42:I[185,["/_next/static/chunks/3xnt26d00_zk-.js","/_next/static/chunks/0gtn0si1crxii.js","/_next/static/chunks/42spz6paskvb6.js","/_next/static/chunks/06x30xgfe6iur.js","/_next/static/chunks/1pfyc3q3c61jb.js","/_next/static/chunks/35-gbipsuw5b6.js"],"SendEmailButton"] 44:I[63625,["/_next/static/chunks/3xnt26d00_zk-.js","/_next/static/chunks/0gtn0si1crxii.js","/_next/static/chunks/42spz6paskvb6.js","/_next/static/chunks/06x30xgfe6iur.js","/_next/static/chunks/1pfyc3q3c61jb.js","/_next/static/chunks/35-gbipsuw5b6.js"],"AddToLibraryButton"] 45:I[29721,["/_next/static/chunks/3xnt26d00_zk-.js","/_next/static/chunks/0gtn0si1crxii.js","/_next/static/chunks/42spz6paskvb6.js","/_next/static/chunks/06x30xgfe6iur.js","/_next/static/chunks/1pfyc3q3c61jb.js","/_next/static/chunks/35-gbipsuw5b6.js"],"ShareButton"] 46:I[58016,["/_next/static/chunks/3xnt26d00_zk-.js","/_next/static/chunks/0gtn0si1crxii.js","/_next/static/chunks/42spz6paskvb6.js","/_next/static/chunks/06x30xgfe6iur.js","/_next/static/chunks/1pfyc3q3c61jb.js","/_next/static/chunks/35-gbipsuw5b6.js"],"ProcessEpisodeButton"] 47:I[45269,["/_next/static/chunks/3xnt26d00_zk-.js","/_next/static/chunks/0gtn0si1crxii.js","/_next/static/chunks/42spz6paskvb6.js","/_next/static/chunks/06x30xgfe6iur.js","/_next/static/chunks/1pfyc3q3c61jb.js","/_next/static/chunks/35-gbipsuw5b6.js"],"SignupCTA"] 3a:["$","time",null,{"dateTime":"2026-07-28T15:00:00.000Z","children":"July 28, 2026"}] 3b:["$","span",null,{"aria-hidden":true,"children":"·"}] 3c:["$","span",null,{"children":"00:31:50"}] 43:T535,

AI stocks are booming, valuations are stretched, and capital spending is surging. Does that add up to a bubble—or just another story investors cannot reliably time? Tom and Don walk through Fidelity’s warning signs without pretending anyone can ring a bell at the top.

The practical conclusion is less exciting and more useful: stay diversified, keep realistic expectations, include the fixed income your plan needs, and do not mistake a recent gain for money the market owes you forever.

Then a caller pressure-tests the flexible 5% withdrawal idea, followed by questions on delaying Social Security after leaving work and why convertible bonds add complexity without much benefit for individual investors.

00:00 Time compression and the AI boom
02:42 Is artificial intelligence in a bubble?
04:51 Earnings, cash flow, and valuation signals
07:14 Capital spending and the rate-cycle argument
08:56 Fidelity’s verdict—and the diversified response
11:13 The greed hidden inside market timing
13:04 How flexible is a flexible 5% withdrawal?
19:56 Delaying Social Security after stopping work
23:44 Convertible bonds and a very expensive C-share fund

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