WEALTHSTEADING Podcast investing retirement money stock market & wealth · John Pugliano

Stock Market Review- did you miss the dip AGAIN? 251203

·18 min

John Pagliano frames the episode as a quick market review heading into the final month of the year. He says the panic that dominated the previous six weeks has eased. The loudest fear, in his telling, came from two stories. One was the claim that AI was in a bubble. The other was the focus on the Federal Reserve and whether it would cut rates at an upcoming FOMC meeting. He argues that the media keeps feeding fear because fear gets attention. He also says fear and greed are the two forces that hurt investors most. His bigger point is that this market is broadening out. It is not, he says, only about five or six or a dozen stocks. He points to a wide set of names and says many are now doing better than NVIDIA. He uses Alphabet as his clearest example. A year earlier, he says, many investors had written it off as irrelevant to AI and exposed in search and advertising. He says he doubled down on his Alphabet position in mid-November of the prior year because the price looked too low. He credits the company's range of businesses for the rebound. Those businesses include online advertising, YouTube, streaming, and Waymo. He says Alphabet is now performing strongly this year and calls that a reminder that market narratives often swing too far. Bad stories can push investors out of strong companies before earnings and fundamentals catch up. He ends by returning to investor psychology and his own cautious optimism. He thinks a Santa Claus rally may still be ahead, but he leaves it as a judgment call and signs off wishing listeners the very best returns.

As heard by us

A blunt year-end market review that says the tape is broader than the headlines.

With one small caveat about where the year-end tape eventually settles, this episode lands as a blunt reset after six noisy weeks. It pushes back on the usual AI-bubble talk and the Fed-cut countdown, arguing that the market is widening out instead of living and dying by a tiny…

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Want a blunt year-end read on whether the recent pullback has already faded?

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