# Market Resilience, AI CapEx, and Media Consolidation

**Podcast:** Prof G Markets
**Published:** 2026-10-07

## Transcript

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Welcome to Prof G Markets.
I'm Ed Elson.
It is October 7th.
Let's check in on yesterday's market vitals.
The major indices climbed as stock investors grew bullish ahead of earnings season.
The yield on 10-year treasuries declined slightly but remained near multi-decade highs.
Brent crude climbed back above $100 per barrel as industry executives warned that global stockpiles are running low.
Meanwhile, Constellation Energy popped more than 12% after Google agreed to a 20-year nuclear power purchasing deal.
Okay, what else is happening?
Big tech just pushed the S&P 500 to its first record close since August.
The S&P rose nearly 1% yesterday, and it's now up more than 14% so far this year.
While the stock market is ripping, though, bond yields are still near record highs.
On Monday, the 10-year Treasury yield closed above 5.3%, its highest level since 2002.
According to CalShit, traders are now betting that the chances of a rate hike before the end of the year are above 70%.
In other words, the bond market and the stock market are now telling somewhat opposite stories, which leaves us all wondering who is right.
Here to discuss the markets, we are speaking with John Mowry, Chief Investment Officer at NFJ Investment Group.
John, good to see you.
The S&P hit a record high.
which I think was surprising to some considering the fact that we saw yields rising as much as they did.
And usually when yields rise, that means stocks come down.
That's not what happened, though.
Stocks kept rising.
We're now up 14% year to date.
What do you make of what's happening here?
Yeah, Ed, it really is remarkable.
If you had told me at the start of the year that the 10-year bond yield was going to go to 5.25% or 3%, oil would be at 100% or higher for...
multiple consecutive days.
I think that's kind of textbook you'd have expected the market to be lower.
I think the reason that we've seen such resiliency is that we've got, you know, forward earnings at nearly 38% for the S&P.
And to contextualize that, the only time you've seen earnings growth at 30% or higher.
is coming out of recession.
So coming out of COVID, coming out of the 2009, the GFC in 2008, that was the only other times you saw that.
So the earnings have been incredibly resilient.
And what's fascinating, Ed, is actually the market has gotten cheaper, even though it's hitting all-time highs as we sit here today.
That's the part, I mean, it is hard in a lot of ways to call the market overvalued right now when you've got the S&P trading at about 19 times forward earnings, below its five-year average.
I guess the question, I mean, we should try to understand what the risks actually are here.
Some are questioning the earnings themselves.
The earnings are exploding.
And that's why you've got, based on those forward earnings, a cheaper...
market.
But some people are wondering, you know, to what extent can we trust these earnings?
Do we think that these earnings are sustainable, durable?
What do you make of that?
Because you're right, the earnings growth is tremendous, and it seems to be the thing that's powering this market.
Yeah, I'd say a couple things.
I mean, look, you're getting a lower multiple.
So that's textbook for when you have higher interest rates.
So the market is responding appropriately.
Interest rates are up.
And so that's pushing the multiple down.
But you have substantial earnings growth, and that's why the market is at all-time highs.
So if we think about, are those earnings durable?
You know, there's a lot of people that look at the AI trade and they think, hey, is this a bubble?
And I might take the other side of the equation.
I might take the side that maybe we're mistaking a bubble for a boom.
Because when I look at the durability of earnings, It's a cross sector.
This is not one group.
I think there's a misconception in the market that this is a narrow trade.
And I keep hearing people say that only a panful of stocks are holding the market up.
I would take the opposite side of that.
You know, small caps are doing well this year.
They're up double digits.
Mid caps are up double digits.
And you've seen tremendous performance out of refiners, industrial machinery, material stocks.
There's a whole cohort.
I think that.
The counter to that is, well, is that being driven by kind of the CapEx cycle, which is, you know, roughly, you know, $900 billion coming from the hyperscalers?
And my answer is largely yes, you're seeing a lot of that come from that.
But the counter is, would you rather there not be strong earnings coming out of kind of an investment capital cycle?
I would rather have the setup we're in, which is where we have low valuations, strong earnings growth.
And actually, a backdrop that might get a lot more favorable should we see some alleviation in oil prices or bond yields as we look into the next 6 to 12 months.
The reason that this breadth question is coming up, this idea that the market is so narrow or that it's so concentrated right now, you're right when we look at the full year that, generally speaking, it's been pretty good.
