{"podcast":{"title":"Thoughts on the Market","slug":"thoughts-on-the-market-980853","podcast_index_feed_id":980853,"rss_url":"https://rss.art19.com/thoughts-on-the-market","website_url":"https://art19.com/shows/thoughts-on-the-market","image_url":"https://content.production.cdn.art19.com/images/68/53/52/d0/685352d0-9248-46b0-99bc-96589e58c7da/17e395c4e66b1b71c451c38d72389ffaebc7784e20e8c3bea964dc0287434ef3475e93f6527b48a642d0d7a6a23943dcdef6c0b861481aed9ef54002b9f78b4d.jpeg","author":"Morgan Stanley","episode_count":1675,"summary":"Short, thoughtful and regular takes on recent events in the markets from a variety of perspectives and voices within Morgan Stanley.","last_synced_at":"2026-07-25T20:17:54.934994+00:00","page_url":"https://stenobird.com/podcast/thoughts-on-the-market-980853"},"episode":{"title":"An Odyssey Through Market History","slug":"an-odyssey-through-market-history","published_at":"2026-07-24T20:30:00+00:00","page_url":"https://stenobird.com/podcast/thoughts-on-the-market-980853/an-odyssey-through-market-history","show_page_url":"https://stenobird.com/podcast/thoughts-on-the-market-980853","url":"https://pdst.fm/e/pscrb.fm/rss/p/rss.art19.com/episodes/a008ace2-6cc5-4737-b82e-db901d192bdc.mp3?rss_browser=BAhJIg90cmFuc2NyaWJyBjoGRVQ%3D--952c5701c84ad333c69d5faa668f8177091704f0","audio_url":"https://pdst.fm/e/pscrb.fm/rss/p/rss.art19.com/episodes/a008ace2-6cc5-4737-b82e-db901d192bdc.mp3?rss_browser=BAhJIg90cmFuc2NyaWJyBjoGRVQ%3D--952c5701c84ad333c69d5faa668f8177091704f0","summary":"Looking at clues from the past, our Global Head of Fixed Income Research Andrew Sheets examines how the recurring themes – from deregulation to volatility – are shaping markets and why every cycle still takes its own path. Read more insights from Morgan Stanley. ----- Transcript ----- Andrew Sheets: Welcome to Thoughts on the Market. I'm Andrew Sheets, Global Head of Fixed Income Research at Morgan Stanley.  Today, what can Odysseus teach us about investing?  It's Friday, July 24th at 2pm in London. Like many of you, this week I saw The Odyssey . The enduring appeal of this story more than 2,700 years after it was composed is a reminder that some themes are universal. Pride, resourcefulness, determination, self-control, or the lack thereof, mattered to both an ancient Greek dinner party and resonate with anybody investing today. But drawing lessons from the past is also tricky.  We do not have that much financial history, and markets contain too many variables for the same combination to align twice. Some judgment, art, and dare we say storytelling is always involved in deciding which historical periods best describe the present.  Those disclaimers aside, we've argued in our year ahead outlook that 1997 to 1998 and 2005 to 2006 are some of the most useful templates for the current backdrop. That remains our view.  They suggest a cycle that has further to run, equities outperforming credit, and a preference to own volatility. Both of these periods were defined by a sharp rise in corporate activity. That is certainly what we're seeing today. We forecast U.S. capital expenditure to rise 23 percent in 2026, and 26 percent in 2027. AI is the biggest driver of this spending but build-outs in energy infrastructure are also playing a role. And increase…","meta_description":"Looking at clues from the past, our Global Head of Fixed Income Research Andrew Sheets examines how the recurring themes – from deregulation to volatility…","key_points":[],"chapters":[],"topics":[],"duration_seconds":268,"processing_state":"not_requested","actions":[{"name":"request_transcript","method":"POST","url":"https://stenobird.com/v1/public/podcasts/thoughts-on-the-market-980853/episodes/an-odyssey-through-market-history/transcription-requests","description":"Idempotently request low-priority transcript generation for this episode."},{"name":"read_markdown","method":"GET","url":"https://stenobird.com/podcast/thoughts-on-the-market-980853/an-odyssey-through-market-history.md","description":"Read the agent-friendly Markdown representation of this episode resource."}]}}