Spencer Jakab

speaker

229 appearances 3 recordings 1 series first heard Aug 2025 last heard 10 Sep

Spencer Jakab’s voice in public audio — every appearance, attributed to the second.

Trend

recordings per month · last 12 months

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

Appearances

newest first · ▶ plays the moment

WSJ What’s News · The Buried $150 Billion Bet Inside the Top 20 U.S. Stocks · 2 Aug 2026 podcast

Because it is – first of all, it's not cash. matched

It's just a paper gain. matched

Yeah. matched

And then people do tend to extrapolate. matched

Exactly. matched

Right. matched

But if you look at the S&P 500, not to be alarmist, but if you look at the earnings growth this year is off the charts including or not including that, but especially including that for an expansion. matched

I mean it's the kind of growth that you typically would see coming out of a recession, coming out of a crisis, coming out of – matched

Maybe not COVID. matched

COVID was like totally supercharged. matched

But I mean you tend to see rapid earnings growth like that after something bad has happened. matched

Nothing other than Liberation Day, which was just a blip. matched

Nothing bad happened. matched

Nothing cratered the earnings. matched

We're not coming out of a recession. matched

Not at all. matched

And so corporate profit margins in the S&P 500 with or without that are very high. matched

They're at or near a record. matched

But if you look at – matched

You take the bottom-up forecast. matched

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