ELITE Macro investor: How to invest as the AI BUBBLE POPS

Bob Elliott is the CEO and chief investment officer of Unlimited Funds, where he deploys hedge fund strategies into low-cost ETFs. He also authors the Nonconsensus Substack. He joins Phil Rosen on Full Signal to discuss why AI earnings expectations are detached from macro reality, the gap between $5 trillion of capex and $150 billion of AI revenue, how households are propping up corporate margins, and where he sees value beyond the AI trade.

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TIMESTAMPS

0:00 - Market as house of cards

4:57 - Where is the AI productivity?

6:26 - Wall Street's backwards math

8:34 - $5 trillion capex

10:54 - Why earnings still look strong

13:31 - Circular deals

15:32 - AI's real economy problem

19:02 - Rotation out of tech

21:03 - AI capex is 2% of GDP

24:45 - Kalecki equation

26:06 - Chip demand

28:28 - Investing beyond AI

31:59 - TIPS

33:10 - Gold

38:28 - Leverage

40:16 - Unlimited's hedge fund ETFs

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