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April 2023 Economic Update – The Banks, The Economy and Valuation

//  by Tower Bridge Advisors

In this video, Tower Bridge Advisors’ Chief Investment Officer Jim Meyer discusses three key topics impacting investors – Banks, the Economy and Valuation. Please watch as Jim provides some perspective on these topics and gives investors some sense of how to position portfolios for what lies ahead.

Tower Bridge Advisors manages over $1.5 Billion for individuals, families and select institutions with $1 Million or more of investable assets. We build portfolios of individual securities customized for each client's specific goals and objectives. Contact Nick Filippo (610-260-2222, nfilippo@towerbridgeadvisors.com) to learn more or to set up a complimentary portfolio review.

# – This security is owned by the author of this report or accounts under his management at Tower Bridge Advisors.

Additional information on companies in this report is available on request. This report is not a complete analysis of every material fact representing company, industry or security mentioned herein. This firm or its officers, stockholders, employees and clients, in the normal course of business, may have or acquire a position including options, if any, in the securities mentioned. This communication shall not be deemed to constitute an offer, or solicitation on our part with respect to the sale or purchase of any securities. The information above has been obtained from sources believed reliable, but is not necessarily complete and is not guaranteed. This report is prepared for general information only. It does not have regard to the specific investment objectives, financial situation or the particular needs of any specific person who may receive this report. Investors should seek financial advice regarding the appropriateness of investing in any securities or investment strategies discussed in this report and should understand that statements regarding future prospects may not be realized. Opinions are subject to change without notice.

Filed Under: Economic Updates, Video Tagged With: Economic Update 2022, Investor topics, Jim Meyer, market outlook, Philadelphia Wealth & Asset Management, portfolio management, Tower Bridge Advisors

Previous Post: « October 26, 2022- Stocks have now risen sharply for three straight sessions as both the value of the dollar and the yield on 10-year Treasuries retreated. But disappointing earnings last night from a trio of tech names may spoil the party this morning. Or at least give it some reason to pause. The poor numbers from tech land remind us to look forward, not back. The great opportunities that technology created over the last quarter century are now maturing. The good news is that new opportunities will appear. They always do in a capitalistic entrepreneurial society.
Next Post: April 26, 2023 – Markets are being buffeted by crosscurrents. The banking crisis has come back into focus amid turmoil at First Republic. Earnings reports move individual stocks both ways. Bond market strength portends a weakening economy and slower inflation. Yet pockets of economic strength endure, mostly in the travel and leisure sectors. The net for equity investors is a standoff, one likely to endure for some time amid persistent rotation of leadership. »

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  • July 1, 2026 – During the second quarter of 2026, exceptionally strong corporate profits and massive artificial intelligence capital expenditures drove market growth. Still, we see increasing headwinds from a hawkish Federal Reserve interest rate pivot and an unprecedented avalanche of new stock and debt issuance.
  • June 24, 2026 – Technology stocks took a tumble yesterday after reaching new highs on excessive optimism for earnings growth. As former Federal Reserve Chairman Alan Greenspan once remarked, “Excessive optimism sows the seeds of its own reversal.” While warnings about technology sector euphoria are not new, selling on Tuesday was triggered by a session of volatility in South Korea, the world’s best‑performing international market this year.
  • June17, 2026 – As trillions of dollars in market value hinge on a “frothy” AI trade and the unproven profitability of massive IPOs like SpaceX, investors must resist the siren song of parabolic gains and maintain a disciplined, diversified strategy before the market forces a brutal return to earthy valuations.
  • June 10, 2026 – Mega-cap initial public offerings (IPOs) are being filed fast and furious. SpaceX is the first to come public this week, while OpenAI and Anthropic are not far behind. The IPO pipeline is now worth about $3.6 trillion. While the initial euphoria may wax and wane, it will take time to grow into these valuations.
  • June 3, 2026 – While undisciplined investors set their capital on fire chasing the AI hype machine, Berkshire Hathaway’s multi-billion-dollar maneuvers prove that the greatest investment edge right now isn’t a smarter algorithm—it’s basic sanity.
  • May 27, 2026 – While today’s highly profitable AI leaders are structurally superior to the speculative firms of the 2000 dot-com boom, the market’s extreme concentration poses a severe valuation risk for retirees, making disciplined diversification essential before momentum shifts.
  • May 20, 2026 – Memorial Day travelers do not appear to be deterred by higher gasoline prices. Higher fuel prices are eating into travel-related company earnings, but bookings for cruises, hotels and air travel are up over last year. Consumer-related companies reporting earnings this week do not suggest any major changes in consumer spending trends short term.
  • May 13, 2026 – Amazon# is rolling out 30-minute delivery in certain cities in the U.S. That is less time than it takes to get a pizza delivered in many locales. While some everyday conveniences are getting faster and productivity is improving, some things are taking longer, such as mail delivery and passenger train service. AI is speeding up information gathering and analysis, but infrastructure bottlenecks are arising there too.
  • May 6, 2026 – April’s record rally proved that the AI infrastructure boom is the market’s new engine, yet with interest rate expectations shifting from cuts to hikes, the stage is set for a volatile mid-year collision between parabolic momentum and economic reality.
  • April 29, 2026 – The movie Cliffhanger, starring Sylvester Stallone, delves into the risks of mountain climbing, but also the rewards of navigating picturesque peaks and valleys. Similarly, there are a number of cliffhangers that we have yet to see resolved, including the Middle East conflict, a new Federal Reserve Chief confirmation, Fed actions on interest rates, and major technology earnings reports. Markets appear to be looking through the valley for now, although major risks still remain. Stock market futures are ascending cautiously this morning.

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