1 “The Bull Market’s Seventh Inning,” Morgan Stanley Wealth Management (Lisa Shalett), 1 October 2025.
2 Financial Accounts of the United States (Z.1), Federal Reserve, 11 September 2026; disposable personal income, Bureau of Economic Analysis, 30 September 2026.
3 “Top 10% of Earners Drive a Growing Share of US Consumer Spending,” Bloomberg (Jonnelle Marte), 16 September 2025; “The richest 20% are the only ones powering the U.S. economy, says top economist, but their prospects are entirely reliant on teetering stock prices,” Fortune (Eleanor Pringle), 26 June 2026.
4 “Earnings Insight,” FactSet, 28 August 2026.
5 Financial Accounts of the United States (Z.1), Federal Reserve, 11 September 2026; gross domestic product, Bureau of Economic Analysis, 30 September 2026.
6 “Historically, stocks have offered a big premium over bonds. Suddenly, the difference has almost vanished,” Fortune (Shawn Tully), 29 September 2026.
7 “Earnings Insight,” FactSet, 28 August 2026; “Why Jeremy Grantham Is Right About Corporate Profit Margins,” Advisor Perspectives (Baijnath Ramraika and Prashant Trivedi), 11 November 2014.
8 CBO’s Projections of Realized Capital Gains, Congressional Budget Office, February 2023; “Historical US Federal Capital Gains Tax Rates & Collections, 1913-2025,” Tax Foundation, 15 August 2025.
9 Monthly Budget Review: August 2026, Congressional Budget Office, 9 September 2026; “A Third of US Debt Matures in 2026,” Real Investment Advice, 12 December 2025.
10 Table 1.5.2, Bureau of Economic Analysis, 30 September 2026; “Tracking AI’s Contribution to GDP Growth,” Federal Reserve Bank of St. Louis (Hannah Rubinton and Bontu Ankit Patro), 12 January 2026.
11 “How AI Debt Is Reshaping Credit Markets,” Goldman Sachs Exchanges (Amanda Lynam and Zach Ablon), 5 August 2026.
12 The Alchemy of Finance, George Soros, 1987.
13 Narrative Economics, Robert Shiller, 2019.
14 MSCI ACWI ex USA IMI Index factsheet, MSCI, 30 September 2026.
15 “Rethinking the Financial Network,” Bank of England (Andrew Haldane), 28 April 2009; Adaptive Markets, Andrew Lo, 2017.
