Asks if clients should lean into record market, introduces Richard Saperstein of Treasury Partners.
Scott
Richard Saperstein
Affirms bullish stance: in a CAPEX supercycle with $350B tax cuts, accommodative Fed, tremendous landscape for owning common stocks.
Notes guest's past focus on mega-caps/AI plays, points out current market rally broadening beyond tech.
Scott
Richard Saperstein
Portfolio is concentrated (~20 stocks), includes banks/financials and recently added drug stocks.
Richard Saperstein
Justifies overweight large-cap tech: earnings up 270% vs 49% for rest of market over 5 years; highlights $550B operating cash flow from three hyperscalers.
Acknowledges mega-cap earnings power but notes catch-up in other sectors can be dramatic, explaining current market makeup.
Scott
Richard Saperstein
Names potential value opportunities (Procter & Gamble, Live Nation, certain drug stocks) but reiterates focus on following growth within the supercycle.