In JPMorgan’s , “Guide to the Market” presentation last Monday, July 1 ’24, Dr. David Kelly, JPMorgan’s Chief Global Strategist, started off the call with the remark that, ultimately, “all systems break down”. David was quoting or paraphrasing one of the JPMorgan analysts, who had an engineering background by education, with the analyst using the word “entropy” in one of her missives.
The other aspect of this not always well understood is that in every bull market, there is a ” generational difference” around investing. My first analyst job at a mutual fund firm was from 1992 to 1995, and the first day I started, I saw a terminal device on my desk, after I had been working with PCs and spreadsheet software for several years already.
Ed Yardeni, one of the Wall Street greats, throws a wet blanket on some of the AI hype this weekend with this article released on LinkedIn on July 2nd, 2024. Ed raises a good point about the semiconductor cycle i.e. it’s still a cycle, and also questions some of Jensen Huang’s and Sam Altman’s prognostications.
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