In short: His example of what long-lead-time "golden screws" are worth: trading "at 70–80 times earnings today because their forward order book is sold out for the next five years."
5:59So, where are the real sort of golden screws that you might have to wait four five years for. You see companies like Siemens, GE Vernova trading at 70 80 times earnings today because their forward order book is sold out for the next five years. — This is one of the things I don't understand though. Why are the Chinese able to build nuclear reactors so fast and yet we in the West take forever? — Yeah, just to put some numbers behind it.
In short: The second name Verrone credits for Europe's new high: "It's been names like Siemens Energy turbines." Same read as Eisman's own GE Vernova thesis — sell the power equipment into the AI build-out rather than owning the spender.
Siemens Energy makes gas and steam turbines and grid equipment — the machinery that turns fuel into the electricity a data centre consumes. Named as the second engine of Europe's index high.
It is the same structure as Eisman's own GE Vernova position: when demand for electricity outruns supply, the surest earnings are at the company selling the generating equipment, not at the company selling the power or the one buying it. That last distinction matters in this episode, because the unregulated US power producers are the sector Verrone is negative on.
37:21The European auto industry is in a multi-year bear market. European luxury remains in a multi-year bear market. So, what's gotten you to new highs? It's been stocks like Schneider Electric — AI buildout. It's been names like Siemens Energy turbines. Buildout. Right. So, there's a consistent theme plus banks.
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