Podcasts about Liberation Day

Joe is furious after a "monster" 2,000-mile snowstorm cancels his Florida getaway, leaving him trapped inside to tear apart Jane Fonda's unhinged rant on Colbert regarding ICE. The show pivots to President Trump's surprising alignment with Elizabeth Warren on capping credit card interest and his ambitious plan for a "Golden Dome" missile defense system over Greenland. Plus, Carol Roth joins the show to grade Year One of the new Trump economy—from "Liberation Day" tariffs to gas prices—and roasts Gavin Newsom for offering "Trump signature knee pads" at Davos. Learn more about your ad choices. Visit megaphone.fm/adchoices

Joe Concha and Carol Roth kick things off by commiserating over the Chicago Bears' overtime playoff loss and celebrating the New York Giants' "steal" of a new coach. The duo then pivots to roasting Gavin Newsom's performance at Davos, mocking his "knee pad" comments about Donald Trump and the hypocrisy of climate elites flying in on private jets. Finally, looking back at the first year of Trump's new term in 2026, Carol issues a no-nonsense economic report card, grading everything from "Liberation Day" tariffs and inflation to the administration's foreign policy wins. Learn more about your ad choices. Visit megaphone.fm/adchoices

Mike Rode sees a strong start to the year for small caps, which began rotating after Liberation Day after a rough few years. He anticipates earnings growth accelerating to between the mid-teens to twenty percents. Backing his bull thesis are rate cuts, the tax bill, the “accelerated depreciation of capex,” and reshoring. ======== Schwab Network ========Empowering every investor and trader, every market day.Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/About Schwab Network - https://schwabnetwork.com/about

It's “Liberation Day” 2.0. President Trump's decision to withdraw the United States from the World Health Organization becomes final today, ending the direct threat to American sovereignty posed by the WHO's insidious efforts to advance world government.  Mr. Trump recognized the danger posed by the largely opaque use of international agreements and diplomatic shenanigans behind closed doors to give unprecedented powers over our public health to the WHO Director General, an Ethiopian Communist controlled by the Chinese Communist Party. We want no part of a reprise of Tedros Ghebreyesus' murderous malfeasance during the COVID-19 pandemic.  The U.S. can and should continue to lead the world in countering pandemics. The place to start is by recognizing their single most dangerous source: namely, the CCP's illegal biological weapons program which, with Tony Fauci's criminal help, unleashed on us and others the COVID biowarfare attack.  This is Frank Gaffney.

This Day in Legal History: Roe v. WadeOn January 22, 1973, the United States Supreme Court issued its landmark decision in Roe v. Wade, fundamentally reshaping American constitutional law and reproductive rights. In a 7–2 ruling, the Court held that the Due Process Clause of the Fourteenth Amendment protects a person's right to privacy, which includes the right to choose to have an abortion. The case arose after a Texas woman, known under the pseudonym “Jane Roe,” challenged state laws that criminalized abortion except to save the life of the mother. Writing for the majority, Justice Harry Blackmun articulated a constitutional framework that balanced the state's interest in regulating abortions with an individual's right to privacy.The Court introduced a trimester system, giving states greater regulatory power as pregnancy progressed but prohibiting outright bans on abortion in the first trimester. This decision effectively invalidated abortion restrictions in dozens of states and became one of the most politically and legally contentious rulings in American history. Roe expanded the constitutional interpretation of the right to privacy, which had been previously recognized in cases like Griswold v. Connecticut, but its grounding in substantive due process quickly became a lightning rod for critics.Opponents of the ruling argued that the Constitution did not explicitly guarantee a right to abortion, while supporters saw it as a critical protection of bodily autonomy and gender equality. Over the next five decades, Roe faced continual challenges and legislative efforts aimed at narrowing its scope. Ultimately, in 2022, the Court overturned Roe in Dobbs v. Jackson Women's Health Organization, returning authority to regulate abortion back to individual states and ending federal constitutional protection for abortion rights. The legacy of Roe v. Wade continues to shape legal discourse, political identity, and reproductive healthcare policy in the United States.A federal appeals court has lifted a temporary order that had limited immigration agents from using tear gas and force against peaceful protesters in Minneapolis, a city currently at the center of a legal and political clash over immigration enforcement. The lower court's injunction—issued by U.S. District Judge Kate Menendez—had aimed to protect demonstrators as they protested President Trump's mass deployment of ICE and Border Patrol agents throughout the area. The Biden-era precedent of restrained enforcement has been upended by Trump's aggressive tactics, which now include militarized agents patrolling streets and confronting U.S. citizens, particularly people of color, demanding identification and sometimes using force.The protests intensified after an ICE agent fatally shot Renee Nicole Good, an American citizen monitoring ICE activities. In response to mounting legal challenges, including a suit from the Minnesota state government and its largest cities, the Trump administration has doubled down. Not only did the Department of Homeland Security appeal the injunction, but the Justice Department has also launched a criminal investigation into Minnesota Governor Tim Walz and Minneapolis Mayor Jacob Frey, both Democrats, accusing them of obstructing federal law enforcement.The 8th Circuit Court of Appeals granted a temporary stay of the injunction while it considers a longer-term ruling, effectively allowing ICE to resume more aggressive tactics in the meantime. Critics, including Walz and Frey, warn that the Trump administration is intentionally provoking unrest to justify escalated federal intervention. The administration defends its actions as necessary to combat fraud, particularly among Minnesota's Somali community, which Trump has disparaged in stark terms. The legal and political standoff continues, with lawsuits and investigations adding to the tension.US appeals court lifts order curbing immigration agents' tactics against Minnesota protesters | ReutersThe U.S. Supreme Court appeared reluctant to endorse President Trump's unprecedented attempt to fire Federal Reserve Governor Lisa Cook, signaling concern over the potential threat to the central bank's independence. During oral arguments, justices from across the ideological spectrum questioned whether Trump had the authority to remove Cook without due process, especially given the lack of precedent and the vague legal standard for removing Fed officials “for cause.”The administration cited unproven mortgage fraud allegations—claims Cook denies—as grounds for dismissal. However, several justices, including conservatives like Brett Kavanaugh and Amy Coney Barrett, expressed concern that firing a Fed governor without a hearing or judicial review could set a dangerous precedent and politicize the central bank. Chief Justice John Roberts and Justice Elena Kagan questioned whether minor or disputed past conduct could justify removal without any formal process.Cook argued the allegations were merely a pretext for her removal over policy disagreements, particularly her resistance to Trump's pressure to cut interest rates. The Court's skepticism reflects unease about weakening safeguards designed to insulate the Fed from political interference. District Judge Jia Cobb previously blocked Cook's removal, citing due process concerns and insufficient legal cause.A decision from the Court is expected by June. If the justices rule in Cook's favor or remand the case for further proceedings, it could reinforce limits on presidential power over independent agencies.US Supreme Court appears reluctant to let Trump fire Fed's Lisa Cook | ReutersThe Trump administration has launched a new immigration enforcement campaign in Maine, dubbed “Operation Catch of the Day,” with a focus on targeting criminal offenders—though internal sources indicate the true emphasis is on refugee populations, especially Somalis. Over 100 federal immigration agents have been deployed to the state, intensifying fears in immigrant communities and sparking political backlash.Maine Governor Janet Mills, a Democrat currently running for a U.S. Senate seat, criticized the operation as unwelcome and politically motivated. This mirrors broader national trends, with Trump having already surged thousands of agents into other Democratic-led areas, such as Minnesota, where tensions recently escalated after ICE officers fatally shot a U.S. citizen. In Lewiston, Maine's second-largest city and home to a longstanding Somali refugee community, the mayor condemned ICE's tactics as inhumane and fear-driven.Despite Trump's framing of the effort as a crackdown on criminality, many targeted individuals have no criminal records. Critics argue the campaign serves more as political theater than public safety. Meanwhile, public support for such operations has eroded, especially as aggressive enforcement methods—including tear gas and raids—become more visible. DHS has defended its actions and criticized local leaders like Mills for not fully cooperating with federal immigration enforcement.Trump administration starts immigration operation in Maine | ReutersIn my latest piece for Forbes, I examine the absurdity of President Trump's renewed push to acquire Greenland—this time by threatening tariffs on countries that don't support the plan. Far from making foreign governments pay, these tariffs would, once again, function as a consumption tax on Americans. Drawing from the Kiel Institute's data, I show that during the 2025 “Liberation Day” tariff campaign, 96% of the costs fell on U.S. importers and consumers, not foreign exporters. This new Greenland-linked tariff threat follows the same script, only now it's not even pretending to protect American industry—it's economic coercion for a geopolitical fantasy.I describe how tariffs, sold as leverage, collapse trade volumes without lowering foreign prices. Countries like Brazil and India didn't budge on pricing; they just shipped elsewhere. Meanwhile, Americans paid more for less. I also highlight how small businesses and low-income households feel the pain first, as import costs ripple through the economy, raising prices on both foreign and domestic goods. Despite the $200 billion in customs revenue collected, it amounts to a regressive tax—not a clever policy move.The deeper issue, as I argue, is the unchecked executive power to unilaterally impose tariffs. Current law enables the president to take sweeping trade actions with little oversight, and we're now seeing that power used not for national defense or economic stability, but to punish allies for not acquiescing to a real estate deal. I call on Congress to reclaim its constitutional role in trade policy and set clear limits on executive authority in this arena. Otherwise, we're left with a precedent where tariffs become tools of vanity projects—not national strategy.Tariffs For Greenland—Or, ‘I'll Hold My Breath Until You Turn Blue' This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.minimumcomp.com/subscribe

In der heutigen Folge sprechen die Finanzjournalisten Anja Ettel und Philipp Vetter über den schlechtesten Tag an der Wallstreet seit dem Liberation Day, neue Netflix-Zahlen und jede Menge Pharma-Schlagzeilen. Außerdem geht es um Norwegian Cruise Line Holdings, Royal Caribbean, Netflix, Warner Brothers Discovery, Fresenius Medical Care, Carl Zeiss Meditec, Fresenius, Novavax, Pfizer, Moderna, Merck, GSK, ⁠RAPT Therapeutics, Qiagen, 3M und Disney. Wir freuen uns an Feedback über aaa@welt.de. Noch mehr "Alles auf Aktien" findet Ihr bei WELTplus und Apple Podcasts – inklusive aller Artikel der Hosts und AAA-Newsletter. Hier bei WELT: https://www.welt.de/podcasts/alles-auf-aktien/plus247399208/Boersen-Podcast-AAA-Bonus-Folgen-Jede-Woche-noch-mehr-Antworten-auf-Eure-Boersen-Fragen.html. Der Börsen-Podcast Disclaimer: Die im Podcast besprochenen Aktien und Fonds stellen keine spezifischen Kauf- oder Anlage-Empfehlungen dar. Die Moderatoren und der Verlag haften nicht für etwaige Verluste, die aufgrund der Umsetzung der Gedanken oder Ideen entstehen. Hörtipps: Für alle, die noch mehr wissen wollen: Holger Zschäpitz können Sie jede Woche im Finanz- und Wirtschaftspodcast "Deffner&Zschäpitz" hören. +++ Werbung +++ Du möchtest mehr über unsere Werbepartner erfahren? Hier findest du alle Infos & Rabatte! https://linktr.ee/alles_auf_aktien Impressum: https://www.welt.de/services/article7893735/Impressum.html Datenschutz: https://www.welt.de/services/article157550705/Datenschutzerklaerung-WELT-DIGITAL.html

Today marks a year since President Donald Trump took office for a second time, and a lot has happened. Amidst all the threats to take over Greenland, the Liberation Day tariffs, and the crackdown on education, artificial intelligence development has continued to accelerate — and it's only getting faster. Over the last few months, you may have heard about Claude Code – a product of Anthropic – that makes coding incredibly easy. But the thing about Claude Code that's really cool is that it might be learning how to improve itself. So to talk more about Claude Code, what it does, and what it could do in the future, we spoke to Lila Shroff. She's an assistant editor at The Atlantic, with a focus on AI.And in headlines, President Donald Trump exchanges some heated texts with the Prime Minister of Norway, new research finds Americans are footing the bill for Trump's tariffs, and Americans in all 50 states are staging a walkout to protest the Trump administration's "escalating fascist threat."Show Notes: Check out Lila's piece – https://tinyurl.com/mr39butwCall Congress – 202-224-3121Subscribe to the What A Day Newsletter – https://tinyurl.com/3kk4nyz8What A Day – YouTube – https://www.youtube.com/@whatadaypodcastFollow us on Instagram – https://www.instagram.com/crookedmedia/For a transcript of this episode, please visit crooked.com/whataday Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

A wild mix of Trump’s “Liberation Day” speech, Houston’s I‑45 meltdown, Sky Mike vs. Jennifer Reyna traffic drama, and Mattress Mack’s high‑stakes gambling stories—plus cold weather panic and MLK parade chaos.See omnystudio.com/listener for privacy information.

The past week produced lower prices for stocks while digital currencies rallied a bit and gold and silver once again posted new highs due to one issue that had ramped up by the close of trading on Friday but that has taken on an altogether much more significant vibe heading into this shortened trading week. While President Trump has increasingly ramped up his desire for the U.S. to acquire Greenland from Demark, over the weekend he announced demands that hold the potential to have the greatest market impact since the original “Liberation Day” tariffs were rolled out last April.  

