXW259218375 BCX0\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:279}\">\u00a0<\/span><\/div><div>\u00a0<\/div><div>Have questions or ideas for Hunter and Judson? Reach out at <a href=\"http:\/\/cainwatters.com\/wealth\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline; color: #33cccc;\">cainwatters.com\/wealth<\/span><\/a>.<\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-66b6250 libsyn elementor-widget elementor-widget-shortcode\" data-id=\"66b6250\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"shortcode.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-shortcode\"><iframe title=\"Embed Player\" src=\"https:\/\/play.libsyn.com\/embed\/episode\/id\/41221170\/height\/128\/theme\/modern\/size\/standard\/thumbnail\/yes\/custom-color\/0c2340\/time-start\/00:00:00\/playlist-height\/200\/direction\/backward\/download\/yes\/font-color\/FFFFFF\" height=\"128\" width=\"100%\" scrolling=\"no\" allowfullscreen=\"\" webkitallowfullscreen=\"true\" mozallowfullscreen=\"true\" oallowfullscreen=\"true\" msallowfullscreen=\"true\" style=\"border-width: medium; border-style: none; border-color: currentcolor; border-image: initial;\"><\/iframe><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-468bc2e1 elementor-widget elementor-widget-heading\" data-id=\"468bc2e1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">WHAT YOU\u2019LL LEARN<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-15529164 elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"15529164\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-circle\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M256 8C119 8 8 119 8 256s111 248 248 248 248-111 248-248S393 8 256 8z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">How a broadening market affects an investment portfolio<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-circle\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M256 8C119 8 8 119 8 256s111 248 248 248 248-111 248-248S393 8 256 8z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Implications of large-scale infrastructure investments<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-circle\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M256 8C119 8 8 119 8 256s111 248 248 248 248-111 248-248S393 8 256 8z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Insights into sector rotation and its impact on portfolio growth<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-circle\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M256 8C119 8 8 119 8 256s111 248 248 248 248-111 248-248S393 8 256 8z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">AI\u2019s emerging role in shaping enterprise-level efficiencies<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-circle\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M256 8C119 8 8 119 8 256s111 248 248 248 248-111 248-248S393 8 256 8z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Potential effects of IPOs from major companies on existing market structures<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4f484f3 elementor-widget elementor-widget-heading\" data-id=\"4f484f3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Questions Answered in this Episode<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ef6b333 elementor-widget elementor-widget-text-editor\" data-id=\"ef6b333\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><b><span data-contrast=\"none\">Why is market leadership starting to widen?<\/span><\/b><span data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1}\">\u00a0<\/span><\/p><p><span data-contrast=\"none\">Market leadership is broadening due to sector rotation, where capital flows are moving from large cap to small cap stocks,\u00a0impacting\u00a0risk and opportunity profiles.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"none\">How are sector rotations\u00a0impacting\u00a0portfolios?<\/span><\/b><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Sector rotations are leading to growth in small and mid-cap stocks, presenting new investment opportunities.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"none\">What role does technology and AI play in market changes?<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">AI advancements and data center demands are shaping new market directions, enhancing efficiency and growth prospects.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6ccdf0d1 elementor-widget elementor-widget-heading\" data-id=\"6ccdf0d1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Key TakEaways<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8138bef elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"8138bef\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"3 4 18 14\" fill=\"currentColor\" aria-hidden=\"true\"><path d=\"M9.55 17.2a1.2 1.2 0 0 1-.85-.35l-4.9-4.9a1.2 1.2 0 1 1 1.7-1.7l4.03 4.03 9-9a1.2 1.2 0 1 1 1.7 1.7l-9.85 9.87a1.2 1.2 0 0 1-.83.35z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">   Market leadership shifts offer new risk and opportunity <\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"3 4 18 14\" fill=\"currentColor\" aria-hidden=\"true\"><path d=\"M9.55 17.2a1.2 1.2 0 0 1-.85-.35l-4.9-4.9a1.2 1.2 0 1 1 1.7-1.7l4.03 4.03 9-9a1.2 1.2 0 1 1 1.7 1.7l-9.85 9.87a1.2 1.2 0 0 1-.83.35z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Small cap and midcap stocks are gaining momentum <\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"3 4 18 14\" fill=\"currentColor\" aria-hidden=\"true\"><path d=\"M9.55 17.2a1.2 1.2 0 0 1-.85-.35l-4.9-4.9a1.2 1.2 0 1 1 1.7-1.7l4.03 4.03 9-9a1.2 1.2 0 1 1 1.7 1.7l-9.85 9.87a1.2 1.2 0 0 1-.83.35z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Infrastructure investments are driving economic change <\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"3 4 18 14\" fill=\"currentColor\" aria-hidden=\"true\"><path d=\"M9.55 17.2a1.2 1.2 0 0 1-.85-.35l-4.9-4.9a1.2 1.2 0 1 1 1.7-1.7l4.03 4.03 9-9a1.2 1.2 0 1 1 1.7 1.7l-9.85 9.87a1.2 1.2 0 0 1-.83.35z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Technology advancements support market growth <\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6a0b179 elementor-widget elementor-widget-heading\" data-id=\"6a0b179\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Who's this episode for?<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9896829 elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"9896829\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"3 4 18 14\" fill=\"currentColor\" aria-hidden=\"true\"><path d=\"M9.55 17.2a1.2 1.2 0 0 1-.85-.35l-4.9-4.9a1.2 1.2 0 1 1 1.7-1.7l4.03 4.03 9-9a1.2 1.2 0 1 1 1.7 1.7l-9.85 9.87a1.2 1.2 0 0 1-.83.35z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Investors interested in understanding current market dynamics<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"3 4 18 14\" fill=\"currentColor\" aria-hidden=\"true\"><path d=\"M9.55 17.2a1.2 1.2 0 0 1-.85-.35l-4.9-4.9a1.2 1.2 0 1 1 1.7-1.7l4.03 4.03 9-9a1.2 1.2 0 1 1 1.7 1.7l-9.85 9.87a1.2 1.2 0 0 1-.83.35z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Business owners curious about how market shifts might affect investments <\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"3 4 18 14\" fill=\"currentColor\" aria-hidden=\"true\"><path d=\"M9.55 17.2a1.2 1.2 0 0 1-.85-.35l-4.9-4.9a1.2 1.2 0 1 1 1.7-1.7l4.03 4.03 9-9a1.2 1.2 0 1 1 1.7 1.7l-9.85 9.87a1.2 1.2 0 0 1-.83.35z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Individuals seeking insight on the impact of AI on business efficiency and investment <\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8b1a83e elementor-widget elementor-widget-heading\" data-id=\"8b1a83e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">ABOUT THE HOSTS<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7cfde5d elementor-widget elementor-widget-text-editor\" data-id=\"7cfde5d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"color: #003366;\"><a style=\"color: #003366;\" href=\"https:\/\/www.cainwatters.com\/hunter-satterfield\/\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline;\"><strong>Hunter Satterfield &#8211; CPA &amp; Partner<\/strong><\/span><\/a><\/span><\/p><ul><li>Financial Advisor with Cain Watters &amp; Associates since 2007<\/li><li>Chief Investment Officer<\/li><\/ul><p><span style=\"color: #003366;\"><a style=\"color: #003366;\" href=\"https:\/\/www.cainwatters.com\/judson-crawford\/\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline;\"><strong>Judson Crawford &#8211; CPA &amp; Partner<\/strong><\/span><\/a><\/span><\/p><ul><li>Financial Advisor with Cain Watters &amp; Associates since 2004<\/li><li>Public speaker, New associate mentor, Marketing Committee member<\/li><\/ul><p>Reach Hunter and Judson here: <a href=\"https:\/\/www.cainwatters.com\/wealthpodcast\/\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline; color: #33cccc;\">cainwatters.com\/wealthpodcast\/<\/span><\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d8974c9 elementor-widget elementor-widget-heading\" data-id=\"d8974c9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">About the show<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5d5bd81 elementor-widget elementor-widget-text-editor\" data-id=\"5d5bd81\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The Accumulating Wealth Podcast helps business owners and professionals make smarter financial decisions through insights on tax strategy, investing, and long-term wealth planning.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9f893f6 elementor-widget elementor-widget-heading\" data-id=\"9f893f6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Additional Resources<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4a2138ba elementor-widget elementor-widget-n-accordion\" data-id=\"4a2138ba\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;default_state&quot;:&quot;all_collapsed&quot;,&quot;max_items_expended&quot;:&quot;multiple&quot;,&quot;n_accordion_animation_duration&quot;:{&quot;unit&quot;:&quot;ms&quot;,&quot;size&quot;:400,&quot;sizes&quot;:[]}}\" data-widget_type=\"nested-accordion.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"e-n-accordion\" aria-label=\"Accordion. Open links with Enter or Space, close with Escape, and navigate with Arrow Keys\">\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-1240\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"1\" tabindex=\"0\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-1240\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> Podcast video <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-chevron-up\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M240.971 130.524l194.343 194.343c9.373 9.373 9.373 24.569 0 33.941l-22.667 22.667c-9.357 9.357-24.522 9.375-33.901.04L224 227.495 69.255 381.516c-9.379 9.335-24.544 9.317-33.901-.04l-22.667-22.667c-9.373-9.373-9.373-24.569 0-33.941L207.03 130.525c9.372-9.373 24.568-9.373 33.941-.001z\"><\/path><\/svg><\/span>\n\t\t\t<span class='e-closed'><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-chevron-down\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M207.029 381.476L12.686 187.132c-9.373-9.373-9.373-24.569 0-33.941l22.667-22.667c9.357-9.357 24.522-9.375 33.901-.04L224 284.505l154.745-154.021c9.379-9.335 24.544-9.317 33.901.04l22.667 22.667c9.373 9.373 9.373 24.569 0 33.941L240.971 381.476c-9.373 9.372-24.569 9.372-33.942 0z\"><\/path><\/svg><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div class=\"has_ae_slider elementor-element elementor-element-7a876bc e-con-full e-flex ae-bg-gallery-type-default e-con e-child\" role=\"region\" aria-labelledby=\"e-n-accordion-item-1240\" data-id=\"7a876bc\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-6b56c65c elementor-widget elementor-widget-text-editor\" data-id=\"6b56c65c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul><li><a href=\"https:\/\/youtu.be\/_1FI_uhESv8\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration-line: underline; color: #33cccc;\">Podcast Video<\/span><\/a><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-1241\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"2\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-1241\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> Full transcript <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-chevron-up\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M240.971 130.524l194.343 194.343c9.373 9.373 9.373 24.569 0 33.941l-22.667 22.667c-9.357 9.357-24.522 9.375-33.901.04L224 227.495 69.255 381.516c-9.379 9.335-24.544 9.317-33.901-.04l-22.667-22.667c-9.373-9.373-9.373-24.569 0-33.941L207.03 130.525c9.372-9.373 24.568-9.373 33.941-.001z\"><\/path><\/svg><\/span>\n\t\t\t<span class='e-closed'><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-chevron-down\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M207.029 381.476L12.686 187.132c-9.373-9.373-9.373-24.569 0-33.941l22.667-22.667c9.357-9.357 24.522-9.375 33.901-.04L224 284.505l154.745-154.021c9.379-9.335 24.544-9.317 33.901.04l22.667 22.667c9.373 9.373 9.373 24.569 0 33.941L240.971 381.476c-9.373 9.372-24.569 9.372-33.942 0z\"><\/path><\/svg><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div class=\"has_ae_slider elementor-element elementor-element-168c1278 e-con-full e-flex ae-bg-gallery-type-default e-con e-child\" role=\"region\" aria-labelledby=\"e-n-accordion-item-1241\" data-id=\"168c1278\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-4d85117d elementor-widget elementor-widget-text-editor\" data-id=\"4d85117d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span data-contrast=\"auto\">Welcome to the Accumulating Wealth podcast.\u00a0I&#8217;m\u00a0Judson Crawford. And\u00a0I&#8217;m\u00a0Hunter Satterfield. We are CPAs, wealth advisors, and partners at CWA, a financial services firm here to help business owners navigate the decisions they face every day. Today,\u00a0let&#8217;s\u00a0jump right into an investment market update and discuss what a broadening market means for investors.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Market leadership may be starting to widen, and that can change both risk and opportunity in a portfolio. And joining us today is our resident market voice, Brad Sanders.\u00a0He&#8217;s\u00a0here to help us break down\u00a0what&#8217;s\u00a0driving it and what investors should watch next.\u00a0Let&#8217;s\u00a0go.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">We need\u00a0a Brad\u00a0Sanders, his&#8230; He needs his own intro music.\u00a0Yeah. What would you choose as your intro music? Wu-Tang. Perfect. All right, next time, listeners,\u00a0we&#8217;re\u00a0going to\u00a0have intro music just for Brad. A second intro song to\u00a0intro\u00a0the great Brad Sanders. Welcome back, Brad.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Thanks, man. How\u00a0you\u00a0guys doing? Love story time with Brad, and we\u00a0are\u00a0we&#8217;re\u00a0four months in to,\u00a0We&#8217;re\u00a0recording today on May 7<\/span><span data-contrast=\"auto\">th<\/span><span data-contrast=\"auto\">\u00a0(2026). We always\u00a0have to\u00a0timestamp\u00a0these ones\u00a0because you never know\u00a0what&#8217;s\u00a0going to\u00a0happen. Especially this year.\u00a0Yeah. May 7th.\u00a0We&#8217;re\u00a0four months into the year, six months into sector rotation that\u00a0we&#8217;ve\u00a0been talking about with Brad for\u00a0damn\u00a0near two years now.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">So\u00a0we&#8217;ll\u00a0get into\u00a0some of\u00a0that, folks, today. But\u00a0lots of\u00a0interesting\u00a0information, and\u00a0may go a little longer today.\u00a0That&#8217;s\u00a0okay. Stay with us because story time with Brad&#8217;s\u00a0going to\u00a0be\u00a0really fascinating, Judson, and\u00a0I&#8217;ll\u00a0just- It always is &#8230;\u00a0I&#8217;ll\u00a0start with a little\u00a0stat\u00a0that&#8217;ll\u00a0maybe be\u00a0something\u00a0that we can talk about.