In Episode 191 of Facts vs. Feelings, Ryan Detrick, Chief Market Strategist at Carson Group, and Sonu Varghese, Chief Macro Strategist at Carson Group, go live from Chicago with Jeff Kilburg, Founder and CEO & CIO at KKM Financial, and Jim Bianco, President at Bianco Research, for a wide-ranging conversation on where markets stand now and what could matter next. The episode centers on the bull market’s concentration in AI and large-cap tech, the durability of the rally, the role of active management, and why diversification may need to look different than it did a decade ago.
The conversation also digs into earnings momentum, cross-ownership in AI, the impact of higher bond yields on long-duration assets, and whether software is being transformed or disrupted by AI.
From bubbles and breadth to bond yields, oil shocks, and portfolio construction, the episode connects live market commentary to the forces shaping returns underneath the surface.
Jump to:
0:00 — Live Crowd and Big Questions
1:48 — What A Bubble Really Means
6:00 — Earnings Momentum and AI Optimism
12:35 — Circular Ownership and AI ROI
16:05 — AI Replaces Software or Adds Cost
21:55 — 60/40 Is Not Dead Just Different
30:10 — Return Stacking and Better Diversifiers
36:30 — Oil, Inflation Volatility, and Bonds
41:40 — Concentration, Active Picks, And Dispersion
47:20 — Hard-Won Advice and Closing Thanks
Connect with Ryan:
- LinkedIn: Ryan Detrick
- X: @ryandetrick
Connect with Sonu:
- LinkedIn: Sonu Varghese
- X: @sonusvarghese
Questions about the show? We’d love to hear from you! factsvsfeelings@carsongroup.com
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