Miller Family's John Spallanzani expects the bull market to run further

On Wall Street, the NASDAQ trying out for its 5th record close in a row, quite a streak. Both averages now on pace for a winning week. Here to discuss what is next for stocks. John Spallanzani of the Miller Family Office here post 9. Welcome back. Hey, thanks, Scott. So you're still bullish. Still bullish from your notes. We're in a bull market. Therefore, we're bullish. It's pretty simple, right? Yeah, We try to keep it simple. There's got to be more nuance than that. No, no, I think, I think, I think what we saw coming into the year, people were offsides. Obviously they were. They didn't believe in the AI story. They front ran a recession that never took place. As Peter Lynch says, you know, more money is lost waiting for a recession than actually in the recession itself. So I think that's what we had. And now we see that the data is normalizing and the Fed is hopefully going to normalize rates soon, even though they said that they weren't going to be too fast on the trigger. OK, so you said use your word hopefully. Yeah. So are you worried? I just had a conversation with Liesman. I know you heard it. Yeah. Are you worried about the Fed staying too high for too long and and making a mistake? Well, we said, I think I said it with you a while back. But we don't we don't have a soft landing, which the market is now discounted turn into a crash landing, which is what we could if they stay higher for too long. Obviously, this they're higher for longer because they made a huge mistake when they said inflation was transitory. So they've had to walk that back and they're still trying to walk that back. But yet we see the inflation has really come back to where it was. He actually mentioned 2019 and I pulled some data from 2019 about PCE, inflation, unemployment, where it was back in 2019 prior to the COVID pandemic. And really it's kind of back in that range where we were between 2017 and 2019, let's just say. So basically everything is normalized except the Fed. So we're not asking, we're not making rate cuts to ease, we're actually making rate cuts to to normalize. And we have the bank account at a cutting rates, we have the ECB cutting rates, we have the Swiss National Bank cutting rates and the Fed is doing nothing. So them doing nothing puts a lot of uncertainty into global markets not to venture what we saw in France today, Macron as well as the as as well as the markets over there. And, and after, after the Powell's press conference, what happened? Dali went back towards 160, the euro weakened. And if we look at yield curves around the globe, yields are still up rather than down, which is where they should be going right now. Is that why you, you guys continue to lean into mega cap tech, whether it's, you know, NVIDIA, Meta, Microsoft, which you've been at, Yeah, Amazon, of course, which you've been adding to most of those names on your list you've been adding to over the last month? No, we've, we had those names. We haven't added to them over the last month. The video is a huge move. Last time we were on May 2nd, I think it was 800. Now it's 1200 split adjusted, it's 120. So those, those, those trends, I mean, you know, people say, why isn't the video gone up so much? Well, earnings went from $2.50 in talking split adjusted $2.50 in 23 and they're expected to do $37 in 26. That's a huge move. So obviously the stock has had a huge move. They have a huge Moat, a huge stack. And AI is a secular trend that you know, people call it the next electricity, whatever. Even Eric Schmidt said we haven't seen anything yet in terms of AI. So, you know, those are those are big secular trends, not to mention the, the government printed $5 trillion. So all that money went into the biggest beautiful, right? The big socks, big balance sheets, big modes, big everything. And they were kind of the, they took advantage of all that cash. Yet we still see regional banks, KRE still under 50. We see Russell struggling today. Why? Because they need cuts. And we also saw just coincidentally, you know, Caterpillar, some industrials and materials start to quake a little bit because the Fed was so hawkish. Well, people see you and they think two things, Amazon generally speaking, and Bitcoin. What's up with Bitcoin? Like, OK, so it goes over 70 and now it's backed off. If it's such a barometer of risk in some respects and it's so tied to the NASDAQ in some respect, I mean, that's what people said. Why is it not up with the NASDAQ now? I think a lot of people got excited about the ETF. So with all those flows came in, that's why I went over 75,000. Now we see a little bit push pull. All the energy that AEI is going to need, How much energy are they going to draw away from the Bitcoin miners? Who's going to mine the Bitcoin? You know, obviously Bernstein just came out today. They said they have $1,000,000 price shock target on Bitcoin in 2033. I think Carl sent that out and said it as well. You know, MSTR, they have an 80% higher bogey on that. So they expect the stock to go up 80%. And I think they have 202026 or 2027. They have Bitcoin, you know, 200,000 plus. So all right, we'll leave it there. All right, John Sprazani, thank you, man. Be happy, All right? I'm this bull market, we should be happy. It's a bull market somewhere.