00:00Julian Emanuel of Evercore suggesting the bull market has room to run writing the SpaceX IPO is not an end
00:06point like the AOL Time Warner merger in Y2K.
00:09It's a data point on the way to higher prices. Julian joins us now for more. Julian, good morning. Good
00:14morning.
00:14It's hard for people to internalize given the move we've seen off the low that maybe the FOMO and the
00:20melt up is ahead of us and not behind us.
00:22Do you think it's ahead of us? It has begun.
00:25But actually, if you look at the last five days and the sort of buttoning up of sentiment and the
00:32caution that we've seen, again, in these last five days, I would say that the true FOMO, the wild-eyed
00:40buy at any cost, whatever it is, I'll take it, is still potentially ahead of us.
00:47But if you think about it, though, the market is really digesting all of this pretty well.
00:51Think about the headlines that we're dealing with this morning.
00:55We had strikes overnight. We've got the, you know, the premier AI company talking about price wars.
01:03We've got, you know, the marquee software company that is dealing with, you know, CapEx issues, all of that negative.
01:13And yet the stock market is incredibly resilient in front of really a landmark moment.
01:18Well, let's sit on the third point, the signs of fragility, the pushback to Oracle, the pushback to Supermicro, the
01:23pushback to Meta.
01:24That's adding up, is it not?
01:27Look, and I think we've said this in the past.
01:30It's become a market where it's not actually even billions anymore.
01:34It's trillions that we're talking about.
01:37And, yeah, $85 billion here, $75 billion there.
01:42It really does add up.
01:43But it also speaks to the incredible liquidity conditions that we're seeing.
01:49And, in fact, and part of the reason that despite the geopolitical disturbances of the last several months,
01:56is that the economy came into this incredibly resilient.
01:59And what did we find out last Friday?
02:02The labor market is a lot stronger than we could have ever imagined it would be.
02:05The labor market is a lot stronger than we could have ever imagined it would be.
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