Podcast appearances and mentions of Ben Hunt

This month on Last Call, Kevin Muir, Aahan Menon, Ben Hunt and Brent Kochuba break down the market through four lenses: macro, inflation data, narrative and options positioning. They examine whether midterm election volatility is underpriced, why inflation may be more demand-driven and persistent than headline data suggests, how the Fed's credibility has shifted under Kevin Warsh, and why options markets still look remarkably complacent.Follow Last Call on Spotify⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Follow Last Call on Apple Podcasts⁠Topics coveredWhy ending Fed forward guidance could create more uncertainty around interest rate decisionsKevin Muir's case that midterm election volatility is unusually cheapWhy seasonal volatility, low implied correlation and election risk may favor owning protectionAahan Menon on inflation breadth and why 70 to 80 percent of PCE components are above the Fed's 2 percent targetWhy demand-driven inflation may be stickier than supply-driven inflationHow oil shocks can feed into core inflation and increase pressure on the Fed to hikeBen Hunt on the sudden collapse in the Fed credibility narrative and why gold has respondedThe four risks facing the Fed and Treasury: oil, fading fiscal stimulus, insurance and private credit stress, and the long end of the Treasury curveBrent Kochuba on why implied volatility and put positioning show a market with very little fearNvidia options positioning, potential resistance near 250 to 275, and what dealer gamma says about the stockStanley Druckenmiller's AI-written Wall Street Journal op-ed and what AI-assisted writing means for investment thinkingTimestamps00:00 Midterms, inflation, Fed credibility and options complacency07:45 Kevin Muir on why midterm volatility may be underpriced11:55 Why this midterm could be more volatile than the options market expects16:36 Cheap volatility and how election risk could get repriced20:39 Inflation breadth and why the headline numbers miss the bigger problem25:43 Why cooling inflation data may hide persistent demand-driven pressure33:31 Ben Hunt on why the Fed credibility narrative suddenly reversed40:01 Four risks the Fed and Treasury cannot afford to ignore44:43 What the options market says after Jackson Hole49:10 Why Fed events can become an expensive options tax53:14 Why falling volatility could help stocks push toward new highs57:34 Druckenmiller, AI-written investment commentary and authenticity01:01:53 Why writing is part of thinking in an AI worldLearn more about the Excess Returns podcast network:https://excessreturns.coNo information discussed in this podcast should be construed as investment advice. Securities discussed may be held by the hosts and guests, their firms or their clients.

In this episode, Phil and Janelle talk about Idaho, Aaron and Matt, National Parks, hiking, cruises, Spider-man, vacation pants, Toy Story, Ben Hunt, and more.

Brent Read, Dave Riccio and Charlie White are in to look at the story unfolding out of Brisbane – why was Adam Reynolds not given the send-off he deserves? Ben Hunt has expressed his frustration with the situation – how will this affect his relationship with Madge and the players? Jai Arrow is returning to the NRL in a touching tribute from Souths, and we look at the Bunny in hot demand on the open market. Plus, does PNG need a nursing home? The finals stadium situation is in the NRL's hands, and the Wahs and Sharks fans are worried! Check out Triple M NRL's Instagram, Facebook, TikTok and YouTube!See omnystudio.com/listener for privacy information.

Brisbane Broncos player Ben Hunt joined Jason Matthews on 4BC Breakfast to discuss the team's recent win over the Raiders and the sudden retirement announcement of captain Adam Reynolds. Ben Hunt revealed that players were completely blindsided by the decision in their group chat after training, expressing widespread disappointment that the club legend won't get his desired final on-field send-off against the Storm.See omnystudio.com/listener for privacy information.

In a candid interview on 4BC Breakfast, Brisbane Broncos star Ben Hunt joined Jason Matthews to address the team's disappointing recent performance and outline his leadership plans to restore pride against the Raiders. Ben Hunt also opened up about the brutal reality of NRL preseason training - including Marty Taupau's near-drowning incident and wrestling heavyweights like Payne Haas - before sharing a light-hearted story about losing 24 golf balls on Dent Island.See omnystudio.com/listener for privacy information.

In a candid radio interview, Ben Hunt joined Jason Matthews on 4BC Breakfast to address the Broncos' season-ending slump, Adam Reynolds' 50/50 battle against a "busted" body, and coach Michael Maguire testing new line-up combinations against a fierce Warriors crowd at Suncorp. Hunt then brutally shuts down Peter V'landys' proposed third-place playoff match before offering humorous recruitment advice for a local AFL team coming off consecutive 200-point losses.See omnystudio.com/listener for privacy information.

