Kevin Gordon is the head of macro research and strategy at Charles Schwab's Center for Financial Research. He joined Phil Rosen on Full Signal to discuss the top-heavy bull market, comparisons to the dot-com bubble, the K-shaped economy, signals from alternative economic data, and more.
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TIMESTAMPS:
0:00 - Intro
0:27 - Concentration in stock market
3:33 - Top-heavy market as 'new normal'
5:40 - AI vs. dot-com bubble
9:43 - AI driving layoffs
13:46 - White-collar recession
17:12 - How Kevin uses AI at Schwab
18:32 - Alternative job market data
21:24 - Labor market cycles
23:27 - Economists have been wrong all year
26:08 - Vibecession vs. vibepression
29:00 - K-shaped economy
33:36 - Fed rate cuts
36:13 - Where stocks go in 2026
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