Stifel CEO's message to Gen Z investors: ‘Investing is compounding, gambling is consumption'

Market Environment - The current credit market is very active, with record pipelines and earnings across the board, indicating a strong cycle for credit despite some expected hiccups [2][4]. - The uncertainty that previously affected the market, such as tax policy and tariffs, has largely been resolved, allowing for increased business activity including M&A and IPOs [4][5]. Economic Outlook - The market is believed to be in the earlier innings of a positive cycle, with expectations of continued growth into 2026, barring any significant geopolitical events [5]. - There is a caution regarding Federal Reserve policy, suggesting that while some rate cuts may be necessary, the idea of multiple significant cuts is not supported [6][10]. Investor Behavior - A generational divide exists in investment perspectives, with older investors focusing on performance while younger investors prioritize interaction through social apps and do not view performance as a primary concern [11][12]. - The blending of prediction markets with investing is seen as problematic, emphasizing the need for education on the differences between investing and gambling [13].