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JZ
John Zechner
J. Zechner Associates
First call on the ledger
No calls filed yet. Quotes in curly quotation marks are verbatim; everything
else is a labeled paraphrase. Every call links its original source. Before you trust the call, check the record.
Where they stand
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45 years managing money; turned defensive at record highs
“I always get concerned when everyone's in, everyone loves the story, valuations are at all-time highs, and you're really running an economy that, in a sense, is a one-legged stool, one very big fat leg, which is as AI spend”
Nasdaq since this was said: ▲ +0.7% · 26,282 → 26,456 · as of 2026-08-05
The 2000 telecom-capex analogy for hyperscaler spending
“that's what happened in 2000, Greg, and I mean, that's when we saw the end of the tech run there is once all that telecom spending slowed down and everybody looked around and said”
Nasdaq since this was said: ▲ +0.7% · 26,282 → 26,456 · as of 2026-08-05
Against the market-broadening narrative
“You take technology or the big tech companies out of the earnings growth picture, and you're not even in double digit rates. That's hardly an earnings boom.”
S&P 500 since this was said: ▲ +2.2% · 7,575 → 7,742 · as of 2026-08-05
On the Warsh Fed's next move
“I think while they're doing that, it's going to give him cover, certainly not to raise rates. They won't cut rates, but I think they'll just back off and not do a lot for now.”
Best risk-reward in Canada beyond the AI trade
“I think you're going to roll back to the industrials and resource sector. So I think you're going to see some significant spending there.”
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