Podcast appearances and mentions of Ben Hunt

Catch up on all the Rugby League news from NRL 360, Monday the 15th of June, with hosts Braith Anasta and Gorden Tallis. The NRL 360 panel debates whether Michael Maguire can still turn Brisbane’s season around after six straight losses, as pressure mounts on the Broncos and questions emerge over Ben Hunt’s future. The panel also discusses Jarome Luai’s response to his critics following a hat-trick masterclass, examining whether he can lead the Tigers back to finals footy + a fiery debate ignites over Kalyn Ponga’s controversial aerial contest technique ahead of State of Origin II. For more of the show, tune in on Fox League CH 502 or stream full episodes on KAYO.See omnystudio.com/listener for privacy information.

Brisbane Broncos player Ben Hunt joined Dan & Sofie on 4BC Breakfast to reflect on a close and disappointing loss to the Titans while addressing teammate Reece Walsh's visible on-field frustrations. Looking ahead to their upcoming clash in Sydney, Hunt discusses the team's undermanned squad, a special jersey auction for Jai Arrow, and how unconventional soccer training is keeping spirits high.See omnystudio.com/listener for privacy information.

Brisbane Broncos star Ben Hunt joined Dean & Sofie on 4BC Breakfast to address the team's current four-game losing streak, agreeing with teammate Payne Haas that the squad is facing a critical attitude problem. They discussed the internal fallout from recent performance reviews, including coach Michael Maguire dropping Ezra Mam to spark urgency, before shifting to lighter topics like dressing-room banter about Reece Walsh's upcoming clothing line and a confession about his own recent concert antics.See omnystudio.com/listener for privacy information.

In this episode of Last Call, we break down one of the most confusing market backdrops in years: AI-driven earnings optimism, rising oil and inflation risk, stretched options positioning, and the market impact of a potential SpaceX IPO. Jack Forehand and Matt Zeigler are joined by Aahan Menon, Ben Hunt, and Brent Kochuba to examine what macro data, political narratives, options flows, and index mechanics are saying about where markets could go next.Follow Last Call on Spotify⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Follow Last Call on Apple Podcasts⁠Topics Covered:Why markets are looking through war, oil shocks and valuation concernsHow earnings estimates are driving sector performance in the AI tradeAahan Menon on growth, inflation, oil prices and macro regime signalsWhy demand destruction from higher energy prices can take longer than investors expectWhat a rising growth and rising inflation regime can mean for stocks, commodities and bondsBen Hunt on World War AI and the collision between AI market optimism and political backlashWhy opposition to AI data centers could become a major market and election issueBrent Kochuba on call buying, implied volatility and signs of options market frothWhy CORE 1M and skew signals may be warning of a downside spasmHow the SpaceX IPO could affect index flows, active managers and mega-cap stocksTimestamps:00:00 Intro: AI, inflation and options risk in one market05:40 Earnings estimates, AI optimism and why fundamentals still matter10:31 Aahan Menon on a difficult macro backdrop15:29 Why energy shocks and demand destruction take time20:24 Why inflation can persist even if the oil shock eases24:47 Ben Hunt on World War AI and the AI resource build-out30:00 AI CapEx as the pillar holding up market optimism34:00 The political backlash against AI data centers38:00 Why data center opposition matters for markets42:09 Why price action can distort the AI narrative47:48 CORE 1M, stretched call prices and downside spasm risk52:00 Why Nasdaq options are priced for upside crashes56:11 Index rules, human judgment and the SpaceX IPO01:00:34 The free float problem and rebalancing pressure01:05:22 Space data centers, valuation and the size of the AI opportunity

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NRL star Ben Hunt joined Dean & Sofie on 4BC Breakfast to preview the upcoming State of Origin clash, predicting a Queensland victory heavily aided by Mitchell Moses' absence for the Blues. Ben Hunt also shared insights into his family’s relaxed pizza-night game traditions and reflected on the goosebumps he still gets hearing his iconic 2022 series-winning intercept try.See omnystudio.com/listener for privacy information.

Dean & Sofie on 4BC Breakfast catch up with Ben Hunt to discuss his State of Origin omission and Reece Walsh's surprising exclusion. The conversation shifts to the team's injury struggles, their frustrating Magic Round loss, and nostalgic memories of the recently closed Brisbane nightclub, Fridays.See omnystudio.com/listener for privacy information.

Health/lifestyle consultant, 14-year carnivore and drummer Phil Escott got chronically ill as a vegetarian, and his body revolted with psoriatic arthritis and other autoimmune conditions in 2010, leaving him unable to move without severe pain, let alone drum or exercise, and he had to throw out all his existing “expertise” and start from scratch. Phil's eventual combination of a carnivore diet with EMF and artificial light avoidance, cold thermogenesis and a range of other health enhancing practices reversed the “incurable” diseases that he suffered from. His book “Arthritis, The Best Thing That Ever Happened to Me” gained a foreword by Dr. Jack Kruse and has become an Amazon Kindle bestseller and is now available in print. Phil talks from personal experience about contemporary lifestyle and diet choices, disconnects from our ancestral heritage, emotional balancing and the simple but often misunderstood nature of spiritual awakening. He now consults with clients worldwide helping them to reverse their metabolic and autoimmune issues and runs The Big Fat Challenge with Ben Hunt as his main project. His latest book, the "Red Pill Revolution" is awesome. Melissa Lim is a Canadian American Pharmacist and volleyball player/enthusiast. She was inspired by a previous episode with "meat militia" member Phil Escott and leader Dr Bart Kay. Her journey on completely overhauling her diet has had life changing results, from getting rid of Acne she has had since age 9, to an energy level and clarity that is shooting through the roof. The chronological path of paying it forward continues. 02:39 - Melissa's journey to carnivorism, the ailments the journey, the right path, Phils tells his journey of the same that led to his first book 26:23 - Why carnivorism is now a growing culture, not a diet but a species appropriate way of life, how to maintain sources of vitamin C, discussing the notion that athletes "need" carbohydrates or not, the glycemic chart and how to use it 39:33 - Having the difficult discussion with loved ones on the benefits or health changes, perhaps best to lead by example and show the results, first-hand, understanding that the opposition is not monolithic, the division between the stubborn, the willfully ignorant, and how the sales pitch can help people or turn them off 50:01 - Getting rid of foods that are addictive and diminishing your quality of life, who needs this more than most and how to help 1:12:33 - The silly notion of this being a "grift" (the censorship, the loss of reputation, the amount of work being done for free), the perfect "stool" lol, the attack by General Mills on our breakfast index, and why none of it was scientific 1:23:42 - Meds that help and meds that kick the can down the road, the leaky gut, inflammation, HDL and LDL and how people misinterpret it, what you are being told to do, vs the one who has to live with the results (you), plus, what feeds the gut Biome? 1:37:39 - HDL and LDL and how people misinterpret it, seed oils, and throwing away the meat for the sins of the bun, plus, new events, retreats, seminars and getaways

NRL veteran Ben Hunt joined Dean & Sofie on 4BC Breakfast in the studio to break down his team's massive injury toll and the challenge of facing the high-flying Warriors in a wet Magic Round clash. He also touched on his State of Origin hopes, the shock of Ivan Cleary's reported exit, and why players don't get to enjoy the off-field Magic Round festivities.See omnystudio.com/listener for privacy information.

