Viewpoints with Burkhard Varnholt - A global markets podcast (Ep. 74)

Varnholt argues record US corporate profits and capex justify staying fully invested despite elevated debt, deficits, and borrowing costs.

• Bull market turns four: UBS's Burkhard Varnholt dates the rally to October 13, 2022, noting stocks have more than doubled since and he expects it to extend to a fifth birthday in October 2027.
• Record US corporate profits: Pre-tax profits hit $4.3 trillion and after-tax profits $3.9 trillion through Q2 2025, about a third of the global profit pool; foreign profits of US firms hit $1.2 trillion.

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