Excess Returns · Saturday, July 25, 2026
Wes Gray provides an overview of current market conditions, highlighting factors such as interest rate hikes, inflation, and geopolitical risks. He specifically calls out market concentration as a significant issue impacting the market landscape.
“Yeah, so, so, you know, if you go back to kind of March of 2020, we thought, you know, there was a lot of like, uh, you know, a lot of fear, a lot of panic, a lot of people being like, oh, the sky is falling. We're going to go into a recession.”
“And, and, you know, what's interesting now is, is, is, you know, you've got a lot of like, uh, you know, interest rate hikes, you've got inflation, you've got, you know, a lot of geopolitical risks, and you've got, you know, a lot of like, uh, you know, market concentration, which is obviously, you know, a huge, a huge thing.”