A Market Meltdown… or a Market Rotation?

In this Super Bowl Sunday episode, Michael and Stephen break down a volatile week in the markets that felt far worse than the major indices suggested. While mega-cap tech, software, and crypto saw sharp swings, the broader market quietly showed signs of strength, with value stocks and equal-weight indices hitting new highs.

Michael shares insights from a week of client meetings on the road and explains why the recent turbulence looks more like a healthy rotation than the start of a broader downturn. The conversation explores the shift away from crowded momentum trades and toward cyclical sectors, improving earnings trends in small- and mid-cap stocks, and why softer employment data may actually support the current economic expansion.

They also revisit the HOPE framework—Housing, Orders, Profits, and Employment—to highlight the macro signals pointing to a potential soft landing and broader market participation in 2026. The episode wraps with a discussion on valuations, expectations, and what investors should watch as leadership continues to evolve beneath the surface of the market.

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