Together with Public
Hi Everyone,
We hope you’re having a great week.
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Two Important Reminders
1) Invest Alongside Us in SpaceX, Perplexity, xAI, and the Cashmere Fund
For the first time ever, accredited investors can invest alongside Robert and Austin in SpaceX, Perplexity, xAI, and all 38 holdings inside The Cashmere Fund (including MrBeast’s Beast Industries, Katy Perry’s De Soi, Graza, and more) — all through one single investment ($7,500 minimum).
The structure is simple, yet powerful:
17% SpaceX
17% xAI
17% Perplexity
50% Cashmere Fund
This vehicle provides broad-based exposure across tech and consumer sectors, from Pre-Seed to Pre-IPO — and it’s all accessible through our partnership with Republic.
Because we’ve partnered with Republic, this opportunity is open to the public. As long as you’re accredited, you can participate. Feel free to share the details with your friends!
2) Free Webinar with CNBC’s Katie Stockton
Austin will be doing a stock pick breakdown with Katie Stockton on Friday, October 31st (Halloween) at 12pm ET. Katie is a renowned technical analyst and consistent CNBC Contributor. Join us or at least sign up to get the recording!
A quick breakdown — in case you don’t have the time.
⭐ Market concentration just hit another all-time high.
⭐ We discussed the 5 financial accounts you should have before 2026.
⭐ The S&P 500 is reporting stronger-than-expected results across the board.
⭐ The Fed just cut rates again with the S&P 500 sitting at an all-time high.
⭐ Fiserv crashed -44% after slashing guidance and launching a CEO shake-up.
Market Overview
As of market open, 10/30/25
Chart of the Week
Market concentration just hit another all-time high.
The top 10 U.S. stocks now make up 41.4% of the S&P 500’s total market cap, a record share that’s climbed +6.2 points since April and +8.4 points since the start of 2024. Together, these ten companies are now worth over $25 trillion — the first time in history that their combined value equals 83% of the entire U.S. economy.
This isn’t just dominance — it’s economic gravity. Big Tech’s weight is reshaping index performance, investor behavior, and even how policymakers think about market risk. But is this weighting justified? We like to believe so.
These are the same companies who are delivering record revenue (Google’s recent $100B Q3 revenue print), record profits (Microsoft’s recent $28B Q3 net income print), and record efficiency (Meta’s recent +14% increase in ad impressions during Q3 due to the use of AI). On the surface, we’re seeing record highs in the stock market — but these record highs are being met with record profits and efficiency along the way.
This rally is fundamentally driven — as the Top 10 names expect earnings growth of +15% in 2026 compared to the “other 490” only expecting +7% earnings growth. Below is a (blurry) image that illustrates the P/E ratios of the Top 7 tech companies today vs. the Dot Com Bubble. The average P/E ratio back them was 67X. Today, it’s only 28X.
It’s obvious these names are delivering real earnings, very different from the Dot Com Bubble.
The bottom line: when the top 10 move, the market follows.
Today’s Rich Habits Newsletter is brought to you by Public, the investing platform that combines a broad range of asset classes with the tools you need to build and manage your wealth.
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In Case You Missed It…
In this week’s Monday-morning episode of the Rich Habits Podcast (linked here) — Austin and Robert broke down the five essential financial accounts everyone should have set up before 2026.
Here’s why this episode matters: the 2017 Tax Cuts and Jobs Act is set to expire, tax brackets are likely going up, and new rules under SECURE Act 2.0 will reshape retirement contributions and 529s. Waiting until next December could cost you thousands in missed tax breaks, free money, and compounding growth.
Here’s what they covered…
High-Yield Savings Account (HYSA) — This is your emergency fund and the foundation of your entire financial plan. With interest rates still hovering around 4%, every dollar sitting in a checking account is losing money. Austin and Robert explained why you need 3–6 months of expenses in a high-yield savings account. Public is a great option with their high-yield cash account!
Retirement Accounts (401(k), Roth IRA, Traditional IRA) — With tax cuts expiring, Roth contributions are more valuable than ever. Robert broke down how funding your 401(k) to get the full employer match is free money, while Austin showed how even small, consistent Roth IRA contributions could compound to over $1M tax-free by retirement.
Health Savings Account (HSA) — The “triple-tax-advantaged” account most people overlook. Contributions are pre-tax, growth is tax-free, and qualified withdrawals are tax-free. Used strategically, an HSA can double as a stealth retirement account for future medical expenses.
Taxable Brokerage Account — Your bridge to financial freedom before age 59½. The hosts shared how a simple, automated investing plan — $100 to $200 a month into index funds like VOO or VTI — can build long-term wealth while giving you flexibility for big goals like a home, business, or early retirement.
529 College Savings Plan — For parents or future parents, this account offers tax-free growth for education expenses — and, under SECURE Act 2.0, you can now roll up to $35,000 of unused funds into a Roth IRA. That removes the old “what if my kid doesn’t go to college?” fear completely.
Austin and Robert closed with one clear message: your accounts are your financial infrastructure. Without them, you’re overpaying in taxes, missing employer matches, and losing years of compounding.
Here’s a link to the Q&A episode that was posted this morning.
You can submit questions for these episodes by asking them inside of the Rich Habits Network, replying to this email, or sending us a DM on Instagram.
The Rich Habits Podcast is available on Spotify, Apple, iHeart, YouTube, and wherever else you get your content!
Austin’s Callout
At this stage of Q3 earnings season, the S&P 500 is reporting stronger-than-expected results across the board.
Both the percentage of companies beating earnings estimates and the average size of those beats are running above their 10-year averages — a clear sign of resilience despite tighter financial conditions.
Corporate America is still delivering. Profit margins have stabilized, pricing power remains intact, and consumer demand has proven far more durable than many anticipated heading into 2025. Even sectors that struggled last year — like industrials and materials — are showing signs of recovery, while tech continues to drive the bulk of earnings growth.
When earnings expand while sentiment stays cautious, that’s the setup for multiple expansion. Investors are beginning to recognize that the fundamentals are catching up to the hype. Additionally, over $1 trillion in stock buybacks have already been announced this year — a record! This acts as consistent buying power to keep the stock market moving up and to the right.
Strong earnings are doing the heavy lifting — not just hope.
Robert’s Callout
The Federal Reserve just cut rates again with the S&P 500 sitting at an all-time high — a rare alignment that’s only happened four times before in history.
And the record speaks for itself: in every single one of those past instances, the market finished higher 12 months later, with an average gain of nearly +20%. Rate cuts at record highs don’t signal exhaustion — they often signal acceleration.
When the Fed eases into strength, it amplifies liquidity, boosts corporate borrowing power, and fuels the very conditions that keep bull markets running. Investors get cheaper capital, companies see stronger multiples, and optimism spreads fast.
If history is any guide, this cut isn’t the top — it’s the spark that could push the next leg higher.
The Rich Habits Radar
👉 Alphabet beat earnings as quarterly sales surpassed $102B.
👉 Meta missed EPS after a $15.9B tax hit, sending shares sharply lower.
👉 Microsoft finalized a $135B deal to take a 27% stake in OpenAI.
👉 PayPal beat forecasts & announced an OpenAI payments integration.
👉 Fiserv crashed -44% after slashing guidance and launching a CEO shake-up.
👉 Nvidia became the first company to hit a $5 trillion market cap.
👉 The Fed cut rates by 25 bps to 4.25%, citing mixed economic signals.
👉 Amazon announced plans to cut 30,000 jobs in a cost-saving overhaul.
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