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2026 Mid-Year Letter: Messi, Musk, and Rasputin

Writer: Andrew Burns
Andrew Burns
Aug 30
1 min read

In Messi, Musk, and Rasputin, I make the case that the S&P 500 Index in 2026 has earned “GOAT” status, powering through crises, rate shocks, and geopolitical turmoil with remarkable resilience.  Next, I dig into the hyperscalers’ AI‑driven capital‑expenditure boom, worrying over how the companies fueling a memory and semiconductor renaissance are flirting with negative free‑cash‑flow territory. Finally, I unpack SpaceX’s record‑setting IPO, Elon Musk’s tangled web of corporate governance, and the risks associated with investing in stocks at extreme valuations.

 

  As always, I look forward to hearing your thoughts, comments, and criticisms.

Please feel free to share this letter or reach out to me for further discussion by replying to this email or reaching out on Twitter: @conover_ab.

 

Thank you,

Andrew C. Burns, Jr.


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