 If you didn't feel liberated by “Liberation Day” in April of last year – there's the potential for you to feel a bit queasy about what's in the works today.

"Dissecting Compensation - A Primer on Understanding, Negotiating and Managing Pay"A CMO Confidential Interview with Richard Sanderson, the Marketing, Sales, and Communications Practice Leader at Spencer Stuart. Richard starts with the basics of salary, bonus and equity and branches out to compensation mix, the various types of equity, negotiating best practices, and the "other" elements of an offer. Key topics include: why the devil is in the details; when and how to discuss compensation; the difference between dumb luck and bad luck; and why everyone should do a "multi-year cash flow analysis." Tune in to hear why you should always read the proxy statement and the importance of being prepared to explain how you are using AI.*Dissecting CMO Compensation with Richard Sanderson (Spencer Stuart) — Salary, Bonus, Equity & Negotiation Playbook*What's “market” for a modern CMO, and how do you actually negotiate it? Richard Sanderson, who leads Spencer Stuart's Marketing, Communications & Sales Practice, breaks down the three pillars of pay (salary, bonus, equity), compensation mix by ownership model, and the real rules of negotiating offers, severance, and forfeitures. We also tackle vesting, RSUs vs. options vs. PSUs, what to ask recruiters (legally) about pay ranges, how to manage your team when equity is underwater, and why every CMO needs crisp AI impact stories in interviews. Actionable, candid, and built for executives who make or take offers. *Chapters*00:00 Intro — Welcome to CMO Confidential & Richard's background01:50 Why comp is hard to decode (and why it matters)02:12 The building blocks: salary, bonus, equity03:21 The data gap: only ~4% of F1000 list marketing leaders as NEOs04:26 Salary basics, bands, and industry norms05:35 Bonus mechanics & the one question to ask (3-year payout history)06:38 Equity 101 — long-term incentives and where value really accrues07:25 Compensation mix: public, PE, private, nonprofit08:25 Geography effect — US vs. Europe on equity weighting09:23 RSUs explained (and why they always have some value)10:19 Options & strike prices — upside vs. “underwater” risk10:57 PSUs — performance gates, accelerators, and board metrics12:17 Vesting types: time, performance, and event-based triggers13:15 Forfeitures if you leave early (and what's negotiable)15:09 Negotiating framework — timing, laws, posture16:34 When to talk comp without signaling “it's just the money”17:58 Pay transparency laws — expectations vs. history; what recruiters can ask20:23 Forfeitures checklist: bonus timing, unvested equity, make-wholes21:36 Know your company's rules (eligibility dates, presence requirements)22:36 Smart pushback: asking for the range and reducing info asymmetry23:47 Your moment of max leverage: the verbal offer27:58 Beyond pay: severance, sign-on, relocation, start date, perks29:00 CMO tenure math and why severance matters32:31 “Am I underpaid?” How to build a real case34:34 Managing your team through pay angst & proxy transparency36:29 Underwater equity — empathy, vision, and refresh cycles38:22 Timing luck: annual grants & market swings (“Liberation Day” example)40:00 Do the 5-year cash-flow comparison (and bridge Year 1–2)42:04 The new relocation math (mortgages & cost deltas)43:06 Titles, reporting lines, non-competes, and day-one docs43:50 Should you ever turn down a written offer?45:23 The reputational risk of reneging47:05 Be ready: the AI question in every CMO interview48:32 Wrap*Tags*CMO Confidential, Richard Sanderson, Spencer Stuart, CMO compensation, executive pay, salary bands, bonus plans, equity RSUs, stock options, PSUs, vesting, severance, negotiation, forfeitures, compensation mix, private equity, public companies, proxy statements, pay transparency laws, marketing leadership, executive recruiting, board compensation, make-whole bonus, cash flow analysis, AI in marketingSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Our U.S. Thematic Strategist Michelle Weaver and U.S. Multi-Industry Analyst Chris Snyder discuss a North America Big Debate for 2026: Whether investments in efficiency and productivity will spark a transformation of U.S. manufacturing. Read more insights from Morgan Stanley.----- Transcript -----Michelle Weaver: Welcome to Thoughts on the Market. I'm Michelle Weaver, Morgan Stanley's U.S. Thematic and Equity Strategist. Chris Snyder: I'm Chris Snyder, U.S. Multi-Industry Analyst. Michelle Weaver: Today: Will 2026 be the year of U.S. Manufacturing's transformation? It's Tuesday, January 13th at 10am in New York. U.S. reshoring has been an important component of our multipolar world theme, and manufacturing is one of those topics we have always had our eyes on. We've been making some big predictions about a transformation in this sector, so it makes sense that it features prominently in the big debates we've identified for North America in 2026. In the last few years, there's been a steady stream of investments in automation controls and upgrades across U.S. manufacturing. And this is happening against a backdrop of shifting global supply chains and lingering policy uncertainty. Now, the big market debate is whether these investments will generate a whole wave of greenfield projects – that is brand new, multi-year construction initiatives to build facilities, factories, and infrastructure from the ground up. Chris, what exactly is driving this current wave of efficiency and productivity investment in U.S. manufacturing? And how long term of a trend is it? Chris Snyder: I think what's driving the inflection is tariffs. The view that has underpinned my U.S. reshoring call is that I believe companies have to serve the U.S. market. The U.S. accounts for 30 percent of global consumption – equal to EU and China combined. It is also the best margin region in the world. So, companies have to serve the market, and now what they're doing is they're going back and they're looking at their production assets that they have in the U.S. and they're saying, how can I get more out of what's already here? So, the quickest, cheapest, fastest way to bring production online in the U.S. is drive better productivity and efficiency out of the assets you already have. And we're seeing it come through very quickly after Liberation Day. Michelle Weaver: And you think these investments are an on ramp to larger greenfield projects. What evidence do we have that this efficiency spend is setting the stage for a ramp up in new factory builds? Chris Snyder: I think this is absolutely the leading indicator for greenfields because this is telling us that the supply chain cost calculation has changed. What all of these companies are doing are saying, ‘Okay, how can I get products into the U.S. at the cheapest cost possible?' What we're seeing is the cost of imports have gone higher with tariffs, and now it's more economically advisable for these companies to make the product in the United States. And if that's the case, that means that when they need a new factory, it's going to come to the United States. They might not need a factory now, but when they do, the U.S. is at least incrementally better positioned to get that factory. Other data that we're seeing; I think the most interesting data that's come out of all of this is the bifurcation in global PPI or producer price data. If you look at it on a regional basis, North America markets saw PPI go higher in 2025. They were all the tariff exempt regions – U.S., Canada, and Mexico. Every other region in the world saw PPI down year-to-date. That means that these companies and factories are having to lower prices to stay competitive in the global market and sell their products into the United States. That tells us also where the next factory is going. If you have a factory in the U.S. and a factory in Malaysia, and your U.S. factory is pricing up, that means the return profile is getting better. If your factory in Malaysia is pricing down, it means the returns are getting worse and you're pricing down because it's over-capacitized. That's not a region where you're going to add a factory. You know, what I like to say is – price drives returns, and supply is going to follow returns. And right now, that price data tells us the returns are in the United States. Michelle Weaver: And, for people that might not be familiar with PPI, can you explain it to everyone? It's sort of like CPIs cousin, but how should people think about it? Chris Snyder: Yeah, yeah, so PPI, Producer Price Inflation, it's effectively the prices that my companies, the producers of goods are charging. So maybe this is the price that they would then charge a distributor, who then the distributor ultimately is selling it to a store. And then that's, you know, kind of factoring its way into CPI. But it starts with PPI. Michelle Weaver: And what are some of the key catalysts investors should be looking for in 2026 that could confirm that this greenfield ramp is underway? Chris Snyder: The number one, you know, metric I think the market looks at is manufacturing project starts. Every month there's data that comes out and says how many manufacturing projects were announced in the U.S. that month. And what we've seen coming out of Liberation Day is that number on a project value has gone higher. You know, it hasn't totally inflected, but it has pushed higher. The thing that has inflected is the number of announcements. So, this is not like two or three years ago where we had these mega projects. What we're seeing right now is very broad. And to me that's more important because that shows that there's durability behind it. And it shows that this is because the economics are saying it makes sense. It's not necessarily just because, okay, I got an incentive and I'm trying to follow alongside that. Michelle Weaver: Mm-hmm. The market seems skeptical though, pointing out that the ISM manufacturing purchasing managers index has been shrinking. This could be a sign that demand isn't strong enough to justify building new factories right now. How would you address that concern? Chris Snyder: Yeah, no, I mean, you're definitely right. Like the biggest pushback on the reshoring theme is the demand for goods is not very strong. Consumers are not in a good place. So why would companies add capacity in this backdrop? That's never happened before. Companies only add capacity when they're producing a lot and the utilization goes up. This is not a normal cycle. Throughout history, the motivation to add capacity was when your production rates go higher, your utilization hits a certain level, and then you add capacity. So, it always started with demand to your point. The motivation right now is tariff mitigation. And you do not need higher demand to support that. The U.S. is a $1.2 trillion trade deficit. So, that more than anything gets me confident in the theme and the duration behind it. And I think it's a very different outlook when you look across the international markets. They're the ones that need to find incremental demand to justify investment. Michelle Weaver: And given the scale of U.S. purchasing power and the shift in global capital flows, how do you see these manufacturing trends impacting broader performance in 2026? Chris Snyder: We published our outlook and we're calling for the U.S. Industrial Economy to hit decade high growth levels in the back half of [20]26 and into [20]27. And this is a big reason why. We think about this a lot from a CapEx perspective. And we're seeing the investment, we think that ramps into larger greenfields. But we're also seeing it in the production economy. If you look at the delta between U.S. consumer spend and U.S. manufacturing production, that has really narrowed in recent months. And that tells us that we're increasingly serving U.S. demand through domestic production. So that's another factor that's going to drive activity higher and it doesn't need a cycle. And I think that's what's really important. And I think that is what creates this as a more secular and also durable opportunity. So obviously reassuring is something that's, you know, very close to me and important for the industrial economy. But as you think about the multipolar world theme more broadly, how do you think that evolves in 2026? Michelle Weaver: Yeah, absolutely. Last year the multipolar world was an incredibly powerful theme. And when investors were thinking about the multipolar world last year, it was largely about how are companies going to mitigate the risk of tariffs in the near term. We had the policies come out and surprise everyone in terms of the breadth and the magnitude of the tariffs we saw. We had a lot of policy uncertainty around what is that final level of tariffs going to look like. And a lot of the reaction was really short term. It's how can we use our inventory buffers to try and preserve our margins? How much of these additional tariff costs can we pass off to the end customer? How can we insulate ourselves in the near term? I think this year it's going to turn to more longer-term strategic thinking. Reshoring and a lot of the greenfield projects you were talking about, I think will absolutely be an important component of the multipolar world this year. I think we're also likely to see a greater emphasis on U.S. defense. With the action we just saw in Venezuela. I think we're going to see more of that defense component of the multipolar world starting to be expressed in the U.S. It was a big part of the expression of the theme in Europe last year, but I think it will gain relevance in the U.S. this year. Chris Snyder: Yeah. And I think the next chapter in U.S. industrial growth is just getting going. It's taken 25 years for the U.S. to seed roughly 12 percentage points of global share in manufacturing. We don't think they take that much back. But we think this is a very long runway opportunity. Michelle Weaver: Mm-hmm. And as we watch for the next wave of greenfields, it's clear that efficiency and productivity investments are more than just a stop gap. They're a longer-term theme and they're a foundation for a new era in U.S. manufacturing. Chris, thank you for taking the time to talk. Chris Snyder: Great speaking with you, Michelle. Michelle Weaver: And to our listeners, thanks for listening. If you enjoy Thoughts on the Market, please leave us a review wherever you listen to the show and share the podcast with a friend or colleague today.

From lingering "Liberation Day" tariff fears and a shift toward a more pro-growth federal policy stance to changing leadership within key sectors, Canadian equity portfolio manager Mark Rutherford unpacks what moved markets for Canadian equities in 2025. He explains how this backdrop influenced recent positioning in the Canadian equity portfolio, including adjustments within energy, banks, and gold. The conversation then turns to the U.S. intervention in Venezuela and its implications for Canadian oil: how potential increases in Venezuelan heavy crude could affect Western Canadian differentials, why integrated producers may be relatively better positioned, and the role of TMX export capacity in supporting basin pricing. Stepping back, Mark explores the move toward a more transactional, spheres of influence world and how the team is incorporating this evolving U.S.–Canada dynamic into portfolio construction through diversified, incremental shifts rather than binary macro bets. Key Highlights: • In 2025, Canadian equity returns were shaped less by the initial "Liberation Day" tariff shock and more by how markets digested that risk over time alongside a domestic pivot toward pro-growth policy—forces that helped support energy, commodities, and especially the banks. • Within financials, Canadian banks—TD in particular—saw improving fundamentals as credit conditions held up, wealth and capital markets businesses performed well, and a more growth oriented regulatory stance supported competitiveness. • In energy, the team tilted toward integrated producers like Suncor and trimmed more differential sensitive exposure such as Canadian Natural, balancing the long-term risk of higher Venezuelan heavy crude supply against the offsetting support of TMX export capacity. • The team selectively added to gold producers, seeing attractive unit economics and reasonable valuations, and viewing gold as a useful diversifier in a world of geopolitical tension, dedollarization talk, and looser fiscal discipline.  • Stepping back, Mark frames Venezuela and trade policy within a broader shift toward transactional spheres of influence and "mercantilist" great power politics—arguing for diversified, incremental positioning changes rather than binary macro bets or anchoring portfolios to any single geopolitical outcome. Host: Andrew Johnson, CFA Portfolio Manager Guest: Mark Rutherford, CFA Equity Analyst This episode is available for download anywhere you get your podcasts. Founded in 1974, Mawer Investment Management Ltd. (pronounced "more") is a privately owned independent investment firm managing assets for institutional and individual investors. Mawer employs over 250 people in Canada, U.S., and Singapore. Visit Mawer at https://www.mawer.com. Follow us on social: LinkedIn - https://www.linkedin.com/company/mawer-investment-management/ Instagram - https://www.instagram.com/mawerinvestmentmanagement/

In today's episode, we are breaking down the massive economic shift following the latest tariff announcements. While the administration points to "Liberation Day" and manufacturing growth, the markets are flashing warning signs of a potential "Tariff Shock" that every investor needs to see.

