About this episode

The episode explores why stocks continue to rise despite various macroeconomic risks through discussions with several market experts.

This episode of Last Call breaks down one of the most confusing market environments in recent memory: why stocks continue to rise despite war, oil shocks, and growing macro risks. Through conversations with Jim Paulsen, Ben Hunt, Kevin Muir, and Brent Kochuba, we explore the tension between strong earnings, hidden risks in private credit and global growth, and the powerful role of flows and positioning in driving markets higher. Follow Last Call on Spotify⁠⁠⁠⁠ ⁠⁠⁠⁠Follow Last Call on Apple Podcasts⁠ Topics Covered Why markets are ignoring war, oil shocks, and geopolitical risk The “supernova” risk in private credit and why it hasn’t hit markets yet How supply-driven inflation differs from 1970s-style demand inflation Why pessimistic sentiment may actually be supporting markets The role of earnings growth and valuation resets in fueling the rally Bull vs bear case for markets based on macro, earnings, and positioning Why free cash flow trends may be more concerning than earnings How options flows and dealer positioning are suppressing volatility The AI capex boom and its impact on market leadership and breadth The growing divide between Mag 7 earnings and the rest of the market…

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