00:00Julian Emanuel of Evercore writing,
00:01Macro disturbances are creating more stock market volatility,
00:04but a capital market cycle only beginning to accelerate
00:07means the bull market has further to run.
00:10Julian joins us now for more.
00:11Julian, good morning.
00:11Good morning.
00:12You published just moments ago.
00:13You called it Groundhog Day, all noise, no signal.
00:16Is that the last 24 hours or the last month?
00:18I think it goes back to January 20th of last year, doesn't it, really?
00:23It is an environment where we are in a state of unprecedented flux
00:30and change, geopolitical makeovers.
00:34But the abiding concept, when you look as an equity investor,
00:40is that earnings are really going strong.
00:44I mean, fourth quarter is set to look at maybe 14% earnings growth,
00:50really extraordinary.
00:51And it sets the table for a very good 2026.
00:56It's a very, very volatile backdrop at the moment, though.
00:58Take South Korea.
00:59South Korea down 5% Monday, up 6%, 7% on Tuesday.
01:04What does copper, gold and South Korean equities have in common right now?
01:07It's the momentum concept.
01:09It's the speculation concept.
01:12And what's interesting is the bifurcation in the technology sector.
01:18So Korea is doing what it's doing
01:20because you've got two heavyweight stocks that are chip makers
01:24that are, you know, really have been powered forward.
01:28Whereas software, on the other hand, is in the doghouse like, you know,
01:33nobody's business at all.
01:34And at the end of the day, the sum total in our mind
01:38is that people are cautious with regard to technology.
01:41And think about that, that's actually the kind of wall of worry
01:45that keeps markets moving forward.
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