Welcome to your Sports Today update. A snapshot of the latest sport stories including: Geelong's Gryan Miers to return via the VFL after complicated knee injury Ben Hunt to return for the Broncos tomorrow night against Manly Adelaide United prepares for A-League semi-final first leg against Auckland FC The biggest sport stories in less than 5 minutes delivered twice a day, with reports from the Sports Today team. Subscribe now to make it part of your daily news diet.See omnystudio.com/listener for privacy information.

Welcome to your Sports Today update. A snapshot of the latest sport stories including: Geelong's Gryan Miers to return via the VFL after complicated knee injury Ben Hunt to return for the Broncos tomorrow night against Manly Adelaide United prepares for A-League semi-final first leg against Auckland FC The biggest sport stories in less than 5 minutes delivered twice a day, with reports from the Sports Today team. Subscribe now to make it part of your daily news diet.See omnystudio.com/listener for privacy information.

Welcome to your Sports Today update. A snapshot of the latest sport stories including: Geelong's Gryan Miers to return via the VFL after complicated knee injury Ben Hunt to return for the Broncos tomorrow night against Manly Adelaide United prepares for A-League semi-final first leg against Auckland FC The biggest sport stories in less than 5 minutes delivered twice a day, with reports from the Sports Today team. Subscribe now to make it part of your daily news diet.See omnystudio.com/listener for privacy information.

00:00 Intro & round 10 overview 01:37 Standard Squeeze: Sam Coach of Warringa — 1735 pts

Ben Hunt joined Dean & Sofie on 4BC Breakfast to provide an exclusive update on his potential return to the Broncos lineup amidst a freakish team injury crisis that has forced several young rookies to debut early. The interview also dives into Kotoni Staggs' recent suspension, Dean Mariner's severe leg injury, and Corey Jensen's blood clot, highlighting the chaotic reality of Brisbane's current season.See omnystudio.com/listener for privacy information.

This episode of Last Call breaks down one of the most confusing market environments in recent memory: why stocks continue to rise despite war, oil shocks, and growing macro risks. Through conversations with Jim Paulsen, Ben Hunt, Kevin Muir, and Brent Kochuba, we explore the tension between strong earnings, hidden risks in private credit and global growth, and the powerful role of flows and positioning in driving markets higher.Follow Last Call on Spotify⁠⁠⁠⁠⁠⁠⁠⁠Follow Last Call on Apple Podcasts⁠Topics CoveredWhy markets are ignoring war, oil shocks, and geopolitical riskThe “supernova” risk in private credit and why it hasn't hit markets yetHow supply-driven inflation differs from 1970s-style demand inflationWhy pessimistic sentiment may actually be supporting marketsThe role of earnings growth and valuation resets in fueling the rallyBull vs bear case for markets based on macro, earnings, and positioningWhy free cash flow trends may be more concerning than earningsHow options flows and dealer positioning are suppressing volatilityThe AI capex boom and its impact on market leadership and breadthThe growing divide between Mag 7 earnings and the rest of the marketTimestamps00:00 Intro and market overview01:37 Why markets are not falling despite negative news03:00 Buy-the-dip behavior and earnings resilience06:11 Ben Hunt on “supernova” risks in private credit08:00 Hidden credit crunch in middle market companies10:24 Why private credit matters for economic growth14:10 Oil supply shocks and global growth risks17:00 Why markets can ignore risks before they appear18:48 Jim Paulsen on market resilience and sentiment20:00 Why pessimism may reduce downside risk22:24 Inflation vs labor force growth framework24:00 Why current inflation is supply-driven, not demand-driven26:00 Potential shift from inflation focus to growth focus29:11 Kevin Muir on bull vs bear market setup31:00 War impact on rates, oil, and positioning33:00 Fed reaction and shifting rate expectations35:00 Why earnings remain the dominant market driver37:00 Why geopolitics often doesn't move markets40:00 Bear case: weak free cash flow and employment risk44:26 Brent Kochuba on options flows and positioning47:00 Why markets ignore rising rates and oil49:00 Call buying, dispersion, and tech leadership51:00 Energy as both hedge and AI-driven opportunity54:00 Correlation, volatility, and market structure56:00 Dealer positioning and suppressed volatility58:00 Earnings strength and narrow market leadership01:01:00 Free cash flow vs earnings debate01:01:55 AI capex and long-term market implications

Dean & Sofie catch up with Ben Hunt on 4BC Breakfast to banter about his son's rival radio gear before diving into serious NRL talk, including Reece Walsh's imminent return from a facial injury. Hunt also shared an insider's perspective on the PNG expansion team, while the hosts reflect on the intense security realities of travelling and living in Papua New Guinea.See omnystudio.com/listener for privacy information.

Sidelined star Ben Hunt joined Dean & Sofie on 4BC Breakfast to open up about his frustrating MCL tear and the devastating injury crisis forcing the Broncos to seek NRL roster exemptions. He also weighed in on the debate over capping contact training, arguing that while head trauma is a major concern, players still need physical preparation to avoid game-day injuries.See omnystudio.com/listener for privacy information.

Welcome to a Wide World of Sports update. A snapshot of the latest sport stories from the 9News team including: Brad Scott confident Essendon's foundations are set for success Broncos playmaker Ben Hunt condemns NRL bunker Olympic gold medallist Sally Pearson praises Australia's generational sprinters The biggest sport stories in less than 5 minutes delivered twice a day, with reports from the 9News team across Australia and overseas. Subscribe now to make it part of your daily news diet.See omnystudio.com/listener for privacy information.

Welcome to a Wide World of Sports update. A snapshot of the latest sport stories from the 9News team including: Brad Scott confident Essendon's foundations are set for success Broncos playmaker Ben Hunt condemns NRL bunker Olympic gold medallist Sally Pearson praises Australia's generational sprinters The biggest sport stories in less than 5 minutes delivered twice a day, with reports from the 9News team across Australia and overseas. Subscribe now to make it part of your daily news diet.See omnystudio.com/listener for privacy information.

Welcome to a Wide World of Sports update. A snapshot of the latest sport stories from the 9News team including: Brad Scott confident Essendon's foundations are set for success Broncos playmaker Ben Hunt condemns NRL bunker Olympic gold medallist Sally Pearson praises Australia's generational sprinters The biggest sport stories in less than 5 minutes delivered twice a day, with reports from the 9News team across Australia and overseas. Subscribe now to make it part of your daily news diet.See omnystudio.com/listener for privacy information.

Sidelined Broncos star Ben Hunt joined Ben Davis on 4BC Breakfast to share an update on his knee rehabilitation and how he's helping the team prepare for their upcoming clash against the second-placed Wests Tigers. Ben Hunt also voiced major frustration over the NRL's confusing new 'disruptor' rule, comparing the unpredictable refereeing decisions to a coin toss.See omnystudio.com/listener for privacy information.

