About this episode

Cameron Dawson discusses market resilience and underlying issues affecting earnings quality and credit markets.

Danny Moses welcomes back Cameron Dawson, Chief Investment Officer at NewEdge Wealth, for a deep dive into what's really holding this market together — and where the cracks are starting to show. Cameron explains why the S&P has held its 50-day moving average through war, higher oil, and a more hawkish Fed, and why that resilience comes down almost entirely to earnings. But she digs into a more troubling story underneath the Mag 7's earnings growth: deteriorating earnings quality, accounting maneuvers (reclassified leases, extended payables, one-time investment gains from stakes in companies like Anthropic and SpaceX), and a multiple that's compressed from 23x to 19x as a result. They cover the credit market's early warning signs in CCC-rated bonds, the "crowding out" effect as hyperscalers shift from self-funded to debt-and-equity-funded AI capex, why voters aren't punishing politicians for record deficits (yet), the stock market's growing role as the economy's real pressure point, and positioning in bonds, the dollar, and gold heading into next week's Fed and Bank of Japan decisions. -- ABOUT THE SHOW For decades, Danny has seen it all on Wall Street and has built his…

People in this episode

Host: Danny Moses

Guest: Cameron Dawson

Topics covered

• market analysis
• earnings quality
• credit market
• AI investment
• economic pressure points
• Fed decisions

Keywords

• S&P 50-day moving average
• earnings growth
• accounting maneuvers
• CCC-rated bonds
• debt-and-equity-funded AI
• record deficits
• bonds
• dollar
• gold

Mentioned in this episode

Organizations: NewEdge Wealth, Anthropic, SpaceX, Fed, Bank of Japan

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