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">So\u00a0over the last six months, listeners, the large cap growth index represented by IWF, which is an iShares one that tracks the Russell 1000 growth index, is down 2%.\u00a0That&#8217;s\u00a0not\u00a0very good. Nope. Over that exact same six-month period, small cap value, IWN, which is\u00a0the Russell\u00a02000, is up 18%.\u00a0That&#8217;s\u00a0a spread.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">So\u00a0about a\u00a020&#8230;\u00a0That&#8217;s\u00a0a bit of a spread. Which we call a spread That is what we would call sector rotation. And\u00a0it&#8217;s\u00a0actually really\u00a0interesting.\u00a0We&#8217;ll\u00a0talk through the story, but, year-to-date, S&amp;P&#8217;s up 7%, just ripping through these on my phone\u00a0real\u00a0quick. Nasdaq&#8217;s up 11%. Mag-7\u00a0is up\u00a0only 5%. International&#8217;s up 6%. Small Cap&#8217;s up 14%.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">So\u00a0lots of\u00a0interesting things and I\u00a0think maybe, Brad, the best place to start is last week, which was, like, earnings day for all these mega caps.\u00a0Let&#8217;s\u00a0see who, who all reported. It\u00a0was\u00a0Amazon- The same day. It was, like, Amazon, Google, Microsoft, and one of the others, like, all in the same exact afternoon.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Yeah, and it was all, like,\u00a0really good\u00a0from an earnings perspective.\u00a0Earnings are growing, things are\u00a0really positive.\u00a0But the very next day, I mean, Google was up 10%, but then everything else, Microsoft, Meta, and Video were all down +7%. Yep.\u00a0Right? I mean, it was a very red bloodbath day, which was the last day of April, which I think really triggered\u00a0some of\u00a0the indices.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">And I think the story behind that is quite interesting as we sort\u00a0of,\u00a0double-click into\u00a0some of\u00a0these things. So, listeners,\u00a0we&#8217;ve\u00a0been talking with Brad. Judson and if\u00a0you&#8217;ve\u00a0come to our annual meeting on the main stage,\u00a0we&#8217;ve\u00a0talked about the sector rotation. But\u00a0let&#8217;s\u00a0just set the stage very quickly.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Over the last 20 years, the focus in the market has been on asset-light companies, right?\u00a0So\u00a0scaling intangible assets like software, for instance. You write\u00a0some\u00a0code, you write\u00a0some\u00a0software, and you just scale it to the masses, right? And it just creates all this profitability for your company.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">And then they just pile that cash on their balance sheets, right? And\u00a0so\u00a0these mega companies have just gotten\u00a0bigger and bigger, and their cash has gotten\u00a0bigger and bigger. And\u00a0so\u00a0you&#8217;ve\u00a0heard all these terms\u00a0get thrown\u00a0around like buybacks. Of course,\u00a0they&#8217;ve\u00a0done all their acquisitions and all that type of thing.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">I think\u00a0maybe one\u00a0of the most interesting things in the reported earnings last week, Judson, which really started to trigger people, not just the total\u00a0CapEx\u00a0spend, but Amazon free cash flow for the trailing 12 months is $1.2 billion, which you might&#8230; Anyway, that&#8217;s, that&#8217;s- No, that sounds great. Sounds like\u00a0a lot.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">It&#8217;s\u00a0a billion.\u00a0It&#8217;s\u00a0a billion, $1.2 billion. The prior trailing 12 months was $26 billion. Hmm.\u00a0So\u00a0it&#8217;s\u00a0down 95%, right?\u00a0Yeah. Brad, why? Where are they spending their money?\u00a0<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">\u00a0Data centers trying to stand up their own power supply, which the government, and I forget what that act\u00a0was called, but as basically saying, &#8220;This is what you guys are\u00a0going to\u00a0have to do.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">You\u00a0can&#8217;t\u00a0put the onus on the communities\u00a0you&#8217;re\u00a0building these data centers in. We can&#8217;t have everybody&#8217;s\u00a0energy costs\u00a0tripling so we can run a data center in your backyard.&#8221;\u00a0So\u00a0it&#8217;s\u00a0a tremendous amount of\u00a0CapEx\u00a0spend. At the same time, the demand for all that has pushed all the raw material costs up, too.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">So\u00a0when you see these numbers dropping like that,\u00a0they&#8217;re\u00a0saying last year\u00a0we&#8217;re\u00a0going to\u00a0spend $100&#8230;\u00a0Let&#8217;s\u00a0say they were\u00a0going to\u00a0be $100 billion, well, that same $100 billion is\u00a0going to\u00a0be $150 now because the price of copper and, and aggregate and everything has, has moonshot. So that&#8217;s where the\u00a0money&#8217;s\u00a0going.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Yeah.\u00a0They&#8217;re\u00a0pouring all that money in. And to your point, the reason the stocks are down so much is\u00a0you&#8217;re\u00a0doing this without a clear pathway to profitability, so\u00a0you&#8217;re\u00a0basically burning\u00a0this cash. Now, you could say\u00a0it&#8217;s\u00a0just like fiber we eventually used it all.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">That&#8217;s\u00a0fine, but when\u00a0you&#8217;re\u00a0trading at the multiples these companies are,\u00a0they&#8217;re\u00a0trading like\u00a0that&#8217;s\u00a0going to\u00a0be here in two to three years. Like, the price\u00a0you&#8217;re\u00a0paying for that business is like these dollars are\u00a0going to\u00a0pay off in three years, and\u00a0it&#8217;s\u00a0not clear that\u00a0that&#8217;s\u00a0going to\u00a0happen.\u00a0So\u00a0if\u00a0it&#8217;s\u00a0going to\u00a0take 10 years, then\u00a0you&#8217;re\u00a0massively\u00a0overpaying.\u00a0It&#8217;s\u00a0like Cisco in, in 2000, right?<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Yeah.\u00a0So\u00a0let&#8217;s\u00a0double-click on\u00a0some of\u00a0these things when we talk about what\u00a0he&#8217;s\u00a0saying here, right?\u00a0So\u00a0at the beginning of the year,\u00a0CapEx\u00a0spend\u00a0expectations for the four\u00a0hyperscalers\u00a0was\u00a0$600 billion. As\u00a0of\u00a0these earnings last week, it was $725, and\u00a0that&#8217;s\u00a0not because\u00a0they&#8217;re\u00a0spending&#8230;<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">They&#8217;re\u00a0doing more of them,\u00a0it&#8217;s\u00a0just the things that you\u00a0have to\u00a0do cost more, right? Right.\u00a0So\u00a0$725 billion now expected for 2026. For\u00a0all of\u00a0last year, listeners,\u00a0that\u00a0was $360 billion. So, and when you think about $725 billion into our GDP, I mean, Brad,\u00a0that&#8217;s\u00a0a 2% move of GDP.\u00a0Yeah.\u00a0It&#8217;s\u00a0this insane number for growth for the economy.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">And\u00a0so\u00a0when you think about that and say, &#8220;Okay, well, if it&#8217;s $725 billion now, Judson, we&#8217;re probably\u00a0going to\u00a0spend a trillion over the next 12 months,&#8221; right? And you start to\u00a0sort of unpack, okay, what does a trillion dollars of data centers mean? Now, before we get to that, why?<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">I think that\u00a0why is super important, and I think the why is\u00a0probably best\u00a0explained in the Anthropic SpaceX announcement that came out earlier this week, Brad, where\u00a0basically Anthropic\u00a0was out of&#8230;<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">So\u00a0you\u00a0have to\u00a0understand, listeners, that in the sort of AI world,\u00a0there&#8217;s\u00a0what we all use it for, ChatGPT and all this fun stuff, and then\u00a0there&#8217;s\u00a0the ERP, the enterprise level, right?