DAT Multiple Expansion, Miners Outperforming, Seasonal Tailwinds Ahead
Sep 19, 2025
Discussed in today's video:
FOMC confirms 2H thesis: Policy remains dovish, easing continues into above-trend inflation and solid growth. Market reaction: Growth optimism is back in play with the yield curve steepening and small caps outperforming. Today’s pullback looks like profit-taking with some options expiry noise. Equities vs. crypto: Tech rally driven by AI and data center hype. “Miners” in our crypto equity basket (IREN, WULF, CIFR) continue to outperform. mNAVs expanding: Major DAT mNAV multiples have moved higher in recent days. MSTR’s premi...