Dolphins head coach Kristian Woolf joined Jason Matthews on 4BC Breakfast to preview Saturday’s crucial "Battle for Brisbane," highlighting their chance to secure a historic first finals berth alongside Isaiya Katoa's return from a broken arm and Selwyn Cobbo's stellar form. Woolf also addressed trash-talk from Broncos star Ezra Mam regarding Redcliffe, maintaining pride in his club while returning mutual respect following Ben Hunt's earlier comments on Tom Flegler.See omnystudio.com/listener for privacy information.

Facing a critical derby against the Dolphins following a chaotic, injury-riddled loss to the Knights, the Broncos are forcing major line-up reshuffles - including Tom Duffy stepping in at halfback for the concussed Adam Reynolds - to keep their playoff dreams alive. Despite admitting to past disciplinary failures and addressing squad injuries to Jason Matthews on 4BC Breakfast, Ben Hunt remained confident in their finals chances while ranking Queensland rivalries and paying tribute to former teammate Tom Flegler.See omnystudio.com/listener for privacy information.

On this episode of the Excess Returns Weekly Wrap, Jack Forehand and Matt Zeigler examine how the AI capital spending boom, an unpredictable Federal Reserve, reduced corporate reporting and factor investing are reshaping markets.They break down Ben Hunt's warning about private credit and AI infrastructure, Cameron Dawson and Dave Nadig on the loss of Fed forward guidance, Wes Gray on why value may matter more than company size, and Rupert Mitchell on the rate hike that could end the cycle.Topics covered:Why the AI capital spending boom is forcing hyperscalers to borrow money and issue equityHow private credit and private equity are financing the AI infrastructure buildoutWhy a slowdown in AI CapEx could create broader financial system riskHow government borrowing and AI investment are crowding out capital and pushing interest rates higherThe impact of data center electricity demand on consumers and the broader economyHow Kevin Warsh's no-forward-guidance policy changes Federal Reserve expectationsWhy greater front-end interest rate volatility matters for floating-rate debt and private creditThe debate over replacing quarterly corporate reports with six-month reportingWes Gray's argument that value, not small-company size, is the real source of higher expected returnsRupert Mitchell's death shot framework for how a final central bank rate hike can end a market cycleTimestamps:00:00 AI spending, Fed uncertainty and this week's market themes05:07 How the AI buildout crowds out capital across the economy10:44 No Fed forward guidance and a new era of policy uncertainty15:48 Why six-month corporate reporting could hurt investors20:30 Wes Gray on the small-cap premium24:42 Why value matters more than company size28:57 How a surprise rate hike could break risk assets34:05 Global value investing and pairing different investor perspectivesLearn more about the Excess Returns podcast network:https://excessreturns.coNo information discussed in this podcast should be construed as investment advice. Securities discussed may be held by the hosts and guests, their firms or their clients.

On this episode of our new market wrap show Last Call, we examine the hidden rotation beneath calm stock market indexes, including sharp AI and semiconductor volatility, small-cap strength, forced fund liquidations, higher rates and changing Federal Reserve guidance. Jack Forehand and Matt Zeigler are joined by Jim Paulsen, Ben Hunt, Brent Kochuba, Cameron Dawson and Dave Nadig to discuss stock market correction risk, the economics of the AI data center buildout, options flows, market leverage, regulation and what could drive volatility next.Follow Last Call on Spotify⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Follow Last Call on Apple Podcasts⁠Topics coveredWhy market indexes can hide sharp rotation, dispersion and volatility in semiconductors and high-beta technology stocksJim Paulsen's Policy Pain framework linking oil, Treasury yields, dollar strength and lagged effects on stocks, bonds and economic growthWhy technology stocks could enter a bear market while old-economy sectors, small caps and value stocks hold upBen Hunt's World War AI thesis comparing the AI infrastructure buildout with inflation-adjusted World War II spendingHow hyperscalers, equity issuance, private credit and government financing could crowd out consumers and businessesWhy data centers could consume nearly one quarter of U.S. electricity and lead to higher prices, rationing and government interventionWhat the Situational Awareness fund liquidation and Citadel portfolio transaction reveal about forced market flowsHow options correlations and narrow market breadth can separate a technical rebound from a fundamental AI bottomRisks from speculative retail investments, weakened regulators, leverage and cyclical semiconductor profit marginsWhy reduced Fed forward guidance could create surprise policy decisions and greater algorithmic market volatilityTimestamps00:00 Market rotation and AI volatility beneath the indexes04:07 Jim Paulsen on Policy Pain and market vulnerability09:23 Why tightening hurts stocks before helping bonds14:23 Tech bear market risk and a possible leadership shift18:23 Ben Hunt on World War AI, private credit and systemic risk26:00 Data center electricity demand and the energy constraint31:29 Brent Kochuba on the Situational Awareness liquidation36:00 The forced buying behind the AI stock rebound40:00 Why the liquidation bounce may not signal an AI bottom44:00 How forced flows distort fundamental market narratives48:00 Retail investing pitches, liquidity and cycle FOMO52:00 Deregulation by destaffing at the SEC and CFTC56:00 Semiconductor operating leverage and fragile S&P 500 margins01:00:07 Jack's grievance with the YouTube algorithm01:04:29 What happens when the Fed stops giving forward guidance01:08:34 How markets could react to a surprise Fed decisionLearn more about the Excess Returns podcast network:⁠https://excessreturns.co⁠No information discussed in this podcast should be construed as investment advice. Securities discussed may be held by the hosts and guests, their firms or their clients.