But over the past couple of months, just looking at individual stocks in the S&P, the equal weight is down since August.
more than half of S&P companies right now are in a bear market.
I mean, at least over the past few months, basically since the end of the summer, it has been all tech driving the gains.
I guess, what would you say to that pushback?
It's a great point.
I mean, small caps have pulled back.
There's no question.
So why is that?
That, I would argue, is directly tied to what's going on.
with bond yields and with oil prices.
Because if you think about oil prices, that's a progressive tax that's going to impact the smaller, medium-sized companies more.
And then the smaller, medium-sized companies have less levers to pull when interest rates go up.
So, you know, Apple, NVIDIA, Microsoft, interest rates going up doesn't impact them as much as the smaller companies for two key reasons.
The first is that the cost of capital directly impacts their ability to go to the capital markets.
And secondly, the smaller companies typically have more debt.
on their balance sheets so you have more concern about what it's going to be to roll that debt if those interest expenses stay up so that's the reason you've seen that um i think the small caps are kind of spring-loaded here though uh because you are still seeing earnings growth there ed at 27 so really strong earnings growth after years of kind of flat to to no earnings growth in the smaller companies over the last few years are you concerned at all about the fact that we just at least over the past couple of months, it has been a story of tech.
Do you worry that, you know, it seemed as though we had kind of a broad market that was pretty diversified.
You know, the equal weight was really strong.
A lot of these small cap companies were doing really well.
But now it seems like maybe we're reverting back to this sort of top heavy dynamic where you have a handful of companies.
Is that a concern for you?
Or is do you think that it's not a not a real issue right now?
You know, we kind of had a little bit of, you know, a pretty harsh sell-off after June in a lot of the semiconductor and AI names.
It wasn't just technology.
It was also kind of industrial machinery that was tied to data center build-out or connectivity stocks.
as part of that kind of data center wiring that's needed for the capital cycle.
So it's been a group.
I think that ironically, we kind of had an alleviation in that semiconductor trade.
And now you've got some of the lowest multiples we've seen.
I mean, if you look at the multiple you're paying for NVIDIA, Ed, I think it's very reasonable.
The market obviously is doubting the earnings, but I think that the re-rating of some of the tech stocks are warranted, given that you had a lot of compression kind of coming out of the end.
of a lot of the reconstitution actually that happened at the end of june some of the uh russell indexes you had a lot of kind of pressure as those were reconstituting with some of the semi-names coming down.
You know, for example, a lot of the memory stocks were very large weights in some of the large indexes like the 1000 value, and those completely got moved out.
So I think you had some just kind of, I would say, technical selling pressure.
And so now you're kind of seeing some of those re-rate.
And I mean, Micron just reported stellar earnings.
So again, the results keep coming through and there's a lot of doubters out there.
And again, I kind of go back to the case that, you know, maybe as opposed to doubting the build, it would be a little bit wiser to kind of look at how it's impacting kind of a broad swath of companies and participate because it's really good for the country if we're kind of at the lead and the forefront on the AI build-out, not just for national security, but for productivity gains.
The concern that I think is valid, at least in my view, is this circular financing concern that we have.
these earnings that are moving in a circle.
That's largely why the earnings have been so dramatically large is because we have all of these big tech companies, these hyperscalers kind of trading revenues and recycling the revenues through the system.
That at least is my concern.
One, are you also concerned about that?
But two, the follow-up is, is that priced in?
And I wonder if maybe at these multiples, when you look at the multiples on forward earnings, especially, that maybe that is priced in.
And maybe this is a healthy market that is, you know, acknowledging the risks.
Well, and I couldn't agree more.
The circular financing is something we've got to pay very close attention to.
And I'd actually extend that further to we really need to see how much of this is going to be financed with debt versus cash from operations.
So I kind of...
put both of those as kind of the worry poles.
On the first one, on the circular financing, I mean, let's take Amazon, for example.
They had a great previous quarter, but it was criticized because of the gains they had with Anthropic, which is a large investment they have, which also buys their chips.
So that's kind of that circular argument.
So I think that, you know, we need to see validation from third-party independent sources.
But I think that the circular financing, to some degree, is part of the ecosystem.
When the largest companies in the world are driving the CapEx cycle, it's inevitable that you're going to have some of those customers buying products from these companies.
