Evan Junick

speaker

116 appearances 1 recordings 1 series first heard Jul 2026 last heard 30 Jul

Evan Junick’s voice in public audio — every appearance, attributed to the second.

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Recordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.

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Making Sense · Deals and discipline: What’s driving markets at mid-year? · 30 Jul 2026 podcast

And certainly, the resiliency of markets help people feel a lot more confident about doing so, when you don't feel like every day you're going to completely change the market backdrop.

But I do think one lesson for a lot of the clients, and it's going to tie into where the capital markets are today relative to where it's been for the last six months, is that resiliency shouldn't be mistaken for a lack of risk.

And there's still very much risk out there.

And I think when we look at the magnitude of capital that's been raised in the market, what you see out there is companies de-risking themselves proactively in the massive magnitude of capital that's being raised over time.

Yeah, it's very interesting.

One of the bits of analysis we did for the CFA mid-year piece was to look at how companies are talking about the return on investment of their capital programs.

This is an indicator, arguably, of how much focus they believe investors have on the productive use of that investment capital.

We used return on invested capital, or ROIC, as a proxy for that.

We looked at how companies are talking about return on invested capital.

As you zoom out and you look at the broader market, we haven't seen a major shift in that trend.

But if you focus just on, say, the 30 most AI-exposed companies in the market,

Those companies increased references to return on invested capital by about five times in the first quarter of this year.

So massive increase in their willingness or ability or desire to talk about returns for exactly the reasons we believe you're referencing, which is the market is getting a little bit more sensitive to understanding, okay,

We understand the need for this investment.

We understand the growth potential.

And the data also shows we're in the midst of arguably the greatest earnings growth cycle we've seen in the last generation.

So it is manifesting in real earnings growth at the bottom line that the market is willing to give credit for.

But you still need to focus on that discipline of generating true returns in the investment dollars that you're spending.

There are definitely limits to resiliency of all forms.

So let's shift gears a little bit.

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