Sell with both hands

Tuesday 23 June 2026

Michael Hartnett at BofA.

Zeitgeist: “Warsh is the best thing that’s happened to macro trading in a long time.”

The Price is Right: victory…Iran done & US pivot back to boom & bubble to win US-China AI war; AI now 39% of SPX ~ ceiling of bubble concentration ex. railroads 1880s (Chart 3); bubbles = concentration not rotation…only tech outperformed SPX from Oct’98 lows to Mar’00 highs, only tech/telco in positive territory last 6 months of bubble (Charts 12-13).

The full text of this article is available to MacroBusiness subscribers

$1 for your first month, then:

$24.99 / month

$249 / year

Cancel at any time through our billing provider, Stripe

About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.