And we have to remember, these companies are like their own countries.
So, I mean, these are massive enterprises.
I mean, NVIDIA now hitting $6 trillion.
So I think that the circular financing is, to some degree, expected.
But it is a concern.
We do need to see independent.
demand, Ed.
So I completely agree.
It's something to watch closely.
Something that I am watching closely is how some of these operations, particularly with these investments, are being financed.
To the extent that they're being financed from debt and not from cash flow, from operations, that is a concern.
And we need to see demand materialize to justify the amount of spend that's coming.
And I think the return on the AI trade, that's the real question.
Everyone's spending.
What's the return going to be?
The flip side is you have to invest to stay competitive.
So it's why markets do create bubbles, because it's not that people are stupid.
It's not that people don't understand that you can spend too much and overbill data centers.
Of course, they get that.
But the risk of not doing it is that you fall combined in a very competitive space that is moving at the speed of light across the globe.
The return on the AI is so essential because, as you say, the system is dependent on that capex right now.
That is what is driving the earnings growth.
And the only reason they're willing to do that is because they think that they're going to get the return.
We haven't seen it yet, at least among those extremely large spenders within their own businesses.
So I guess if that doesn't show up or if it underwhelms in any way, you might see a massive reduction.
in that spending and therefore you'd see a reduction in the earnings growth, which I think goes to the sustainability question.
I guess just sort of as we wrap here, do you believe that that is sort of reflected in these prices?
Like, do you think that that concern is properly priced and therefore, you know, this is something to be not so worried about?
You know, as my kids would say that, you know, it's mid-priced, it's mid-priced.
I don't think it's fully priced.
I mean, you know, the market tries to discount, but it doesn't fully know what that return is going to be still.
So I don't think we know on that one.
I think that if you look at kind of the price and the demand for compute, everything there points to that it's going higher.
and that actually contracts may reprice higher for compute eds.
So we actually are still in a pretty, you know, constrained market.
To me, I think the real interesting dynamic, if I look at the S&P 500, just as kind of the broad market, it's trading at 19 times.
It's growing at 38%.
You've got bond yields over 5, 5.25 today, oil at 100.
If you see oil prices move lower, interest rates should come off quickly and the market should rip.
So I think that it's actually to the upside, to the upside that the markets move substantially higher and that people are offsides because they're trying to kind of deconstruct and decompose.
Is the AI trade real and maybe miss the upside move?
I mean, markets would be substantially higher if the conflict in Iran had been resolved.
And that's dragged on longer than, you know, folks in Washington would have liked.
And that's really keeping kind of a coiled spring underwater for the market.
Is it your expectation that yields will come back down soon?
Let's break this down.
The CPI, you know, to your bond yield, force the Fed's hand.
The CPI.
should roll over over the next 12 months, if nothing else, just because of the calculation.
So even if oil prices stay elevated, Ed, the way that calculation works, when this is kind of the cruel economics of how inflation works, it's not the things necessarily need to get cheaper.
It's that the rate of change needs to slow.
And that's unfortunately the way this is done.
And so that right there, if I look a year out, I would expect the CPI to be lower.
And so the Fed should have a easier time.
with interest rates potentially out of years.
So my expectation is, yes, oil prices come down, CPI, you know, gets a little bit weaker.
And if earnings growth stays, we'll see what the next couple quarters produce.
That's going to be real bullish for markets.
John Mowry is Chief Investment Officer at NFJ Investment Group.
John, we appreciate your time.
Thank you.
Thanks, Ed.
After the break, a check-in on the housing market.
And by the way, my newsletter, Simply Put, was just nominated for a Signal Award.
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When 1.6 trillion moves through travel every year, it's a shock to remember that most of it still runs on tech from the 80s.
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Support for the show comes from Enjin.
When 1.6 trillion moves through travel every year, it's a shock to remember that most of it still runs on tech from the 80s.
I mean, work travel works fine, but it certainly isn't all that intelligent.
That's why businesses and travelers book directly through Engine.
Engine closes the gap between wanting to be somewhere and actually being there.
Developers, expense tools, and AI agents all plug into Engine's API.
And as AI spreads, Engine only becomes more valuable.
Every AI agent that wants to book travel needs real supply, real pricing, and real payments.
With 40,000 businesses relying on Engine and growing fast, they're powering travel for the masses with partnerships like Navon and the Tampa Bay Buccaneers.
