A popular narrative is that stocks are caught in an AI bubble. The S&P’s price-to-book ratio now sits above its dot-com bubble peak. The Buffett Indicator (market capitalization relative to GDP) is at record highs. And credit spreads are near their tightest levels in history. We heard similar arguments back in February. However, the reason we crashed then was not "bubbly valuations", it was Trump being a d*ck. But Trump pivoted in April. He's still protectionist, but he toned down his rhetoric dramatically. He also shifted focus from cost cutting and lower debt to higher economic growth. He wants to run the economy hot. And what the bears miss is that earnings are surging. This isn’t a bubble, at least not yet, but a generational gold rush, soon to be followed by a robotics gold rush. Don't compare this market with the Dot-com bubble.(Alex Krüger)