Welcome to a Wide World of Sports update. A snapshot of the latest sport stories from the 9News team including: Ben Hunt dragged into the debate over the Dragons' horror start to the NRL season Jason Day best of the Aussies after the opening round of the Masters N-F-L commissioner pledges long term commitment to Melbourne The biggest sport stories in less than 5 minutes delivered twice a day, with reports from the 9News team across Australia and overseas. Subscribe now to make it part of your daily news diet.See omnystudio.com/listener for privacy information.

Welcome to a Wide World of Sports update. A snapshot of the latest sport stories from the 9News team including: Ben Hunt dragged into the debate over the Dragons' horror start to the NRL season Jason Day best of the Aussies after the opening round of the Masters N-F-L commissioner pledges long term commitment to Melbourne The biggest sport stories in less than 5 minutes delivered twice a day, with reports from the 9News team across Australia and overseas. Subscribe now to make it part of your daily news diet.See omnystudio.com/listener for privacy information.

Welcome to a Wide World of Sports update. A snapshot of the latest sport stories from the 9News team including: Ben Hunt dragged into the debate over the Dragons' horror start to the NRL season Jason Day best of the Aussies after the opening round of the Masters N-F-L commissioner pledges long term commitment to Melbourne The biggest sport stories in less than 5 minutes delivered twice a day, with reports from the 9News team across Australia and overseas. Subscribe now to make it part of your daily news diet.See omnystudio.com/listener for privacy information.

The boys discuss the evolution of the ‘six-again' rule from 2020 to 2026 and its impact in the modern game. In the NRL we deep-dive into the Tigers Easter Monday madness victory over Parramatta, the flipping of the script with Tigers, Knights and Rabbitohs at the top with the Bulldogs, Warriors, Storm and Raiders slipping, the Penrith Panthers a distant first as the most dominant team in the NRL in every category, Storm suffer biggest loss in 23 years, Manly's dramatic restart under Kieran Foran, Dragons 0 from 5, and major injuries to Stephen Crichton, Reece Walsh, Ben Hunt, Bailey Simonsson.——TIMESTAMPS:00:00 - Intro04:43 - Episode Overview07:25 - Bunker Review: The evolution of the ‘6-again' rule and its impact in 202624:10 - Bunker Review: Easter Monday madness as Tigers beat Eels in thriller (NRL Round 5)50:29 - NRL Round 5: TSS Tipping & Supercoach Comps52:35 - NRL Round 5: Manly def. Dolphins56:30 - NRL Round 5: Rabbitohs def. Bulldogs1:06:28 - NRL Round 5: Panthers def. Storm1:16:26 - NRL Round 5: Cowboys def. Dragons1:26:55 - NRL Round 5: Broncos def. Titans1:32:43 - NRL Round 5: Sharks def. Warriors1:39:08 - NRL Round 5: Knights def. Raiders1:46:45 - NRL Round 6: Rapid Fire Tips1:54:00 - ATG: Super League Round 7 Results1:56:43 - Outro——Click the link to follow us on Instagram, Facebook & TikTok, or to listen on your preferred podcasting platform:https://linktr.ee/thesidelinestoryrlpodcast——Hosted by Daniel Tassone, Nicholas Guild & Ryan Clarke.Podcast distributed to all major listening apps.Music credit ‘Chase' [prod. Yrii Semchyshyn from Pixabay].Logo designed by Tahlia Tassone.© The Sideline Story: Rugby League Podcast, 2021.——“You're listening to The Sideline Story Rugby League Podcast: The Greatest View of Rugby League from the Sideline”

Shane Flanagan and the St George Illawarra Dragons face an existential crisis after a 32-0 humiliation, with Damien Cook’s contract talks halted. The Brisbane Broncos have also hit a breaking point with a triple injury blow to Reece Walsh, Adam Reynolds, and Ben Hunt.See omnystudio.com/listener for privacy information.

This episode of Excess Returns Weekly Wrap brings together the most important ideas from a packed week of interviews, covering AI and base rates, the Magnificent Seven, commodities, macro risks, and practical investing frameworks. Jack Forehand and Kai Wu break down key clips from Michael Mauboussin, Harris “Kuppy” Kupperman, Ben Hunt, Katie Stockton, and Aahan Menon to extract timeless lessons investors can apply across different market environments.The conversation moves from AI expectations and economic profit to geopolitical “common knowledge” moments, commodity dynamics, trend following, and the importance of thinking in probabilities and time horizons.Topics Covered:Why OpenAI's growth expectations are historically unprecedented and what base rates actually tell usHow base rates should guide expectations without limiting outlier outcomes like AmazonWhy large companies are growing faster today and the role of intangible assets and softwareThe concentration of economic profit in the Magnificent Seven and what it implies for valuationsWhy long-term time horizons create a structural edge in investingThe concept of “common knowledge” and how it reshapes markets during geopolitical eventsWhere AI value will accrue: companies vs consumers vs suppliersWhy commodities behave differently from stocks and bonds during supply shocksHow trend following works and why commodities are uniquely suited to itWhy investing is a probabilities game and how to manage uncertainty and position sizingHow technical indicators like the 200-day moving average should actually be usedTimestamps:00:00 Intro and overview of Weekly Wrap format00:02:05 Michael Mauboussin on OpenAI growth and base rates00:06:18 Why base rates matter but don't define outcomes00:09:50 Why large companies are growing faster than history suggests00:14:58 Kuppy on time horizons and avoiding short-term noise00:19:15 Ben Hunt on “common knowledge” and the Strait of Hormuz00:24:13 AI value accrual and consumer surplus vs company profits00:28:10 Commodities, backwardation, and why price trends differ from equities00:32:45 Trend following and why commodities exhibit stronger trends00:34:41 Investing as a game of probabilities and decision-making under uncertainty00:41:58 Katie Stockton on the 200-day moving average and technical signals00:46:20 Breadth, trend signals, and how technicals inform risk management00:50:30 Position sizing, uncertainty, and diversification frameworks00:55:40 Revisiting the Magnificent Seven and intangible assets00:59:00 Trend following frameworks and portfolio constructionCheck out the full episode and all of our interviews from this week on the Excess Returns YouTube channel and podcast platforms.

Brisbane star Ben Hunt joined Dean and Sofie to discuss the dangerous mindset of the Gold Coast Titans and the truth behind those Payne Haas exit rumours. Hear Hunt’s take on Kotoni Staggs’ legendary passion and the hilarious Easter tribute song that missed the mark.See omnystudio.com/listener for privacy information.