\u00a0Yeah. All the coding\u00a0that&#8217;s\u00a0happening. And Anthropic is the leader in that space, but the problem was, is that\u00a0Anthropic&#8217;s\u00a0users, like all these people that are doing their own coding for their businesses, they\u00a0were running out of\u00a0compute.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Yeah. And you\u00a0can&#8217;t\u00a0just\u00a0stand up\u00a0data centers overnight. And so Anthropic, before they IPO, is running in a situation like, &#8220;We don&#8217;t have compute. Our users are frustrated. They&#8217;re paying us monthly fees.&#8221; And\u00a0so\u00a0Brad, what did they go out and do early this week with SpaceX?\u00a0<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">They basically, Elon\u00a0has built these tremendous\u00a0gigafactories\u00a0where he has, like, multiple and excess of\u00a0compute, and they\u00a0basically just\u00a0bought space on his deal.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">And to your point, not only were their users getting frustrated, but they were having to, like, turn off modules in their\u00a0mo- Like,\u00a0th- they were basically like, &#8220;This could be going three times faster, but we don&#8217;t have the compute, so we&#8217;re\u00a0going to\u00a0have to slow it down.&#8221; But now\u00a0they&#8217;re\u00a0going to\u00a0be able to\u00a0kind of&#8230;<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">It looks like they may win\u00a0the, the\u00a0ChatGPT Anthropic race because\u00a0they&#8217;ve\u00a0focused on the enterprise level, and they can go full throttle now.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">\u00a0Exactly.\u00a0So\u00a0if you think about it,\u00a0it&#8217;s\u00a0like these companies are demanding\u00a0compute, but to stand up a data center, unless\u00a0you&#8217;re\u00a0Elon, who can stand it up in, like, four months- And not everybody has an Elon Yeah, exactly.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Everybody else to stand that up is\u00a0going to\u00a0be a trillion dollars of\u00a0CapEx\u00a0over the next year.\u00a0So\u00a0setting aside\u00a0whether or not\u00a0we can\u00a0actually use\u00a0all that\u00a0compute, which there are different opinions on that, whether we can or not&#8217;s\u00a0it&#8217;s\u00a0more so where does\u00a0this trillion dollars\u00a0go?<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">So\u00a0Brad, you talked about it, right?\u00a0It&#8217;s\u00a0infrastructure,\u00a0it&#8217;s\u00a0energy,\u00a0it&#8217;s\u00a0manufacturing,\u00a0it&#8217;s\u00a0industrials,\u00a0it&#8217;s\u00a0raw materials,\u00a0it&#8217;s\u00a0all those things.\u00a0So\u00a0users, let me just give you a breakdown very quickly because this is essentially where all that\u00a0capital&#8217;s\u00a0flowing.\u00a0It&#8217;s\u00a0flowing off the balance sheets, off the free cash flow of these mega caps, and is going into these smaller companies.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">And when you look and you break down what makes up IWN, which is that small cap index, let me just break it down for you.\u00a012%\u00a0of&#8211; There&#8217;s a financial component, so 20%&#8217;s financials.\u00a0That&#8217;s\u00a0mostly regional banks.\u00a0Yeah, regional\u00a0banks.\u00a0Yeah.\u00a0Yeah, and\u00a0all of\u00a0our listeners know that. If\u00a0you&#8217;re\u00a0a local bank in town or whatever\u00a0else\u00a0it is.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">So, but the very next component, 13%, is industrials, machinery, construction, aerospace, transportation.\u00a010%&#8217;s real estate. We know that.\u00a010%&#8217;s healthcare. Energy&#8217;s 9%. Consumer discretionary, which is like retail, autos, consumer services, is another 9%. Materials, metals, mining, chemicals.\u00a0I&#8217;m\u00a0not\u00a0going to\u00a0keep going through this, Brad.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">The point is, is that\u00a0a lot of\u00a0that infrastructure of where the trillion dollars is going to flow over the next year are these companies-these small cap companies, right.\u00a0<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">It&#8217;s, easy to get\u00a0kind of\u00a0lost\u00a0in the sauce when you start throwing around a trillion, the number a trillion, but economic statistics are muddy, so, you\u00a0kind of\u00a0have\u00a0to just read them at, like,\u00a0a very high\u00a0level.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">But that trillion dollars you mentioned,\u00a0that&#8217;s\u00a0like a 2% or whatever bump\u00a0to\u00a0GDP. It does-\u00a0It&#8217;s\u00a0not just a trillion dollars, because that money goes to a company who then turns around and spends it. And\u00a0so\u00a0when you did the math last year, they estimate that all the money\u00a0being spent\u00a0by the\u00a0hyperscalers\u00a0on the data centers is a third of GDP last year.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">That&#8217;s\u00a0a big number. That means that $1 trillion, if you do a third of GDP, is\u00a0basically turns\u00a0into $8 trillion in our economy. So\u00a0that&#8217;s\u00a0why\u00a0it&#8217;s\u00a0massive, and\u00a0that&#8217;s\u00a0also why these companies that are spending that money\u00a0aren&#8217;t\u00a0getting rewarded\u00a0for it anymore because people are following the dollars, right?<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Right.\u00a0So\u00a0y- you see the real numbers, and Judson,\u00a0I&#8217;m\u00a0going to\u00a0kick this over to you for the numbers.\u00a0So\u00a0during\u00a0that six months, you went and\u00a0said basically, &#8220;Hey, what are these different things like infrastructure, materials, industrials, what is the performance of each of these?&#8221; Y&#8217;all listen to these numbers,\u00a0they&#8217;re\u00a0staggering, over the last six months.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Well,\u00a0let&#8217;s\u00a0go bottom up, okay? The lowest\u00a0performing\u00a0was transportation and\u00a0logistics\u00a0at 12.33%, followed right behind that at industrials at 12.59%. Then, a small 5%, or almost 50% more than that, is infrastructure at 17.68%, materials at 20.16%. Six months, guys. And then leading\u00a0everybody,\u00a0energy at 35%.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">35%, which, and\u00a0some of\u00a0that&#8217;s\u00a0going to\u00a0be Iran related, and we can talk about that, but like Judson, when you said those numbers, I was,\u00a0I was staggered by it, right? Because\u00a0you&#8217;re\u00a0just talking about crazy numbers over the last six months\u00a0while, again, the Russell 1000 growth is down 2%.\u00a0Yeah.\u00a0Yeah. It is this rotation that we have been talking about.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">And it, I\u00a0would,\u00a0argue\u00a0we&#8217;re\u00a0in the second inning of it, too. If you look at\u00a0the Russell\u00a02000 and the way I like to zoom out and look, historically, small caps are, like, 8% of the actual aggregate stock market.\u00a0It&#8217;d\u00a0gotten down to 2%.\u00a0So\u00a0if you mean revert,\u00a0you&#8217;re\u00a0going to\u00a0go up 3 or\u00a04X\u00a0from here.\u00a0That&#8217;s\u00a0why\u00a0we&#8217;ve\u00a0been talking about this for so long.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Well, and for our listener, when we are talking about this, and if we go back to, like, the example you&#8217;re using with Amazon and, and they&#8217;ve had to spend this much more on what they had planned on doing, and it&#8217;s likely only going to increase over the next year, when you think about the question of, oh, well maybe it&#8217;s just this brief pause for, like, this technology section, or the Mag-7, but if you think about pushing that conversation later, right?