Any specific outcomes would be speculative but for example I could see various possibles including the Supreme Court allowing for the President's use of reciprocal tariffs. This has been done by presidents throughout history including Trump in his first term without issue. You might recall that Trump's “Liberation Day” tariffs were said to be reciprocal, however in reality were across the board for all countries – regardless of if we had a trade surplus or deficit and even for countries that didn't or now don't impose tariffs on U.S. goods. If I were a betting person, I'm not, but if I were something along those lines is what I would bet on. Something that would likely strike down most of the tariffs as currently constructed, but leave open the door for adjustments. We shall soon see. 

After a volatile first half and another year of strong headline returns, Ryan Detrick, Chief Market Strategist, and Sonu Varghese, VP, Global Macro Strategist at Carson Group, step back to assess what actually shaped markets in 2025 and what that foundation means heading into 2026.They revisit why early-year turbulence caught so many investors off guard, how companies navigated tariffs and margin pressure more effectively than expected, and why earnings growth remained the quiet backbone of the rally. The conversation then turns forward, covering their 2026 outlook for stocks and bonds, the role of AI-driven capital spending, global market leadership, and why sentiment continues to lag reality even as breadth improves. Along the way, they discuss inflation stickiness, labor market crosscurrents, policy tailwinds, and where diversification still matters most as the cycle matures.Key Takeaways: • Earnings did the heavy lifting: Profit growth and margin resilience, not valuation expansion, powered market gains • Volatility followed the script: Early-year drawdowns fit historical patterns despite widespread surprise • Global leadership expanded: International markets and cyclicals outpaced expectations as breadth improved • AI spending surged: Capital expenditures accelerated across major tech platforms, reinforcing long-term growth trends • 2026 outlook remains constructive: Above-average equity returns and modest bond gains hinge on steady growth without recessionJump to:0:00 — Setting The Stage For 20251:48 — Tariffs, Liberation Day, And Market Bottom4:30 — Sentiment, Concentration Myths, And Breadth9:45 — Speculation Falls, AI Leaders Repriced14:45 — Small Caps, Transports, And Rate Cuts22:30 — IPO Drought, Private Markets, And Valuations27:20 — Media Moments, Gold, And Diversifiers32:20 — Fed Cuts, Dots, And Labor Revisions40:10 — 2026 Playbook: Mid Caps, Financials, Healthcare46:30 — Global Vs. U.S., EM Tilt, And PolicyConnect with Ryan:• LinkedIn: https://www.linkedin.com/in/ryandetrick/• X: https://x.com/RyanDetrickConnect with Sonu:• LinkedIn: https://www.linkedin.com/in/sonu-varghese-phd/• X: https://x.com/sonusvarghese?lang=enQuestions about the show? We'd love to hear from you! factsvsfeelings@carsongroup.com

Our CIO and Chief U.S. Equity Strategist Mike Wilson discusses key catalysts that investors may be missing, but that are likely to boost U.S. equities in 2026.Read more insights from Morgan Stanley.----- Transcript -----Welcome to Thoughts on the Market. I'm Mike Wilson, Morgan Stanley's CIO and Chief U.S. Equity Strategist. Today on the podcast I'll be discussing the converging market forces bolstering our bullish outlook for 2026. It's Monday, January 5th at 11:30am in New York. So, let's get after it. The New Year is usually a time to look forward. But today, I want to take a step back and talk about what the market is missing. A series of bullish catalysts are lining up at the same time, and the market is still underestimating their collective impact. There's been a lot of focus on individual positives—solid earnings growth, further Fed easing—but in our view, the real story is how these forces are reinforcing one another. Deregulation, positive operating leverage, accommodative monetary policy, and increasingly supportive fiscal policy are all working in the same direction. And as we head into mid-term elections later this year, these policy levers are likely to stay supportive.Importantly, this isn't a market that's already priced for the outcomes I envision. Positioning in cyclical trades remains relatively light, and sentiment in economically sensitive areas is far from exuberant. That combination—of improving fundamentals with cautious positioning—is exactly what tends to characterize the early stages of a recovery. I continue to believe these tailwinds are most underappreciated in cyclical areas like Consumer Discretionary Goods, Financials, Industrials, and small- and mid-cap stocks. Many of the indicators we track are only just beginning to turn higher. This doesn't look late-cycle to me—it looks early in what I have deemed to be a rolling recovery. One reason investors have been hesitant is the sluggishness of traditional business-cycle indicators, particularly the ISM Manufacturing Purchasing Managers Index. There's been a reluctance to press cyclical trades until those gauges clearly re-accelerate; and beneath that hesitation is a lingering anxiety that the U.S. economy could even slip back into a growth scare. My view is different. I believe a three year rolling recession ended with Liberation Day. If that's true, then the moderate softness we're now witnessing in lagging labor data is constructive for equities because it keeps the Fed leaning dovish for longer and more aggressive—a positive for equities. I see the second half of 2025 as the bottoming process for key macro indicators; with 2026 shaping up as a year of re-acceleration. Longer-cycle analysis supports this. Specifically, the 45-month cycle of the ISM Manufacturing Purchasing Managers Index points to a rebound. That recovery has been delayed—but not cancelled. Another tailwind that doesn't get nearly enough attention is energy prices. Gasoline prices in particular are sitting near five-year lows, which is providing real economic relief for lower- and middle-income consumers. That cushion matters, especially as other parts of the economy firm. This past weekend's events in Venezuela argue for lower oil prices for longer. From a sector standpoint, Financials stand out as the key beneficiary of deregulation and these stocks have been great performers over the past year in anticipation of these changes. I think there is more to go in 2026. Housing could be another important piece of the recovery. Subdued wage growth and falling rents may pressure home prices, while some builders are prioritizing volume over margins. While that may cap profitability for the builders, it could unlock housing velocity and feed into a more dovish inflation backdrop. Of course, there are also risks. Liquidity has been our top concern since September, and markets have reflected that through weakness in speculative assets. The good news is that the Fed has responded by ending quantitative tightening early and restarting asset purchases through the Reserve Management Program. This effectively adds liquidity to a system that was showing signs of stress this past several months. Another risk is a renewed slowdown in AI CapEx, particularly as markets demand clearer payback from debt-funded spending. And geopolitically, the U.S. intervention in Venezuela raises new questions. Strategically, it reinforces U.S. influence in the Western Hemisphere and supports our ‘Run It Hot' thesis—but the key wildcard remains whether China chooses to react. Net-net, we think the balance of risks and rewards still favor leaning into this early-cycle recovery and our bullish outlook for US equities in 2026. Thanks for tuning in; I hope you found it informative and useful. Let us know what you think by leaving us a review. And if you find Thoughts on the Market worthwhile, tell a friend or colleague to try it out!

Original Air Date 4/2/25 It's Liberation Day in America according to the administration, but what exactly are we being liberated from? The police state is growing, democratic institutions are being eroded, and we're about to enter a destructive era of tariffs. What's not to love? Rosa Brooks and Ed Luce join David Rothkopf to break down the latest.  Learn more about your ad choices. Visit megaphone.fm/adchoices

What a year it was for the options market! From the "unprecedented" volatility of April to a record-breaking 15 billion contracts traded, 2025 was anything but boring. In this special year-end extravaganza, your drill instructors Mark Longo and Dan Passarelli (Market Taker Mentoring) look back at the Top 10 Episodes of 2025 to see what resonated most with traders during this historic year. Mark and Dan dive into the data to reveal the most downloaded topics of the year, spanning everything from high-intensity hedging strategies to the surprising winner of the #1 spot. Whether you are a veteran of "Liberation Day" or a newcomer looking to get into peak options trading shape, this countdown is the ultimate refresher on the strategies that defined the market this year. In this episode, the "Dynamic Duo" discusses: The Top 10 Countdown: Which episodes took the crown? (Hint: Leaps and Covered Calls were heavy hitters). Volatility Redefined: Revisiting the historic spikes of April and the role of inverse volatility products like SVXY. Retail Power: How the 15-billion-contract milestone changed the landscape for retail traders. Strategy Deep Dives: Reflections on Gamma Scalping, Iron Condors, and the enduring popularity of "The Poor Man's Covered Call." The VIX Average: Dan breaks down the long-term average of the VIX and how anomalies skew the data. Holiday Fun: The definitive (and divisive) ranking of the best Christmas movies. Support for this Episode Special thanks to Tastytrade—named the best broker for options in 2024 by Investopedia. See why at tastytrade.com/podcasts .

What a year it was for the options market! From the "unprecedented" volatility of April to a record-breaking 15 billion contracts traded, 2025 was anything but boring. In this special year-end extravaganza, your drill instructors Mark Longo and Dan Passarelli (Market Taker Mentoring) look back at the Top 10 Episodes of 2025 to see what resonated most with traders during this historic year. Mark and Dan dive into the data to reveal the most downloaded topics of the year, spanning everything from high-intensity hedging strategies to the surprising winner of the #1 spot. Whether you are a veteran of "Liberation Day" or a newcomer looking to get into peak options trading shape, this countdown is the ultimate refresher on the strategies that defined the market this year. In this episode, the "Dynamic Duo" discusses: The Top 10 Countdown: Which episodes took the crown? (Hint: Leaps and Covered Calls were heavy hitters). Volatility Redefined: Revisiting the historic spikes of April and the role of inverse volatility products like SVXY. Retail Power: How the 15-billion-contract milestone changed the landscape for retail traders. Strategy Deep Dives: Reflections on Gamma Scalping, Iron Condors, and the enduring popularity of "The Poor Man's Covered Call." The VIX Average: Dan breaks down the long-term average of the VIX and how anomalies skew the data. Holiday Fun: The definitive (and divisive) ranking of the best Christmas movies. Support for this Episode Special thanks to Tastytrade—named the best broker for options in 2024 by Investopedia. See why at tastytrade.com/podcasts .

Original Air Date 4/2/25 It's Liberation Day in America according to the administration, but what exactly are we being liberated from? The police state is growing, democratic institutions are being eroded, and we're about to enter a destructive era of tariffs. What's not to love? Rosa Brooks and Ed Luce join David Rothkopf to break down the latest.  Learn more about your ad choices. Visit megaphone.fm/adchoices

In this New Year's Eve edition of Kim on a Whim, Kim runs through her picks for the top stories of 2025 — from Gayle King's controversial “astronaut” claim and the historic election of Pope Leo from Chicago to the deadly D.C. air collision, the record-long government shutdown, and the tragic Texas flood. She also revisits Elon Musk's feud with Trump over tariffs and the fiery backlash from Tesla owners, wrapping up with “Liberation Day,” when Trump's tariffs reshaped global trade. The crew weighs in throughout with humor, disbelief, and sharp commentary on media spin and political hypocrisy. #KimOnAWhim #TopStories2025 #TrumpTariffs #ElonMusk #PopeLeo #MarkCoxMorningShow

The three amigos reunite for the 2025 year-in-review and break down the biggest market takeaways of the year. Dan explains how the TSX delivered rare outperformance versus U.S. markets, powered by financials and a major run in precious metals—while telecoms slid out of Canada’s top market-cap ranks. The crew then dives into AI’s public-market ripple effects: the data center CapEx boom, who’s winning across chips, infrastructure, and power, and why data center REITs may not be the pure-play many investors expect. Simon recaps “Liberation Day” and the tariff-driven selloff that rattled markets, before they close on gold and silver’s breakout, banks leaning on capital markets, Bitcoin’s volatility (and the MicroStrategy trade), and a quiet three-year stretch of weakness in Canadian railways. Tickers of Stocks discussed: BCE.TO , ZBK, AXP, CLS, EQIX, DLR, ORCL, NVDA, AVGO, ASML, TSM, SMH, WSP.TO , ADBE, CRM, NOW, CSU.TO, GOOG, MSTR, CP.TO, CNR.TO Check out our portfolio by going to Jointci.com Our Website Our New Youtube Channel! Canadian Investor Podcast Network Twitter: @cdn_investing Simon’s twitter: @Fiat_Iceberg Braden’s twitter: @BradoCapital Dan’s Twitter: @stocktrades_ca Want to learn more about Real Estate Investing? Check out the Canadian Real Estate Investor Podcast! Apple Podcast - The Canadian Real Estate Investor Spotify - The Canadian Real Estate Investor Web player - The Canadian Real Estate Investor Asset Allocation ETFs | BMO Global Asset Management Sign up for Fiscal.ai for free to get easy access to global stock coverage and powerful AI investing tools. Register for EQ Bank, the seamless digital banking experience with better rates and no nonsense.See omnystudio.com/listener for privacy information.

