June 1994 Redux
Thirty-two years ago the Rothbort Family (and most of the Greater New York Metropolitan area) were rooting for the NY Knicks led by Patrick Ewing and the NY Rangers led by Captain Mark Messier. I was fortunate to enough to go to a Knicks game but not so much for the Rangers. I had season tickets for both teams but gave them up when I moved to Tokyo in 1987. Of course, in 1994, the Rangers won and the Knicks lost, both in seven games.
Fast forward to 2026. I am now living in Henderson, NV and we have been season ticket holders for the Vegas Golden Knight since season #1. I am frequently asked how can I root for the VGK (as the team is referred to)? My simple answer is that I root for the VGK and the Rangers, but I don’t think that in my lifetime I will have to choose for one of those teams in a Stanley Cup Final, as such an occurrence will be infinitesimal. So in 2026 I have rooting interest in both the Knicks and the VGK. The last time the Knicks went to the NBA finals was in 1999 when they were annihilated by the San Antonio Spurs, the same team that they will face in this year’s finals. Interestingly, the Knicks are led by point guard Jalen Brunson, whose father was on that 1999 Knicks team. VGK led by Captain Mark Stone will face off versus the Carolina Hurricanes. This is the VGK franchise’s third Stanley Cup Final in its nine-year existence. One thing I can guarantee, we won’t have any game preempted by the famous OJ Simpson White Bronco chase as happened in 1994.
Technology Led Bull Market
The 1990s was a decade long bull market for stocks. It was highlighted by growth in technology in general, telecommunications, desktop computing, the launch of the commercial and consumer internet, cable television and of course, the dotcoms. Below is a chart depicting the dramatic growth in equities using the Standard & Poor’s 500 (SPX) as a benchmark
The 2020s got off to a rough start due to COVID but we quickly recovered that year morphing into another bull market. This current Bull Market is the product of the Artificial Intelligence (AI) boom. That boom has led to huge demand for powerful semiconductors, data centers and energy generation. However, that is not all. This current bull market is also driven by aerospace, quantum computing, and advanced defense weaponization such as ballistic missiles and drones.
In my opinion, this current Bull Market will run through 2031, after which we will have some cooling down in those aforementioned bull market industries. There is one big difference between the 1990s and the 2020s and that is in today’s market environment, companies are in much better financial condition with many generating tens of billions of dollars in cash flow. No longer are we seeing a plethora of new company stocks coming to market which are idea driven rather than having proven business models. Remember Pets.com? Nowadays, far less companies are coming to market as more of the 2020s technologies are held by private equity companies. Those public companies such as Nvidia (NVDA), Tesla (TSLA) and Palantir (PLTR) are in their early stages of growth which we will more fully appreciate in the future.
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Disclosure: At the time of this commentary Scott Rothbort, his family and/or clients of LakeView Asset Management, LLC owned NVDA, TSLA and PLTR - although positions can change at any time. The mention of stocks are not recommendations and may not be suitable investments for your individual situation.
Scott Rothbort is the President & Founder of LakeView Asset Management, LLC, (LVAM) an investment advisor representative, specializing in high-net-worth private wealth management. LVAM is a separate entity of Osaic Advisory Services, LLC, a registered investment advisor.
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