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JB Josh Brown Josh Brown CEO of Ritholtz Wealth Management, the investment advisory firm he co-founded with Barry Ritholtz.

“If it is a bubble, it is the most pathetic bubble I have ever seen in my life. We are factoring in growth skepticism every single day the market is opened. It is an anti-bubble. The only thing that you can credibly say is that it's an earnings bubble … You cannot say it's a valuation bubble.”

Prof G Markets · Money & Markets · October 2026

“If it is a bubble, it is the most pathetic bubble I have ever seen in my life. We are factoring in growth skepticism every single day the market is opened. It is an anti-bubble. The only thing that you can credibly say is that it's an earnings bubble … You cannot say it's a valuation bubble.” — Josh Brown, Prof G Markets

Context

Scott Galloway asked about Ken Griffin and Ray Dalio calling the market a bubble. Josh Brown points out that semiconductor earnings keep beating estimates while almost no chip stocks are making new highs, and that some memory makers trade at PEG ratios near 0.1.

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Transcript

Prof G Markets Around 36:00 into the episode
Speaker 2

…that's true. I think they could do a Series G and easily raise $100 billion. I think this is the smart move to the ducks are quacking on Wall Street. If you never learn anything from me other than this, it's good enough. When the ducks are quacking, you feed the ducks. That's what they're doing.

Scott Galloway

All right. So, Josh, we're increasingly hearing open-quote bubble claims. Ken Griffin and Ray Dalio both suggested last week that we're in a bubble. What's your response to the bubble question today?

Speaker 2

If it is a bubble, it is the most pathetic bubble I have ever seen in my life. We are discounting. We are factoring in growth skepticism every single day the market is opened. It is an anti-bubble. The only thing that you can credibly say is that it's an earnings bubble and that the profitability our tech giants are enjoying today is not sustainable. You could say that. You cannot say it's a valuation bubble. The semiconductor industry is the largest contributor to tech earnings growth. And there's a lot of tech earnings growth. And the semis are by far the biggest contributors. The year-over-year estimate for tech earnings growth is 65.6% for the quarter that we're in now. Just think about that number for a second, okay? Sector-wide. It's not one company. 65% for the tech sector. If you exclude…

Scott Galloway

I pity the fool that thinks this is a bubble. Another Rocky quote.

Speaker 2

NVIDIA's forward PE is 15 times earnings. This is the lowest valuation I think in history on a forward earnings basis, you have ever had the opportunity to buy NVIDIA. Now, I'm not saying it should be 30 times. Should it be 15? And if it is 15, the only bubble must be there for in this year's…

Ed Elson

Scott, I agree with Josh. Keep talking about it. Do you have any follow-ups?

Speaker names come from our own diarization. The position is estimated from where the line sits in the episode.

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