Marko Kolanovic Has a New Warning for the Stock Market

Marko Kolanovic was one of the biggest names in markets, earning the nickname 'Gandalf' for some eerily prescient calls over the years. But last July he left his role as JPMorgan's chief global market strategist and co-head of global research, after missing out on a pretty epic rally. Since then, stocks have climbed higher with valuations increasingly stretched. So what does Marko think of the market now? In this episode we talk about his outlook the market, the impact of AI including the new DeepSeek model out of China, plus his own research and analysis techniques. This transcript has been lightly edited for clarity.

Key insights from the pod:
Understanding the DeepSeek selloff — 02:40
What does it take to kill the market momentum? — 08:11
How has Marko’s research process changed over time? — 13:29
How optimistic are investors right now? — 17:40
How Marko things about AI — 20:12
Will the AI research labs eventually invent God? — 23:14
Why did markets sell off last July? — 25:33
How does Marko see the market right now? — 27:38
How to think about domestic political risk — 32:13
The role of retail and social media market influencers — 33:50
What are the best sources of market data? — 37:02
How big tech killed the value factor — 41:30