The "T-Bill & Chill" Era Is Ending | Michael Lebowitz
So the key question is: What should investors do next?
$Trillions in investor capital has been locked up in the "T-bill & chill" trade for several years now.
But with the Fed expected to cut rates materially in the coming quarters, that trade appears to be coming to an end.
Where should all that capital consider going next?
Portfolio manager Michael Lebowitz and I dive into this key question in today’s interview.
To hear Michael’s outlook, click here or on the video below:
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Adam’s Notes: Michael Lebowitz (recorded 8.12.25)
EXECUTIVE SUMMARY:
Speculative Market Trends: Michael Lebowitz identifies a shift in market leadership from the profitable "Mag 7" stocks to high-beta, low-profitability stocks, echoing the speculative fervor of the 1998-2000 dot-com bubble, signaling potential risks.
Historical Parallels: Analysis shows that during the dot-com boom, high-beta, low-profitability stocks outperformed, but value, low-beta, and smaller-cap stocks thrived post-bust (2000-2003), suggesting a potential rotation strategy for investors.
Risk Management Strategy: Lebowitz emphasizes diversification and active portfolio management, advocating for
