The Julia La Roche Show, Released on 3/21/25

Peter Boockvar explains why investors must discard the playbook that has worked for the past few years due to three major shifts: the end of the MAG7 tech trade, potential cuts in government spending, and declining foreign flows into US assets. Boockvar notes that these seven stocks reached 35% of the S&P 500 – exceeding the concentration seen in March 2000 – while becoming a global “reserve currency” with central banks like Norway’s Norges Bank and the Swiss National Bank owning billions in shares. He identifies emerging opportunities in international markets, with the German DAX up 17% and Hang Seng up 20% year-to-date, while warning that reduced government spending combined with weakening tech investment creates recession risk. Boockvar believes the Fed has diminished power in a new 3-4% inflation environment, pointing to record copper prices as evidence while noting that US defense manufacturers and technology companies face growing international competition.

0:00 Introduction and welcome Peter Boockvar
0:55 Big picture market changes post-COVID
3:22 End of AI tech trade dominance
5:50 Foreign central bank investment in US stocks
7:47 Market pivot to international opportunities
10:12 Fed and Treasury coordination on bond yields
12:34 Market bounce and valuation concerns
14:28 New inflationary environment limiting Fed options
16:53 Record copper prices amid inflation volatility
18:02 Geopolitical shifts in commodity holdings
20:17 Investment opportunities in China tech
22:42 Portfolio management in changing market leadership
25:12 Foreign flows into US stocks and dollar implications
28:21 Recession risk assessment
30:33 Closing thoughts on investment approach changes
32:57 Final remarks and sign-off

Peter Boockvar is the Chief Investment Officer of Bleakley Financial Group and Editor of The Boock Report newsletter.

  economy, peter boockvar, recession