#49 – Author and former chief investment strategist Jim Paulsen on Early-Cycle Signals, Pessimistic Sentiment, and Why This Bull Market May Be Younger Than It Looks (recorded 11/17/25)

In this episode, Jim Paulsen, PhD-trained economist and Paulsen Perspectives author, returns to The Bull of Wall Street to decode one of the strangest economic periods in modern history. Jim explains why this bull market may actually still be in its early stages, how policy has been historically tight beneath the surface, and why easing could unlock a broadening beyond the mega-cap names. He also dives into the misunderstood relationship between AI, productivity, and the future of work, and why the long-term outlook may be more optimistic than headlines suggest. What you’ll learn:Why Main Street sentiment looks like a recession despite rising marketsHow tech’s innovation cycle diverged from the traditional business cycleWhy Jim believes this bull market behaves like an early-cycle advanceHow policy (rates, M2, yield curve, dollar) has remained too tight for too longWhy small caps and cyclicals may be set for a catch-up tradeHow AI and productivity shifts could shape future growthWhy the U.S. has a growth problem, not an inflation problemJim’s long-term optimism for technology, global connectivity, and economic resilience Chapters:02:00 – Is this a new bull market? Sentiment, character, and early-cycle signals06:00 – The sentiment puzzle: Why Main Street feels terrible while markets rise12:00 – Tech vs. the rest: How the “new era” economy masked an old-economy recession18:00 – Productivity, profits, and why tech may operate on its own innovation cycle24:00 – Policy has been historically tight — and how easing could broaden the market31:00 – Small caps, cyclicals, and the setup for a potential rotation40:00 – AI: Productivity miracle, job fears, and long-term economic impact53:00 – Recession fears, the Fed’s dilemma, and why growth—not inflation—is the bigger issue01:04 – Jim’s long-term optimism: Technology, connection, and the next decade Guest: Jim Paulsen, Paulson Perspectives Hosts: Jim Worden (CIO, WCG), Talley Leger (Chief Market Strategist, WCG), & Paisley Nardini (Investment Committee, WCG) Follow usLinkedIn: The Wealth Consulting GroupX (Twitter): @WealthCGYouTube: @thewealthconsultinggroup  Making Life Better at The Wealth Consulting GroupIf you’re ready to see how WCG helps advisors grow, subscribe for insights, updates, and resources built to make your practice—and your life—better.Subscribe at bit.ly/wealthcg