#80 - Jonathan Golub, Chief Equity Strategist at Seaport Research Partners: AI, Earnings, Valuations, and the Changing Market Regime (recorded 08/05/26)

In this episode of The Bull of Wall Street, Talley Leger and Jim Worden welcome Jonathan Golub, Chief Equity Strategist at Seaport Research Partners, for a discussion on artificial intelligence, corporate earnings, valuations, interest rates, market concentration, and the forces influencing equity markets.
Jonathan explains how Seaport uses AI to process large datasets and produce customized portfolio research while preserving human judgment in the investment process. He also shares his view that the current capital spending cycle may support earnings across technology, industrials, financials, and other related industries, while higher interest rates could continue to pressure valuation multiples.
 
Key Takeaways

• AI may help analysts scale research without replacing investment judgment.
  
• Market returns reflect changes in both earnings expectations and valuation multiples.
  
• Jonathan believes the AI capital spending cycle could support several areas of the economy.
  
• Rising rates may affect longer-duration technology valuations.
  
• Rate of change can matter more than the absolute level of growth.
  
• Speculative investments may trade independently of current cash flows.
  
• Historical averages can obscure extended market regimes.
  
• Index labels do not always provide the diversification investors expect.
  
• Consumer sentiment and equity market performance may reflect different parts of the economy.
  
• Jonathan discusses why strong fundamentals may persist even when short-term sentiment weakens.
  

This material is provided for informational and educational purposes only. The views and forecasts discussed are those of the speakers as of the recording date and are subject to change. Nothing in this episode should be considered investment, tax, or legal advice, or a recommendation to buy or sell any security. Investing involves risk, including possible loss of principal.
 
Chapters
02:05 Seaport’s approach to institutional research
04:50 Using AI to scale portfolio analysis
09:21 Personalized research for institutional clients
12:38 Building market targets from earnings and valuations
15:21 Interest rates and equity duration
17:04 Margin expansion and earnings power
18:10 The AI capital spending cycle
20:35 Speculation, leverage, and cash flow analysis
26:03 Evaluating companies without current earnings
28:07 Market regimes and long-term return expectations
32:15 Why rate of change matters
33:37 Semiconductor growth and changing expectations
38:41 Sentiment versus long-term cash flows
41:50 Inflation, capital demand, and interest rates
45:06 What advisors are hearing from clients
49:42 Consumer sentiment and market representation
51:51 Contrarian investing and changing conditions
57:09 Index construction and market concentration
01:02:12 Understanding what diversification actually provides
 
Guest
Jonathan Golub, Chief Equity Strategist, Seaport Research Partners
 
Hosts
Talley Leger' Chief Market Strategist, The Wealth Consulting Group
Jim Worden, Chief Investment Officer, The Wealth Consulting Group
 
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At The Wealth Consulting Group, our mission is to help make life better through thoughtful guidance, informed conversations, and access to perspectives that may help advisors and investors better understand changing markets.
The opinions expressed by guests are their own and do not necessarily reflect the views of The Wealth Consulting Group. Past performance does not guarantee future results.