Inside Perspectives: An AGF Podcast Series
Oct 8, 2026 · 25 min · 8 segments
John and David sit down with Steve Way, Head of Global & Emerging Market Equities at AGF Investments, to discuss how investors can navigate record bull markets. Guest: **Stephen Way,** Head of…
David PettHost
John ChristofilosHostStephen WayGuest
Uh, let's learn a little bit about, uh, investing at all-time highs, and, uh, we're kind of in that mode again.
They continue to, equity markets continue to flirt with highs, despite, um, a litany of potential risks that are out there that we've, we've had pretty much all year.
Iran and Ukraine wars, the potential of an AI development slowdown, persistent inflation, rising interest rates.
You know, what gives? Why, why are we able to kinda climb this wall of worry, if you will?
Our earnings have been phenomenally strong, not only in the United States, but, um, pretty much in many other countries as well.
But, uh, if you look at the data in Europe, you'll see that, um, earnings there, in terms of second quarter earnings, about 87% of companies beat expectations in, in the second quarter.
And that's, that's, you haven't seen that kind of an earnings beat for, I think, five years.
Uh, obviously driven by, uh, IT and technology, but the capital spending that's taking place, the AI capital spending that's taking place, is allowing economic growth to be maintained.
But also, it's spreading into other sectors of the economy, and you're seeing that in the earnings and the revenue growth of these companies.
Japan had, again, some of the best earnings beats that we've seen there in, uh, in probably five or six years.
As we entered the year, there's some concern about the economies, particularly with the war- But because of this AI CapEx spending in the United States, economic growth forecast have been steady.
And in Japan, uh, similar, uh, you haven't seen any downward revisions in part because of AI spending.
Uh, let's learn a little bit about, uh, investing at all-time highs, and, uh, we're kind of in that mode again.
They continue to, equity markets continue to flirt with highs, despite, um, a litany of potential risks that are out there that we've, we've had pretty much all year.
Iran and Ukraine wars, the potential of an AI development slowdown, persistent inflation, rising interest rates.
You know, what gives? Why, why are we able to kinda climb this wall of worry, if you will?
Our earnings have been phenomenally strong, not only in the United States, but, um, pretty much in many other countries as well.
But, uh, if you look at the data in Europe, you'll see that, um, earnings there, in terms of second quarter earnings, about 87% of companies beat expectations in, in the second quarter.
And that's, that's, you haven't seen that kind of an earnings beat for, I think, five years.
Uh, obviously driven by, uh, IT and technology, but the capital spending that's taking place, the AI capital spending that's taking place, is allowing economic growth to be maintained.
But also, it's spreading into other sectors of the economy, and you're seeing that in the earnings and the revenue growth of these companies.
Japan had, again, some of the best earnings beats that we've seen there in, uh, in probably five or six years.
As we entered the year, there's some concern about the economies, particularly with the war- But because of this AI CapEx spending in the United States, economic growth forecast have been steady.
And in Japan, uh, similar, uh, you haven't seen any downward revisions in part because of AI spending.
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