FSD: Summer of ‘69

In this FSD episode, back after some family travel, the take is that the market is in a melt-up, with quality and junk stocks rallying together and the S&P at 7,600 on its way to a called 8,500. There's a walk through where money is rotating (out of industrials, staples, and Costco-Walmart, into software, cybersecurity, and Oracle as the new CoreWeave), why Goldman Sachs at all-time highs signals the IPO trade is back, and why this looks like the late-cycle but not-yet-euphoric part of the bull market. The second half is a pointed report from a 25th college reunion at Columbia: higher education is missing the ball on AI, new grads are struggling to get hired, and schools keep producing students without the relevant skills the economy actually wants. (00:00) Back from travel, Summer of '69, and the current vibe (01:30) A melt-up: quality and junk rallying together at all-time highs (03:00) Rotation out of industrials, into software, cybersecurity, and Oracle (05:00) Goldman Sachs at highs and the IPO trade being back (06:30) Reddit shrugging off the Meta competitor news (07:30) Dozens of good ideas and earnings growth accelerating into the low 20s (09:30) A hated rally and why shorting what's going up backfires (11:00) Cheap materials and financials that can bring up the rear (12:30) The interest rate fly in the ointment and pushing back on the correction call (14:00) IPO season, late-cycle behavior, and early signs of euphoria (16:30) Momentum two standard deviations overbought and still working (18:00) Eli Lilly, pancreatic cancer innovation, and the excitement-building phase (20:00) Just get involved: the main mistake is being on the sidelines (21:30) Sector read: software, financials, industrials, staples, the consumer (24:00) The 25th college reunion and how AI is hitting education (26:00) Why higher education is missing the ball on AI (28:00) New grads struggling to get hired and naming no real roles (30:30) SAT scores, Dartmouth reinstating them, and gamed acceptance rates (32:00) Schools producing students without skills the economy wants (34:00) Why universities must make education commercially productive (36:00) How schools should actually respond to AI: set policy and iterate About the show: Non-Consensus Investing is Ram Ahluwalia's running commentary on markets, where he shares how he's actually positioning capital and talks through the ideas most investors are missing. Real-time analysis, specific names, and a bias toward what's overlooked rather than what's crowded. Note: this transcript appears to cut off mid-sentence at the end, so the final chapter is approximate and there may be a bit more after it. Connect with Us Online:Lumida NewsLumida DealsLumida WealthLumida ETF Watch the video on Youtube: https://www.youtube.com/@Lumida_Wealth🌐 Website: https://www.lumidawealth.com🐦 Twitter Follow us on https://twitter.com/LumidaWealth🎵 TikTok: https://www.tiktok.com/@lumidawealth📸 Instagram: https://www.instagram.com/lumidawealth📘 Facebook: https://www.facebook.com/lumidawealth