Key Takeaways
- • Cem Karsan's podcast episode 14 (dated 2026-10-14) features Goldman Sachs' Christian Mueller-Glissmann assessing how long the AI boom can keep supporting equity markets while bond yields rise.
- • Mueller-Glissmann argues the market faces more evidence of an earnings bubble than a valuation bubble, per the episode discussion.
- • The discussion highlights higher yields beginning to pressure parts of the equity market, with bonds acting as a "speed limit" for equities.
- • Topics include unusually high equity dispersion, cheap equity volatility, and the growing difficulty of portfolio diversification.
- • The conversation also covers geopolitical risk, gold, FX volatility, and positioning for a more inflationary and less predictable regime.
Summary
In a podcast episode dated October 14, 2026, host Cem Karsan was joined by Christian Mueller-Glissmann of Goldman Sachs to examine how much longer the AI boom can support equity markets as the bond market becomes harder to ignore. The episode description frames the central question around whether current extraordinary earnings growth is sustainable.
Mueller-Glissmann's view, as described in the episode summary, is that there is more evidence of an earnings bubble than a valuation bubble. The discussion explores whether AI-driven earnings can be sustained and what happens if earnings begin to mean revert. Rising yields are presented as increasingly pressuring parts of the equity market, with the bond market positioned as a constraint on equity gains, a dynamic the episode labels as bonds becoming the "speed limit" for equities.
The conversation also addresses market structure and volatility. Participants discuss unusually high dispersion across stocks, equity volatility that appears cheap relative to conditions, and the challenge of maintaining portfolio diversification when correlations and rate sensitivities shift.
The second half of the episode turns to broader macro risks, including geopolitical developments, the role of gold and real assets, debasement risk that investors may be underestimating, and FX volatility. The participants consider how investors might prepare for a more inflationary and less predictable market regime without relying on the ability to time markets.
The episode is hosted on Cem Karsan's VIX, Volatility, and Market Positioning podcast, with a segment timeline spanning roughly 1 hour 5 minutes.
Mueller-Glissmann's view, as described in the episode summary, is that there is more evidence of an earnings bubble than a valuation bubble. The discussion explores whether AI-driven earnings can be sustained and what happens if earnings begin to mean revert. Rising yields are presented as increasingly pressuring parts of the equity market, with the bond market positioned as a constraint on equity gains, a dynamic the episode labels as bonds becoming the "speed limit" for equities.
The conversation also addresses market structure and volatility. Participants discuss unusually high dispersion across stocks, equity volatility that appears cheap relative to conditions, and the challenge of maintaining portfolio diversification when correlations and rate sensitivities shift.
The second half of the episode turns to broader macro risks, including geopolitical developments, the role of gold and real assets, debasement risk that investors may be underestimating, and FX volatility. The participants consider how investors might prepare for a more inflationary and less predictable market regime without relying on the ability to time markets.
The episode is hosted on Cem Karsan's VIX, Volatility, and Market Positioning podcast, with a segment timeline spanning roughly 1 hour 5 minutes.
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