- JPMorgan strategist David Kelly warns the stock rally is vulnerable because of stretched valuations, rising income/wealth inequality, and weak consumer sentiment.
- Heavy concentration in big tech and a high ratio of household assets to GDP could make markets fragile if the AI trade reverses.
- His advice: diversify — consider Europe and Japan, value stocks and alternatives (real estate/infrastructure), and 10-year Treasuries as a hedge.
The news, distilled into what matters.
Get the full experience in the app — topics, comments, and audio summaries.