Bullish:

• 🟢 $SPX - Positive outlook on the S&P 500 based on growth, interest rates, and market inelasticity.
  • “When growth is positive, it's difficult for the market to move into a bear market... The likelihood of a persistent bear market where we're going down 20% or, you know, something like that is just so unlikely.” - Capital (0:00)
  • “The main thing that's going to determine interest rates here is about the aggressiveness we've seen in, you know, how it's pricing those stands of the fed... Overall, big picture, I would say, we're in a regime of Goldilocks where inflation is falling. Growth is still positive.” - Capital (0:00)
  • “If you just look at where we're at with the level of growth, for it to deteriorate to justify that level of the S and P, we would need to almost have some type of external shock that just drags growth down, and we weren't seeing that.” - Capital (0:00)
  • “The overall market has greater, you know, inelasticity, which means that price can get just so much higher.” - Capital (0:00)
  • “The main way that the value of that asset is gonna change is through the discount rate, which is how am I discounting these future cash flows... Anytime I come into markets, I'm saying, how is the market pricing that duration risk and that credit risk?” - Capital (0:00)
  • “If you look at the period of time in 2000 when you had that huge rally in, you know, the late nineties up to 2,000, that took place as earnings expectations and valuations rose... I still think that's completely possible here.” - Capital (0:00)
  • “If you think about what has caused the bear steepener over the past couple years, it's primarily been the whole QRA supply thing... But at the end of the day, if you just look historically, like, the bear steepener is very overall, like, you know, especially driven by supply, like, difficult to take place for a long period of time.” - Capital (0:00)🔒
• 🟢 $BTC - 🔒

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