On the first of each month, I share reflections on the market in our private podcast. This enables me to tie together the various threads of our work and connect the dots between what I observe and hear during my travels and interactions with people. 

While many of you are podcast buffs, some prefer the magic of the written word. This is an edited transcript of the recording, without my typical writing flair. Here goes:  

Last week, we held a dinner in New York with a younger group of CIOs. And surprisingly, most of the charts that were submitted had something to do with Big Tech and the Magnificent Seven. In fact, the entire dinner, we spent most of it just talking about those ideas. And that was striking for me.

In the seven years that I’ve hosted these dinners, each city has its own flavor. In New York, the discussion is typically very Fed-centric, with a focus on macro discussions about rates, inflation, the economy, and policy. That was kind of the experience in May of last year, when we held the New York dinner with a similar group. 

Back then, there were charts about money supply, inflation, recession, concern about SVB. And we were obsessing so much about the macro environment in that dinner, that one of the takeaways which I shared with the community was perhaps with all our focus on macro, maybe macro is less important. And we just need to focus on the earnings of these Big Tech companies, and just be long NASDAQ. And that was the right thing to do. 

So it’s interesting to me, ten months later, we’re barely discussing the Fed or the economy or inflation. Instead, most of the conversation i