AI Is Real—But Is the ROI? Tom Martin on Earnings Signals, CapEx, and Market Valuations

In this episode of the Market Misbehavior podcast, Dave is joined by Tom Martin, Senior Portfolio Manager at Globalt Investments. Recorded 2/18/26.We dig into what’s driving markets in early 2026—why the S&P has gone “flat at the highs,” what elevated valuations mean in a screen-based, highly connected economy, and how AI CapEx is shifting the conversation from hype to ROI. Tom also shares how an active manager navigates a highly concentrated benchmark, what he looks for in earnings to validate secular themes, and why real assets (including gold) and supply-chain security are back in focus. We close with Tom’s perspective on international equities after a long base-building phase—and why the U.S. dollar may be the swing factor.🎓 Take Dave’s FREE course on behavioral investing: https://www.marketmisbehavior.com/freecourse📘 Check out Dave’s recommended reading list: https://www.marketmisbehavior.com/readinglist👉  Follow Dave on X: https://x.com/DKellerCMT👉  Follow Dave on Bluesky: https://bsky.app/profile/dkellercmt.bsky.social👉  Follow Dave on Facebook: https://www.facebook.com/marketmisbehavior👉  Follow Dave on Instagram: https://www.instagram.com/marketmisbehaviorThe content in this presentation should not be considered as a recommendation to buy or sell any security. All information is intended for educational purposes only and in no way should be considered as investment advice.