Markets Hit A New All Time High, Whats Next?
Speakers
Avi Felman
— Principal, GoldenTree Asset Management
Jonah Van Bourg
— Head of Trading, Cumberland / ex-Vitol
Summary
Avi Felman and Jonah Van Bourg discuss the stock market hitting new all-time highs and their outlook for various assets. They express bullish views on tech, semiconductors, and Bitcoin due to AI infrastructure buildout and reflexive buying dynamics, while identifying Avis as a short opportunity. They also critique DeFi's safety and decentralization, and announce plans to expand their podcast network and launch a new terminal product.
- Hosts are bullish on tech (NASDAQ, semiconductors) due to early-stage AI infrastructure expansion.
- Bitcoin is seen as having a reflexive buying dynamic driven by MicroStrategy and potential blowoff top.
- PER token is favored as a gateway to access the Hyperliquid platform.
- Avis is identified as a short opportunity due to an unsustainable short squeeze and potential stock issuance.
- DeFi is criticized as unsafe and overly centralized, especially after the Kelp Dow hack.
- Geopolitical events like the Iran war are viewed as transient and not market-breaking.
- Socialism and redistribution policies are flagged as a long-term risk to certain real estate markets.
- The hosts announce upcoming expansion of their show and launch of a new AI terminal product.
Trade Ideas
Early AI infrastructure buildout supports tech.
We are in the early phases of building out infrastructure for the AI revolution, with low workforce adoption, implying significant expansion potential. This supports continued investment in tech and semiconductor exposure.
Reflexive buying dynamic drives Bitcoin higher.
Bitcoin shows a lack of sellers and is staircasing up due to a reflexive dynamic where MicroStrategy (MSTR) issues stock to buy Bitcoin, and the STRC product attracts deposits, creating a self-reinforcing buying loop that could lead to a blowoff top.
PER is sole on-ramp for Hyperliquid access.
PER is the only way for many to access Hyperliquid without going on-chain, creating strong demand for the token as a gateway.
Avis short squeeze unsustainable, will issue stock.
The short squeeze in Avis has pushed the stock to unsustainable levels; the company can issue more stock to capitalize on high prices, which will eventually bring the price down. Suggests scaling into a short position.
Up Next
This 1000x Podcast video, published April 22, 2026, features Avi Felman discussing QQQ, SMH, BTC, PER, CAR. 4 trade ideas extracted by AI with direction and confidence scoring.