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 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

We do recommend the stock and we agree.

So the financial services sector is currently the second largest sector in the world, and it's the second largest sector in the United States.

And while technology, let's just say, is 36% of the index today, which is remarkable, it probably goes to 38% when we're done with this year's IPOs.

So this is a giant sort of taking the oxygen out of the room moment, like something like I've never seen in my career before.

And so just so much attention is on tech and AI at the moment and investment spending there.

But financial services is number two.

Let's say it's around 14%-ish just as a total, and that makes it number two with healthcare nearby, let's say, as a third player in the United States.

Now, when you look at the pie of what financial services is, it's kind of exciting because it's an enormous collision.

So when I started my career, banks were more than half of it.

Today, banks are a quarter of it.

So when you look at what's that 12%, it's the banking industry is the largest, and then the next area, actually not the second largest, but another defined sector is insurance.

And then the third is the FinTech sort of everything else category.

And that's where MasterCard and Visa sits.

That's where Robinhood sits.

That's where Coinbase sits.

And these are companies, some of them, at least Coinbase and Robinhood that 20 years ago didn't exist.

So when you look at these new ads into financial services, it's these non-banks, these non-bank competitors.

Now, some of them.

like PayPal are trying to become banks, they filed applications.

So I think that's a good thing that this administration's allowing, because it means the banking regulation will now cover PayPal and Venmo, but that is the mix.

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