Nancy and Arthur are back to tackle the growing chorus of bubble warnings on Wall Street. Nancy breaks down why comparing today's AI-driven market to the dot-com era is fundamentally flawed—spoiler alert: these companies actually have earnings, cash flow, and fortress balance sheets, not just "eyeballs on websites."

Drawing on her experience managing money through the 1990s, Nancy explains why this time really is different. While growth stock earnings were contracting from 1996-2000 even as valuations soared, today's leaders are posting 20% earnings growth. The MAG7 may dominate the S&P, but they're earning that position—and Nancy isn't apologizing for concentration in the best companies.

Arthur dives into the Fed's crossroads moment: with Powell's chairmanship ending in May and the FOMC divided on December rate cuts, what does monetary policy actually look like from here? The duo debates whether the economy running at 4% GDP growth even needs rate cuts, and why Trump's real estate background might explain his "maniacal focus" on lower rates.

Plus: a fascinating look at the eight-fold explosion in driverless taxi usage in California, why Tesla's robo-taxi economics crush Waymo's model, and Nancy's hilarious encounter with a confused Waymo while walking her mini horse (yes, really).

If you're tired of the "bubble" noise and want a clear look at the markets today, this episode is for you.

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Chapters
(00:00) Why this is not a bubble
(03:55) Comparing today’s growth to the 1990s
(06:02) Strength of leading tech companies
(09:20) Broad adoption and impact of AI
(12:33) Federal Reserve uncertainty and leadership
(18:24) Rate policy, housing, and political dynamics
(24:40) Fun factoid: Driverless taxis and EVs