This episode of our new market wrap show Last Call breaks down the biggest market drivers right now through three distinct lenses: macro, narrative, and flows. With an oil shock driven by geopolitical conflict, rising volatility, and conflicting economic signals, the discussion focuses on what actually matters beneath the surface and how investors should think about positioning in an environment where nothing is clearly priced in.Follow Last Call on Spotify⁠⁠⁠⁠⁠⁠Follow Last Call on Apple Podcasts⁠Jack and Matt bring together Andy Constan, Ben Hunt, Brent Kochuba, and Eric Pachman to analyze the ripple effects of higher oil prices, the “common knowledge” shift in markets, the role of options flows in driving short-term moves, and why traditional economic indicators like unemployment may be telling a misleading story.Andy Constan Twitterhttps://x.com/dampedspringBen Hunt Twitterhttps://x.com/EpsilonTheoryBrent Kochuba Twitterhttps://x.com/spotgammaEric Pachman Twitterhttps://x.com/epachmanTopics covered:How oil supply shocks impact GDP, inflation, and consumer spendingWhy higher oil prices act as a tax on the economy and shift growth dynamicsThe difference between supply shocks and demand shocks in energy marketsWhy central banks may be unable to respond to an oil-driven slowdownThe “common knowledge” framework and how narratives reshape marketsWhy the Strait of Hormuz has become the key global economic bottleneckOil exporters vs importers and how that divide is driving asset performanceWhy energy equities may outperform in a prolonged geopolitical conflictHow volatility is being driven by oil prices and geopolitical riskThe relationship between VIX and oil during crisis periodsWhy $100 oil could trigger a major volatility spike and equity selloffThe JP Morgan collar trade and how options positioning can pin marketsHow dealer hedging flows influence short-term price actionWhy markets may appear disconnected from negative newsThe limits of predicting what is “priced in” during uncertain environmentsWhy diversification matters more when macro visibility is lowHow unemployment data can mislead by excluding people leaving the workforceThe difference between unemployment rate and labor force participationStructural decline in rural economies and the migration to urban centersHow labor force trends explain the divergence in economic experiences across the USTimestamps:00:00 Oil shock as a GDP tax on consumers00:16 Strait of Hormuz as global economic chokepoint00:29 Why $100 oil could send VIX to 5000:39 Why unemployment rate may be misleading01:07 What Last Call is and how the episode is structured02:28 Macro, narrative, and flows framework for markets03:44 How oil supply shocks impact growth and inflation06:00 Why higher oil prices reduce discretionary spending07:00 Oil's impact on inflation and central bank policy09:39 Scenario analysis for oil prices and market outcomes12:28 Is the oil shock priced into markets?16:00 Why oil vs assets may be mispriced20:00 Ben Hunt on the “common knowledge” market shift25:00 Why the Strait of Hormuz changes everything29:00 Portfolio implications: long energy vs global equities33:00 Brent Kochuba on oil, VIX, and market volatility linkage36:00 Why $100 oil is the key risk threshold for equities40:00 JP Morgan collar trade and market pinning dynamics44:00 Why options flows can override macro narratives short term52:00 Eric Pachman on unemployment vs labor force reality59:00 Structural decline in labor force across US counties

Broncos star Ben Hunt joined Dean & Sofie on 4BC Breakfast to discuss tonight's blockbuster Battle of Brisbane against the Dolphins, addressing recent team distractions like injuries and coaching changes. They take a hilarious turn when Hunt spills the beans on his teammates' bizarre off-field hobbies, including Payne Haas's Pokémon cards and Dean Mariner's secret Woolworths Lego collection.See omnystudio.com/listener for privacy information.

Broncos star Ben Hunt revealed the hilarious story behind his "Dozer" nickname before addressing the intense pressure on coach Michael Maguire. With a Grand Final rematch against the Storm looming, find out how the team plans to "harden up" and turn their season around.See omnystudio.com/listener for privacy information.

Follow Two Quants and a Financial Planner on SpotifyFollow Two Quants and a Financial Planner on AppleIn this new weekly Excess Returns recap, Jack Forehand and Matt Zeigler highlight the most important investing insights from recent conversations across the Excess Returns podcast network. Drawing on discussions with Andy Constan, Rob Arnott, Kai Wu, Ben Hunt, Rupert Mitchell, Meb Faber and others, the episode connects ideas across macro, markets, AI, credit cycles and valuation. The conversation focuses on timeless investing principles investors can apply today, including how to evaluate expert opinions, how AI may reshape markets and jobs, what defines a true market bubble, why international stocks may be benefiting from global fiscal spending, and why the best opportunities in markets often come after long periods of underperformance.Topics covered in this episodeHow to evaluate expert opinions during major market events and filter signal from noiseAndy Constan's framework for judging credibility based on experience and confidenceWhy charts showing markets rising after wars are often misleading data miningThe difference between believing in AI technology and believing AI stocks are good investmentsHow AI could both replace and augment human work through the task based structure of jobsRob Arnott's definition of a market bubble using implausible growth assumptionsWhy many technology leaders ultimately fail to justify the expectations priced into their stocksThe difference between software companies whose moat is code and those with durable intangible advantagesHow brand, switching costs, distribution and network effects protect enterprise software companiesWhy AI may be one of the most disruptive technologies in history and what that means for marketsMeb Faber on the myth that the easy money has already been made in international and value stocksThe behavioral challenge of holding unpopular strategies through long periods of underperformanceRob Arnott on why small cap value could outperform large cap growth over the next decadeBen Hunt on the point in every credit cycle when lenders say no moreHow rising costs of capital can trigger boom bust credit cyclesRupert Mitchell on why global equity markets often follow government fiscal spendingThe growing role of international fiscal policy and capital flows in global market leadershipTimestamps00:00 Introduction and the idea behind the weekly Excess Returns recap show03:00 Andy Constan on how to evaluate experts and filter market commentary11:40 Why charts showing markets rising after wars can be misleading17:00 Kai Wu on AI technology versus AI investments and the future of work25:37 Rob Arnott on how to define a market bubble using valuation assumptions29:35 Kai Wu on software moats, intangible assets and enterprise software durability35:31 Rob Arnott on how disruptive AI could be for the global economy39:54 Meb Faber on why the easy money has never been made in markets43:57 Rob Arnott on small cap value versus large cap growth opportunities48:39 Ben Hunt on credit cycles and the moment lenders pull back55:56 Rupert Mitchell on fiscal spending and global equity market performance

