Quarterly Market Recap: Q3 2025 - [Making Markets, EP.67]

2025-10-10

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Eric and Matt break down a strong third quarter that saw the S&P 500 climb 10%, leaving Liberation Day's tariff chaos behind. They explore the growing divide between wealthy asset owners feeling great and everyone else struggling with inflation, while examining why bonds are pricing in Fed rate cuts even as stocks surge. The conversation turns to the private markets boom and whether opening up private equity to retail 401(k) investors is a good idea or a disaster waiting to happen. Eric shares why AI companies are burning massive amounts of capital with unclear returns, yet may be impossible to bet against if they build a cult-like following. They note that credit markets still look healthy despite late-cycle warning signs, making this moment particularly unusual. A straightforward look at where we are in this cycle and what actually matters as we head into year-end.

For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE.

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Show Notes

(00:00:00) Welcome to Making Markets

(00:01:30) Economic Structures and Consumer Demand

(00:04:34) Tariffs and Their Impact on the Economy

(00:05:10) Travel and Leisure Sector Post-COVID

(00:07:44) Bond Market and Federal Reserve Actions

(00:16:34) Private Equity and Market Trends

(00:22:24) Retirement Funds and 401(k) Investments

(00:25:04) Concerns Over New Investment Vehicles

(00:26:51) Debates on Private and Public Assets

(00:30:14) Religious Investor Bases and Market Dynamics