Strong hotel partnerships, proprietary supply, real-time rate shopping, and payment rails.
That's the kind of foundation that takes years to build, eight years in Enjin's case, and it can't be bought.
The future of business travel runs on Enjin.
Visit Enjin.com slash Prop G.
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Try for free today at odoo.com slash vox.
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We're back with ProfG Markets.
The average 30-year fixed mortgage rate just hit 7.28%, the highest reading since November 2023.
The result?
Fewer people are buying homes and more are renting.
Pending home sales fell 8.5% from a year ago, according to Zillow.
Americans' expectations of moving are near all-time lows.
And the median age of first-time homebuyers recently hit 40.
Meanwhile, rents posted their biggest annual jump since April 2025.
So today we're asking what happens to the economy when a generation stops buying homes.
Joining us to discuss the housing market, we're speaking with Robert Armstrong, U.S.
financial commentator for the Financial Times and author of the Unhedged newsletter.
Rob, thank you for joining us.
You just wrote about housing recently in the Financial Times.
You wrote about the mortgage on your house.
Tell us.
about that situation and what it tells us about the larger housing market in America.
The entire motto of my life, Ed, is that it's better to be lucky than good.
And I was lucky in that I was at the stage of life where I needed to buy a new bigger house in 2020.
when mortgages were like 2%, 3% if you played your cards right.
And I ended up with a good size 2.75 mortgage on this house.
And now that looks brilliant.
Now that we're at 7.5%, I have all this cheap financing, way below market financing.
So I'm in this slightly weird position that one of, or perhaps the biggest asset I have, that I have is a liability.
meaning some really cheap debt.
And that actually has implications for the larger economy because there are millions and millions of Americans like me who got mortgages in the zero rates era, the kind of 2010s through 2020, and who now essentially barring something really great or really awful happening to them, are never going to leave their home, right?
Because if I get a great job offer in Cincinnati or London or Tokyo, I've got to give up this mortgage.
And if I decide to downsize when my kids leave for college next year, same thing, I'm not gonna.
right?
So I'm going to stay in the house no matter what.
And the effect of these, and it is, by the way, a somewhat uniquely American phenomenon, these very long-term, 30-year fixed-rate mortgages subsidized basically by the government, which we can discuss in a second, very American phenomenon.
The impact of this is that the market freezes when rates rise.
So people like me, mortgage rates go up, people like me to stay put, and essentially the supply of homes, or in any case, the liquidity of available homes goes down, right?
That's one phenomenon.
The second phenomenon is nobody wants to sell their house for a loss, right?
So people will always wait a million years rather than sell at a loss in a normal market, Ed.
the price of financing this asset would have gone up and the price of the asset would have gone down.
But because people have trouble accepting the fact that they're selling their house at a loss, again, the market freezes.
And so that's fine for me.
I'm in this great house in Brooklyn.
Everyone's happy.
For you, age 27, Ed, maybe you live in a fabulous home that you own, but if you should be a renter, not yet.
If you should be a renter, you're on the outside looking in, right?
Yeah.
And there's less houses for you to buy.
And the price of those houses hasn't fallen, even as the price of financing them has risen, which is kind of crazy.
So what happens as a result of that?
Prices don't fall, transactions do, right?
So we're running along at about 4 million home sales a year now, which is the same level as right after the housing bubble burst 15 or 20 years ago.
It's not a market crash, it's a market deep freeze.
And that's extremely bad for young people, even as it takes care of old people like me.
You wrote that the quote, the prevalence of the 30-year fixed rate mortgage is a policy choice.
In other words, we have decided to set this system up this way, where you have rising rates that don't even affect the price.
of the house.
You would think that, as you say, if the rates go up, the prices go down.
We have a situation where rates go up, prices either continue to rise or remain extremely high.
No one sells, and therefore no one new buys a house.
There's no law, Ed, that says thou shalt have 30-year mortgages forever and ever.
But we do have this unique home finance system.
where mortgages like mine can be bundled into bonds.
And those bonds have a semi-explicit guarantee from the U.S.
government in the form of their approval by Fannie and Freddie, who buy the bonds, bundle them up, and sell the bonds.
So there's a kind of semi-explicit subsidy and guarantee that makes this product, the 30-year fixed mortgage.
possible in America where it's a lot harder and a lot of other markets.