In this episode of Two Quants and a Financial Planner, Jack Forehand and Matt Zeigler highlight the most important investing insights from recent conversations across the Excess Returns podcast network. Drawing on discussions with Andy Constan, Rob Arnott, Kai Wu, Ben Hunt, Rupert Mitchell, Meb Faber and others, the episode connects ideas across macro, markets, AI, credit cycles and valuation. The conversation focuses on timeless investing principles investors can apply today, including how to evaluate expert opinions, how AI may reshape markets and jobs, what defines a true market bubble, why international stocks may be benefiting from global fiscal spending, and why the best opportunities in markets often come after long periods of underperformance.Topics covered in this episodeHow to evaluate expert opinions during major market events and filter signal from noiseAndy Constan's framework for judging credibility based on experience and confidenceWhy charts showing markets rising after wars are often misleading data miningThe difference between believing in AI technology and believing AI stocks are good investmentsHow AI could both replace and augment human work through the task based structure of jobsRob Arnott's definition of a market bubble using implausible growth assumptionsWhy many technology leaders ultimately fail to justify the expectations priced into their stocksThe difference between software companies whose moat is code and those with durable intangible advantagesHow brand, switching costs, distribution and network effects protect enterprise software companiesWhy AI may be one of the most disruptive technologies in history and what that means for marketsMeb Faber on the myth that the easy money has already been made in international and value stocksThe behavioral challenge of holding unpopular strategies through long periods of underperformanceRob Arnott on why small cap value could outperform large cap growth over the next decadeBen Hunt on the point in every credit cycle when lenders say no moreHow rising costs of capital can trigger boom bust credit cyclesRupert Mitchell on why global equity markets often follow government fiscal spendingThe growing role of international fiscal policy and capital flows in global market leadershipTimestamps00:00 Introduction and the idea behind the weekly Excess Returns recap show03:00 Andy Constan on how to evaluate experts and filter market commentary11:40 Why charts showing markets rising after wars can be misleading17:00 Kai Wu on AI technology versus AI investments and the future of work25:37 Rob Arnott on how to define a market bubble using valuation assumptions29:35 Kai Wu on software moats, intangible assets and enterprise software durability35:31 Rob Arnott on how disruptive AI could be for the global economy39:54 Meb Faber on why the easy money has never been made in markets43:57 Rob Arnott on small cap value versus large cap growth opportunities48:39 Ben Hunt on credit cycles and the moment lenders pull back55:56 Rupert Mitchell on fiscal spending and global equity market performance

I join Matt Zeigler for one more special episode of Excess Returns. Available now on Excess Returns Podcast and Talking Billions.

Follow Last Call on Spotify⁠⁠Follow Last Call on Apple PodcastsIn this episode of Last Call, Jack Forehand and Matt Zeigler look past the headlines to unpack what really moved markets this month. From the viral AI end of times scenario that sparked responses from Citadel, Fed Governor Waller, and Jeremy Siegel, to the growing stress in private credit and the rotation out of US mega cap stocks, this is a different kind of market wrap. Instead of recapping what the S and P 500 did, we explore what investors are actually doing with their money, how narratives shape positioning, and what the data says about whether this time is different.Featuring Brent Kochuba of SpotGamma, Ben Hunt of Epsilon Theory, Rupert Mitchell of Blind Squirrel Macro, and Meb Faber of The Idea Farm, this episode dives into AI, software stocks, options flows, credit cycles, global equity markets, gold, and the power of base rates in investing.Main topics covered:The viral AI bear case scenario and why a fictional narrative moved real marketsHow investors should think in probabilities, bull cases, base cases, and bear casesWhat options pricing and put call ratios reveal about real fear versus social media fearThe state of software stocks and whether extreme bearishness may have marked a short term bottomPrivate credit stress, rising default risks, and why every credit cycle ends when lenders say no moreAn on the ground anecdote from San Francisco illustrating how refinancing risk is playing out in real timeThe rotation from US mega caps into international stocks and why fiscal spending matters for equity marketsGold and gold miners as potential beneficiaries of global liquidity and currency shiftsWhy base rates matter when evaluating explosive AI revenue forecastsHistorical lessons from the Nifty Fifty, Japan's bubble, the dot com era, and other periods when investors believed this time is differentPortfolio construction tools including diversification, rebalancing, and trend following in bubble environmentsTimestamps:00:00 Introduction and the AI end of times narrative02:16 Why investors are responding to fiction and what we can learn from it08:00 Brent Kochuba on options flows and software stock positioning13:00 Has extreme bearishness in software marked a bottom19:55 Ben Hunt on private credit and the boom bust cycle27:00 A San Francisco refinancing story and when lenders say no33:08 Rupert Mitchell on global markets, fiscal spending, and gold44:22 Meb Faber on base rates, bubbles, and this time is different01:00:16 How to track AI's real world impact in corporate dataIf you enjoy deep dives into investing, AI, market structure, credit cycles, global equities, and evidence based portfolio construction, be sure to subscribe to Excess Returns for more conversations like this.

Welcome to a Wide World of Sports update. A snapshot of the latest sport stories from the 9News team including: Justin Holbrook excited to get back in the hot seat as an NRL head coach Broncos halfback Ben Hunt says a lot to be learnt from their loss in the UK Matildas have entered camp in Perth The biggest sport stories in less than 5 minutes delivered twice a day, with reports from the 9News team across Australia and overseas. Subscribe now to make it part of your daily news diet.See omnystudio.com/listener for privacy information.

Subscribe to Two Quants and a Financial Planner on SpotifySubscribe to Two Quants and a Financial Planner on AppleIn this episode, we explore one of the most important but overlooked questions in investing: what is the purpose of your portfolio? Through a series of powerful clips and reflections from Aswath Damodaran, Meb Faber, Ben Hunt, Cullen Roche, Corey Hoffstein, Daniel Crosby, Larry Swedroe, and Wes Gray, we examine how goals like financial freedom, funded contentment, liability driven investing, retirement planning, and multi generational wealth shape the way we invest. This conversation goes beyond beating the market and focuses on preserving and growing wealth, reducing financial stress, aligning money with meaning, and defining what a life well lived truly looks like.Topics covered include:Why the end game of investing matters more than beating the marketPreserving and growing wealth vs trying to get richFreedom as the ultimate goal of financial independenceFunded contentment and what it means to live a life well livedLiability driven investing and matching assets to future needsThe difference between getting rich and staying richNeeds vs desires and understanding marginal utility of wealthRetirement planning and redefining success beyond a numberMulti generational wealth and thinking beyond your own lifetimeThe psychological impact of growing up with or without moneyFinancial freedom, stress reduction, and peace of mindTactical financial goals vs long term purpose driven investingEducation, legacy, and investing in the next generationWhy once you win the game you may not need to keep playingTimestamps:00:00 Aswath Damodaran on preserving and growing wealth10:04 Meb Faber on freedom, contentment, and the hedonic treadmill22:36 Ben Hunt on funded contentment and finding your pack28:23 Cullen Roche on risk as uncertainty of consumption33:25 Corey Hoffstein on liability driven investing and not worrying about money41:50 Daniel Crosby on financial freedom and living life on your own terms47:33 Larry Swedroe on needs vs desires and staying rich55:54 Wes Gray on big blue arrows, tactical goals, and peace of mind

