About this episode

Mike Green discusses the implications of passive investing and market dynamics amidst geopolitical tensions and economic shifts.

Mike Green returns to On The Tape discuss why U.S. equities hit record highs despite the Iran war and oil spike, arguing systematic 401(k) and volatility/trend strategies drove historic inflows and that markets had largely priced in fear via VIX, correlation, skew, and heavy hedging that later unwound. He critiques Nasdaq’s new low-float multiplier rules as boosting demand for IPOs like SpaceX/OpenAI and warns S&P’s proposal to waive profitability requirements could turn the index into a private-equity exit vehicle and alter its historical quality bias. Green views the Fed as mostly narrative-driven except during major rate shifts, faults data-dependence, and says inflation swaps don’t show a breakout, while high rates act as a fiscal transfer that reinforces a K-shaped economy. He explains passive bond indexing can underweight long-duration Treasuries, potentially motivating buybacks/yield-curve-control-like actions. The conversation also covers AI capex, emerging AI-driven job restructuring favoring older workers, and Bitcoin’s ETF-driven financialization and limited utility. Show Notes Checkout Mike's Substack: https://www.yesigiveafig.com/ Follow On The Tape on YouTube…

People in this episode

Host: On The Tape

Guest: Mike Green

Topics covered

• passive investing
• U.S. equities
• market dynamics
• inflation
• AI impact
• financialization

Keywords

• passive investing
• U.S. equities
• Nasdaq rules
• inflation swaps
• AI capex
• Bitcoin ETF

Mentioned in this episode

Organizations: Nasdaq, SpaceX, OpenAI, S&P, Fed

Products: Bitcoin

Books & works: On The Tape

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