Talk of the Tape: Road ahead for the bull market
December 23, 2025 • 3m 57s
? (Host)
00:00.350
the
road
ahead
for
this
bull
market
it's
welcome
in
our
panel
for
some
answers
trivariates
adam
parker
new
edge
wealth
cameron
dawson
and
requisite
capitals
brynn
talkington
both
adam
and
brynn
or
CNBC
contributors
it's
great
to
have
everybody
with
us
as
i
said
brynn
we
are
? (Host)
00:15.990
heading
for
another
record
close
on
the
S
and
P
five
hundred
how
do
you
feel
about
things
as
this
end
of
year
approaches
we're
going
to
put
another
great
year
in
for
stocks
and
we
look
ahead
to
a
new
one
Bryn Talkington (Managing Partner)
00:28.150
yeah
i
mean
who
would
have
fought
back
in
the
dark
days
of
april
that
we
would
be
where
we
are
today
so
i
think
investors
who
sat
still
through
that
period
of
time
have
been
rewarded
and
i
think
going
into
next
year
i
mean
we
still
have
strong
earnings
not
only
in
the
four
Bryn Talkington (Managing Partner)
00:45.950
ninety
three
but
also
in
the
mag
seven
i
think
rates
are
coming
down
a
little
bit
more
globally
things
are
doing
well
and
so
i
think
unless
we
get
an
exogenous
event
like
the
court
saying
we
can't
do
tariffs
which
would
be
a
mess
we'll
say
to
undo
that
i
think
we
will
have
some
Bryn Talkington (Managing Partner)
01:03.670
volatility
next
year
but
it
looks
like
you
have
to
stay
invested
and
buy
by
risk
? (Host)
01:08.790
OK
i
mean
that's
pretty
clear
story
adam
parker
does
it
make
sense
Adam Parker (Founder & CEO)
01:14.090
yeah
hi
guys
great
to
see
everyone
yeah
look
i
think
growth
is
gonna
be
pretty
good
and
i
think
like
like
bryn
pointed
out
the
giga
cap
stocks
the
trillion
and
above
club
they're
all
gonna
grow
pretty
strongly
so
if
you're
negative
i
think
it
comes
down
to
maybe
a
view
that
the
Adam Parker (Founder & CEO)
01:29.250
multiples
can't
expand
much
and
i
think
next
year
is
going
to
be
that
transition
in
my
mind
where
we
saw
a
lot
of
multiple
expansion
previously
and
now
we
need
to
see
the
earnings
come
through
so
i
don't
think
they'll
be
quite
as
much
upside
as
we've
seen
the
last
three
years
Adam Parker (Founder & CEO)
01:42.720
but
i
still
think
the
risk
reward
is
skewed
to
the
positive
for
for
equities
? (Host)
01:47.710
does
it
have
to
adam
be
an
exogenous
event
that
wrecks
the
bulls
story
that
that's
the
picture
that
brynn
paints
what
do
you
think
Adam Parker (Founder & CEO)
01:57.670
i
don't
know
if
if
you
know
if
it
has
to
be
exogenous
i
think
i
think
the
issue
i
i
guess
i
feel
like
the
fed
parts
a
little
wobbly
or
that
i
did
a
year
ago
look
i
mean
we've
talked
about
it
before
but
the
poly
market
and
and
you
know
the
probabilities
sort
of
look
like
maybe
Adam Parker (Founder & CEO)
02:13.470
they're
going
to
cut
one
more
time
i
think
most
people
i
talk
to
think
it'll
be
two
or
three
more
but
no
matter
what
they're
kind
of
closer
to
being
done
than
not
on
the
front
end
so
i
think
the
the
the
argument
really
comes
down
to
will
multiples
continue
to
be
supported
Adam Parker (Founder & CEO)
02:27.120
because
of
balance
sheet
expansion
or
because
of
fiscal
stimulus
or
tax
stuff
all
that's
pretty
well
or
yeah
but
on
on
the
on
the
on
the
multiple
side
yeah
i
think
about
the
market
as
price
to
earnings
you
know
ratio
times
the
earnings
so
i
think
the
growth
side
looks
pretty
Adam Parker (Founder & CEO)
02:42.430
good
that's
why
we're
up
today
GDP
et
cetera
i
think
you'll
see
productivity
from
AI
i
think
the
multiple
sides
trickier
that
that's
why
that's
why
i
think
there's
a
little
bit
less
upside
for
the
overall
? (Host)
02:51.790
market
cameron
is
the
story
pretty
clean
as
we
go
into
twenty
six
Cameron Dawson (Chief Investment Officer)
02:56.550
well
i
think
that
the
multiple
side
of
things
is
very
important
because
that
was
very
clear
as
we
look
at
where
we
started
this
year
at
about
twenty
two
and
a
half
times
forward
and
we're
ending
this
year
at
about
twenty
two
and
a
half
times
forward
so
it's
all
been
driven
at
Cameron Dawson (Chief Investment Officer)
03:10.870
least
for
this
S
and
P
five
hundred
by
this
earnings
growth
and
there
is
high
expectations
for
earnings
growth
going
into
twenty
twenty
six
if
you
break
down
consensus
it's
sitting
at
about
fourteen
percent
growth
for
next
year
and
it
has
two
hundred
basis
points
of
margin
Cameron Dawson (Chief Investment Officer)
03:26.110
expansion
already
baked
in
as
well
as
an
acceleration
of
revenue
growth
so
it's
not
something
that
we
necessarily
want
to
bet
against
we
are
optimistic
that
there's
going
to
be
efficiency
gains
in
this
economy
but
to
argue
that
the
bar
is
low
is
really
hard
to
do
so
we
think
how
Cameron Dawson (Chief Investment Officer)
03:42.830
this
translates
is
that
when
you
have
a
high
bar
for
expectations
and
high
valuations
it
just
makes
you
more
susceptible
to
volatility
as
you
move
through
the
years
simply
because
there's
less
room
to
absorb
those
kinds
of
exogenous
house
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