In this episode, we explore one of the most important but overlooked questions in investing: what is the purpose of your portfolio? Through a series of powerful clips and reflections from Aswath Damodaran, Meb Faber, Ben Hunt, Cullen Roche, Corey Hoffstein, Daniel Crosby, Larry Swedroe, and Wes Gray, we examine how goals like financial freedom, funded contentment, liability driven investing, retirement planning, and multi generational wealth shape the way we invest. This conversation goes beyond beating the market and focuses on preserving and growing wealth, reducing financial stress, aligning money with meaning, and defining what a life well lived truly looks like.Topics covered include:Why the end game of investing matters more than beating the marketPreserving and growing wealth vs trying to get richFreedom as the ultimate goal of financial independenceFunded contentment and what it means to live a life well livedLiability driven investing and matching assets to future needsThe difference between getting rich and staying richNeeds vs desires and understanding marginal utility of wealthRetirement planning and redefining success beyond a numberMulti generational wealth and thinking beyond your own lifetimeThe psychological impact of growing up with or without moneyFinancial freedom, stress reduction, and peace of mindTactical financial goals vs long term purpose driven investingEducation, legacy, and investing in the next generationWhy once you win the game you may not need to keep playingTimestamps:00:00 Aswath Damodaran on preserving and growing wealth10:04 Meb Faber on freedom, contentment, and the hedonic treadmill22:36 Ben Hunt on funded contentment and finding your pack28:23 Cullen Roche on risk as uncertainty of consumption33:25 Corey Hoffstein on liability driven investing and not worrying about money41:50 Daniel Crosby on financial freedom and living life on your own terms47:33 Larry Swedroe on needs vs desires and staying rich55:54 Wes Gray on big blue arrows, tactical goals, and peace of mind

In this episode of Excess Returns, we sit down with Neil Howe, author of The Fourth Turning Is Here and co-creator of the Fourth Turning generational framework, along with Ben Hunt of Epsilon Theory, to discuss where we are in the current cycle and what it means for markets, inflation, AI, capital flows, and America's long-term economic outlook. From the debasement trade and rising gold prices to global capital crowding out and the structural forces shaping productivity and growth, this conversation connects generational theory with real-world investing decisions. If you're thinking about inflation, deficits, AI capital spending, global diversification, or how to position defensively and offensively in a shifting macro regime, this discussion provides a powerful framework for navigating what may be a historic transition period.Topics CoveredThe Fourth Turning framework and where we are in the current crisis cycleWhy inflation is not a problem but a policy solution in major crisesThe collapse in US national savings and long-term deficit risksCapital flows, the debasement trade, and the future of the US dollarGold, commodities, and real assets in a regime shiftGlobal diversification and opportunities outside the United StatesAI capital spending, productivity gains, and the risk of overinvestmentCrowding out effects from government deficits and AI hyper scalingTrust, geopolitics, and the long-term implications for global marketsHealthcare, demographics, and structural investment themesDefensive and offensive positioning in a Fourth Turning environmentTimestamps00:00 Inflation as a solution and the generational crisis framework04:00 Explaining the Fourth Turning and historical crisis cycles12:55 Narratives, generational archetypes, and market behavior22:24 Is the Fourth Turning pessimistic or optimistic34:00 Inflation, gold, and the debasement trade40:00 Global capital flows and the reversal of US inflows50:00 AI capital spending and the K shaped capital markets55:09 Crowding out, deficits, and slow growth risks01:02:23 Defensive and offensive investment positioning01:09:31 Final thoughts on diversification, gold, and financials

Cem Karsan sits down with Ben Hunt, founder of Epsilon Theory, to explore how narratives shape markets, politics, and decision making itself. Drawing on decades of experience across academia, hedge funds, and applied AI, Ben explains why stories, not data, increasingly drive outcomes in modern markets. The conversation spans unstructured data, inference, common knowledge, and the mechanics of narrative momentum. Together, they examine consumer expectations, inflation silence, geopolitical signaling, and the slow shift away from US dominance. What emerges is a framework for understanding markets as reflexive systems, where perception often matters more than reality.-----50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE-----Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.IT's TRUE ? – most CIO's read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” here.Learn more about the Trend Barometer here.Send your questions to info@toptradersunplugged.comAnd please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast.Follow Cem on Twitter.Episode TimeStamps: 00:00 - Introduction to U Got Options and the trading floor setting02:18 - Ben Hunt's background and Epsilon Theory origins04:11 - Markets as the ultimate multiplayer game06:15 - Inference, unstructured data, and narrative analysis08:18 - Why sentiment and word counts miss the real signal11:16 - Mapping meaning and truthy stories15:00 - LLMs as operating systems, not oracles18:01 - Giving money back and when models stop working21:16 - Applying narrative tools beyond markets24:10 - Consumer weakness versus bullish expectations30:43 - Inflation, recession, and why markets do not care33:29 - Dormant stories and volatility discovery34:26 -

Follow Last Call on SpotifyFollow Last Call on Apple PodcastsJoin Jack Forehand and Matt Zeigler for the premiere episode of Last Call, a new monthly market wrap show where we go beyond the headlines to deliver actionable investment insights — and have a little fun along the way.Instead of focusing on index performance or short-term moves, we step back and connect the dots between macro instability, narrative shifts, options market signals, private credit risk, AI capital spending, and the changing nature of the Magnificent Seven.Featuring conversations with Brent Kochuba from SpotGamma, Ben Hunt from Perscient, Kai Wu from Sparkline Capital, and clips from our recent interviews with Liz Ann Sonders and Aswath Damodaran, the episode blends market structure, behavioral finance, valuation discipline, and long-term investing context to help investors understand what is really driving today's market environment — and how to think about it going forward.Main Topics:• Why this is not a traditional market recap and how Last Call is designed to be more useful for investors• Instability versus uncertainty — and why today's market feels different• Loss of trust in institutions, policy, and global systems and its impact on markets• What options market flows reveal about hidden market risks and sudden volatility• How private credit has reached bubble-like conditions and why narrative risk matters• The debate over retail and retirement account exposure to private credit• Why valuation discipline looks different when correlations rise across asset classes• Aswath Damodaran on trimming positions, raising cash, and the difficulty of finding uncorrelated assets• How the Magnificent Seven are changing from asset-light to asset-heavy businesses• AI capital expenditure, historical spending booms, and why infrastructure builders often underperform• Whether this AI cycle is truly different from railroads, telecom, and past technology boomsTimestamps00:00 — Intro and opening clips01:10 — What Last Call is and why this format exists04:30 — Instability versus uncertainty in today's market09:58 — Loss of trust, gold, and historical parallels13:18 — Brent Kochuba on options flows and hidden market stress25:17 — How options dislocations explain sudden market drops25:40 — Ben Hunt on private credit narrative risk28:00 — Why private credit exposure is everywhere32:32 — Retail access versus restrictions in private credit36:19 — What happens if the private credit bubble breaks39:28 — Aswath Damodaran on raising cash and trimming positions47:08 — The changing nature of the Magnificent Seven47:42 — Kai Wu on AI capex and asset-heavy tech50:48 — Why high capital spending often leads to underperformance56:01 — Historical parallels from railroads to the dot-com boom

