Minotaur's Armina Rosenberg was recently featured on SBS' On The Money podcast, hosted by Finance Editor Ricardo Gonçalves, for her take on market sentiment, the gold price run, and where she is seeing opportunities in a heating-up market.
"Positioning is still pro-risk in the US, but it's narrow and AI-led," she said. "You are seeing a stark divide between Wall Street and Main Street, with economic data points continuing to be weak - US consumer sentiment hit a four-month low, payroll data was weak - and market pundits like the CEO of J.P. Morgan, Jamie Dimon - he's using the word 'recession'."
Despite weakening economic indicators, investors are witnessing the S&P 500 and Nasdaq continue to hit new highs. While we believe that the air is getting thinner at the valuation levels of some of the bigger players, unlike Dot.com, there is real revenue and cash flow generated.
"We could easily 1000x our usage of LLMs and tokens. So, I'd say we understand the 'why' behind that huge investment better than most other investors," Rosenberg said.
That said, there are trillion-dollar build-outs happening that are being funded by ballooning debt - US tech companies have raised around US$157 billion in public debt this year, and any stumble in margins or CAPEX could bite, she added.
For Armina's views on whether the gold price run has legs, as well as where we are seeing opportunity today, listen to the podcast below.