Market marches on regardless of who next Fed chair is, says Summit Global's David Harden
December 22, 2025 • 5m 5s
Kelly Evans (Anchor)
00:00.350
and
let's
turn
to
our
next
guest
who
says
whoever
leads
the
fed
next
inherits
a
numb
economy
his
words
what
does
he
mean
by
that
let's
bring
in
david
harden
he's
CEO
and
chief
investment
officer
at
summit
global
investments
a
numb
economy
what
does
that
mean
David Harden (CEO and Chief Investment Officer)
00:14.910
that's
a
great
question
kelly
thanks
for
having
me
you
know
i
think
if
you
look
at
this
last
year
we've
had
a
number
of
shocks
from
the
federal
debt
to
shutdowns
in
the
government
strikes
geopolitical
risks
and
they're
going
to
continue
in
twenty
twenty
six
but
we're
kind
of
David Harden (CEO and Chief Investment Officer)
00:27.790
numb
to
it
no
ones
really
doing
anything
the
consumer
is
still
spending
unemployment
still
low
and
that's
a
good
thing
and
so
i
think
overall
no
matter
what
he
chooses
for
this
fed
the
reality
is
is
i
think
the
market
march
is
on
Kelly Evans (Anchor)
00:42.230
in
other
words
we
can't
be
too
shocked
by
whatever
's
coming
the
the
economy
is
kind
of
in
a
good
spot
the
consumer
is
going
to
get
a
tailwind
next
year
and
you
know
this
politicking
at
the
top
of
the
fed
i
mean
it
probably
the
bigger
risk
honestly
that
a
lot
of
people
are
Kelly Evans (Anchor)
01:00.470
worried
about
is
maybe
slightly
looser
on
the
margin
and
the
economy
doesn't
need
policy
that's
that
much
looser
that's
probably
the
bigger
risk
for
the
markets
David Harden (CEO and Chief Investment Officer)
01:09.110
right
and
it
gets
kind
of
like
old
news
in
the
sense
of
we
hear
it
so
much
we
just
we
just
are
tired
of
it
so
we
just
moved
to
other
things
and
so
we
look
for
other
things
to
keep
our
attention
Kelly Evans (Anchor)
01:21.030
that
being
the
case
david
how
are
you
setting
up
for
next
year
talk
about
being
numb
you
know
is
it
AI
is
it
not
the
AI
trade
what
you
think
about
the
metals
i
mean
there's
a
lot
of
topics
that
are
becoming
you
know
sort
of
we
talked
about
them
almost
constantly
but
you
have
to
Kelly Evans (Anchor)
01:36.030
still
decide
which
of
these
are
going
to
be
the
best
stewards
of
capital
for
the
next
twelve
months
David Harden (CEO and Chief Investment Officer)
01:40.670
well
and
if
you
look
at
it
it
might
be
a
bifurcated
year
so
let's
just
take
it
in
a
chunk
of
for
the
first
six
months
of
the
year
and
the
reality
is
is
that
earnings
per
share
revisions
for
AI
type
of
capex
spending
and
these
type
of
companies
in
tech
large
cap
specifically
has
David Harden (CEO and Chief Investment Officer)
01:56.670
been
off
the
charts
better
than
anywhere
else
and
i
think
that
continues
and
so
even
though
there
is
some
negative
sayings
out
there
and
it's
people
worried
about
valuations
we
just
talked
about
sixty
five
percent
you
know
that's
the
company
releasing
how
much
nvidia
is
going
to
David Harden (CEO and Chief Investment Officer)
02:12.950
be
up
so
in
reality
i
think
that
this
continues
and
yeah
there's
going
to
be
a
little
bit
of
volatility
but
i
think
you
want
to
be
in
some
of
these
mag
sevens
i
think
you
want
to
be
in
this
AI
trade
still
yeah
Kelly Evans (Anchor)
02:24.590
and
we
should
differentiate
a
little
bit
between
one
and
the
other
because
the
AI
trade
has
a
basket
of
of
outperformers
whereas
the
mag
seven
has
been
you
know
there's
some
out
performers
there's
some
kind
of
in
ho
hum
there's
some
laggards
