Lumida Wealth : Non-Consensus Invest Beyond the Ordinary
FSD: Summer of ‘69
Episode Notes
In this FSD episode, back after some family travel, the take is that the market is in a melt-up, with quality and junk stocks rallying together and the S&P at 7,600 on its way to a called 8,500. There's a walk through where money is rotating (out of industrials, staples, and Costco-Walmart, into software, cybersecurity, and Oracle as the new CoreWeave), why Goldman Sachs at all-time highs signals the IPO trade is back, and why this looks like the late-cycle but not-yet-euphoric part of the bull market. The second half is a pointed report from a 25th college reunion at Columbia: higher education is missing the ball on AI, new grads are struggling to get hired, and schools keep producing students without the relevant skills the economy actually wants.
- (00:00) Back from travel, Summer of '69, and the current vibe
- (01:30) A melt-up: quality and junk rallying together at all-time highs
- (03:00) Rotation out of industrials, into software, cybersecurity, and Oracle
- (05:00) Goldman Sachs at highs and the IPO trade being back
- (06:30) Reddit shrugging off the Meta competitor news
- (07:30) Dozens of good ideas and earnings growth accelerating into the low 20s
- (09:30) A hated rally and why shorting what's going up backfires
- (11:00) Cheap materials and financials that can bring up the rear
- (12:30) The interest rate fly in the ointment and pushing back on the correction call
- (14:00) IPO season, late-cycle behavior, and early signs of euphoria
- (16:30) Momentum two standard deviations overbought and still working
- (18:00) Eli Lilly, pancreatic cancer innovation, and the excitement-building phase
- (20:00) Just get involved: the main mistake is being on the sidelines
- (21:30) Sector read: software, financials, industrials, staples, the consumer
- (24:00) The 25th college reunion and how AI is hitting education
- (26:00) Why higher education is missing the ball on AI
- (28:00) New grads struggling to get hired and naming no real roles
- (30:30) SAT scores, Dartmouth reinstating them, and gamed acceptance rates
- (32:00) Schools producing students without skills the economy wants
- (34:00) Why universities must make education commercially productive
- (36:00) How schools should actually respond to AI: set policy and iterate
About the show: Non-Consensus Investing is Ram Ahluwalia's running commentary on markets, where he shares how he's actually positioning capital and talks through the ideas most investors are missing. Real-time analysis, specific names, and a bias toward what's overlooked rather than what's crowded.
Note: this transcript appears to cut off mid-sentence at the end, so the final chapter is approximate and there may be a bit more after it.