Jul 28, 2026
Everyone's talking about an "AI bubble." Is it real? David B. Armstrong, CFA and Nate Tonsager, CFA, CIPM look at what the actual earnings data says — and it tells a different story than the headlines.
This episode also covers SpaceX's stock drop, and why 95% of the company's shares are still locked up and can't be sold yet. Dave and Nate walk through what that means for anyone thinking about buying in now. They also get into private equity: why it's being pushed so hard to individual investors right now, and the real cost of locking up your money for seven years to get in.
The takeaway: don't let headlines or hype set your investment strategy. Understand the actual data, stay disciplined, and keep your options open.
Please see important podcast disclosure information at https://monumentwealthmanagement.com/disclosures
Episode Timeline/Key Highlights:
00:00 - A Volatility Reality Check
0:21 - Welcome And Why SpaceX Matters
3:59 - AI Bubble Claims Put To Data
8:30 - Semiconductors Cool Off And IPOs Wait
14:05 - Concentration Risk In The S&P 500
18:45 - SpaceX Price Drop And The Float Problem
22:25 - Staying Invested Through Normal Drawdowns
24:03 - Lockups, Liquidity Events, And Timing
27:57 - Space Exposure Via ETFs Plus Mag 7 Check
29:50 - FOMO, Feelings, And Long-Term Odds
29:51- Why Private Markets Get Pushed
31:22 - The Seven-Year Wait And Opportunity Cost
36:03 - When Alternatives Can Actually Fit
41:30 - How To Send Questions And Subscribe
42:08 - Required Investing Disclosure
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About “Off the Wall”:
Markets move fast, and headlines rarely tell the full story. Off
The Wall cuts through the noise with unfiltered market and economic
insight from Monument's CEO David B. Armstrong, CFA and Portfolio
Manager Nate Tonsager, CFA, CIPM. Tune in for the conversations
that actually explain what's moving your portfolio, without the
Wall Street spin.
Learn more about our hosts on our website at https://monumentwealthmanagement.com