Niels is joined by all 9 amazing co-hosts, to discuss a year that refused to behave. In part one of the annual "roundtable", Niels and the group map why 2025 produced such striking dispersion across trend followers. They revisit the Liberation Day shock and the uncomfortable truth it exposed: results often came down to unglamorous choices like market selection, time horizon, and how quickly risk is resized after clustered volatility and sharp reversals. The conversation then widens to a structural theme: the rapid growth of strategies investors hope will sit outside stocks and bonds, from managed futures and multi strats to structured products, gold, and crypto, plus the liquidity, reflexivity, and selection challenges that follow when everyone reaches for the same diversifier.-----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 Nick on LinkedIn.Follow Alan on Twitter.Follow Katy on LinkedIn.Follow Andrew on Twitter and LinkedIn.Follow Cem on Twitter and LinkedIn.Follow Richard on

2025 started out with some market uncertainty. But once Liberation Day was past us, things rose pretty smoothly through the rest of the year.2026 is looking to be a much more wild ride.It's a mid-term election year. Tariffs may get struck down by the Supreme Court. Concerns about the AI bubble are growing. The yen carry trade may be in jeopardy.These are just a few of the destabilizers that could give Wall Street the yips in coming months.Portfolio manager Michael Lebowitz and I discuss the impact higher volatility could bring to stocks, as well as his outlook for the silver price, inflation, and bond yields. And as usual, he shares his firm's latest trades.For everything that mattered to markets this week, watch this video.WORRIED ABOUT THE MARKET? SCHEDULE YOUR FREE PORTFOLIO REVIEW with Thoughtful Money's endorsed financial advisors at https://www.thoughtfulmoney.com#silverprice #volatility #inflation _____________________________________________ Thoughtful Money LLC is a Registered Investment Advisor Promoter.We produce educational content geared for the individual investor. It's important to note that this content is NOT investment advice, individual or otherwise, nor should be construed as such.We recommend that most investors, especially if inexperienced, should consider benefiting from the direction and guidance of a qualified financial advisor registered with the U.S. Securities and Exchange Commission (SEC) or state securities regulators who can develop & implement a personalized financial plan based on a customer's unique goals, needs & risk tolerance.IMPORTANT NOTE: There are risks associated with investing in securities.Investing in stocks, bonds, exchange traded funds, mutual funds, money market funds, and other types of securities involve risk of loss. Loss of principal is possible. Some high risk investments may use leverage, which will accentuate gains & losses. Foreign investing involves special risks, including a greater volatility and political, economic and currency risks and differences in accounting methods.A security's or a firm's past investment performance is not a guarantee or predictor of future investment performance.Thoughtful Money and the Thoughtful Money logo are trademarks of Thoughtful Money LLC.Copyright © 2025 Thoughtful Money LLC. All rights reserved.

Economist Steve Hanke returns to The Jay Martin Show to break down the most notable financial headlines of 2025. From Japan's shocking rate hikes to Trump's interventionist second term and America's new industrial policy. They cut through the noise to explain which policy shifts actually matter for investors heading into 2026. Join us LIVE at the Vancouver Resource Investment Conference on January 25 & 26. Tickets: https://VRICMedia.com Learn to invest alongside the top minds in commodities. Join The Commodity University today. CLICK: https://linkly.link/26yH8 Sign up for my free weekly newsletter at https://2ly.link/211gx Be part of our online investment community: https://cambridgehouse.com https://twitter.com/JayMartinBC https://www.instagram.com/jaymartinbc https://www.facebook.com/TheJayMartinShow https://www.linkedin.com/company/cambridge-house-international 00:00 – Why Japan Is Raising Rates While the World Cuts 03:30 – The Yen Carry Trade and Risks to U.S. Markets 08:10 – Are Demographics Really Japan's Core Problem? 10:40 – 2025's Biggest Political Shifts: Trump, Trudeau, Carney 15:25 – Tariffs, Liberation Day, and Market Reactions 18:25 – Do Trade Deficits Actually Matter? 23:35 – Dollar Confidence, Gold, and De-Dollarization Claims 27:25 – Who's Really Buying U.S. Treasuries? 31:20 – Money Supply, Inflation, and the Fed's Policy Pivot 35:10 – Industrial Policy, National Security, and Government Equity Stakes Copyright © 2025 Cambridge House International Inc. All rights reserved.

Chuck Todd digs into the growing crisis of trust in American media and politics, sparked by CBS News pulling a 60 Minutes episode amid controversy and perceptions of corporate and political pressure. He examines how Bari Weiss’s handling of the situation exposed a lack of understanding of television news culture, why 60 Minutes has become the ultimate measure of CBS’s credibility, and how ownership, mergers, and appeasing power have once again put business interests ahead of journalism. The episode also explores troubling signals from the Justice Department’s handling of Epstein-related releases and what they reveal about political favoritism and eroding institutional independence. Chuck then widens the lens to the political fallout, arguing that Donald Trump squandered his political capital and failed to build a durable coalition, and lays out how cracks in Trump’s coalition are becoming chasms. Then, Mike Pesca, host of “The Gist” joins Chuck Todd for a wide-ranging conversation about the state of media, technology, and trust at the end of 2025—and where things may be headed next. They dig into how legacy media is being reshaped by new owners, shrinking business models, and audience capture, with a close look at CBS, the Ellisons, and whether disruption is a threat or a lifeline for traditional news brands. Pesca also reflects on the rise of nonprofit journalism, the limits of AI in reporting, and why Congress has largely abdicated its role in regulating both media and tech. The discussion then turns to the growing unease around AI, gambling, and prediction markets, from bipartisan support for getting smartphones out of schools to fears that unregulated betting is distorting journalism, sports, and public life. Pesca and Todd explore why optimism around AI is collapsing, how insider information can be exploited in everything from sports gambling to political markets, and why many of today’s “innovations” feel eerily similar to past technological panics. The throughline: institutions are lagging behind rapid change, and the cost of that delay is showing up everywhere—from newsrooms to classrooms to democracy itself. Finally, he answers listeners’ questions in the “Ask Chuck” segment and breaks down the biggest stories in the world of sports. Get your wardrobe sorted and your gift list handled with Quince. Don't wait! Go to https://Quince.com/CHUCK for free shipping on your order and 365-day returns. Now available in Canada, too! Go to https://getsoul.com & enter code TODDCAST for 30% off your first order. Got injured in an accident? You could be one click away from a claim worth millions. Just visit https://www.forthepeople.com/TODDCAST to start your claim now with Morgan & Morgan without leaving your couch. Remember, it's free unless you win! Protect your family with life insurance from Ethos. Get up to $3 million in coverage in as little as 10 minutes at https://ethos.com/chuck. Application times may vary. Rates may vary. Timeline: (Timestamps may vary based on advertisements) 00:00 Chuck Todd’s introduction 04:00 CBS News embroiled with controversy after pulling 60 Minutes episode 04:30 Bari Weiss’s inexperience in TV news is on full display 05:30 Weiss’s made incorrect assumption that everyone saw NYT story 06:45 The perception is the administration leaned on Weiss to kill story 08:00 Too many news executives don’t understand the process 09:30 Trump has complained publicly about 60 Minutes 10:15 Ellison willing to appease Trump in order to get merger approval 11:00 CBS News will be judged entirely on 60 Minutes 12:30 Weiss has lost the trust of the journalists at CBS 13:15 Corporate owned media has once again let the public down 14:00 WaPo’s editorial board completely changed after Bezos bought it 15:00 This event will further erode the public trust in media 16:15 Journalism that’s tethered to popularity will be compromised 17:15 Trust is more important than popularity for journalists 18:45 Corporations won’t let their news divisions interfere with business 19:30 DOJ frontloaded Clinton/Epstein releases & Trump releases later 20:45 DOJ releases statement that sounds like they’re Trump’s defense attorney 22:45 It’s notable that DOJ only singled out Trump for a defensive statement 24:45 Trump blew his “honeymoon” period in less than a year 25:30 Both Biden & Trump burned their political capitol early 28:15 Trump blew the chance to build a GOP that outlasts him 29:30 Trump didn’t win the 2024 election - Biden/Harris lost it 31:15 Voters don’t like party in power, 2008 was last “Vote for” election 33:00 Biden misinterpreted 2022 results, lots of bad GOP candidates 34:00 Liberation Day destroyed Trump’s goodwill with the public 36:15 The cracks in Trump’s coalition are turning into chasms 38:00 The GOP has been too concerned with appeasing the online right 39:15 Democrats could be having their own “Tea Party” moment 46:45 Mike Pesca joins the Chuck ToddCast 48:15 Rundown of Mike’s many “hustles” 50:00 Is the information ecosystem better or worse at the end of 2025? 51:15 CBS News under Bari Weiss is now selling a different product 52:45 Legacy media could benefit from some disruption 53:30 Weiss gave up working for the Salzbergers to work for the Ellisons 54:15 There’s no money in producing network news 56:30 There was audience capture at the New York Times 57:45 A boring president will make the Ellisons care less about CBS 59:45 David Ellison isn’t ideologically MAGA or even a Republican 1:00:45 Silicon Valley is less ideological, just want less regulation 1:01:30 Ellisons are treating CBS as part of their lobbying budget 1:02:30 A huge part of 60 Minutes popularity is that it airs after football 1:03:15 CBS has brands that will survive even if the network doesn’t 1:04:30 We’re a few years away from local TV affiliates going a-la-carte 1:05:45 Channel numbers are meaningless to younger audiences 1:06:15 Non profits like ProPublica are doing some of the best journalism 1:07:30 AI can’t replace people in the journalism space 1:08:30 NOTUS is the only organization covering DC locally 1:09:00 Historically, American media has been partisan 1:09:45 Big newspapers should have two editorial sections 1:13:15 Imagine if Bezos built an “everything” newspaper like he did Amazon 1:14:45 AI transition will be painful, fear of AI displacement will dominate 1:15:30 New polling shows huge drop in optimism surrounding AI 1:17:00 Sam Altman shocked the world by saying “Please regulate me” 1:18:00 We need more visibility into how AI actually works 1:18:45 The regulators are always too old & removed from new tech 1:19:30 Congress has willingly abdicated their regulatory role 1:21:15 Employees at AI companies express worry it could go very wrong 1:22:15 Getting tech/smartphones out of schools has bipartisan agreement 1:24:00 There have always been panics about major tech change 1:25:00 Sports gambling without regulation has been a disaster 1:27:30 Athletes can easily fix a player prop to make money 1:29:00 Online casinos should have never been allowed to exist 1:31:00 Insider info can easily been cashed in on prediction markets 1:33:00 Will insider trading laws now affect copy editors at publications? 1:34:15 Betting has drastically affected coverage at ESPN 1:35:45 College football playoff selection is totally subjective 1:38:15 Potential fixes to college football playoff selection 1:41:45 Will prediction markets remain legal? 1:43:30 Pandemics make society do crazy things 1:44:30 Online casinos will likely become illegal in the coming years 1:46:45 The states didn’t roll out marijuana legalization the right way 1:54:00 Chuck’s thoughts on interview with Mike Pesca 1:54:45 Trump floats leaving the presidency for “hosting” in social post 1:55:45 Is Trump soft launching stepping down from the presidency? 1:57:00 Ask Chuck 1:57:45 What wing of the party will the GOP lean towards in 2028? 2:04:00 What are the classes you teach like? 2:11:15 How would things be different if H.W. Bush won a second term? 2:16:00 How do we address the erosion of historical education? 2:20:45 Was the country really that united over Garfield’s death? 2:26:15 Sports roundupSee omnystudio.com/listener for privacy information.

