Fragile Foundations: Ross Atefi on AI Euphoria, Market Concentration & the $500K Tax Trap

Lead-Lag Live

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2d ago 22:32

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In this episode of Lead-Lag Live, I sit down with Ross Atefi, Founder and Wealth Advisor at Yatra Wealth Design, to break down why he believes the market is more fragile than headlines suggest.

From AI mania to the quiet collapse in housing and jobs data, Ross explains how extreme concentration and stretched valuations have set up an environment that echoes the late ’90s bubble — and what investors need to watch next.

In this episode:
– Why the S&P 500’s “diversification” is a dangerous illusion
– How AI spending is draining the cash that used to reward shareholders
– The warning signals in housing and employment data
– Why money supply matters more than Fed rhetoric when it comes to inflation
– The $500K–$600K tax trap created by the “one big, beautiful bill” and how to avoid it

Lead-Lag Live brings you inside conversations with the financial thinkers who shape markets. Subscribe for interviews that go deeper than the noise.

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Chapters

1. Markets At Highs, Risks Mount (00:00:00)

2. Concentration Meets Extreme Valuations (00:02:50)

3. AI Euphoria vs. Real Adoption (00:05:45)

4. Capex Is Eating Shareholder Cash (00:08:50)

5. Housing Rollovers And Job Revisions (00:11:45)

6. Inflation Through The Money Supply Lens (00:16:05)

7. The 500K–600K Tax Trap Explained (00:18:55)

8. Macro Playbook: Liquidity And Cycles (00:21:35)

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