<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Now\u00a0we&#8217;re\u00a0talking about all this\u00a0spend, and the only way that that stock price stays the same or\u00a0maybe goes\u00a0up is if the top line increases only, thereby that much more.\u00a0Yeah,\u00a0yeah.\u00a0You&#8217;re\u00a0hitting on\u00a0the, the\u00a0key part here, and\u00a0we&#8217;ve\u00a0talked ab-\u00a0I think I\u00a0talked about this last year. If you look at secular growth rates for\u00a0the, just\u00a0let&#8217;s\u00a0talk about\u00a0the Mag-7.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">If you look at Google Microsoft, and Meta,\u00a0they&#8217;ve\u00a0been in structural decline for the better part of five years, going from mid-teens to, to mid-sing- to low single digits.\u00a0It&#8217;s\u00a0because of the size of the company. You\u00a0can&#8217;t\u00a0grow a trillion-dollar company at 20% a year.\u00a0There&#8217;s\u00a0just not enough dollars.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Like, it just\u00a0doesn&#8217;t\u00a0work like that. But\u00a0they&#8217;re\u00a0trading at multiples like\u00a0they&#8217;re\u00a0still growing 20%. And\u00a0so\u00a0then when you start spending all this money, and now your free cash flow is contracting, and\u00a0you&#8217;re\u00a0not having a, a return of profitability to match that,\u00a0it&#8217;s\u00a0going to\u00a0compress your multiple. And the money in the market, like the\u00a0very simple\u00a0thing is money tends to go where the growth is.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">You&#8217;ve\u00a0got these big companies, while\u00a0they&#8217;re\u00a0huge and\u00a0they&#8217;re\u00a0great and\u00a0they&#8217;re\u00a0not going away, trading at 20, 30, 40, 50 times earnings. You have a small cap company\u00a0that&#8217;s\u00a0growing earnings, 20%, 25%, trading at 11 times earnings.\u00a0Where&#8217;s\u00a0the money\u00a0going to\u00a0go?\u00a0It&#8217;s\u00a0naturally\u00a0going to\u00a0gravitate there over time,\u00a0That&#8217;s\u00a0just how markets always work. Well, and\u00a0it&#8217;s\u00a0hard to think about, but I mean, we\u00a0have to\u00a0understand that\u00a0really good\u00a0companies that are\u00a0going to\u00a0be around for a\u00a0really long\u00a0time can go through\u00a0long periods\u00a0where their stock price\u00a0doesn&#8217;t\u00a0feel\u00a0very good\u00a0in your portfolio.\u00a0Yeah. Bottom line.\u00a0Yeah.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Yeah. And- Great company, bad stock is,\u00a0that&#8217;s\u00a0always, like, a case.\u00a0There&#8217;s\u00a0always one of those.\u00a0Yeah. And you mentioned Cisco earlier\u00a0because it,\u00a0in 2001, Cisco, backbone\u00a0of the internet, like,\u00a0there&#8217;s\u00a0no way this thing\u00a0doesn&#8217;t\u00a0fly higher, and Cisco&#8217;s still around.\u00a0They&#8217;re\u00a0not bankrupt, but\u00a0it&#8217;s\u00a0returned 1.5% per year in 25 years.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">I mean,\u00a0it&#8217;s\u00a0been\u00a0a very bad\u00a0investment because&#8230; And\u00a0we&#8217;re\u00a0not saying in any way that, that these big mega cap companies are\u00a0going to\u00a0be that way. But\u00a0let&#8217;s\u00a0talk about, so, like, Cisco created the internet as is, and then the internet went, and the second and third and fourth order effects of where that capital flowed is, I think, the interesting story.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">So\u00a0let&#8217;s\u00a0talk about the second and third here.\u00a0So\u00a0all this\u00a0compute\u00a0gets generated\u00a0by AWS or, or Google or whoever else it is behind the scenes. All right, well, what is that doing? So, like, when we talk\u00a0about,\u00a0ERP solutions and, and what that looks like for a small cap company, Judson, I think\u00a0it&#8217;s\u00a0best to\u00a0probably just\u00a0use ours, right?<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">So, our team here internally is super\u00a0cutting edge\u00a0on what\u00a0they&#8217;re\u00a0doing, and we are using\u00a0a lot of\u00a0tools on Claude to do our own coding here, right? Where we are\u00a0actually using\u00a0natural\u00a0language, and\u00a0we&#8217;re\u00a0just saying, &#8220;Hey, we want this\u00a0for,\u00a0potential client benefits.&#8221; And I think that the implication of that is, is that we are\u00a0actually going\u00a0to improve as a company by using what is out there and\u00a0being generated\u00a0in\u00a0all of\u00a0that\u00a0compute\u00a0right?<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">So\u00a0you start to\u00a0see\u00a0very similar\u00a0to the internet story, where it created all these other profitability metrics in these companies. I think\u00a0that&#8217;s\u00a0the implication here, which is- Companies that are really\u00a0cutting edge\u00a0and are progressive are\u00a0going to\u00a0begin to use the technology to improve their bottom line, right?<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">And that that means that,\u00a0that&#8217;s\u00a0to your point about the second or third inning.\u00a0It&#8217;s\u00a0not even just the continued infrastructure that has to\u00a0get done,\u00a0it&#8217;s\u00a0the\u00a0impacts\u00a0on all those small companies out there that improve themselves because\u00a0they&#8217;re\u00a0now doing their own coding or whatever else it is.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Well, and I think that&#8217;s what when you say their own, what goes alongside of that is not only can we do this and make ourselves more efficient, make the experience for our customers better, but we can do so without going and supporting some other businesses at these huge contracts that we used to have to do to get a fraction of done of what we were, right?<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">So economically,\u00a0we&#8217;re\u00a0able to help our own business without going and supporting others, and that affects those other businesses.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Yeah, what\u00a0you&#8217;re\u00a0describing is efficiency gains. Correct. And\u00a0that&#8217;s\u00a0the first order effect of all this AI stuff, and I can see it. My wife&#8217;s the planner here, and- What?<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">She was showing me&#8230; but\u00a0that&#8217;s\u00a0for the listeners, not\u00a0you guys. She\u00a0was showing\u00a0me, when\u00a0she&#8217;s\u00a0doing\u00a0quarterly calls with her clients,\u00a0she&#8217;s\u00a0like, &#8220;This used to take me an hour. Watch this.&#8221; And it was like,\u00a0It\u00a0can pull up every email that anybody on her team has sent to that client and bullet point it for her in 10 minutes before she gets on the phone.\u00a0<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Well,\u00a0that&#8217;s\u00a0like 50 minutes of a day\u00a0that&#8217;s\u00a0now she can use to do something else, and, and\u00a0everybody&#8217;s\u00a0going to\u00a0be impacted\u00a0by that.\u00a0That&#8217;s\u00a0how you grow this economy so much. It seems like\u00a0it&#8217;s\u00a0this big, bloated thing and\u00a0we&#8217;re\u00a0mature, but the efficiency gains by every worker in the country are\u00a0going to\u00a0be\u00a0pretty powerful.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">But the problem is you\u00a0can&#8217;t\u00a0spend efficiency gains, right?\u00a0It&#8217;s\u00a0have\u00a0to\u00a0turn into profits at\u00a0some\u00a0point.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Yeah, and I think that,\u00a0that&#8217;s\u00a0like when\u00a0y&#8217;all, listeners, when\u00a0you&#8217;re\u00a0hearing, like, about this Anthropic IPO\u00a0that&#8217;s\u00a0coming this summer, could be, what, $2 trillion, Brad, at this point? I mean,\u00a0it&#8217;s\u00a0going to\u00a0be big.