Chuck Todd digs into the growing crisis of trust in American media and politics, sparked by CBS News pulling a 60 Minutes episode amid controversy and perceptions of corporate and political pressure. He examines how Bari Weiss’s handling of the situation exposed a lack of understanding of television news culture, why 60 Minutes has become the ultimate measure of CBS’s credibility, and how ownership, mergers, and appeasing power have once again put business interests ahead of journalism. The episode also explores troubling signals from the Justice Department’s handling of Epstein-related releases and what they reveal about political favoritism and eroding institutional independence. Chuck then widens the lens to the political fallout, arguing that Donald Trump squandered his political capital and failed to build a durable coalition, and lays out how cracks in Trump’s coalition are becoming chasms. Finally, he answers listeners’ questions in the “Ask Chuck” segment and breaks down the biggest stories in the world of sports. Get your wardrobe sorted and your gift list handled with Quince. Don't wait! Go to https://Quince.com/CHUCK for free shipping on your order and 365-day returns. Now available in Canada, too! Go to https://getsoul.com & enter code TODDCAST for 30% off your first order. Got injured in an accident? You could be one click away from a claim worth millions. Just visit https://www.forthepeople.com/TODDCAST to start your claim now with Morgan & Morgan without leaving your couch. Remember, it's free unless you win! Protect your family with life insurance from Ethos. Get up to $3 million in coverage in as little as 10 minutes at https://ethos.com/chuck. Application times may vary. Rates may vary. Timeline: 00:00 Chuck Todd’s introduction 02:30 CBS News embroiled with controversy after pulling 60 Minutes episode 03:00 Bari Weiss’s inexperience in TV news is on full display 04:00 Weiss’s made incorrect assumption that everyone saw NYT story 05:15 The perception is the administration leaned on Weiss to kill story 06:30 Too many news executives don’t understand the process 08:00 Trump has complained publicly about 60 Minutes 08:45 Ellison willing to appease Trump in order to get merger approval 09:30 CBS News will be judged entirely on 60 Minutes 11:00 Weiss has lost the trust of the journalists at CBS 11:45 Corporate owned media has once again let the public down 12:30 WaPo’s editorial board completely changed after Bezos bought it 13:30 This event will further erode the public trust in media 14:45 Journalism that’s tethered to popularity will be compromised 15:45 Trust is more important than popularity for journalists 17:15 Corporations won’t let their news divisions interfere with business 18:00 DOJ frontloaded Clinton/Epstein releases & Trump releases later 19:15 DOJ releases statement that sounds like they’re Trump’s defense attorney 21:15 It’s notable that DOJ only singled out Trump for a defensive statement 23:15 Trump blew his “honeymoon” period in less than a year 24:00 Both Biden & Trump burned their political capitol early 26:45 Trump blew the chance to build a GOP that outlasts him 28:00 Trump didn’t win the 2024 election - Biden/Harris lost it 29:45 Voters don’t like party in power, 2008 was last “Vote for” election 31:30 Biden misinterpreted 2022 results, lots of bad GOP candidates 32:30 Liberation Day destroyed Trump’s goodwill with the public 34:45 The cracks in Trump’s coalition are turning into chasms 36:30 The GOP has been too concerned with appeasing the online right 37:45 Democrats could be having their own “Tea Party” moment 45:15 Trump floats leaving the presidency for “hosting” in social post 46:15 Is Trump soft launching stepping down from the presidency? 47:30 Ask Chuck 48:15 What wing of the party will the GOP lean towards in 2028? 54:30 What are the classes you teach like? 1:01:45 How would things be different if H.W. Bush won a second term? 1:06:30 How do we address the erosion of historical education? 1:11:15 Was the country really that united over Garfield’s death? 1:16:45 Sports roundupSee omnystudio.com/listener for privacy information.

This week on Practically Political, the gang reunites with a familiar voice—Carrie Sheffield returns for a lively holiday debate that doesn't pull any punches.With Trump's approval numbers hitting historic lows and 75% of Americans feeling the economy is on the wrong track, Dave, Kurt, Ashley, and Carrie dig into whether the administration can course-correct before the 2026 midterms. Is "blame Biden" messaging running out of runway? And why does it feel like we're watching a political rerun of 2022—just with different jerseys?The conversation heats up over tariff chaos (Liberation Day, anyone?), the summer deadline Republicans face to turn kitchen-table concerns around, and why credit cards are doing the heavy lifting this holiday season.Then the panel pivots to Ukraine, where Trump's "bromance diplomacy" has hit a wall. With Russia publicly dunking on peace talk progress, the hosts debate whether Tomahawk missiles could force Putin's hand—or open Pandora's box.Topics covered:Trump's cratering poll numbers and the "don't gaslight the voters" problemTariff whiplash: courage or chaos?The summer 2026 deadline for economic vibes to shiftUkraine stalemate: can anyone move the needle?Why China is quietly winning the global perception gameGuest: Carrie Sheffield (Independent Women's Forum)Starting January 9th, 2026—Practically Political goes weekly!

De Amerikapodcast én BNR Beurs slaan deze laatste dagen van het jaar de handen ineen. Met Bernard Hammelburg blikken we terug op een krankzinnig jaar aan Amerikaanse nieuws. Het gaat over de gevolgen van Trumps Liberation Day. Wat merkt de gewone Amerikaan daar van? Je hoort van Bernard meer over de inflatie (de prijs van eieren komt weer voorbij) en of de president de strijd tegen de hoge prijzen wint. En waarom hij vindt dat de Amerikaanse economie stil staat. Verder hebben we het over de impact van de moord op Charlie Kirk, de bizarre relatie tussen de VS en Europa én Bernard gaat voorspellen. Twee jaar op rij komen z’n voorspelling uit, dat belooft dus wat. Dit keer doet ‘ie een voorspelling over de macht in het Huis van Afgevaardigden.See omnystudio.com/listener for privacy information.

The One Big Beautiful Bill Act capped off a hectic year for tax policy. It extended key Tax Cuts and Jobs Act provisions, reshaped the outlook for 2026, and raised fresh questions about the deficit. In this episode, Kyle Hulehan and Erica York are joined by Daniel Bunn, President and CEO, and Jared Walczak, Vice President of State Projects, to break down what the law did, walk through our projections, and zoom out to other defining fights of 2025: Trump's "Liberation Day" tariffs, the Supreme Court challenge over presidential tariff power, and the growing wave of property tax revolts across the states.  Support the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show

Today's guest is Rick Rieder. Rick oversees more than $2 trillion in assets as the Chief Investment Officer of Global Fixed Income at BlackRock. He also heads the Fundamental Fixed Income business and the Global Allocation Investment Team. In today's episode, Rick discusses the current state of the markets, focusing on year-end dynamics, free cash flow at big-tech companies, and the evolving economic landscape since Liberation Day. He explains both what he expects the Fed to do and what he thinks they should do, and how that relates to portfolio construction. The discussion also explores the differences between gambling and investing, lessons from tennis that apply to investing, and much more. (0:00) Starts (1:31) Rick Rieder's market thoughts (4:23) Market sentiment and cash flow impacts (7:18) Small caps, M&A potential, and broad economic concerns (17:12) Interest rate forecasts (21:13) BINC ETF and fixed income outlook (24:28) Gambling vs. investing (31:36) Perspectives on precious metals and technological investment implications (35:27) Investing advice for young people and 2026 outlook ----- Follow Meb on X, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Sponsor: AcreTrader is an investment platform that makes it simple to own shares of farmland and earn passive income, and you can start investing in just minutes online. For more information, please visit acretrader.com/meb. Follow The Idea Farm: X | LinkedIn | Instagram | TikTok ----- Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more.  ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here!  ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Learn more about your ad choices. Visit megaphone.fm/adchoices

As 2025 draws to a close, investors are reflecting on a year that tested their emotional discipline – from Liberation Day tariffs to geopolitical events that sent markets into turmoil. What separated those who thrived from those who struggled? In this episode of the Beyond Markets Podcast, Helen Freer sits down with Yves Klenk, Head of Client Coverage and Advisory at Julius Baer, to discuss what worked well and what worked less well this year, why resisting the urge to react emotionally was crucial, and what lies ahead for 2026. They explore the ongoing AI story and how to diversify exposure along the value chain, the case for reducing USD concentration, and why currencies like the Australian dollar and structured products deserve a closer look as investors position for the year ahead.(00:11) - Introduction (00:53) - The role of Client Coverage and Advisory (01:37) - What worked well in 2025 (03:28) - What didn't go according to plan (04:42) - Why 2025 was so tough to navigate (06:26) - Can the AI story continue in 2026? (08:56) - Reducing USD exposure without sacrificing yield (11:19) - Three levels of diversification (12:56) - How to deploy fresh capital now (14:49) - Closing remarks Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Our Head of Research Product in Europe Paul Walsh and Chief European Equity Strategist Marina Zavolock break down the key drivers, risks, and sector shifts shaping European equities in 2026. Read more insights from Morgan Stanley.----- Transcript -----Paul Walsh: Welcome to Thoughts on the Market. I'm Paul Walsh, Morgan Stanley's Head of Research Product in Europe.Marina Zavolock: And I'm Marina Zavolock, Chief European Equity Strategist.Paul Walsh: And today – our views on what 2026 holds for the European stock market.It's Tuesday, December 9th at 10am in London.As we look ahead to 2026, there's a lot going on in Europe stock markets. From shifting economic wins to new policies coming out of Brussels and Washington, the investment landscape is evolving quite rapidly. Interest rates, profit forecasts, and global market connections are all in play.And Marina, the first question I wanted to ask you really relates to the year 2025. Why don't you synthesize your, kind of, review of the year that we've just had?Marina Zavolock: Yeah, I'll keep it brief so we can focus ahead. But the year 2025, I would say is a year of two halves. So, we began the year with a lot of, kind of, under performance at the end of 2024 after U.S. elections, for Europe and a decline in the euro. The start of 2025 saw really strong performance for Europe, which surprised a lot of investors. And we had kind of catalyst after catalyst, for that upside, which was Germany's ‘whatever it takes' fiscal moment happened early this year, in the first quarter.We had a lot of headlines and kind of anticipation on Russia-Ukraine and discussions, negotiations around peace, which led to various themes emerging within the European equities market as well, which drove upside. And then alongside that, heading into Liberation Day, in the months, kind of, preceding that as investors were worried about tariffs, there was a lot of interest in diversifying out of U.S. equities. And Europe was one of the key beneficiaries of that diversification theme.That was a first half kind of dynamic. And then in the second half, Europe has kept broadly performing, but not as strongly as the U.S. We made the call, in March that European optimism had peaked. And the second half was more, kind of, focused on the execution on Germany's fiscal. And post the big headlines, the pace of execution, which has been a little bit slower than investors were anticipating. And also, Europe just generally has had weak earnings growth. So, we started the year at 8 percent consensus earnings growth for 2025. At this point, we're at -1, for this year.Paul Walsh: So, as you've said there, Marina, it's been a year of two halves. And so that's 2025 in review. But we're here to really talk about the outlook for 2026, and there are kind of three buckets that we're going to dive into. And the first of those is really around this notion of slipstream, and the extent to which Europe can get caught up in the slipstream that the U.S., is going to create – given Mike Wilson's view on the outlook for U.S. equity markets. What's the thesis there?Marina Zavolock: Yeah, and thank you for the title suggestion, by the way, Paul of ‘Slipstream.' so basically our view is that, well, our U.S. equity strategist is very bullish, as I think most know. At this stage he has 15 percent upside to his S&P target to the end of next year; and very, very strong earnings growth in the U.S. And the thesis is that you're getting a broadening in the strength of the U.S. economic recovery.For Europe, what that means is that it's very, very hard for European equities to go down – if the U.S. market is up 15 percent. But our upside is more driven by multiple expansion than it is by earnings growth. Because what we continue to see in Europe and what we anticipate for next year is that consensus is too high for next year. Consensus is anticipating almost 13 percent earnings growth. We're anticipating just below 4 percent earnings growth. So, we do expect downgrades.But at the same time, if the U.S. recovery is broadening, the hopes will be that that will mean that broadening comes to Europe and Europe trades at such a big discount, about 26 percent relative to the U.S. at the moment – sector neutral – that investors will play that anticipation of broadening eventually to Europe through the multiple.Paul Walsh: So, the first point you are making is that the direction of travel in the U.S. really matters for European stock markets. The second bucket I wanted to talk about, and we're in a thematically driven market. So, what are the themes that are going to be really resonating for Europe as we move into 2026?Marina Zavolock: Yeah, so let me pick up on the earnings point that I just made. So, we have 3.6 percent earnings growth for next year. That's our forecast. And consensus – bottom-up consensus – is 12.7 percent. It's a very high bar. Europe typically comes in and sees high numbers at the beginning of the year and then downgrades through the course of the year. And thematically, why do we see these downgrades? And I think it's something that investors probably don't focus on enough. It's structurally rising China competition and also Europe's old economy exposure, especially in regards to the China exposure where demand isn't really picking up.Every year, for the last few years, we've seen this kind of China exposure and China competition piece drive between 60 and 90 percent of European earnings downgrades. And looking at especially the areas of consensus that are too high, which tend to be highly China exposed, that have had negative growth this year, in prior years. And we don't see kind of the trigger for that to mean revert. That is where we expect thematically the most disappointment. So, sectors like chemicals, like autos, those are some of the sectors towards the bottom of our model. Luxury as well. It's a bit more debated these days, but that's still an underweight for us in our model.Then German fiscal, this is a multi-year story. German fiscal, I mentioned that there's a lot of excitement on it in the first half of the year. The focus for next year will be the pace of execution, and we think there's two parts of this story. There's an infrastructure fund, a 500-billion-euro infrastructure fund in Germany where we're seeing, according to our economists, a very likely reallocation to more kind of social-related spend, which is not as great for our companies in the German index or earnings. And execution there hasn't been very fast.And then there's the Defense side of the story where we're a lot more optimistic, where we're seeing execution start to pick up now, where the need is immense. And we're seeing also upgrades from corporates on the back of that kind of execution pickup and the need. And we're very bullish on Defense. We're overweight the issue for taking that defense optimism and projecting out for all of Europe is that defense makes up less than 2 percent of the European index. And we do think that broadens to other sectors, but that will take years to start to impact other sectors.And then, couple other things. We have pockets of AI exposure in the enabler category. So, we're seeing a lot of strength in those pockets. A lot of catch up in some of those pockets right now. Utilities is a great example, which I can talk about. So, we think that will continue.But one thing I'm really watching, and I think a lot of strategists, across regions are watching is AI adoption. And this is the real bull case for me in Europe. If AI adoption, ROI starts to become material enough that it's hard to ignore, which could start, in my opinion, from the second half of next year. Then Europe could be seen as much more of a play on AI adoption because the majority of our index is exposed to adoption. We have a lot of low hanging fruit, in terms of productivity challenges, demographics, you know, the level of returns. And if you track our early adopters, which is something we do, they are showing ROI. So, we think that will broaden up to more of the European index.Paul Walsh: Now, Marina, you mentioned, a number of sectors there, as it relates to the thematic focus. So, it brings us onto our third and final bucket in terms of what your model is suggesting in terms of your sector preferences…Marina Zavolock: Yeah. So, we have, data driven model, just to take a step back for a moment. And our model incorporates; it's quantum-mental. It incorporates themes. It incorporates our view on the cycle, which is in our view, we're late cycle now, which can be very bullish for returns. And it includes quant factors; things like price target, revisions breadth, earnings revisions breadth, management sentiment.We use a Large Language Model to measure for the first time since inception. We have reviewed the performance of our model over the last just under two years. And our top versus bottom stocks in our model have delivered 47 percent in returns, the top versus bottom performance. So now on the basis of the latest refresh of our model, banks are screening by far at the top.And if you look – whether it's at our sector model or you look at our top 50 preferred stocks in Europe, the list is full of Banks. And I didn't mention this in the thematic portion, but one of the themes in Europe outside of Germany is fiscal constraints. And actually, Banks are positively exposed to that because they're exposed to the steepness – positively to the steepness – of the yield curve.And I think investors – specialists are definitely optimistic on the sector, but I think you're getting more and more generalists noticing that Banks is the sector that consistently delivers the highest positive earnings upgrades of any sector in Europe. And is still not expensive at all. It's one of the cheapest sectors in Europe, trading at about nine times PE – also giving high single digit buyback and dividend yield. So that sector we think continues to have momentum.We also like Defense. We recently upgraded Utilities. We think utilities in Europe is at this interesting moment where in the last six months or so, it broke out of a five-year downtrend relative to the European index. It's also, if you look at European Utilities relative to U.S. Utilities – I mentioned those wide valuation discounts. Utilities have broken out of their downtrend in terms of valuation versus their U.S. peers. But still trade at very wide discounts. And this is a sector where it has the highest CapEx of any sector in Europe – highest CapEx growth on the energy transition. The market has been hesitant to kind of benefit the sector for that because of questions around returns, around renewables earlier on. And now that there's just this endless demand for power on the back of powering AI, investors are more willing to benefit the sector for those returns.So, the sector's been a great performer already year to date, but we think there's multiple years to go.Paul Walsh: Marina, a very comprehensive overview on the outlook for European equities for 2026. Thank you very much for taking the time to talk.Marina Zavolock: Thank you, Paul.Paul Walsh: And thanks for listening. If you enjoy Thoughts on the Market, please leave us a review wherever you listen and share the podcast with a friend or colleague today.

