Podcasts about markets

US and Israeli strikes killed Iran's Supreme Leader and initially rattled markets. But does the subsequent market calm reflect genuine resilience or a dangerous underpricing of what comes next? --- Nexo is the premier digital wealth platform. Receive interest on your crypto, borrow against it without selling, and trade a range of assets. Now available in the U.S with 30 days of exclusive privileges. Get started at nexo.com/unchained Bits + Bips is spreading its wings Starting soon, new episodes will only be published on our brand‑new feeds. Here's what you need to do: Click the links below. ⁠YouTube⁠ ⁠Apple⁠ ⁠Spotify⁠ ