FSD: Midterms Experience Market Fit — Lumida Wealth : Non-Consensus Invest Beyond the Ordinary

00:00 Intro and agenda
00:45 Bank earnings: lending growth and a strong economy
01:43 The midterm-year pattern: narrow breadth, large caps lead
02:52 Year-after reversals: financials, data center, defense
03:22 Tax-loss harvesting and seasonality
04:07 Product market fit vs. go-to-market fit
05:22 The AI assistant land grab: losing money to own the customer
06:08 Experience market fit: SMS, email, app, and the relationship
07:19 Apple as the master of experiences
08:21 Bank earnings detail: mortgage-sensitive banks lag
08:42 Goldman crushes: volatility and capital markets
09:43 Why Goldman's consumer banking attempts failed
10:02 Go-to-market velocity is the moat
10:47 Low consumer confidence, strong spending
11:15 Consumer health from bank earnings: JPMorgan and Wells Fargo
12:17 JPMorgan's consumer bank: 36% ROE and doubling book value
14:26 Willingness and ability to pay: stories from the front desk
16:19 The economics Nobel and rational expectations
17:12 AI is underestimated: Meta's new model and puzzle training
19:53 Google goes after video editing
20:15 Nvidia, open-weight models, and sovereign AI
24:36 Experience market fit as a moat
25:09 What to look for in a frontier lab's S-1
26:16 Adjusted EBITDA: Buffett's warning
27:21 Skill as a moat: Michael Jordan, Higgsfield, Whisper Flow
29:31 AI in financial services: the big opportunity
30:22 Wealth management vs. investment banking
32:50 What investment bankers actually do
34:29 The size of JPMorgan's consumer bank
36:02 Close: the economy is roaring

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