As Syrians celebrate ‘Liberation Day’, we get the mood on the ground in Damascus and assess how far the country has come. Then: Hong Kong’s local elections in the wake of deadly fires and the future of Hollywood as Netflix buys Warner Bros Discovery. Plus: Monocle’s Christmas market in Paris.See omnystudio.com/listener for privacy information.

Niels and Alan explore how a fragile macro regime reshapes systematic investing, from a politicised Fed succession to widening cracks in a debt-laden, equity-dependent economy. A shifting bond landscape, rising capital demands from AI and renewed tariff risks challenge the old 60/40 orthodoxy. Listener questions on US policy shocks and the Yen carry trade open a deeper look at when trend helps and when it hurts. The episode culminates in a world exclusive of SocGen's 2026 index changes and the first public reveal of Alan's new paper: The Regime-Adaptive Portfolio, for genuinely resilient, opportunity-aware global wealth compounding intelligently, prudently over the decade ahead.-----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 Alan on Twitter.Episode TimeStamps:00:00 - Voiceover and introduction to the Systematic Investor Series00:23 - Niels and Alan open, what is on their radar this week01:27 - Fed succession as a political risk factor and betting markets03:33 - Crypto moves, Vanguard's platform shift and MicroStrategy index pressure05:53 - Listener questions: can constant US policy shocks break trend?06:33 - Trouble for trend or just another regime to endure and adapt to08:55 - Short-term CTAs, Liberation Day and when speed becomes a handicap11:11 - How CTAs are positioned for a yen carry unwind and JGB nuances12:16 - November trend update, five straight positive months and short-term pain13:35 - World exclusive: new SocGen CTA and...

Frankie Val returns after a rain-soaked Liberation Day trip to Yankee Stadium and kicks off a packed Thursday night with guest nutritionist Jay Gulanello before welcoming regenerative rancher Eric Perner. Together they explore how soil health, cattle stewardship, and land management can restore ecosystems, and why true conservation has been hijacked by centralized environmentalism. In the second half, Frankie shifts gears into a long-form conversation with Timothy Gordon and author Robert Morrow Jr. to discuss Morrow's new book Malachi Martin: In the Shadows of the Vatican. The trio digs into Martin's alleged covert work, Vatican intrigue, demonic encounters, the Third Secret of Fatima, Windswept House, and the shadow battles shaping the modern Church. With trademark humor, cozy storytelling, audience interaction, and open phone lines, Frankie blends personal moments, theology, geopolitics, and cultural commentary into an energetic, wide-ranging episode that moves from baseball and birthdays to exorcisms, espionage, and the collapse of institutional trust.