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Yeah. It&#8217;s,\u00a0it&#8217;s\u00a0going to\u00a0be\u00a0real\u00a0big. You can say whatever number you want at this point.\u00a0Yeah. You know?\u00a0<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">And for those that are wondering, like Claude, and if you hear the word Claude, like Claude AI is it&#8217;s named after Claude Shannon, who&#8217;s the pioneer of, the father of information theory, but that&#8217;s that ERP product that&#8217;s being used by everybody, and that&#8217;s what makes Anthropic so powerful.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">But the reality, again, as you hear about these things, now you start to understand like, oh, that makes sense how they can IPO at $1 or $2 trillion. Which\u00a0we&#8217;re\u00a0going to\u00a0talk about the IPO impacts on the markets here in\u00a0a few\u00a0minutes.\u00a0<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">But before we do that, Brad, I\u00a0want to\u00a0go back to, so like\u00a0let&#8217;s,\u00a0let&#8217;s\u00a0say this sector rotation continues, and\u00a0a lot of\u00a0this trillion dollars\u00a0does in fact impact the small and midcap indices.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Listeners, I think\u00a0it&#8217;s\u00a0important for you to hear.\u00a0I&#8217;m\u00a0going to\u00a0say this, and\u00a0I&#8217;m\u00a0going to\u00a0let Brad underpin it. The market cap of the S&amp;P is, like, $60 trillion. I mean,\u00a0it&#8217;s\u00a0massive, right?\u00a0It&#8217;s\u00a0huge.\u00a0<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">It&#8217;s\u00a0basically the\u00a0stock market at this point. Like, the, the overall stock market&#8217;s, like, $65 trillion, and\u00a0the S&amp;P&#8217;s $60 trillion of that.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Exactly.\u00a0It&#8217;s\u00a0crazy. Y&#8217;all, midcap, listen to this. Midcap is only about $3 trillion. Small cap, represented by the S&amp;P small cap\u00a0600, is only about $1.5 trillion. Yep. So just think for a second, if, of this $60 trillion, and there&#8217;s so many things, Judson, when we start talking about the IPOs that are coming too, because that&#8217;s\u00a0going to\u00a0absorb some of this capital as well, but if this trillion dollars moves from the 60 down to the small and midcap markets, you&#8217;re talking about a 25% to 50% increase immediately in revenues to those small companies.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Because those market caps are so small, right, Brad?\u00a0Yeah.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Like\u00a0I mentioned earlier, the small\u00a0cap&#8217;s\u00a0about 2% of the overall market.\u00a0It&#8217;s\u00a0normally 8%. So, you spend that whole trillion on just the small caps,\u00a0you&#8217;re\u00a0going to\u00a0double the small cap market, like, in a\u00a0year, basically.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">So\u00a0yeah\u00a0the amount of, like, upward leverage here is, is tremendous. And\u00a0most of\u00a0these\u00a0companies,\u00a0have\u00a0really good\u00a0margins and stuff,\u00a0so profitability metrics. Small caps already had built-in high teens year-over-year earnings growth this year, like, no matter what happened on spending.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">It&#8217;s\u00a0just a math equation. And now that you start layering this on,\u00a0it&#8217;s\u00a0g- I&#8217;ve,\u00a0I&#8217;ve\u00a0been watching the market lately.\u00a0There&#8217;s\u00a0stocks making crazy- Well, why\u00a0don&#8217;t\u00a0we- &#8230; bananas\u00a0moves.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Yeah, why\u00a0don&#8217;t\u00a0we just double-click on one of these holdings that one of our small\u00a0cap- &#8230; managers had in their portfolio. And we still own\u00a0some of\u00a0it.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">We had to trim\u00a0some of\u00a0it just because it got crazy, but you\u00a0want to\u00a0tell that story real\u00a0quick?\u00a0Because\u00a0it&#8217;s\u00a0been bananas this year. Am I allowed to say the name of the company?\u00a0Don&#8217;t\u00a0say the name. Okay. Just-\u00a0yeah.\u00a0The, there was a small cap,\u00a0let&#8217;s\u00a0just say this company makes something that goes into a data center, like one component.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">This manager started accumulating this stock last year at around $11. And it was about a 2% position, 2.5% position in their portfolio. At the beginning of\u00a0April, it was 17%\u00a0literally on\u00a0April 1st, and so\u00a0you&#8217;re\u00a0like, &#8220;Oh, wow, about\u00a0a 50%, 55% gain there already in a year.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">That&#8217;s\u00a0awesome.&#8221;\u00a0we\u00a0sold a bunch at 75% in the\u00a0in the third week of April.\u00a0It&#8217;s\u00a0over 80% now. But that 2% position in that portfolio had become an 8% position in four weeks.\u00a0So\u00a0we trimmed it down to 4%.\u00a0So\u00a0we still have double the amount in the portfolio that we did back then, and\u00a0we&#8217;ve\u00a0sold so\u00a0it&#8217;s\u00a0crazy.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">And\u00a0that&#8217;s\u00a0just one- company, like one small company.\u00a0A lot of\u00a0these companies are\u00a0shorted, so when that happens, you get short covering, and they just go, they go\u00a0astronomical. And\u00a0I&#8217;ve\u00a0seen big moves in\u00a0a lot of\u00a0companies that we own and\u00a0don&#8217;t\u00a0own recently that we just\u00a0haven&#8217;t\u00a0seen in a while.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">\u00a0So just\u00a0wondering, while\u00a0we&#8217;re\u00a0talking about this, because I think\u00a0it&#8217;s\u00a0so interesting for our clients to hear about how their managers operate in these situations.\u00a0So\u00a0this stock price\u00a0went bananas. It got up to this\u00a0price\u00a0and you said, &#8220;Okay, we need to trim this.&#8221; Was that a decision purely based off the percentage of the portfolio that it was now taking up?<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Yeah. Or was that also because it hit a certain metric where it said, &#8220;Hey, we said if this company gets to this level, we need to trim it&#8221;? Does that make sense?\u00a0Yeah, it, more regularly, it is a position size limit.\u00a0So\u00a0these managers will say, &#8220;Hey we can&#8217;t have anything in our portfolio over 8 to 10% of the portfolio.&#8221;<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">And\u00a0it&#8217;s\u00a0just\u00a0a good way\u00a0to operate diversification-wise. And\u00a0so\u00a0when they start seeing something get up there,\u00a0they&#8217;ll\u00a0naturally trim that down so it\u00a0doesn&#8217;t\u00a0become outsized on the portfolio. In this case, the valuation looks insane now.\u00a0Yeah.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">It&#8217;s, it, like, they&#8217;re, because they&#8217;re basically, they came out, had their conference call, and they said, &#8220;Orders were double what we were expecting, and we&#8217;re expecting a forward run rate of, like, 3X that,&#8221; and so the stock goes nuts.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Well, now based on where it is\u00a0it&#8217;s\u00a0really expensive, so they were like, &#8220;We need to take some off the table here.&#8221; But they\u00a0didn&#8217;t\u00a0want to\u00a0sell it all, obviously. It&#8217;s, it&#8217;s,\u00a0that&#8217;s\u00a0when\u00a0they&#8217;re\u00a0going to-<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Well,\u00a0it&#8217;s\u00a0interesting because, I mean, I think from our listeners&#8217; standpoint who\u00a0are invested\u00a0on\u00a0it,\u00a0it&#8217;s\u00a0an interesting\u00a0way how\u00a0not\u00a0only\u00a0the manager&#8217;s making you money but also protecting your portfolio going forward.\u00a0<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Yeah,\u00a0they&#8217;re\u00a0all very disciplined.