A hint of frothiness

July 2025

There’s more than a hint of frothiness in parts of the market – with bitcoin hitting all-time highs, market favourite Palantir Technologies trading at over 100x sales (Alphaville notes the tricky track record of stocks that hit those extreme valuations), AI fundings flying (including those without a disclosed strategy), and the meme stock phenomenon returning.

With this level of speculation, investors should make sure they have enough solid investments to go alongside any speculative punts. Or as Unhedged says in their excellent summary article: “I’d say this market feels eccentric and unreliable, like an ageing relative who no longer cares about what others think and who may or may not be taking his pills, but is not quite bonkers either. Have him over for dinner? Sure. Have him babysit the kids? Only if there are no other options.” (link here for those with a FT subscription)

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