Now, you might say, this is great.
You know, this protects a lot of people like old Armstrong, right?
But it's pretty tough on the people, as I said, who are on the outside looking in.
But this is the policy that we've chosen.
This is the housing market we've chosen.
You also quoted the economist Edward Lima, who said that, quote, housing is the business cycle.
But you said that that is no longer true?
What is the relevance of housing either being the business cycle or not being the business cycle?
So it used to be we had kind of normal business cycles in the economy where sometimes you were in an expansion and sometimes in a contraction, and these things went in slow waves of six or seven years or whatever it was.
And Leamer's point is that If you look down in the data, one of the biggest swing factors is the housing sector.
The housing sector is not that huge a chunk of the economy, but it moves around a lot.
So it's the thing that shrinks the most and goes up the most because people buy homes when they're feeling rich and financing gets cheaper and then there's a lot of buying and then the cycle naturally turns as houses gets more expensive and nobody's buying.
So it's this massive swing cycle.
And remember, it's not just the housing transactions themselves.
It's the paint you buy.
It's the renovation.
It's the money you spend moving.
It's all of that, all that related stuff.
Now, housing has been, because the market has been frozen since rates first really started to go up a couple of years ago, this part of the economy has not been contributing to GDP.
And normally that would mean we were in the lower part of the economic cycle, right?
Because housing is either detracting from or not contributing much to GDP.
But we have something else said.
So we don't need housing anymore.
We have AI, which has sort of taken the place of housing in this cycle, in that, you know, it is giving that important incremental swing to keep the economy growing.
It's not the only thing, but it's a big reason.
If we didn't have the AI boom going on, we would notice the absence of the housing sector as a contributor to the economy.
Let me put it that way.
And in a way, unless you're shopping for a house now, you wouldn't have noticed it.
How does this all play out?
Because, I mean, I've looked at housing prices for a while.
They continue to go up, or at least they stay high.
I keep thinking at some point, something has to change.
And you point out that we are looking at price levels here that looks very similar to basically the top of the housing bubble in 2006, 2007.
But it almost feels like we've been stuck in this moment for years now, and it never seems to arrive that turning point.
So I guess my question is, what would it take for things to change?
And do you think things will change at any point in the near future?
Part of the puzzle here that we haven't talked about is housing supply.
And part of the reason the issues I've just discussed are so severe in this country is that it's not particularly easy to build housing here for reasons that involve zoning regulation, the price of land, all kinds of stuff.
And it feels like we're at a moment where some of the ice is thawing in that area.
This law was passed this summer with bipartisan support that is, without the president's signature, of course.
I forget what he was mad about that he didn't sign it, but he was mad about something else so he wouldn't sign it, that, you know, makes it possible.
I mean, the key things it did were basically localities have an incentive to roll back.
zoning regulations.
The problem with changing our zoning problem in this country is that it's all at the local level.
So the NIMBYs are solidly in charge of local zoning.
And this law did something to change that.
And you hear, I think people are becoming more aware of how big a problem this is.
So slowly, slowly, we have to get better at being a society that builds housing and builds the right kind of housing that young families need, basically.
Um, in the, you know, as that's happening, it's very, very hard to get home prices to go down and they can be kind of stable and inflation can bring them down in real terms, but it's hard to see anything more than that happen in aggregate, even in the housing bust, housing prices didn't fall that much.
They just stole, you know, they went down, you know, whatever percent.
15% nationally or maybe 10% and then just stalled for a while, right?
And became cheaper in real terms as there was a little bit of inflation.
So it's hard to see any quick fixes here.
But we hope the country gets religion on zoning and building.
Is now not the right time to buy a house, do you think?
Of course, it's always situational.
It's always based on locality.
But if we were to...
If someone was thinking about buying within the next, I don't know, one, two, three years, wait?
I mean, there's a difference.
Is it time to buy as an investment?
Is it time to buy a place to live?
And the advice I followed in my life, which I got from other people, was that you should buy a house if it's a reasonable price for buying the service you're getting, which is a place to live.
What I don't think you should count on, which...
My, you know, and parts of my life it has worked.
It definitely worked for my parents is betting it's also going to be a savings and investment vehicle.
Yes.
I think you have to buy the house because it's a house.
And, you know, and then it's just a matter of, you know, what do you got in your pocket and what are you getting for the money?
you know, depending on where you live.
