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Tim Murray
Capital Market Strategist, T. Rowe Price
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.
S&P 500 back at record high, Dow at 54,000; Murray argues the 20%+ one-year return is 'entirely an earnings driven rally,' not multiple expansion.
So actually, over the last 12 months, you've seen S&P forward PE go down by 12 percent and earnings go up by 34 percent.
Hyperscalers shifting from 'panic'-feel capex talk to proof of concept , Meta and Google showing AI's revenue impact in advertising; detail addresses spending-sustainability concerns.
Amazon probably did the best job on their earnings call of giving you an idea of what the roadmap looks like going forward, giving you detail, OK, the payback period. We think it's two to three years on these investments that we're doing.
BullFed
hedged · 2026-08-05
Closing recommendation to maintain exposure to energy and materials , explicitly 'not because I think they're absolutely going to have a great next 12 months' but for risk management.
The biggest risk right now is not necessarily economic growth. It's inflation. And if we're going to have runaway inflation, it's going to be because energy and materials basically prices went too far. And your best defense against that is to have the stocks that benefit from high prices.
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