The show and its guest
Prof G Markets interviews Ritholtz CEO Josh Brown, with Scott Galloway and Ed Elson hosting. Original English title: Josh Brown: If This Is A Bubble, It’s Pathetic. The subtitles cover 0:00–74:15 (full length 74:21); this article covers the Brown interview.
Key takeaways
(The following paraphrases the guest’s intended meaning; timestamp links lead to the corresponding points in the original video.)
- Revenue growth stood out most to Brown in the S-1: first-half revenue rose approximately 1300% year over year, from 1.2 billion dollars to 16.3 billion dollars, a figure that surprised even him for a company just three years old. 3:41
- But what really gives him pause is the moat: if an AI that is 10% better can take those customers and workflows away, he finds it difficult to readily accept the claim that “this company is worth 2 trillion dollars right out of the gate.” 7:38
- On IPO timing, Brown invoked an old Wall Street saying: feed the ducks when they’re quacking. Anthropic is wise to go public at this time. 44:57
- Responding to Griffin and Dalio’s bubble claims, Brown said that if this is a bubble, it is the most “pathetic” one he has ever seen—the market prices in skepticism about growth every day, making it more like an “anti-bubble”; the only defensible claim is an earnings bubble, not a valuation bubble. 45:11
- Semiconductors are the largest contributor to technology earnings growth: technology earnings are expected to grow 65.6% this quarter, and still 24.9% excluding semiconductors and semiconductor equipment. These figures support his view that this is not a valuation bubble. 45:55
Background and notes
The subtitles cover 0:00–74:15 (full length 74:21); this article covers the Brown interview and does not cover the show’s other segments. The views and timestamps are paraphrased from the original subtitles, and each timestamp marks the start of the corresponding passage. The guest’s name, Josh Brown, follows the show description.