Animal Spirits Podcast

Talk Your Book: What's Working in the Stock Market?

20 snips
Mar 9, 2026
Chris Galipeau, investment strategist at Franklin Templeton known for market research and newsletters. He discusses a broadening market leadership beyond tech. Topics include why earnings breadth is widening, software and AI repricing risks, how to separate durable software names from hype, and the case for international equities and potential catalysts for rotation.
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INSIGHT

Broadening Market Leadership Beyond Mega Caps

  • The market has broadened beyond a handful of mega-cap tech names this year.
  • Equal-weight S&P is up about 6% year-to-date and 68% of S&P stocks are positive, showing rotation into previously neglected sectors.
INSIGHT

Mega Caps Rose With Earnings Not Just Mania

  • The MAG-7's outsized returns matched outsized earnings growth, not pure speculation.
  • From 2020–2025 MAG-7 EPS rose ~750% and their stock gains roughly matched that, while S&P without them saw only ~32% EPS growth.
INSIGHT

Market Repricing Happens Much Faster Today

  • Market moves now occur far faster than in past decades, compressing what used to take years into weeks.
  • Bids get hit, offers get swept, and entire sectors can reprice in days, increasing stress on investors.
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