When technology stocks climb rapidly and valuations begin attracting attention, comparisons to the dot-com bubble are never far behind. But does every period of market enthusiasm end the way 1999 did, and if investors are experiencing a bubble, how much should it influence their decisions today?
In this episode of Coasting in Retirement, Josh Null welcomes back John Luke Tyner, Head of Fixed Income at Aptus Capital Advisors, to examine whether the stock market is becoming dangerously overvalued.
They compare the extraordinary market gains of 1999 with the more measured performance seen during 2025. They also consider whether enthusiasm surrounding artificial intelligence and the “Magnificent Seven” represents excessive speculation or forms part of a broader market advance involving companies beyond the largest technology names.
The conversation then turns to a less obvious influence: the growth of the money supply and the role monetary policy may play in supporting asset prices. Josh and John Luke explore whether greater liquidity has changed the way modern bubbles form, behave, and recover.
Are rising stock prices being driven primarily by business fundamentals, investor excitement, or the amount of money moving through the financial system? And should concerns about a bubble cause long-term investors to change course?
Listen to the full episode to hear Josh and John Luke examine whether today’s market resembles 1999, or represents a very different financial environment.
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