Ben Hunt founded Epsilon Theory, a newsletter and website that examines markets through the lens of narrative. He talks trolling on the internet, how paid members/subscribers of platforms can poison your community, Venezuela, President Trump addressing the nation, when words stop meaning anything, and much more. PLEASE SUBSCRIBE LIKE AND SHARE THIS PODCAST!!!    Watch Show Rumble- https://rumble.com/v7376hi-narratives-used-to-justify-war-ben-hunt-of-epsilon-theory.html YouTube- https://youtu.be/-J9yzJsoR5I   Follow Me X- https://x.com/CoffeeandaMike IG- https://www.instagram.com/coffeeandamike/ Facebook- https://www.facebook.com/CoffeeandaMike/ YouTube- https://www.youtube.com/@Coffeeandamike Rumble- https://rumble.com/search/all?q=coffee%20and%20a%20mike Substack- https://coffeeandamike.substack.com/ Apple Podcasts- https://podcasts.apple.com/us/podcast/coffee-and-a-mike/id1436799008 Gab- https://gab.com/CoffeeandaMike Locals- https://coffeeandamike.locals.com/ Website- www.coffeeandamike.com Email- info@coffeeandamike.com   Support My Work Venmo- https://www.venmo.com/u/coffeeandamike Paypal- https://www.paypal.com/biz/profile/Coffeeandamike Substack- https://coffeeandamike.substack.com/ Patreon- http://patreon.com/coffeeandamike Locals- https://coffeeandamike.locals.com/ Cash App- https://cash.app/$coffeeandamike Buy Me a Coffee- https://buymeacoffee.com/coffeeandamike Bitcoin- coffeeandamike@strike.me   Mail Check or Money Order- Coffee and a Mike LLC P.O. Box 25383 Scottsdale, AZ 85255-9998   Follow Ben X- https://x.com/EpsilonTheory?s=20 Website- https://www.epsilontheory.com/   Sponsors Vaulted/Precious Metals- https://vaulted.blbvux.net/coffeeandamike McAlvany Precious Metals- https://mcalvany.com/coffeeandamike/ Independence Ark Natural Farming- https://www.independenceark.com/    

In this special episode, Adam Butler and Ben Hunt join Matt Zeigler to unpack one of the most charged debates in markets and economics today: whether our official statistics still reflect lived reality. Building on Mike Green's work and Adam Butler's essay The Bureau of Missing Children, the conversation moves beyond the technical definition of poverty to a deeper idea of economic precarity, the growing gap between what we measure and what people actually experience. Together, they explore debt, housing, childcare, labor mobility, AI, and the erosion of meaning in economic language, while wrestling with what policy, community, and human-centered solutions might look like in a world that increasingly feels unstable.Main topics coveredWhy the debate should focus on precarity rather than povertyThe disconnect between inflation statistics and lived experienceHow debt, housing, childcare, and education drive economic insecurityThe idea of a participation budget for modern family formationWhy labor mobility has broken down since the financial crisisHow asset prices and credit intensify risk for householdsThe role of grandparents and off-balance-sheet support in the economyDarwin's wedge, positional goods, and rising costs of everyday lifeThe impact of AI, technocracy, and anti-human incentivesCentralized versus decentralized solutions to today's economic challengesWhat it means to carry the fire and preserve human-centered valuesTimestamps00:00 Introduction and the emotional roots of the precarity debate02:00 Poverty versus precarity and what we are really measuring06:30 Technocrats, narratives, and the limits of economic statistics09:00 Personal experiences with precarity and debt15:00 The Bureau of Missing Children and family formation economics21:00 Modeling household income and participation budgets25:50 Rising costs of childcare, housing, and everyday life33:00 Darwin's wedge and positional competition36:45 Debt, housing, and labor immobility40:00 Grandparents, unpaid care, and off-balance-sheet subsidies46:30 How today differs from 40 or 50 years ago49:40 Labor mobility as a lost engine of opportunity55:00 Policy paths, mission-driven economics, and decentralization01:11:00 Visionary leadership versus bottom-up solutions01:15:50 Carrying the fire and preserving meaning01:17:30 Where to follow Adam Butler and Ben Hunt

Stephen Smith profiles the former racing driver and marketing guru who's turned around McLaren's fortunes and led them to Formula 1 glory. Born in California in 1971, friends and colleagues paint a picture of a fiercely competitive man with ‘noble intentions'.After dropping out of high school Zak Brown's life changed after meeting former F1 world champion Mario Andretti when he was 15. He traded watches he'd won on the Wheel of Fortune game show to buy a go-kart.Brown won races as a driver but never really hit the big time. He then set up the world's most successful motorsports marketing company before being lured to the F1 grid by McLaren in 2016. The team were in dire straits and in serious need of a cash injection. In less than 10 years, Brown has completely turned around the team's fortunes and led them to back-to-back constructors' championships. But will his refusal to favour one of his two drivers cost both of them the drivers' championship?Contributors: Mackenzie Astin - childhood friend Mario Andretti - former F1 champion Will Buxton - former F1 commentator, journalist, broadcaster Ben Hunt - motorsport journalist and author of Forever Forward Lawrence Baretto - F1 commentator Presenter: Stephen Smith Producers: Mhairi Mackenzie, Ben Crighton Production Coordinator: Maria Ogundele Sound: James BeardArchive: The Bottom LIne, BBC 5LIve Wheel of Fortune - CBS Sky Sport

In this episode of Excess Returns, Matt sits down with Ben Hunt to break down his new Epsilon Theory essay, World War AI. They explore how the US government, markets, and Big Tech are rapidly shifting the AI narrative from productivity and progress toward a national security arms race with massive implications for energy, capital, jobs, inflation, and the broader economy. Ben explains why AI buildout is consuming enormous resources, how this echoes World War II scale mobilization, why consumers are already feeling the strain, and what policies could still steer the country toward a healthier economic path.Topics covered:• Why the AI narrative flipped from optimism to national security• How AI CapEx creates shortages of energy, capital, and investment elsewhere• The parallels between AI buildout and World War II economic mobilization• Why the promise of AI-driven productivity and leisure was never realistic• The coming squeeze on consumers through higher prices and reduced availability• Why energy bottlenecks and electricity scarcity may lead to rationing• The risk of stagflation and a shrinking job base as AI replaces human labor• The political paths this could take, from authoritarianism to backlash• Ben's three-policy plan: reshoring, energy expansion, and electricity caps• How investors should think about the boom-bust risk of hyperscale growth• Why awareness and public conversation are essential before the window closesTimestamps:00:00 AI narrative shift and the failure of the carrot01:20 Measuring narratives through Perscient Pro05:30 Why Ben wrote World War AI07:30 The carrot vs. the stick in AI storytelling11:00 Utility bills, consumer squeeze, and rising economic pressures12:30 World War II-level spending and debt dynamics15:30 Crowding out the consumer economy17:00 Interest rates, borrowing, and capital shortages20:00 Energy usage, electricity scarcity, and cost-push inflation24:00 Rationing risk and historical parallels26:00 Jobs, productivity, and AI's impact on labor31:00 The lack of new job creation in an AI-driven economy33:00 Why new-tech job optimism does not apply here38:00 Market skepticism and narrative extremes41:00 Political risk, backlash, and potential future paths42:20 The three policies: reshoring, energy buildout, electricity caps49:30 Investment implications and the boom-bust cycle55:00 How AI growth must be subordinated to broader economic goals57:00 Why connecting consumer pain to AI buildout is essential59:30 Early signs of state-level limits on data centers01:02:00 Where to follow Ben Hunt and the continuing story