We are excited to announce the launch of a new podcast, Why Am I Reading This Now? with Ben Hunt. Stories and narratives are increasingly shaping markets, and Ben and his team at Perscient have developed a unique system for measuring how those narratives emerge, spread and change.In each episode, Ben and Matt Zeigler will examine the major issues facing investors through this narrative lens, helping listeners better understand the stories driving markets and what they could mean for the economy, policy and investment outcomes.We have included this first episode in the Excess Returns feed. To continue receiving new episodes, subscribe to the Why Am I Reading This Now? podcast on all major podcast platforms using the links below.Subscribe on SpotifySubscribe on AppleTopics coveredWhy AI CapEx and data center construction have become critical drivers of US economic growthHow hyperscalers are shifting from cash flow financing to debt, equity issuance and private creditWhy a slowdown in AI infrastructure spending could threaten markets, the economy and the financial systemHow trillions of dollars in AI investment may crowd out consumer credit, business investment and government borrowingWhy data centers could consume a dramatically larger share of US electricity productionHow energy shortages could lead to higher utility costs, rationing and price controlsWhy the Iran war and higher oil prices may create a lasting increase in global energy costsHow Perscient tracks the return of bearish AI narratives and growing political opposition to data centersWhy both political parties may support government ownership, loan guarantees, bailouts and economic stimulusHow competition with China could become the narrative used to justify greater government control of the AI industryTimestamps00:00 Introducing Why Am I Reading This Now? with Ben Hunt04:00 How debt, equity issuance and private credit are financing AI CapEx08:06 Data center electricity demand and the energy crowding-out problem13:21 Why an AI bailout may become politically inevitable17:30 Oil shifts from a temporary shortage to a structural supply reduction22:00 The bearish AI narrative returns as political opposition grows26:00 Government ownership, price controls and the AI competition with China

Ben joins to talk about LeBron deciding to join the Philadelphia 76ers and then we go over everything going on with Portland from the roster to their owner and if they'll stay in the city.

The gang is back together and ready to tackle all the latest talking points in the world of Rugby League. Adam Doueihi and Benji Marshall may have patched things over, but the boys still believe things need to change at the Wests Tigers. The PNG Chiefs are putting together a formidable roster with the acquisition of Zac Lomax. Plus, the Sharks are circling, can Nicho Hynes steer the Cronulla Sharks to a premiership in 2026? All that and more on another episode of Freddy & the Eighth. Subscribe

The Journos Brent Read and David Riccio join Charlie White, and the boys are fired up over the Tigers drama surrounding Adam Doueihi and "Vapegate". They unpack the fallout from the past week and address the club's culture issues. Shane Richardson has been linked to another club, Corey Parker has urged Ben Hunt to call time on his career, and Cameron Munster is testing the open market. Find out which club Ready wants him to join, plus we look at the Bears' big new signings. Check out Triple M NRL's Instagram, Facebook, TikTok and YouTube!See omnystudio.com/listener for privacy information.

