Tom Michaud

speaker

480 appearances 1 recordings 1 series first heard Jun 2026 last heard 3 Jun

Tom Michaud’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 — 1 in all, peaking in Jun 2026 with 1.

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The Master Investor Podcast with Wilfred Frost · “We’ve Seen the End of Times”: Tom Michaud on Market Extremes, IPO Red Flags, and 9/11 · 3 Jun 2026 podcast

It could be 10 basis points higher.

And you can't look at a quarter because you really kind of got to look at a year.

But if it's 26 basis points, 35 basis points, I think all is still okay.

And we've got the metrics of prior global financial crisis activity, but we don't see anything like that.

And in the US, you've got all this regulatory data and delinquency data, which are early warning systems.

They all show fine right now.

And then you've got the MasterCard and Visa data.

And you've got other credit card securitization trusts that report a lot of data monthly.

And I'm telling you, we watch these reports carefully.

And the consumer with $100 oil continues to hang in there.

I mean, I was more concerned than things played out when I saw $100 oil.

I don't think we can keep doing this for a long time, but if things pivot soon, it looks like we could avert a crisis.

Well, first of all, the IPO market this year has been exceptional.

It already has been running at a stronger rate than 2021.

And IPO performance has been very good out of the gate.

There is lots of incentive for these IPOs to go well because the backlog is so deep.

uh we've got this unusual phenomena that the private equity industry really has stood up in the last seven years there's a lot of demand to get liquidity for private equity companies um so so there's a lot of demand to issue and there's so there's a lot of demand to price it so these and these uh these offerings work well not to not to say everyone will but but there is a lot of incentive to have an orderly system for this issuance

What I see happening is that there's tremendous demand.

And also what I see happening more so than ever in my career is the demand to be in the US market.

There are a lot of things that have changed, which is this passive investing mechanism.

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