On this week's Stansberry Investor Hour, Dan and Corey welcome Ben Hunt back to the show. Ben founded Epsilon Theory, a newsletter with more than 100,000 readers that examines markets through the lens of narrative. He's also the president and co-founder of Perscient, an AI research firm and software company. Ben kicks things off by discussing the "credit polar vortex" that the U.S. is facing today. He says that all credit to the bottom 40% of the country has essentially been cut off, leaving companies in distress and everyday Americans in crisis. And he notes that financial crises are always born in the financial sector, so this is a problem no matter how well AI and tech stocks are doing. Ben goes in depth on how this looming crisis affects regional banks, and he compares what's happening now with what happened in 2007. Next, Ben talks about the Federal Reserve's role in all this and how it acts as a backstop for commercial banks. He points out that the alternative asset managers that don't have this backstop have been the ones making all the loans in the economy, so that's where the danger lies. This leads to a conversation about gold's usefulness as a safe haven, the potential for rampant inflation, and a few things that give Ben hope for the economic future, including manufacturing and reshoring. And he also covers the topic of energy generation in relation to AI and its possible damage to the economy. Finally, Ben shares how his investing outlook has changed over the years, thanks to fundamentals taking a backseat in importance to storytelling and narratives. He emphasizes that fundamentals still matter, but what's happening with the story is a bigger factor in making money in the market. As he says, it's value versus valuation. Ben then explains how he finds these stories regardless of the sector and how to track them. 0:00 A looming financial crisis; doomed regional banks; similarities with 200717:47 The Fed as a backstop; gold; manufacturing; AI vs. power generation46:38 Ben's investing outlook; how to profit from stories in the market1:08:15 Dan and Corey's final thoughts

On this week's Stansberry Investor Hour, Dan and Corey welcome Ben Hunt back to the show. Ben founded Epsilon Theory, a newsletter with more than 100,000 readers that examines markets through the lens of narrative. He's also the president and co-founder of Perscient, an AI research firm and software company. Ben kicks things off by discussing the "credit polar vortex" that the U.S. is facing today. He says that all credit to the bottom 40% of the country has essentially been cut off, leaving companies in distress and everyday Americans in crisis. And he notes that financial crises are always born in the financial sector, so this is a problem no matter how well AI and tech stocks are doing. Ben goes in depth on how this looming crisis affects regional banks, and he compares what's happening now with what happened in 2007. Next, Ben talks about the Federal Reserve's role in all this and how it acts as a backstop for commercial banks. He points out that the alternative asset managers that don't have this backstop have been the ones making all the loans in the economy, so that's where the danger lies. This leads to a conversation about gold's usefulness as a safe haven, the potential for rampant inflation, and a few things that give Ben hope for the economic future, including manufacturing and reshoring. And he also covers the topic of energy generation in relation to AI and its possible damage to the economy. Finally, Ben shares how his investing outlook has changed over the years, thanks to fundamentals taking a backseat in importance to storytelling and narratives. He emphasizes that fundamentals still matter, but what's happening with the story is a bigger factor in making money in the market. As he says, it's value versus valuation. Ben then explains how he finds these stories regardless of the sector and how to track them. 0:00 A looming financial crisis; doomed regional banks; similarities with 200717:47 The Fed as a backstop; gold; manufacturing; AI vs. power generation46:38 Ben's investing outlook; how to profit from stories in the market1:08:15 Dan and Corey's final thoughts

Ben Hunt returns to Excess Returns to break down the hidden risks building inside private credit and the parallels between today's “alternative asset managers” and the shadow banking system that triggered the 2008 financial crisis. Using the Godfather's Tessio as a metaphor for betrayal and broken trust, Ben explains how opacity, leverage, and narrative collapse can turn small defaults into systemic crises. He and Matt Zeigler explore what's really happening beneath the surface of private markets, how common knowledge shifts shape investor behavior, and how Perscient Pro's “storyboards” and “semantic signatures” help track the narratives driving markets in real time.Main topics coveredWhy Ben believes we're at a “trust-breaking” moment similar to 2007The Godfather analogy and what frauds reveal about human behaviorHow private credit has evolved into today's “shadow banking” systemFlow machines, hidden leverage, and why opacity is intentionalThe dangers of informational asymmetry between investors and lendersHow broken trust creates chain reactions in financial systemsThe link between narrative collapse and liquidity crisesCommon knowledge, crowd reactions, and market psychologyDoom loops between Wall Street and the real economyHow Perscient Pro tracks financial narratives using semantic signaturesWhy gold's current rally is about safety, not debasementWhat investors should monitor next in credit, housing, and macro narrativesTimestamps0:00 Hidden leverage and the trust problem1:04 Introduction to Ben Hunt and Epsilon Theory2:12 The Tessio analogy – betrayal and the structure of fraud6:10 How private credit became today's shadow banking system10:55 Flow machines and why opacity is intentional14:48 Trust breaks and the “funding stops first” dynamic18:35 The Biden “common knowledge” moment explained21:00 What happens when narratives collapse24:26 Apollo, asymmetric information, and shorting First Brands28:00 Hidden leverage and the domino effects of default33:40 The “doom loop” between Wall Street and the real economy39:10 Why Silicon Valley Bank was different44:18 What a “run on Wall Street” could look like48:00 Perscient Pro and tracking financial storyboards53:32 Semantic signatures and narrative detection57:10 Housing, inflation, and gold storyboards1:00:48 Where to follow Ben Hunt and learn more about Perscient Pro

Braith Anasta joins Sauce and Maroon for the 2025 Grand Final edition of DSL! Will the Broncos win and Ben Hunt redeem 2015? How will the big four cope with Finals pressure at the Storm and Braith and Sauce share their best Mad Monday memories!See omnystudio.com/listener for privacy information.

On this episode of the Alpha Exchange, I was joined by Ben Hunt, Co-founder and CIO of Perscient. Ben has built his career around one powerful idea: that the stories we tell—whether in politics, markets, or everyday life—shape our behavior far more than we realize. In the mid-2000s, entering Wall Street from outside its traditional ranks gave him a rare vantage point. He wasn't steeped in the bullish narrative flow that dominated the industry. With an outsider's perspective—and an ability to read the “language” of mortgage-backed securities—he was able to see flaws at the heart of a $10 trillion asset class well before the global financial crisis hit.In our conversation, we explore how understanding narrative structure can illuminate risk in ways models cannot, and why being outside the story sometimes lets you see it most clearly.  In this context, we chat as well about Ben's creation of the Epsilon Theory, a widely read exploration of how narratives drive markets. I have personally found his writing thought provoking. On markets, Ben is not optimistic that our political system is up for the challenge of reigning in the unwieldy debt and sees the potential for some combination of higher rates and a lower dollar as a result. Today, through Perscient, a venture he co-founded, Ben is applying AI-driven tools to map and measure narratives in real time, helping investors see the hidden storylines moving markets.I hope you enjoy this episode of the Alpha Exchange, my conversation with Ben Hunt.