Which, honestly, is a decent argument for renting, because that's what renting is.
It can be.
And so I think renting, and there's a lot of countries, right, where renting is just the norm.
Again, it's a uniquely American thing that we necessarily think of our homes as the thing with which we save for retirement.
This is probably not a very good idea.
100%.
But it's how we do it.
I could go on for hours with you about this, but we have to wrap it up.
Robert Armstrong is U.S.
financial commentator for the Financial Times, author of the Unhedged newsletter.
Rob, really appreciate it.
Thank you.
Always fun to be on the show.
Paramount has officially closed its $111 billion takeover of Warner Brothers Discovery.
The merger will hand over some of the world's largest media assets to one of the wealthiest people in the world, or more specifically, the son of one of the wealthiest people in the world.
David Ellison will run the company.
David's father is, of course, Larry Ellison, the founder of Oracle, and also the eighth richest man on the planet worth an estimated $193 billion.
So, Larry provided the lion's share of the financing, roughly $47 billion.
The Gulf states provided another $24 billion.
That includes the sovereign wealth funds of Saudi Arabia and Qatar and the United Arab Emirates.
And the remaining $50 billion was financed with debt.
And as a result, the combined company now faces a junk credit rating as its leverage ratio approaches nearly eight times earnings for context.
That is roughly 300% higher than most in investment-grade corporations.
So, what is in it for David Ellison?
Everything.
The heir to the oracle fortune now controls practically all of American legacy media.
He owns the Paramount Production Studio, the Warner Brothers Production Studio, CBS News, CNN.
HBO, HBO Max, TNT, TBS, MTV, Comedy Central, Nickelodeon, the Food Network, Paramount+, Pluto TV, the Star Trek franchise, the Mission Impossible franchise, the entire DC Comics universe, and also the entire Wizarding universe of Harry Potter.
Put it this way, any storied media entity that you grew up with and that still exists, he probably owns now.
Now, the ultimate question is, why?
does he want all of this?
And why would he risk so much of other people's money to get it?
There are a lot of theories that are floating around.
Some believe he has a political agenda.
Others believe he has a geopolitical agenda.
And some think that this is just a case of billionaire mind control, that this is his attempt to brainwash the American public into believing whatever it is that he believes.
And I get it.
It's not out of the realm of...
possibility that those things might be true.
But my take is a lot more simple than that.
My take is that this is a rich kid who is bored, whose dad is a scion, and who wants to make a name for himself.
And so this is how he's decided he is going to do it.
And by the way, it wasn't that hard.
Now, I also want to be clear.
I don't think that that is a good thing.
I don't think it's good.
that the children of billionaires have gone from buying boats or houses as their pastime to now buying the entirety of American media.
To me, that is a signal that wealth inequality has gone at least a step too far.
But indeed, that is where we are today.
David Ellison controls the media because his dad is Larry Ellison.
And by the way, this is a story we are seeing more and more of.
The next largest media company in the world is Comcast, which is run by the son of the founder, Ralph Roberts.
After that, you have Fox Corporation, which is run by the son of Rupert Murdoch.
And the New York Times, run by the son of Salzberger Jr.
And don't forget who David Ellison bought Paramount from.
He bought it from the daughter of the billionaire, Sumner Redstone.
So the reality is that the world is increasingly being run not by billionaires per se, but by the children of billionaires.
And that's not to say that they're bad people.
I'm sure many of them are great.
It's simply to acknowledge that the reason they are in these positions of power is because of who their parents are.
In fact, more than a third of billionaires today become billionaires not because they started companies, but because of their inheritance, because essentially their parents died.
So we're starting to see the crystallization of what we call the inheritocracy.
We see it in this $111 billion transaction.
We see it in the rest of media.
We see it in government.
We see it in business.
Power in America is increasingly being inherited, not earned.
And the question for us is whether we are okay with that.
Okay, that's it for today.
This episode was produced by Claire Miller and Alison Weiss and engineered by Benjamin Spencer.
Our video editor is Brad Williams.
Our research team is Dan Chalon, Kristen O'Donoghue, and Mia Silverio.
And our social producer is Jake McPherson.
Thank you for listening to Prof G Markets from Prof G Media.
If you liked what you heard, give us a follow.
I'm Ed Elson.
I will see you tomorrow.
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