What odds Adam Doueihi will be at the Tigers in season 2027? The Sydney Morning Herald's Neil Breen joins Adam Hawse as the Wests Tigers soap opera continues. With the race for the top 8 heating up, have injuries to Dylan Lucas and Dylan Brown derailed the Knights season? And how on earth does team as big and talented as the Broncos miss the finals after winning the premiership?! Perhaps it is time for Ben Hunt to hang it up. For all your NRL news, follow the Continuous Call Team wherever you watch or listen to your podcasts. It’s your one stop shop for the latest in rugby league. You can find us on YouTube and on Instagram - just search ‘Continuous Call Team’.See omnystudio.com/listener for privacy information.

The Journos Brent Read and David Riccio join Charlie White, and the boys are fired up over the Tigers drama surrounding Adam Doueihi and "Vapegate". They unpack the fallout from the past week and address the club's culture issues. Shane Richardson has been linked to another club, Corey Parker has urged Ben Hunt to call time on his career, and Cameron Munster is testing the open market. Find out which club Ready wants him to join, plus we look at the Bears' big new signings. Check out Triple M NRL's Instagram, Facebook, TikTok and YouTube!See omnystudio.com/listener for privacy information.

Following a tough loss and a shock shift to jersey #17 ahead of their must-win clash with Newcastle, Brisbane Broncos veteran Ben Hunt joined Jason Matthews on 4BC Breakfast to directly address Corey Parker's controversial claims that he should retire to preserve his legacy. Defending his decision to play on next season, Hunt insisted his body feels great and that his veteran leadership is crucial to mentor incoming young playmakers like Jonah Pezet as the Broncos fight for their mathematically slim finals chances.See omnystudio.com/listener for privacy information.

Brisbane Broncos star Ben Hunt joined Jason Matthews on 4BC Breakfast to break down the escalating trash talk and intense pressure heading into Saturday night’s crucial Queensland derby against the North Queensland Cowboys. He addressed the team’s "must-win" status, responded to Cowboys coach Todd Payten's jabs, and shared how the squad is rebuilding confidence following a streak-snapping victory over the Panthers.See omnystudio.com/listener for privacy information.

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As the Brisbane Broncos prepare to fly to Sydney for a season-defining clash against the Penrith Panthers, Ben Hunt joined Dean & Sofie on 4BC Breakfast to reveal the exact "math" he and Payne Haas worked out over coffee to keep their top-eight dreams alive. With key players returning to full strength and rumours swirling around an emergency coaching crisis, Ben Hunt insists the squad is completely unified and ready to treat this weekend as a literal do-or-die scenario.See omnystudio.com/listener for privacy information.

Maroons star Ben Hunt delivered a brutally honest assessment of Queensland's devastating State of Origin defeat. Find out why he says the Bunker isn't to blame and how the team plans to channel the "burn" of the loss.See omnystudio.com/listener for privacy information.

In this episode of Last Call, we look back at June 2026 and break down the biggest market stories shaping investors' outlook for the second half of the year. Matt Zeigler and Jack Forehand are joined by Andy Constan, Ben Hunt, Brent Kochuba and Eric Pachman to discuss the SpaceX IPO, AI and semiconductor cyclicality, Fed credibility, options flows, labor market quality, crack spreads and inflation risk.Follow Last Call on Spotify⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Follow Last Call on Apple Podcasts⁠Main topics coveredWhy the SpaceX IPO became the biggest market story of the monthHow index flows, ETF buying and hedge fund positioning shaped SpaceX tradingAndy Constan on why future earnings growth may be oversubscribed across AI stocksWhy AI spending is benefiting semiconductors, memory and chip equipment companiesThe Fab Five companies behind semiconductor capacity and why they matterBen Hunt on Fed credibility, market narratives, gold, the dollar and trustBrent Kochuba on options flows, correlation risk and volatility spasms in tech stocksWhy short-term options volume may signal excess speculation in QQQ and AI stocksHow SpaceX options trading changed after the first wave of retail excitementEric Pachman on why headline job growth may hide weakness in wages and job qualityWhy crack spreads, refining constraints and oil logistics may matter more for inflation than crude prices aloneWhat investors should watch next in AI, semiconductors, memory, innovation and market cyclesTimestamps00:00 Intro01:02 Matt and Jack introduce Last Call and the June market review03:05 Why SpaceX dominated the month and how the IPO traded after opening07:33 Andy Constan on Fab Five Freddy eating the semis10:35 Why future earnings growth may be oversubscribed across the stock market13:35 How AI compute spending flows through chips, fabs and semiconductor equipment17:45 Are parts of the semiconductor market showing signs of an earnings bubble?20:12 Ben Hunt on the Fed credibility chart that surprised him23:50 Why Fed credibility, Sell America, gold and the dollar are connected29:48 Brent Kochuba on options flows behind AI stocks, semis and SpaceX33:36 Why semiconductor volatility may be warning of a short-term reset38:46 What SpaceX options trading says after the initial surge42:12 Eric Pachman on jobs, wages and what the Fed may be missing48:24 Why crack spreads matter for oil, refining, gas prices and inflation55:28 What to watch next in AI, semiconductors, memory demand and market cycles59:01 Why efficiency, competition and cyclical thinking matter for AI investors01:03:02 Matt and Jack close the episodeNo information on this podcast should be construed as investment advice. Securities discussed in the podcast may be holdings of the firms of the hosts or their clients.

