Market Structures are Different Now: Hot Money, Factor Flips, and the New Market Plumping

Markets aren't behaving the way they used to. In the latest Silvercrest Podcast, Senior Equity Analyst Chad Kusserow and Growth Equity Portfolio Manager Jeff Nevins explore how technology, social media, and AI are transforming market structure and investor demographics, driving new patterns of volatility, and what it all means for fundamental analysis.0:00 How Market Structure Has Changed Since the 90s1:31 CTAs, Algorithms, and the Rise of Hot Money4:20 Factor Flips Explained6:40 Does Fundamental Analysis Still Work8:35 Discipline, Risk Reward, and Knowing When to Trim12:10 Social Media, Data Points, and Validating AI Headlines15:20 Large Cap Versus Small Cap Valuations Today17:47 The Bubble Debate and Why Skepticism May Be Healthy21:48 Do AI Adjacent Small Caps Deserve the Premium23:30 The Next Ten Years of Market EvolutionVisit www.silvercrestgroup.com to learn more.Important Disclosure: This communication was recorded on July 15, 2026 and contains the personal opinions, as of the date set forth herein, about the securities, investments and/or economic subjects discussed by Mr. Kusserow and Mr. Nevins. No part of Mr. Kusserow's or Mr. Nevins' compensation was, is or will be related to any specific views contained in this presentation. This communication is intended for information purposes only and does not recommend or solicit the purchase or sale of specific securities or investment services. Viewers should not infer or assume that any securities, sectors or markets described were or will be profitable or are appropriate to meet the objectives, situation or needs of a particular individual or family, as the implementation of any financial strategy should only be made after consultation with your attorney, tax advisor and investment advisor. All material presented is compiled from sources believed to be reliable, but accuracy or completeness cannot be guaranteed. © Silvercrest Asset Management Group LLC