Watch The X22 Report On Video No videos found (function(w,d,s,i){w.ldAdInit=w.ldAdInit||[];w.ldAdInit.push({slot:17532056201798502,size:[0, 0],id:"ld-9437-3289"});if(!d.getElementById(i)){var j=d.createElement(s),p=d.getElementsByTagName(s)[0];j.async=true;j.src="https://cdn2.decide.dev/_js/ajs.js";j.id=i;p.parentNode.insertBefore(j,p);}})(window,document,"script","ld-ajs");pt> Click On Picture To See Larger PictureCalifornia is imploding, they want to retroactively tax billionaires, they are becoming desperate. Trump has brought fuel down below $2 in Co. Trump shows the country he has reversed everything that Biden has done. Trump lets the people know that Liberation day is coming, we will be liberated from the [CB]. The [DS] is panicking, Trump is dismantling the drug, human, child trafficking networks. Trump is exposing which countries are involved in manipulating the election. The [DS] is fighting back trying to remove the leaders of the agencies, this will fail. The [DS] will push for riots and war and Trump is already putting things into place to counter all of this. Liberation Day is approaching. Economy https://twitter.com/amuse/status/1995869912196161753?s=20   unveiled a retroactive billionaire tax targeting 2025 residency. The 5% levy applies even if the individual has already relocated, turning “temporary” fiscal policy into a weapon against those who stayed too long. While courts have sometimes upheld narrow retroactive taxes, justices from Scalia to O'Connor have warned against exactly this kind of “bait-and-switch” confiscation. As California's population and revenue base shrink, the state appears willing to gamble on a constitutionally dubious wealth grab to plug the holes. (function(w,d,s,i){w.ldAdInit=w.ldAdInit||[];w.ldAdInit.push({slot:18510697282300316,size:[0, 0],id:"ld-8599-9832"});if(!d.getElementById(i)){var j=d.createElement(s),p=d.getElementsByTagName(s)[0];j.async=true;j.src="https://cdn2.decide.dev/_js/ajs.js";j.id=i;p.parentNode.insertBefore(j,p);}})(window,document,"script","ld-ajs"); https://twitter.com/_johnnymaga/status/1995607860026507467?s=20 Manufacturing Surveys Show Conflicting Signals: Growth or Contraction? Two closely watched surveys of U.S. manufacturing activity painted sharply divergent pictures in November, with one showing continued expansion and the other reporting accelerating contraction, highlighting deep uncertainty about the sector's health amid ongoing adjustment to the new rules of global trade. The S&P Global U.S. Manufacturing PMI registered 52.2 in November, marking the fourth consecutive month above the 50 threshold that separates expansion from contraction. However, the reading slipped from 52.5 in October. By contrast, the ISM Manufacturing PMI fell to 48.2, down from 48.7 in October and marking the ninth consecutive month of contraction. The divergence places the two surveys on opposite sides of the expansion-contraction divide, an unusual occurrence that suggests significantly different conditions across the manufacturing landscape.  https://twitter.com/ShadowofEzra/status/1995904464625000594?s=20   the national debt. He adds that in the future Americans will no longer have to pay income tax at all. https://twitter.com/WatcherGuru/status/1995906384764846376?s=20 Reminder, that the objective of the tariffs is not just using trade to secure peace. It's about freeing the American People from slavery via income tax. That's why Trump called it “Liberation Day” when he implemented the tariff economic plan. The goal is no income tax. Political/Rights https://twitter.com/LiberalsLeaving/status/1995524375534321766?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1995524375534321766%7Ctwgr%5E1abd29295b52f4bb4422e1469e33d198815032f8%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fwww.thegatewaypundit.com%2F2025%2F12%2Fellen-degeneres-planning-crawl-back-united-states-after%2F  OUTRAGE: New York Quietly Releases Nearly 7,000 Dangerous Illegal Migrants Including Rapists, Killers, Terrorists, and Repeat Offenders With Zero Notice to ICE   U.S. Immigration and Customs Enforcement (ICE) Director Todd Lyons has issued an explosive letter to New York Attorney General Letitia James, demanding immediate action after state and local officials quietly released nearly 7,000 criminal illegal aliens, including rapists, killers, gang members, and repeat violent offenders, without honoring ICE detainers and without a single notification to federal authorities. Since January 20, New York has released 6,947 criminal illegal aliens back onto the streets. These offenders are tied to: 29 homicides 2,509 assaults 199 burglaries 305 robberies 392 dangerous drug offenses 300 weapons offenses 207 sexual predatory offenses Worse, another 7,113 criminal aliens remain in New York custody today, all with active ICE detainers that state officials continue to ignore. These detainees include: 148 charged with homicide 717 charged with assault 134 charged with burglary 106 charged with robbery 235 dangerous drug offenses 152 weapons offenses 260 sexual predatory offenses Source: thegatewaypundit.com  https://twitter.com/DataRepublican/status/1995618958586904896?s=20 https://twitter.com/ColonelTowner/status/1995674641591873840?s=20   similar and blind sided the CIA and a few months later another one was exposed that wasn't on the completed list. They're paid out of proprietary companies that no one tracks. https://twitter.com/mattvanswol/status/1995652622112760293?s=20   invaders to slaughter our heroes, suck dry our hard-earned tax dollars, or snatch the benefits owed to AMERICANS. WE DON’T WANT THEM. NOT ONE. https://twitter.com/libsoftiktok/status/1995735514469527661?s=20 DOGE Geopolitical https://twitter.com/JoeLang51440671/status/1995662088337768634?s=20 Delegation of U.S. Representatives From Intelligence Committee Traveled to Honduras to “Observe” Election   , a delegation of U.S. Representatives traveled to Honduras to personally “participate in observation” of their elections to “underscore the United States' continued support for transparent, credible, and peaceful democratic processes in the region,” according to a press release from Representative Rick Crawford, the Chairman of the House Permanent Select Committee on Intelligence. https://twitter.com/RepRickCrawford/status/1995625707318509587?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1995625707318509587%7Ctwgr%5Ecbef4e85d24884b779ca77c501bc569911e36442%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fwww.thegatewaypundit.com%2F2025%2F12%2Fdelegation-u-s-representatives-intelligence-committee-traveled-honduras%2F  Hemisphere neighborhood rests heavily on our key allies’ ability to instill trust in their commitment to democracy and the administering of free and fair elections. The people of Honduras made it very clear they wanted U.S. eyes on this election, and they showed up in droves at voting locations yesterday to peacefully exercise their right to determine the future of their country. Source: thegatewaypundit.com War/Peace Trump gives Maduro a week to leave Venezuela… and the latter requests a full pardon Trump gives Maduro a week to leave Venezuela… and the latter requests a full pardon   Maduro also expressed his willingness to leave his country on the condition that he and his family members receive a full legal pardon that includes lifting all US sanctions and ending the high-profile case he faces before the International Criminal Court. These developments come as Maduro appeared before a crowd near the presidential palace, affirming his “absolute loyalty” to the Venezuelan people, surrounded by senior officials in his government. Source:  iraqidinarchat.net  Trump's Latin American Allies Against Venezuela  alliances are shaping up in the Caribbean, with many countries abandoning Venezuela and supporting the United States. Venezuelan leader Nicolás Maduro is becoming increasingly isolated as regional governments shift away from Chavismo and move closer to Washington. Honduras and St. Vincent and the Grenadines, once reliable partners for Caracas, have both elected new governments that pledged to distance themselves from Maduro.  Honduras   Argentina, Ecuador, El Salvador, and Bolivia have also deteriorated as those countries shifted to the right. Puerto Rico and the U.S. Virgin Islands, both U.S. territories, have seen a renewed military buildup, with fighter jets and transport aircraft operating from Cold War-era facilities such as Roosevelt Roads and new activity at St. Croix's airport. Grenada is considering a U.S. request to host temporary radar equipment and personnel at Maurice Bishop International Airport. The government is still weighing technical and safety concerns, and the decision is complicated by the 1983 U.S. invasion and the airport's symbolic significance. Colombia remains the strongest partner, working closely with the United States on counter-narcotics, sanctions enforcement, and intelligence sharing, while also coordinating policy on the region's largest population of Venezuelan refugees. Paraguay and Uruguay consistently vote with Washington at the OAS to isolate Maduro and support democratic transition efforts. Ecuador works with the United States on organized crime, Venezuelan gang activity, and sanctions evasion, and has been publicly critical of the regime.  Maduro's remaining allies in the region are Cuba and Nicaragua, but neither is positioned to provide meaningful assistance. Cuba publicly supports Venezuela but is facing a severe economic crisis and avoids committing to any response if the United States takes military action  source: thegatewaypundit.com  https://twitter.com/DC_Draino/status/1995595335771836726?s=20 https://twitter.com/DC_Draino/status/1995682004151783727?s=20 New York Times Catches Washington Post Red-Handed Defaming Pete Hegseth as a ‘War Criminal' Regarding Previous Strike on Narcotrafficking Boats – Reveals Full Story Behind Attack  The narrative regarding Secretary of War Pete Hegseth ordering the killing of survivors in a boat attack in the Caribbean has officially been debunked by a highly unlikely source, which revealed the full story behind the attack. Source:thegatewaypundit.com https://twitter.com/SeanParnellUSA/status/1995674824715501844?s=20 https://twitter.com/JDVance/status/1995883027881144762?s=20   countless “anonymous” leaks meant to undermine him and thwart President Trump and other Realists in the Administration. Bogus story after bogus story. It's the same tired playbook. And for their next act? —They want him tried for war crimes. Yep—war crimes. They intend to prosecute another political opponent. They have lost it. Congressional Democrats are fueled by a radicalized Leftist base and are hellbent on power. The rules don't matter to them. At all. Sound familiar? Russiagate, Dem censorship, Covid tyranny, Dem weaponization of DOJ TO MY FELLOW REPUBLICANS: Understand this reality and never bend the knee to this bullshit. Fight back. The liberal media will never love you. If Europe wants a war, we are ready to fight now, says Vladimir Putin   Putin Says ‘Ready For War’ Against Europe If Attacks On Russian Tankers, Energy Continue   Europe, which has been largely sidelined when it comes to the US peace plan version, Putin is angry. He denounced a recent series of drone strikes on oil and gas tankers carrying Russian energy exports acts of “piracy”. He also on Tuesday made clear that European demands related to Moscow are not at all acceptable, suggesting that they are by intention an effort to prod and anger Russia. He said that “Europe only proposes unacceptable demands,” according to Interfax. “They are on the side of war,” he said of the Europeans. “Russia has no intention of going to war with European countries. But if Europe wants war Russia is ready” – Putin has told journalists before meeting Witkoff and Kushner. https://twitter.com/clashreport/status/1995873487806751007?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1995873487806751007%7Ctwgr%5Ebba698f8622537fd3d54c6bdae932a981c0c754e%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fwww.zerohedge.com%2Fgeopolitical%2Fputin-threatens-ready-war-against-europe-if-attacks-russian-tankers-energy-continue *  Source: zerohedge.com https://twitter.com/BRICSinfo/status/1995883653524848869?s=20 Trump's Push to End the Ukraine War Is Sowing Fresh Fear About NATO's Future This week will bring a split screen that will reinforce growing doubts in Europe about the American commitment to the alliance that has served as the bedrock of Western unity since the end of World War II. On one side, White House special envoy Steve Witkoff will be in Moscow for the latest round of peace talks with the Kremlin over the Ukraine war. Witkoff, who has yet to visit Ukraine, is making his sixth trip to Moscow this year. Source: wsj.com Medical/False Flags https://twitter.com/tracybeanz/status/1995856194779402737?s=20  . Why is this? False Alarms: Rethinking Breast Cancer Screening https://twitter.com/disclosetv/status/1995887210965729768?s=20 [DS] Agenda  https://twitter.com/SecDuffy/status/1995649610488914054?s=20   fix this or lose $30 million in federal funding  https://twitter.com/SecScottBessent/status/1995615377284628908?s=20 @POTUS @realDonaldTrump , we are acting fast to ensure Americans' taxes are not funding acts of global terror. We will share our findings as our investigation continues. “President Trump is Threatening to Kill Me!” – Dem Senator Mark Kelly Goes on Insane Rant During Presser on ‘Pentagon Intimidation' (VIDEO) Democrat Senator Mark Kelly claimed Trump threatened to kill him during a press conference on ‘Pentagon intimidation' on Monday. Mark Kelly is one of the ‘Seditious Six' Democrat lawmakers who urged members of the military to defy Trump's orders. Source: thegatewaypundit.com https://twitter.com/amuse/status/1995606715190890968?s=20   run a foreign influence operation targeting the very government his twin serves in. United24, created by Ukraine's Ministry of Digital Transformation using a USAID-funded infrastructure, appointed Scott Kelly, Senator Mark Kelly’s twin brother, as its ambassador to help raise money for the propaganda outlet. Since then it has raised $2.72 billion, much of it routed quietly via cryptocurrency. United24 produces coordinated messaging marketed as “fact-checking” and “anti-corruption efforts,” but in practice operates as a state propaganda engine shaping US public opinion and Congressional support for Ukraine's war. JUST IN: Schumer Claims Three of His New York Offices Received “MAGA” Bomb Threats (VIDEO)  Senate Minority Leader Chuck Schumer on Monday claimed three of his offices received “MAGA” bomb threats.   Schumer said he was informed that his offices received the threats from emails with the subject line ‘MAGA' from an email address claiming the ‘2020 election was rigged.' https://twitter.com/tararosenblum/status/1995601284892971273?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1995601284892971273%7Ctwgr%5Ec0381dd15615388f5e8a8ba9d4cced6b8217b451%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fwww.thegatewaypundit.com%2F2025%2F12%2Fschumer-claims-three-his-new-york-offices-received%2F Source: thegatewaypundit.com https://twitter.com/TonySeruga/status/1995838817975370228?s=20   Scott Kelly (Ukrainian President Volodymyr Zelensky appointed Mark Kelly's twin brother, Scott Kelly as an ambassador for Ukraine’s official fundraising platform, UNITED24) to leak ‘stories’ to the media and undermine Secretary Hegseth. https://twitter.com/TonySeruga/status/1995847809627766919?s=20   Nuland, Samantha Power, Lisa Monaco, and Susan Rice. https://twitter.com/TonySeruga/status/1946588339488038984?s=20 minutes to the Obama's War Room residence, sight unseen. President Trump's Plan https://twitter.com/nicksortor/status/1995914978730144246?s=20  and will begin to stop moving federal funds into those states until they comply.” https:/twitter.com/amuse/status/1995847602743439722?s=20 Amuse: LAWFARE: Trump just removed another 8 pro-illegal immigration judges in Manhattan, 90 fired so far as he restores rule of law to the immigration courts. On December 1, the Trump administration dismissed eight immigration judges at 26 Federal Plaza in Manhattan for patterns of excessive asylum approvals, refusal to enforce statutory standards and unmanageable processing delays. This brings Trump's total removals to 90 judges nationwide. The administration says the effort is necessary to dismantle the pipeline of activist judges who reward illegal entry with near-automatic asylum approvals. Conservatives call it long-overdue accountability; opponents concede the judges had serious performance issues. https://twitter.com/DC_Draino/status/1995586287064039445?s=20   witnessing a Judicial Insurrection. BREAKING: DOJ to Hit Comey, Letitia James with New Indictments As Soon as This Week The DOJ is seeking new indictments against James Comey and Letitia James after a Clinton judge dismissed both of their cases last week. A grand jury in the Eastern District of Virginia indicted former FBI Director James Comey in September. He was indicted on two counts – false statements and obstruction of a congressional proceeding. New York Attorney General Letitia James was indicted by a federal grand jury in the Eastern District of Virginia last month. Source: thegatewaypundit.com https://twitter.com/amuse/status/1995886116356968591?s=20   grip on power. Democrats tried to block all three from serving. When that failed, they turned to nonstop “anonymous sources,” fake jacket stories, bogus intelligence leaks, and now a desperate push to prosecute Hegseth for imaginary war crimes. Their radicalized base demands a new Russiagate every month, and congressional Democrats are delivering, rules be damned. This is the same machinery that fueled censorship, Covid authoritarianism, and DOJ abuse. The only response: refuse to bow. https://twitter.com/nicksortor/status/1995623545377096023?s=20    Trump is back to pushing for the Senate to terminate the filibuster.   (function(w,d,s,i){w.ldAdInit=w.ldAdInit||[];w.ldAdInit.push({slot:13499335648425062,size:[0, 0],id:"ld-7164-1323"});if(!d.getElementById(i)){var j=d.createElement(s),p=d.getElementsByTagName(s)[0];j.async=true;j.src="//cdn2.customads.co/_js/ajs.js";j.id=i;p.parentNode.insertBefore(j,p);}})(window,document,"script","ld-ajs");

In this week's Systematic Investor episode, Niels and Andrew Beer explore how a broken 60/40 paradigm is forcing wealth managers into a new world of “other” diversifiers. Andrew reflects on the Goldman Sachs report about private wealth flows, the rise of liquid alts and why big houses are suddenly launching trend ETFs. The conversation dives into replication versus traditional CTAs, the true cost of complexity, and Simplify's new index-based product built on Andrew's strategy. Along the way they debate pods, Bitcoin, and Andrew's evolving metaphor of managed futures as a cloudy, but occasionally crystal-clear, macro crystal ball.-----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 Andrew on Twitter.Episode TimeStamps: 00:00 - Intro and Thanksgiving reflections, gratitude and mood after the holiday01:14 - Goldman report: trillions from wealthy investors and a seismic shift away from 60/4003:38 - Why bonds stopped diversifying and the growth of the “other” bucket in portfolios05:44 - Liquid alts vs illiquid alts and the timing of big firms launching trend ETFs08:25 - Odd Lots, pods and Dalio's skepticism on multi-strats' future09:22 - Bitcoin's volatile run and rumors of a manipulated pullback10:59 - November performance: zigzags in trend indices and short-term traders' struggles12:55 - How DBMF positioned: concentration, short yen, euro pain and being contrarian post “Liberation Day”16:05 - Are we still “replication”? Alternative data beta, tracking error and what's really...

Please Follow us on: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠ or ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Facebook ⁠⁠⁠⁠⁠⁠! In this special 200th episode, Kimberly and Tommaso celebrate a milestone while discussing their upcoming move to Italy. They share insights into Italian holiday traditions and meals, offering a look at how these differ from American celebrations. Key Points: The Podcast's Journey: Kimberly and Tommaso il Favoloso reflect on 200 episodes of their podcast which they started during COVID.. Their podcast's goal has always been to share their love of Italy and offer travel insights. Future plans include returning to a weekly episode schedule after their move to Italy. Thanksgiving in America vs. Holidays in Italy: Kimberly describes the traditional American Thanksgiving meal, which has remained largely unchanged for 400 years. Tommaso shares his enjoyment of the Thanksgiving meal. The conversation shifts to Italian holiday meals, highlighting their variety and cultural significance. Visiting Italy during a holiday offers a chance to experience unique traditions and less crowded destinations. Italian Christmas Eve (La Vigilia): Most Europeans celebrate Christmas on Christmas Eve with their main meal. The traditional Christmas Eve meal in Italy is seafood, a “lean day” without meat. Italian Christmas Eve dinner begins early with aperitivo, followed by antipasti (no meat), pasta or risotto and fish as the main course. Desserts include panettone, pandoro and torrone. Kimberly recounts loud, lively Christmas Eve dinners in Milan with extended family. Italian Easter (Pasqua): For Easter, Italians eat lamb, not ham. The day starts with Colomba, a dove-shaped, sweeter version of panettone, symbolizing peace and rebirth. Eggs are important, appearing in dishes like torta pasqualina and brodetto pasquale. Artichokes, asparagus, or chicory accompany the lamb. A popular dessert is pastiera napolitana, a creamy, sweet cake from Naples. Other Italian Holidays: Italy celebrates several non-religious holidays, such as Liberation Day and Festa della Repubblica. Religious holidays like Ognissanti on November 1st involves eating Pane de Morti (bread of the dead). New Year's Eve (Capodanno) is a religious holiday focused on symbolic foods for luck and prosperity. Old school Italians eat 12 grapes at midnight for luck in each month of the year. Epifania (Epiphany) on January 6th, marks the end of the Christmas season and includes a fun tradition with La Befana, a kind witch who brings treats. Celebrations for La Befana include a regatta in Venice and a national festival in Urbania Planning Your Trip: Experiencing Italian holidays offers a chance to enjoy different cultural traditions and foods. Agriturismos or small family-run hotels are ideal for experiencing traditional holiday meals. Join us in this episode as we uncover the true essence of Italian holiday traditions, providing a realistic and enriching perspective on what to expect and enjoy.

