Market & Economic Headwinds Are Building | Lance Roberts

**Lance Roberts** (0:00)
The things I'm worried about are the fundamental factors. Economics, earnings, growth expectations are too elevated, economic expectations are too high, valuations are too high. Those are all very problematic. Now, they're not problematic today, they're not problematic by the end of the year, but I think they'll become problematic next year. I think the headwinds are building. I still think next year, we could see high volatility and lower rates of return because of the other factors that are still building in the system.

**Adam Taggart** (0:33)
Welcome to Thoughtful Money. I'm Thoughtful Money Founder and your host, Adam Taggart, welcoming you here at the end of the week for another weekly market recap, featuring my good friend, the peripatetic portfolio manager, Lance Roberts. Lance, I'm gonna ask how you're doing, but I already know, not great. You get a head cold, it seems. Yeah, I do, I do.

**Lance Roberts** (0:51)
So if I start sneezing, coughing, wheezing during the conversation today, just, sorry, in advance.

**Adam Taggart** (0:58)
Yeah, hey, well, that's what the mute button in the editing is for, so don't worry. Well, I'll say this, I always sort of fail when I make this commitment, but we'll try to end this one a little bit early to save you your voice. But I appreciate you, I appreciate you soldiering through.

**Lance Roberts** (1:12)
Sure.

**Adam Taggart** (1:12)
Yeah, no worries. Okay. All right. Well, look, Lance, some interesting things to talk about. There's all of a sudden some palpable concerns about AI in the world, and we'll talk about that in a moment. But first, I want to mention two quick things. One, I just returned from the New Orleans Investment Conference. It was a great experience as usual. I always have a really good time there.
It is, Lance, I really want to bring you one year, because I think you'd like it. Matter of fact, I think you'd be a great speaker there too. But it's one of the times of the year where I get to sort of mingle with a lot of people, a high concentration of people that watch this channel. And I got to say, I feel guilty, because I get so much wonderful feedback from folks. And it's folks, if you're one of them who came up and saw me in the hallway and said something nice, thank you. It is the absolute best experience for me. But I do feel guilty, because I feel like so much of the, you know, the goodwill that they have and what they're reacting to is the generosity of the guests who come on this channel. And Lance, you're one of the ones who comes on most frequently. And just so you know, there is a lot of love for you amongst the people out there. A lot of the people that came up to me said how much they enjoy you, how much they enjoy these weekly market recaps. I had one or two people say, yeah, but you know what, they're kind of long. It'd be great if you could shorten them a little bit, and then the rest of the people around were like, no, this is how I get my lawn mowing done or I get, you know, whatever. I've got a trip I've got to make, and you guys are what carry me through. So sorry for those who want these things chopped down a little bit. I think the market has spoken and it likes the longer format. But Lance, there is a lot of great goodwill for you. What's amazing is it's all over.
It's all over the age spectrum. A lot of retirees there, but a lot of kids, I mean, even some teens saying that they really enjoy this channel and really enjoy kind of the life rifts that we go on at the end. They feel like that's really useful content. It's very geographic. A lot of people from Australia say, hey, I like that. Lance is great. So I want you to feel some of that love. But also those of you, again, who either went or who send us very kind emails or comments under these videos, they totally are noticed. They totally are appreciated. And they really are what kind of keep us going, doing what we're doing here. So thank you. Anyways, Lance, a lot of that goes to you.

**Lance Roberts** (3:58)
Yeah, no problem. That's awesome, actually. So yeah, I'd love to go sometime. It would be fun.

**Adam Taggart** (4:02)
Yeah. And I know we both kind of work out of our offices, so we don't get to mingle with real people all that often. And I know you got a lot going on in your life. So you're probably reading feedback and stuff like that a little bit less right now. So again, I just wanted you to hear it. And again, a lot of real concern, goodwill, hope, best wishes for you and your family too. Your wife and all.