In this episode, veteran investor and macro strategist Erik from the Erik YWR Substack breaks down his bold bull thesis projecting the S&amp;P 500 to hit 10,000 by the end of 2027. Drawing on his past investing experience in Africa, Erik introduces &quot;Project Zimbabwe,&quot; explaining why higher inflationary eras trigger an &quot;upward crash&quot; where nominal assets like stocks and real estate surge even when the broader economy feels sluggish. He challenges today’s market bears by comparing the current AI and semiconductor boom to the 1999 dot-com era, arguing that accelerating earnings growth and revolutionary technology could justify significantly higher market multiples. Beyond the tech trade, Erik highlights massive opportunities in European and Japanese banks transitioning back to a &quot;risk-on&quot; posture, alongside financial exchanges like CME and ICE that stand to thrive on rising market speculation. He also candidly addresses his toughest underperforming trades in Hong Kong and Chinese tech, differentiating between mainland China&#x27;s robust hardware plays and Hong Kong&#x27;s heavily disrupted e-commerce software sector. Ultimately, Erik warns that the greatest long-term risk for investors isn&#x27;t a temporary 20% market correction, but the wealth erosion of sitting on the sidelines while the cost of living skyrockets around them. Recorded June 29, 2026. Follow Erik YWR on X https://x.com/erik_ywr?lang=en Follow Jack Farley on X https://x.com/jackfarley96 Erik YWR’s Substack https://www.ywr.world/ Pieces Discussed In Interview: “YWR: S&amp;P $10,000 Update,” June 16, 2026:https://www.ywr.world/p/ywr-s-and-p-10000-update “YWR: Global Factor Model,” June 27, 2026: https://www.ywr.world/p/ywr-global-factor-model-9b9 “YWR: Friday Money Maker(s),” June 19, 2026 (on ICE CME and Exchanges): https://www.ywr.world/p/ywr-friday-money-makers Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

What If It’s Still Early? | Erik YWR on $10,000 S&P 500 by 2027 Case, Hyperscaler ROIC, AI CapEx, Semis, Exchanges, and Reverse Crash Risk In “Project Zimbabwe”

Monetary Matters with Jack Farley

# Full Transcript

**Podcast:** Monetary Matters with Jack Farley

## Transcript

[SPEAKER_A] I'm joined once again by veteran fund manager investor Erik from YWR, Your Weekend Research. Erik, great to see you. The last time you were on Monetary Matters in the middle of November, you said that by the end of '27 you were looking at the S&P 10,000. Very lofty. We're a little bit further towards your goal. The market is up 10% since there. A lot has happened. Remind us your bold thesis. And what's your thesis right now?

[SPEAKER_B] It's still the idea that we're in an incredible bull market that's going to exceed all of our expectations. And this was an idea I started last year in July, and I really wanted to put it out there as a counterpoint to— I think this was the origin, was it was post-Liberation Day when we had that big sell-off in April with the tariffs, and the market had made it back kind kind of up to where it was before, and everyone was like, oh, can we hold the gains? Is it going to roll over when the tariffs finally— it was all this. And I mean, I'm in a lot of chats like you, right? And so I could just feel this everywhere I looked. It was this bearish view on the market, and it really triggered my imagination about something totally different. And it also went back to a theme. I apologize for explaining all this, but it is a kind of important background that change I had to go through was I spent some time in Zimbabwe as part of an Africa fund. And the country was— I saw such a weird situation to me where the country was totally unraveling, everything was going wrong, and yet the market started to go up incredibly. So at first I thought the investors were getting it wrong, they were being delusional, too hopeful. And then what I saw in hindsight, what started to kick in was inflation. And the investors had seen it before, and so they were kind of anticipating what would happen. And what I saw was that it was a country that was struggling. Everything was— there was no rise in employment. There were no— the government was disappointing, and the nominal inflation was carrying stocks up to unimaginable levels. And this has been something I call Project Zimbabwe, that I'm like, we're in a higher inflationary era. And you're going to be surprised how high the market goes, even when you might not think things are very good. So that was something I started a while ago, but then I kind of— last year with the S&P 10,000, I kind of layered in a lot. And one comment that was going around a lot was, we're almost at 1999 levels. And like, that was— I kept hearing that, like, you know, the S&P is over 20 times earnings, and like, it's almost like 1999. And I was thinking Okay, first of all, who says— like, I was around in 1999 and traded. I remember I was in San Francisco, in fact, and lived the whole thing. And I was like, okay, but who's to say in the history of stock markets we can't have an even bigger bubble than 1999? Just to say, you know,...

What If It’s Still Early? | Erik YWR on $10,000 S&P 500 by 2027 Case, Hyperscaler ROIC, AI CapEx, Semis, Exchanges, and Reverse Crash Risk In “Project Zimbabwe”

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What If It’s Still Early? | Erik YWR on $10,000 S&P 500 by 2027 Case, Hyperscaler ROIC, AI CapEx, Semis, Exchanges, and Reverse Crash Risk In “Project Zimbabwe”

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.