Bulls vs. Bears: Who’s Right About This Market? artwork

Bulls vs. Bears: Who’s Right About This Market?

Prof G Markets

August 10, 2026

Scott Galloway and Ed Elson break down the bull and bear cases for the market at new record highs. They unpack how dependent the market has become on cash-burning companies like OpenAI and Anthropic, and therefore how fragile the AI trade is.
Speakers: Scott Galloway, Ed Elson, Gavin Baker, Alex Sassidote, Josh Brown

Topics: Investing, Business, Entrepreneurship

**Scott Galloway** (0:04)
What's driving the Markets this week?

**SPEAKER_2** (0:07)
What's on investors' minds as they look ahead?

**Scott Galloway** (0:10)
Find out on the Markets podcast from Goldman Sachs. A breakdown of market moves and macro signals in 10 minutes or less.
The Markets podcast from Goldman Sachs.

**SPEAKER_3** (0:21)
Listen now.
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**SPEAKER_2** (1:08)
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Hmm, somewhere with a lot more tabs open.

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**Scott Galloway** (1:38)
Today's number, $250 million. That's how much Bank of America spends on GLP-1s for its employees per year. Ed, it's really strange.
Why do you think I only get sick on weekdays?

**Ed Elson** (1:51)
Why is that?

**Scott Galloway** (1:52)
Well, that was enthusiastic. Try again, bitch. Why, Scott?

**Ed Elson** (1:55)
I was thinking. I was pondering the question.

**Scott Galloway** (1:58)
You're a terrible straight man. This is why my comedy is not resonating. Let's start this again.
Why do I only get sick during weekdays?

**Ed Elson** (2:05)
This is unbelievable. How can I play this game? Why?

**Scott Galloway** (2:10)
Because I have a weakened immune system. How are you, Ed? You're at home.

**Ed Elson** (2:25)
I'm at home. The studio is broken. There's no Wi-Fi working at the Vox Media Studio, which is kind of insane to me. So I'm recording from home. I kind of feel like it's COVID again, zooming into this, but that's okay.

**Scott Galloway** (2:39)
So Ed, I know you well enough and also I have a very strong intuitive sense for young men.
Something's on your mind. You're distracted this morning. Were you, are you upset about something? Is something on your mind? Are you overwhelmed with gratitude for this exceptional professional opportunity you have? Like what, what is running through your head right now? What's up with Ed Elson? You seem down or distracted.

**Ed Elson** (3:01)
I'm distracted by a work-related event, but I shouldn't disclose it on this podcast right now, so I can talk to you about it otherwise.

**Scott Galloway** (3:09)
Is it a bad thing or a good thing?

**Ed Elson** (3:10)
No, it's kind of a bad thing. I mean, it's not a big deal. It's just one of the guys that we had on the show, we did a clip that used some of his data that didn't give him the attribution.

**Scott Galloway** (3:20)
When that's happened, and I've been on the other side of that, I'll hear someone literally parrot something I've said. And I think, wow, it wouldn't it be nice to just occasionally reference my work when you're literally parroting what I've said? And the best response is, and I've gotten this response and sometimes I haven't, and also I've been on the other side of that people said, you cited my data, please reference it. It's that I think the best response is, you're right. We have a lot of respect for your work. We do boost signal, boost your work a lot, including having you on the show, which it sounds like we did and I don't know who we're referring to.
But we'll correct the record and be more careful moving forward. I hope you accept our apology and our commitment to doing better.

**Ed Elson** (4:02)
That's exactly what I did. That's it. I mean, yeah, exactly. See, I only get nervous if I actually think that I'm in the wrong. In this case, I do think I'm in the wrong.

**Scott Galloway** (4:14)
That's great self-realization. Just to go, I just interviewed a psychotherapist, so I think I know everything about psychotherapy right now. But the shit that hurts, where you get really upset or something online fucks with your mental health, it's when there's a kernel of truth in it.

**Ed Elson** (4:32)
Yes.

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