Market Complacency flashes Warning Signs as โคWealth Gapโ Widens, Analyst โSays
NEWโ YORK, September 24, 2025 โ-โ Concerns are mountingโฃ over increasing complacency in the โbond market alongside a โcontinued concentration of wealth in the Unitedโ States,โ according toโฃ a note circulated today by Whitney Tilson, founder of Stansberry Research. The observations โคcome as small-capโ stocks present aโ potential value opportunity and Tilsonโข preparesโข to participate in a charity poker tournament in New York City.
Tilson highlighted further analysis regarding Salesforce (CRM), receiving input from two additional readers who concur with his assessment that the stock is overvalued. He โฃpreviously shared โขhis skepticism about Salesforce’s valuation in aโ recent dispatch.
The note also points to a โgrowing disparity in wealth distribution within the U.S., citing data indicating the wealthiest 1% now control a historically high percentage โฃof the nation’s wealth. This trend, Tilson suggests, contributes to broader economic instability.
Onโ the equity side, Tilson notes small-cap stocksโ are currentlyโค trading at a discount relative โtoโ large-cap stocks, potentially signaling a buying opportunity. Heโข didn’t specify exact valuation metrics but implied the discrepancy warrants investor attention.
Addingโ to the cautionary tone, Tilson flagged tightening credit spreads as a key warning sign. Investment Grade credit spreads are currently at 0.74%, their tightest level since 1998, while high Yield credit spreads are near their tightest โlevel since 2007 atโฃ 2.69%. Both are roughly half their pastโ averages, indicating excessive risk-taking in the bond market.
Tilson announced his participation in the 15th annual Take โฃ’Em to School โคPoker Tournament benefiting Education Reform Now, a nonprofit organization he โco-founded. the event will be held tommorow, Thursday, September 25th, at 6 p.m. at Gotham Hall, 1356โ Broadway in New York City. Cocktail tickets are available for $250โข at theโ door or onlineโฃ at https://takeemtoschool.org/. Poker tickets are sold out, thoughโ aโฃ waitlist is available via mailto:events@takeemtoschool.org.