Too Early to Get Off the Wave with Ryan Detrick and Sonu Varghese
June 26, 2026
AI Summary
5 min readRiding the Wave: Why This Bull Market May Have More Room to Run
When Ryan Detrick and Sonu Varghese titled their 2025 outlook "Riding the Wave," they weren't being cute. They were making a specific historical argument: this bull market, now about three and a half years old, has just become the eighth longest since World War II. The average lifespan of the seven that were longer? About seven years. The shortest was five. "Bull markets are hard to stop," Detrick says. "They're hard to turn around. It's like a cruise ship. Once they get past that third year, they tend to keep going."
The Case Against Calling This a Bubble
The hosts push back hard on the bubble narrative, and not just because they're bullish. Their argument is that we already had the bubble—and it popped. In 2021, Apple fell 30%, Google 44%, Amazon 56%, Nvidia 66%, Netflix 75%, Meta 77%, and ARK, the poster child, 80%. "We just had a bubble that popped and we like pretend that that didn't just happen," Josh Brown says. "It was the whole bubble cycle, including the busted IPOs, including the really bad ideas about other asset classes."
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What you'll learn
- 1 (02:00) **Show Open & Guest Introductions** - Ryan Detrick (Carson Group) and Sonu Varghese return to discuss the market
- 2 (05:46) **Alan Greenspan's Legacy** - The panel debates the complicated legacy of the former Fed chair
- 3 (10:38) **The New Fed Chair's Communication Style** - Discussion of the shift toward less transparency under the current Fed leadership
- 4 (13:53) **Is This a Bubble?** - The central diagnostic question of the episode
- 5 (20:29) **Warning Signs to Watch** - What would change the panel's bullish view
- 6 (30:50) **Crowded Trades and Rotation** - The panel discusses whether the semi/AI trade is too crowded
- 7 (36:56) **Client Sentiment and Skepticism** - Despite the bull market, advisors report clients remain skeptical
+ Full timestamped outline available in the app
Show Notes
On episode 248 of The Compound and Friends, Michael Batnick and Downtown Josh Brown are joined by Ryan Detrick and Sonu Varghese to discuss: Alan Greenspan’s legacy, Fed transparency, AI bubble fears, Micron’s massive run, market rotation, small caps, inflation, gold, Bitcoin, and whether the bull market still has room to run.
This episode is sponsored by Nuveen and ClearBridge Investments.
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Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Josh Brown are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management.
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