this
year
so
you
like
microsoft
you
Kelly Evans (Anchor)
02:38.310
like
google
you
would
sell
or
avoid
tesla
talk
about
that
David Harden (CEO and Chief Investment Officer)
02:43.830
you
bet
well
you
know
the
first
there's
a
lot
to
like
about
microsoft
one
of
my
preferred
mag
sevens
and
you
write
it
plays
in
both
the
AI
a
little
bit
and
as
well
as
the
mag
seven
is
the
high
quality
earnings
and
with
that
AI
tilt
i
like
that
google
has
their
own
things
we
know
David Harden (CEO and Chief Investment Officer)
02:58.870
they're
exceeding
on
return
on
equity
high
profit
margins
etcetera
but
tesla
is
my
least
favorite
and
i
think
you're
paying
for
a
lot
of
volatility
they've
had
some
negative
earnings
per
share
i
don't
think
the
real
AI
is
going
to
be
taken
advantage
of
here
for
for
tesla
so
the
David Harden (CEO and Chief Investment Officer)
03:16.670
other
thing
is
that
i
love
elon
musk
in
the
sense
that
he's
going
to
let
us
know
i've
always
said
this
he's
going
to
let
us
know
when
we
need
to
get
long
tesla
again
and
right
now
he's
not
doing
that
so
if
he's
not
doing
that
i'm
not
doing
Kelly Evans (Anchor)
03:27.910
that
wait
elaborate
on
that
first
because
i
love
talking
and
debating
tesla
obviously
people
have
very
strong
opinions
about
it
but
you
have
to
respect
the
stock
being
back
at
all
time
highs
even
after
he
exited
the
white
house
with
all
the
ups
and
downs
they've
had
and
with
its
Kelly Evans (Anchor)
03:40.310
obvious
we're
now
getting
out
of
the
mushy
middle
of
of
driverless
cars
to
them
really
going
mainstream
and
i
that
must
benefit
tesla
substantially
in
the
years
ahead
so
why
are
you
a
little
bit
more
cautious
about
it
and
and
what
are
you
waiting
to
hear
from
musk
himself
David Harden (CEO and Chief Investment Officer)
03:53.440
so
that's
a
great
question
first
tesla
is
up
today
it's
doing
well
and
you're
right
it's
hitting
some
all
time
highs
i
think
that
it's
in
the
right
space
but
if
you
look
at
capital
and
spending
capital
right
now
i'd
rather
be
in
some
other
AI
type
tech
companies
if
i'm
in
that
David Harden (CEO and Chief Investment Officer)
04:06.440
space
or
some
mag
seven
if
i'm
in
that
space
and
what
i'm
looking
for
must
to
say
is
that
he's
back
involved
and
that
this
is
the
future
he's
always
been
very
very
good
at
telling
us
his
vision
and
how
he's
going
to
be
better
than
others
in
the
same
space
he
hasn't
said
that
for
David Harden (CEO and Chief Investment Officer)
04:22.600
a
while
i'm
waiting
for
him
to
say
that
Kelly Evans (Anchor)
04:25.270
that's
interesting
because
i
always
feel
that
he's
out
there
every
day
with
a
message
on
X
about
this
or
that
and
but
you
know
to
be
fair
i
can't
think
of
an
explicit
comment
he's
made
recently
other
than
that
i
wouldn't
say
he's
projecting
a
message
of
low
confidence
in
the
Kelly Evans (Anchor)
04:40.430
company
would
you
David Harden (CEO and Chief Investment Officer)
04:41.510
absolutely
not
no
he
wouldn't
put
in
that
package
for
him
if
there
was
low
confidence
so
i
do
agree
that
he's
he's
i
don't
think
he
understands
the
definition
of
no
confidence
he
only
has
confidence
but
the
reality
is
is
that
you
have
to
put
money
to
work
and
i
think
there's
David Harden (CEO and Chief Investment Officer)
04:57.470
some
other
bets
right
now
that
are
less
volatile
that
probably
manage
your
risk
a
lot
better
and
yet
you
still
have
exposure
to
tech
and
to
growth
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