What finance podcasts said about markets on 6 October 2026

The guest argued that equity market valuations are no longer driven by discounted cash flows but by passive money flows from retirement accounts, which will continue as long as unemployment stays low. Harley Bassman (the Convexity Maven) made the case on The Alpha Exchange’s “Harley Bassman, The Convexity Maven”, aired 6 October 2026. The mechanism described is the inelasticity of liquidity in mega-cap stocks, which amplifies price moves as passive funds flow in proportion to market cap.