Contrarian, but predicts 6400 top (or less) for S&P. He says highly speculative investing is being encouraged rn. He thinks Fed will get stuck at 2.8% inflation and might give up on the 2% goal.
Orton suspects what might trigger interest in SmallCaps will be earnings (because they haven't really reacted to the first rate cut as meaningfully as some speculated). If there's a reversal of downward earnings revisions for smaller companies.
There's still a historical gap between valuations between expensive large cap and cheap small cap.
Utilities is bipartisan.
Copper pipes.
80% of companies with over $100m in revenue are private. 80% of employment is private.
There used to be 8000 public companies and now there are 4000.
Immediately liquid and vast amounts of capital, that's public. Long term capital needs matched is private.