SPY | SOURCE: ODD LOTS - GOLDMAN'S HATZIUS AND SNIDER ON THE OUT
Dec 30, 2025 IC-REF: ab0c9db1

SPY: Infrastructure Constraint & Moat Analysis

Executive Thesis: US equities remain structurally supported by accelerating productivity growth and robust earnings, but current valuations offer inadequate compensation for late-cycle risks including potential Fed policy errors and AI capex deceleration.


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