\u00a0Yeah. You\u00a0have to\u00a0be or you can get yourself way over your skis\u00a0really easily.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">So\u00a0before we move into the international, and listeners,\u00a0we&#8217;re\u00a0going to\u00a0keep going here, so\u00a0it&#8217;s\u00a0just\u00a0really interesting\u00a0stuff. Before we move into\u00a0the,\u00a0kind of the\u00a0international scene and then also the fixed income scene, Brad, I think\u00a0it&#8217;s\u00a0&#8211; we would be remiss not to talk about the coming IPOs.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">And, and we\u00a0don&#8217;t, we really\u00a0don&#8217;t\u00a0know. I mean, SpaceX now, I\u00a0don&#8217;t\u00a0even know that, I mean, Bank of America said $2 billion, or excuse me, $2 trillion earlier this week after that, the announcement of Anthropic. I mean, I\u00a0don&#8217;t\u00a0even know. Just pick a number. It\u00a0doesn&#8217;t\u00a0really matter at this point. Because especially if you look at SpaceX now with\u00a0xAI, this relationship with Anthropic and the opportunities they have for space and, I mean, just the vertical integration and supply chain integration\u00a0that&#8217;s\u00a0happening there\u00a0is\u00a0bananas.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">It looks like\u00a0we&#8217;ve\u00a0got a\u00a0Terafab\u00a0coming now to create chips. I mean,\u00a0it&#8217;s\u00a0&#8211; if you put all this together,\u00a0it&#8217;s\u00a0like you\u00a0can&#8217;t\u00a0pick a number for\u00a0most of\u00a0these companies that\u00a0doesn&#8217;t\u00a0make sense\u00a0for\u00a0some\u00a0people. But I think the implications of,\u00a0we&#8217;ll\u00a0just take the big three, which would be SpaceX, Anthropic, and OpenAI, who are all going to,\u00a0in all likelihood, IPO this year.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">You&#8217;re\u00a0talking about at least five, I mean,\u00a0we&#8217;re\u00a0talking\u00a0about\u00a0probably 10%\u00a0of the market cap current market cap-\u00a0Yeah\u00a0&#8230; is easily coming in with these new companies They&#8217;re all\u00a0going to\u00a0IPO and be a top\u00a010\u00a0company market cap wise, like, on the first day. Right.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">What are the implications for the rest of the index, right?<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Because that capital flow\u00a0that&#8217;s\u00a0coming from 401ks and things like\u00a0that&#8217;s\u00a0going to\u00a0naturally move toward those three names as\u00a0they\u00a0IPO.\u00a0Yeah.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">I&#8217;ve\u00a0been trying to wrap my head around that, because typically when you IPO a business, you get all these investors to invest in it and\u00a0that&#8217;s\u00a0what the IPO price is and all this stuff.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">And but\u00a0when you start throwing around numbers these big, to your point,\u00a0it&#8217;s\u00a010% of the market.\u00a0It&#8217;s\u00a0like, where is the money\u00a0going to\u00a0come from?\u00a0It&#8217;s\u00a0not\u00a0going to\u00a0be Grandma and Grandpa&#8217;s IRA, right?\u00a0That&#8217;s\u00a0just not how this is\u00a0going to\u00a0work. And\u00a0so\u00a0I think the only natural place\u00a0it&#8217;s\u00a0going to\u00a0come from is\u00a0the Nasdaq.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">You&#8217;re\u00a0going to\u00a0have to reshuffle the kind of weighting of that index, and that\u00a0capital&#8217;s\u00a0going to\u00a0have to flow out of\u00a0some of\u00a0these more legacy names that\u00a0it&#8217;s\u00a0been in to fund these new IPOs.\u00a0So\u00a0I think people\u00a0naturally think, &#8220;oh,\u00a0the Nasdaq\u00a0is\u00a0going to\u00a0get $10 trillion bigger day one if these all come out.&#8221;<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">No,\u00a0it&#8217;s\u00a0going to\u00a0stay\u00a0probably the\u00a0same weight, and\u00a0it&#8217;s\u00a0just going to shift all that capital.\u00a0So\u00a0you&#8217;re\u00a0going to\u00a0see\u00a0multiples\u00a0compressed. I think\u00a0a lot of\u00a0that&#8217;s\u00a0going to\u00a0come from software stocks.\u00a0You&#8217;re\u00a0going to\u00a0see\u00a0a lot of\u00a0kind of these\u00a0legacy businesses that have enjoyed\u00a030\u00a0times multiples that\u00a0aren&#8217;t\u00a0growing that way.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Those multiples are\u00a0going to\u00a0shrink\u00a0because you\u00a0have to\u00a0make room for the big boys.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">So\u00a0money&#8217;s\u00a0not\u00a0going to\u00a0flow out of the small cap market and go into S- SpaceX, right?\u00a0So\u00a0when you, when you think about that, like, and again, I know\u00a0I&#8217;m\u00a0not asking you to project or, whatever, but, like, what kind of percentage swing could that make on something like the Nasdaq? Just the new IPO. Does that make sense? If it really does have to come out of that.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Yeah, I\u00a0don&#8217;t\u00a0think it really goes up much.\u00a0Yeah. I think the, those individual stocks go up, but\u00a0I think the other ones\u00a0go down. Right. Exactly.\u00a0Yeah.\u00a0So\u00a0I&#8217;d, I think, net, net,\u00a0you&#8217;re\u00a0probably treading\u00a0water would be my guess.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Also\u00a0because\u00a0these &#8211; you know, SpaceX, if it comes out at a $2 trillion valuation, that&#8217;s, like,\u00a0800\u00a0times earnings. Like,\u00a0it&#8217;s&#8230;\u00a0you&#8217;re\u00a0not buying SpaceX based on its price to earnings multiple.\u00a0You&#8217;re\u00a0buying it\u00a0because of Elon and what he might do with it, and, and\u00a0maybe we\u00a0do go to Mars or whatever science fiction stuff we can start talking about there.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">But ,\u00a0I mean, you\u00a0can&#8217;t\u00a0create that amount of capital out of thin air.\u00a0It&#8217;s\u00a0not just\u00a0going to\u00a0come from, from nowhere.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Couldn&#8217;t that, in theory, cause managers to start thinking about trimming back on\u00a0some of\u00a0those other stocks? Yeah, I think\u00a0we&#8217;re\u00a0seeing it. I mean, and,\u00a0yeah, so perpetuating\u00a0what&#8217;s\u00a0already happening\u00a0almost in\u00a0a way.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">\u00a0Even our large cap guys are doing that.\u00a0Yeah. Right?\u00a0Yeah.\u00a0They&#8217;re\u00a0trimming\u00a0a lot of\u00a0those positions because of that. I mean, it&#8217;s, again,\u00a0it&#8217;s\u00a0this sort of like- nobody really knows, but the logic tells us\u00a0something&#8217;s\u00a0have to\u00a0change from where it currently is.\u00a0<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Yeah, and this is just the natural order of things. Anytime you get a transformational technology,\u00a0there&#8217;s\u00a0been like four, right?\u00a0There&#8217;s\u00a0been like the railroads, and then fast-forward to the internet, and now you got AI. There&#8217;s this book called &#8220;Engines That Move Markets,&#8221; and like every time you introduce one of these, you have a huge rush, everything gets priced really high, and then you have some sort of market event where it craters, and then out of the dust comes the new transformer.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">And if you read that book,\u00a0it&#8217;s\u00a0like a textbook,\u00a0don&#8217;t\u00a0take it to the beach or anything, but if you read the book,\u00a0they&#8217;re\u00a0saying about the railroads what\u00a0they&#8217;re\u00a0saying about AI now, like\u00a0100\u00a0years ago.\u00a0They&#8217;re\u00a0saying, &#8220;Well, it&#8217;s\u00a0going to\u00a0take all our jobs.\u00a0Who&#8217;s\u00a0going to\u00a0move this lumber?