Brisbane Broncos halfback Ben Hunt joined Ben Davis on 4BC Breakfast to break his silence on the swirling rumours of a dressing room mutiny against coach Michael Maguire, firmly backing the coach by pointing to his own recent contract extension. Hunt also laid bare the playing group's deep disappointment and shock over Josiah’s second disciplinary stand-down of the year, while locking focus on Saturday’s "do or die" Suncorp clash against the Sharks.See omnystudio.com/listener for privacy information.

Brent Read, Dave Riccio and Emma Lawrence are in, and the Bunnies are facing a big decision around Latrell after he has pulled up with another injury. We look at what this means for NSW and the huge impact Mitchell has on Souths. Laurie Daley doesn't look like he will return as Blues coach in 2027, and the journos offer up some potential replacements – some of the options could be game-changers. Riccio thinks this is the 'unloseable series' for the Maroons. Ben Hunt has signed on with the Broncos for another year, and they're lining up Dane Gagai for 2027. Plus, we look at the Bears' new signing, Crichton's role at halfback, and the Dragons' new coach. Check out Triple M NRL's Instagram, Facebook, TikTok and YouTube!See omnystudio.com/listener for privacy information.

As great as Latrell Mitchell is, are the Rabbitohs getting value for money given his injury history? The Sydney Morning Herald's Neil Breen joins Adam Hawse to discuss whether Souths need to make a call on Latrell's future. The Broncos are loving their veterans, with Ben Hunt re-committing for another year and Dane Gagai linked to a return to where it all began. Plus, Asu Kepaoa's alleged homophobic slur, just weeks after Kane Evans's emotional revelations, shows the game still needs to work on their education processes, as rare as these instances are. For all your NRL news, follow the Continuous Call Team wherever you get your podcasts. It’s your one stop shop for the latest in rugby league. You can find us on YouTube and on Instagram - just search ‘Continuous Call Team’.See omnystudio.com/listener for privacy information.

Brent Read, Dave Riccio and Emma Lawrence are in, and the Bunnies are facing a big decision around Latrell after he has pulled up with another injury. We look at what this means for NSW and the huge impact Mitchell has on Souths. Laurie Daley doesn't look like he will return as Blues coach in 2027, and the journos offer up some potential replacements – some of the options could be game-changers. Riccio thinks this is the 'unloseable series' for the Maroons. Ben Hunt has signed on with the Broncos for another year, and they're lining up Dane Gagai for 2027. Plus, we look at the Bears' new signing, Crichton's role at halfback, and the Dragons' new coach. Check out Triple M NRL's Instagram, Facebook, TikTok and YouTube!See omnystudio.com/listener for privacy information.

Catch up on all the Rugby League news from NRL 360, Tuesday the 23rd of June, with hosts Braith Anasta and Luke Keary. The NRL 360 panel breaks down all the biggest talking points as Latrell Mitchell's full injury is uncovered. Plus, the Broncos re-sign Ben Hunt and could potentially be in the hunt for another experienced player. Selwyn Cobbo is still riding high after the game of his life for Queensland, but the journos clash around whether he could've played this way if he was still at the Broncos. 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.

Broncos star Ben Hunt has revealed what has inspired him to play on after re-signing with the Brisbane team through to 2027.See omnystudio.com/listener for privacy information.

Brisbane Broncos veteran Ben Hunt joined Dean & Sofie on 4BC Breakfast to discuss his official one-year contract extension and his immediate move into the halfback position due to team injuries. He also addressed rumours of a potential club return for Dane Gagai and shares his thoughts on playing a future NRL match in Christchurch.See omnystudio.com/listener for privacy information.

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.

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

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

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.

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

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: 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.

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.

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

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.

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/    

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