UGO13: How Much Longer Can AI Carry the Market ft. Christian Mueller-Glissmann
Top Traders UnpluggedShow Notes
Cem Karsan is joined by Goldman Sachs’ Christian Mueller-Glissmann to ask how much longer the AI boom can keep supporting markets as the bond market becomes increasingly difficult to ignore. They discuss whether today’s extraordinary earnings growth is sustainable, why Christian sees more evidence of an earnings bubble than a valuation bubble, and how higher yields are beginning to pressure parts of the equity market. The conversation also explores unusually high dispersion, cheap equity volatility and the growing challenge of portfolio diversification before turning to geopolitical risk, gold, FX volatility and how investors might prepare for a more inflationary and less predictable market regime. ----- JOIN THE TREND FOLLOWING MANIFESTO BOOK LAUNCH LIST TO GET SPECIAL LOW PRICE ON OUR UPCOMING BOOK DURING THE FIRST WEEK! - CLICK HERE -----
Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website. IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here. And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” here. Learn more about the Trend Barometer here. Send your questions to [email protected] And please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast. Follow Cem on Twitter. Follow Christian on LinkedIn. Episode TimeStamps: 00:00 - Introduction and why the bond market matters again 02:13 - How the AI boom changed the market regime 06:41 - Are the earnings from AI actually sustainable? 10:38 - An earnings bubble rather than a valuation bubble? 17:18 - What happens if earnings start to mean revert 22:15 - When the stock market starts driving the economy 28:55 - Why bonds are becoming the speed limit for equities 38:39 - Can the AI boom keep going if rates stay high? 42:21 - Why equity volatility looks unusually cheap 45:30 - What extreme dispersion is telling us about the market 52:44 - How to prepare for a market you can’t time 58:20 - Geopolitics, real assets and the changing role of bonds 01:02:20 - Debasement and the risk investors may be underestimating 01:05:54 - Why currency volatility could matter much more Copyright © 2026 – CMC AG – All Rights Reserved ---- PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey: 1. eBooks that cover key topics that you need to know about In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful. Click Here 2. Daily Trend Barometer and Market Score One of the things I’m really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! Click Here 3. Other Resources that can help you And if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. Click Here Privacy Policy Disclaimer
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