&#8221; But think about all the jobs that\u00a0were created\u00a0because of the railroad system.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">You&#8217;re\u00a0saying, you said the same thing about the internet.\u00a0There&#8217;s\u00a0not\u00a0going to\u00a0be any stores anymore. And now look, and like\u00a0they&#8217;re\u00a0saying the same thing about AI.\u00a0It&#8217;s\u00a0probably\u00a0going\u00a0to\u00a0be the same thing rerun, and you just have this period of excess and then by the time those, that cycle completes itself,\u00a0generally the\u00a0technology&#8217;s here,\u00a0And\u00a0that just seems to be\u00a0what&#8217;s\u00a0happening again.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Okay. Incredible conversation, guys. But listeners, we told you we might go a little bit long.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">We\u00a0haven&#8217;t\u00a0even touched\u00a0what&#8217;s\u00a0going on in the Middle East. We\u00a0haven&#8217;t\u00a0touched the bond market.\u00a0So\u00a0we&#8217;re\u00a0going to\u00a0hang up, listeners, but before we do,\u00a0I&#8217;m\u00a0going to\u00a0tease our next episode.\u00a0<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">In the last year, the international markets are up 31%.\u00a0So\u00a0we\u00a0definitely have\u00a0to cover that.\u00a0So\u00a0we&#8217;re\u00a0going to\u00a0do that.\u00a0We&#8217;re\u00a0going to\u00a0do the bond markets.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">We&#8217;re\u00a0going to\u00a0do all\u00a0things\u00a0Middle East when we come back with Brad. Come join us again.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">And the best way to keep up with us is to subscribe to this podcast. That way you never have to miss an episode, and you can go back and listen to all the others. If\u00a0you&#8217;re\u00a0enjoying us so far, leave us a review. If you have a question, comment, or suggestion for a future episode, drop us a line at cainwatters.com\/wealth.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">We really do answer these. And if you\u00a0want to\u00a0learn more about what we do when\u00a0we&#8217;re\u00a0not recording these episodes, visit cainwatters.com to see how\u00a0we&#8217;re\u00a0helping our over 3,500 clients reach their long-term financial\u00a0goals\u00a0<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-1242\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"3\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-1242\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> Timestamps <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-chevron-up\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M240.971 130.524l194.343 194.343c9.373 9.373 9.373 24.569 0 33.941l-22.667 22.667c-9.357 9.357-24.522 9.375-33.901.04L224 227.495 69.255 381.516c-9.379 9.335-24.544 9.317-33.901-.04l-22.667-22.667c-9.373-9.373-9.373-24.569 0-33.941L207.03 130.525c9.372-9.373 24.568-9.373 33.941-.001z\"><\/path><\/svg><\/span>\n\t\t\t<span class='e-closed'><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-chevron-down\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M207.029 381.476L12.686 187.132c-9.373-9.373-9.373-24.569 0-33.941l22.667-22.667c9.357-9.357 24.522-9.375 33.901-.04L224 284.505l154.745-154.021c9.379-9.335 24.544-9.317 33.901.04l22.667 22.667c9.373 9.373 9.373 24.569 0 33.941L240.971 381.476c-9.373 9.372-24.569 9.372-33.942 0z\"><\/path><\/svg><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div class=\"has_ae_slider elementor-element elementor-element-ce7c5ff e-con-full e-flex ae-bg-gallery-type-default e-con e-child\" role=\"region\" aria-labelledby=\"e-n-accordion-item-1242\" data-id=\"ce7c5ff\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-9c8da11 elementor-widget elementor-widget-text-editor\" data-id=\"9c8da11\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><b><span data-contrast=\"none\">01:24<\/span><\/b><span data-contrast=\"none\">\u00a0&#8211; Rotation Stats and Mega Cap Earnings<\/span><span data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"none\">03:38<\/span><\/b><span data-contrast=\"none\">\u00a0&#8211; AI\u00a0CapEx\u00a0and Cash Flow Crunch<\/span><span data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"none\">06:11<\/span><\/b><span data-contrast=\"none\">\u00a0&#8211; Why Compute Demand Exploded<\/span><span data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"none\">07:56<\/span><\/b><span data-contrast=\"none\">\u00a0&#8211; Where the Trillion Flows<\/span><span data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"none\">09:54<\/span><\/b><span data-contrast=\"none\">\u00a0&#8211; Performance Proof and Mean Reversion<\/span><span data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"none\">11:22<\/span><\/b><span data-contrast=\"none\">\u00a0&#8211; Mag-7 Valuations and Cisco Lesson<\/span><span data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"none\">13:57<\/span><\/b><span data-contrast=\"none\">\u00a0&#8211; AI Efficiency Gains in Business<\/span><span data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"none\">21:18<\/span><\/b><span data-contrast=\"none\">\u00a0&#8211; Coming Mega IPO Wave<\/span><span data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"none\">24:47<\/span><\/b><span data-contrast=\"none\">\u00a0&#8211; Tech Cycles<\/span><span data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1}\">\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"has_ae_slider elementor-section elementor-top-section elementor-element elementor-element-30c974f5 elementor-section-boxed elementor-section-height-default elementor-section-height-default ae-bg-gallery-type-default\" data-id=\"30c974f5\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-no\">\n\t\t\t\t\t<div class=\"has_ae_slider elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-717e3ea2 blue-box ae-bg-gallery-type-default\" data-id=\"717e3ea2\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-433e7686 elementor-widget elementor-widget-text-editor\" data-id=\"433e7686\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Have questions or ideas for Hunter and Judson? Reach out at\u00a0<a style=\"background-color: #00295b;\" href=\"https:\/\/www.cainwatters.com\/wealthpodcast\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: bold; line-height: inherit;\"><span style=\"text-decoration-line: underline; color: #33cccc;\">cainwatters.com\/wealth<\/span><\/span><\/a>. Don\u2019t miss an episode, subscribe and leave the guys a review on Apple Podcast, Spotify, or wherever you listen.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>The guys explore the evolving investment market landscape. Joined by financial strategist Brad Sanders from Tectonic Advisors, they delve into market trends, sector rotations, and the implications of recent corporate activities. From infrastructure investment to AI advancements, this discussion offers timely insights for investors looking to navigate the financial waters of tomorrow. <\/p>\n","protected":false},"author":50,"featured_media":12664,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[44,41],"tags":[],"ppma_author":[60],"class_list":["post-12663","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-wealth-podcast","category-featured"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Small Caps, Big Gains - Ep. 286<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.cainwatters.com\/digitalblogs\/wealth-podcast-ep-286\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Small Caps, Big Gains - Ep. 286\" \/>\n<meta property=\"og:description\" content=\"The guys explore the evolving investment market landscape. Joined by financial strategist Brad Sanders from Tectonic Advisors, they delve into market trends, sector rotations, and the implications of recent corporate activities. 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