September 2026 Random Ramblings

Walker warns stocks haven't fully repriced for 5% rates yet, leaving a shrinking margin of safety despite index highs.

• Rates surged fast: The 10-year Treasury moved from 4.2% at the start of 2026 to 5.1% by late September, even as the S&P 500 sits near all-time highs.
• Refi wall looms: Corporate debt termed out at ~3% during 2021-2023 starts rolling in 2028-2031, meaning today's flattered free cash flow could compress sharply once refinanced at higher rates.

Themes, sentiment and reasons are AI-written paraphrases, checked so they never quote an episode. They may contain errors. Not investment advice. Episodes remain the property of their creators.