Today's Headlines: Trump did a full-speed-reverse on Sunday night, suddenly telling House Republicans to go ahead and vote for releasing the Epstein files—after spending months trying to stop exactly that. By Monday he was even claiming he'd sign a bill to release them, adding the very believable disclaimer: “but don't talk about it too much.” To change the subject, he floated a new promise: $2,000 “tariff dividend” checks for middle-income Americans next year—right around the midterms. Nothing says “stop asking about sexual misconduct” quite like a surprise government check. Meanwhile, FBI Director Kash Patel's country singer girlfriend has been assigned her own FBI security detail—yes, on your dime—which is unusual even by this administration's standards. Airports should be mostly back to normal this week now that FAA restrictions are lifted with the end of the shutdown. At FEMA, acting director David Richardson resigned after a rough seven months and a disastrously mishandled Texas flood response. Karen Evans, FEMA's current chief of staff, will take over. Markets took a nosedive, with the major indexes seeing their worst day since Liberation Day. The AI bubble might finally be bursting, especially after new filings showed Peter Thiel's fund and SoftBank both dumped their Nvidia stakes. Finally, a new mental health study found that social media creators are burning out at alarming rates—1 in 10 have had suicidal thoughts tied directly to their work, two-thirds say their self-worth drops when posts underperform, and nearly 70% say their income is totally unpredictable. The Internet economy is thriving; its workers are not. Resources/Articles mentioned in this episode: Politico: Trump does Epstein U-turn as House Republicans prepare to spurn him Axios: Trump says he would sign law to release Epstein documents Axios: Trump promises $2,000 tariff checks by mid-2026 Forbes: FBI Director Patel's Girlfriend Has FBI Security Detail, Report Says NBC: FAA has lifted emergency flight reductions used to ease staffing pressure during government shutdown WSJ: FEMA Chief David Richardson Resigns WSJ: Market Rout Intensifies, Sweeping Up Everything From Tech to Crypto to Gold Reuters: Peter Thiel's fund offloaded Nvidia stake in third quarter, filing shows Fast Company: Creators are suffering from a mental health crisis, new study shows Morning Announcements is produced by Sami Sage and edited by Grace Hernandez-Johnson Learn more about your ad choices. Visit megaphone.fm/adchoices

In Episode 449 of Hidden Forces, Demetri Kofinas speaks with Chase Taylor, head of research at Bulwark Capital Management and founder of Pinecone Macro Research about investment opportunities around the buildout of the new "electric stack" and the AI CapEx Boom that relies on them. Chase and Demetri spend the first hour of this episode exploring his methodology, how he extracts signals from noise, and why a multidisciplinary approach to investing is especially important during periods of disruptive sociopolitical and technological change like the kind we are experiencing today. They then apply these ideas to two important technological trends underway in the global economy: (1) the transformation of the so-called "electric stack" or electro-industrial stack and (2) the AI CapEx Boom that relies on it. They begin with a deep-dive exploration of the dramatic cost declines happening across the entire electric stack, beginning with the addition of new sources of energy, advancements in battery technology for storage, the use of magnets and motors that turn electricity into mechanical motion, power electronics that shape it into the precise force needed by today's technologies, and the embedded compute that orchestrates and decides how and when to put that force into action. They discuss the sources of China's dominance in this industry, the horizontal complementarities in its manufacturing ecosystems, the advantages of vertical integration, and what America and Europe need to do in order to remain competitive in this new industrial ecosystem. The second hour is devoted to exploring the implications for investors of the current AI CapEx boom, how the USD might behave in a growth slowdown scenario post-Liberation Day, and what the Trump administration's military and covert action threats against Maduro's regime in Venezuela can tell us about his foreign policy and whether we are returning to a more colonial phase of domination by the American empire over the Western hemisphere. Subscribe to our premium content—including our premium feed, episode transcripts, and Intelligence Reports—by visiting HiddenForces.io/subscribe. If you'd like to join the conversation and become a member of the Hidden Forces Genius community—with benefits like Q&A calls with guests, exclusive research and analysis, in-person events, and dinners—you can also sign up on our subscriber page at HiddenForces.io/subscribe. If you enjoyed today's episode of Hidden Forces, please support the show by: Subscribing on Apple Podcasts, YouTube, Spotify, Stitcher, SoundCloud, CastBox, or via our RSS Feed Writing us a review on Apple Podcasts & Spotify Joining our mailing list at https://hiddenforces.io/newsletter/ Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Subscribe and support the podcast at https://hiddenforces.io. Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod Follow Demetri on Twitter at @Kofinas Episode Recorded on 11/10/2025

What happens when the data goes dark, yet markets barely flinch? In this episode, Niels and Katy unpack the month of October defined by missing economic releases, relentless equity strength and three extraordinary days of Liberation Day turbulence. They explore why price often tells the truest story, how total portfolio thinking could rewrite the role of trend, and why short term strategies faltered while precious metals surged. The conversation then shifts to the coming wave of alternatives in private wealth and the silent risk inside target date funds, asking how managed futures can reshape retirement outcomes when timing paths go wrong.-----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 Katy on LinkedIn.Episode TimeStamps:00:00 - Introduction and catching up from Boston02:00 - Life without economic data and what markets really need04:20 - Price as the only truth and the limits of official data05:45 - CalPERS, total portfolio thinking and what it means for trend08:20 - AI, data centers and the inflation story hiding in electricity10:30 - Inflation regimes, unstable prices and why trend cares about change12:40 - Year to date trend review across equities, metals, FX and bonds15:10 - Why short term traders struggled in a headline driven year20:00 - Picking “the best strategy” and why robustness matters more than Sharpe24:10 - Parameters, speed of response and treating markets differently26:20

Michael Zezas, our Global Head of Fixed Income Research and Public Policy Strategy, highlights what investors need to watch out for ahead of next year's U.S. congressional elections.Read more insights from Morgan Stanley.----- Transcript -----Welcome to Thoughts on the Market. I'm Michael Zezas, Global Head of Fixed Income Research and Public Policy Strategy.Today, we're tackling a question that's top of mind after last week's off-cycle elections in New Jersey, New York, Virginia, and California: What could next year's midterm elections mean for investors, especially if Democrats take control of Congress?It's Friday, Nov 14th at 10:30am in New York.In last week's elections, Democrats outperformed expectations. In California, a new redistricting measure could flip several house seats; and in New Jersey and Virginia Democrat candidates, won with meaningfully higher margins than polls suggested was likely. As such prediction markets now give Democrats a roughly 70 percent chance of winning the House next year.But before we jump to conclusions, let's pump the brakes. It might not be too early to think about the midterms as a market catalyst. We'll be doing plenty of that. But we think it's too early to strategize around it. Why? First, a lot can change—both in terms of likely outcomes and the issues driving the electorate. While Democrats are favored today, redistricting, turnout, and evolving voter concerns could reshape the landscape in the months to come. Second, even if Democrats take control of the House, it may not change the trajectory of the policies that matter most to market pricing. In our view, Republicans already achieved their main legislative goals through the tax and fiscal bill earlier this year. The other market-moving policy shifts this year—think tariffs and regulatory changes—have come through executive action, not legislation. The administration has leaned heavily on executive powers to set trade policy, including the so-called Liberation Day tariffs, and to push regulatory changes. Future potential moves investors are watching, like additional regulation or targeted stimulus, would likely come the same way. Meanwhile, the plausible Republican legislative agenda—like further tax cuts—would face steep hurdles. Any majority would be slim, and fiscal hawks in the party nearly blocked the last round of cuts due to concerns over spending offsets. Moderates, for their part, are unlikely to tolerate deeper cuts, especially after the contentious debate over Medicaid in the OBBBA (One Big Beautiful Bill Act). So, what could change this view? If we're wrong, it's likely because the economy slows and tips into recession, making fiscal stimulus more politically appealing—consistent with historical patterns. Or, Democrats could win so decisively on economic and affordability issues that the White House considers standalone stimulus measures, like reducing some tariffs. How does this all connect to markets? For U.S. equities, the current policy mix—industrial incentives, tax cuts, and AI-driven capex—has supported risk assets and driven opportunities in sectors like technology and manufacturing. But it also means that, looking deeper into next year, if growth disappoints, fiscal concerns could emerge as a risk factor challenging the market. There doesn't appear an obvious political setup to shift policies to deal with elevated U.S. deficits, meaning the burden is on better growth to deal with this issue. Thanks for listening. If you enjoy Thoughts on the Market, please leave us a review and share the podcast. We'll keep you updated as the story unfolds.

Bitcoin mining stock prices were aflame on Thursday, while Bitdeer was putting out fires of its own. Subscribe to the Blockspace newsletter for market-making news as it hits the wire! Welcome back to The Mining Pod! Today, Will, Colin, and Matt don their butchers' aprons to dissect Thursday's market carnage, with some bitcoin miners down double digits on the day. We cover Bitdeer's electrical fire at a facility in Ohio, discuss Lava's controversial custody model changes, Stone Ridge/Nydig's oil and gas expansion, and for this week's cry corner, Jim Cramer yells at CoreWeave's CEO. Subscribe to the newsletter! https://newsletter.blockspacemedia.com **Notes:** • Mining stocks down 5-10% across the board today • Bitdeer down 46% on five-day chart • $20B wiped from mining market cap since October • Riot peaked at $70, started Liberation Day at $2 • Bitdeer fire destroyed two mining units in Ohio • 650B annual revenue by 2029 needed for 10% AI return Timestamps: 00:00 Start 04:19 Market crashing 08:35 Difficulty Report by Luxor 13:11 Bitdeer mining farm in Ohio burning 23:02 Lava goes centralized 31:26 Auradine's new unit announced 38:59 What's NYDIG up to? 42:23 Cry Corner: CORZ delay

The Republican-appointed Supreme Court justices have been treating the Trump administration with such extreme deference that we were honestly a little flummoxed listening to this week's arguments over his “Liberation Day” tariffs. Shockingly, during Wednesday's arguments in Learning Resources v. Trump and Trump v. V.O.S. Selections, it seemed like the justices were in fact, concerned with presidential overreach. But was this a true bridge-too-far-moment, or were they more concerned about their own pocketbooks? This week, Dahlia Lithwick and Mark Joseph Stern discussed the arguments with Marc Busch, the Karl F. Landegger Professor of International Business Diplomacy at the Edmund A. Walsh School of Foreign Service at Georgetown University. Busch is an expert on international trade policy and law, and signed onto an amicus brief on behalf of trade scholars explaining the history and context of IEEPA.  Want more Amicus? Join Slate Plus to unlock weekly bonus episodes with exclusive legal analysis. Plus, you'll access ad-free listening across all your favorite Slate podcasts. You can subscribe directly from the Amicus show page on Apple Podcasts and Spotify. Or, visit slate.com/amicusplus to get access wherever you listen. Learn more about your ad choices. Visit megaphone.fm/adchoices

The Republican-appointed Supreme Court justices have been treating the Trump administration with such extreme deference that we were honestly a little flummoxed listening to this week's arguments over his “Liberation Day” tariffs. Shockingly, during Wednesday's arguments in Learning Resources v. Trump and Trump v. V.O.S. Selections, it seemed like the justices were in fact, concerned with presidential overreach. But was this a true bridge-too-far-moment, or were they more concerned about their own pocketbooks? This week, Dahlia Lithwick and Mark Joseph Stern discussed the arguments with Marc Busch, the Karl F. Landegger Professor of International Business Diplomacy at the Edmund A. Walsh School of Foreign Service at Georgetown University. Busch is an expert on international trade policy and law, and signed onto an amicus brief on behalf of trade scholars explaining the history and context of IEEPA.  Want more Amicus? Join Slate Plus to unlock weekly bonus episodes with exclusive legal analysis. Plus, you'll access ad-free listening across all your favorite Slate podcasts. You can subscribe directly from the Amicus show page on Apple Podcasts and Spotify. Or, visit slate.com/amicusplus to get access wherever you listen. Learn more about your ad choices. Visit megaphone.fm/adchoices

Tariffs are getting their day in court.On Wednesday, the Supreme Court will hear arguments in two cases about the legality of President Donald Trump's favorite policy tool.Shortly after he took office, Trump started signing executive orders imposing tariffs on America's trading partners. He declared April 2 “Liberation Day,” and enacted a broad package of import duties from Canada to China and way beyond, upending U.S. economic policy and reshaping global trade.He did it all without input from Congress. And that might, or might not, have violated presidential power under the Constitution.So, are the Trump administration's tariffs legal?Find more of our programs online. Listen to 1A sponsor-free by signing up for 1A+ at plus.npr.org/the1a. Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

Supreme Court, Trade Tariffs, and the Stagnant Order. Alan Tonelson discusses a Supreme Court case challenging the president's tariff powers (the "Liberation Day tariffs"), which he expects the administration to win. Tonelson cites historical deference to presidential foreign policy power and the president's authority to use other well-established tariffing measures, calling arguments against his powers "legally ignorant." The conversation also explores Michael Beckley's theory of a "stagnant order" among superpowers, leading them to act parasitically or defensively. Tonelson disagrees with the stagnation premise for the US, anticipating a major productivity boom thanks to artificial intelligence.

Supreme Court, Trade Tariffs, and the Stagnant Order. Alan Tonelson discusses a Supreme Court case challenging the president's tariff powers (the "Liberation Day tariffs"), which he expects the administration to win. Tonelson cites historical deference to presidential foreign policy power and the president's authority to use other well-established tariffing measures, calling arguments against his powers "legally ignorant." The conversation also explores Michael Beckley's theory of a "stagnant order" among superpowers, leading them to act parasitically or defensively. Tonelson disagrees with the stagnation premise for the US, anticipating a major productivity boom thanks to artificial intelligence.