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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
Views on the record but not scoreable bets: no single number and deadline to grade. Shown in their exact words, never scored.
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”
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”
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.”
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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