Joshua Roberts

speaker

171 appearances 2 recordings 1 series first heard Jun 2026 last heard 27 Jul

Joshua Roberts’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 2 in all, peaking in Jul 2026 with 1.

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The Intelligence from The Economist · Focused group: Ukraine is now Europe’s war · 3 Jun 2026 podcast

And that in turn rests on SpaceX's trajectory many years into the future.

If you think that this company actually is going to launch data centers into space, sell huge amounts of compute to Earth, maybe find a way to monetize taking people to Mars.

If you basically think this company is going to take over the solar system, yeah, maybe you should pay this multiple for it and you can earn returns.

I might have a bit more of a sober assessment of its prospects than that though.

I think it is a bit of a shift in how markets are working, because for years we've seen the big tech firms operating with very little capital and throwing off large amounts of cash, which they've essentially given back to investors by buying back their shares.

Now what we're seeing, not just with these IPOs, but with the tech giants issuing lots more bonds than they used to, issuing lots more follow on shares than they used to, rather than returning.

cash to investors, they're sucking more of it up.

So that means investors in turn have less cash to plow into the stock market and push prices up.

So I think we're seeing some of the capital flows that once helped buoy stock markets reverse and we should be nervous that that should send stock markets down.

Josh, thanks very much as ever for your time.

Thanks, Jason.

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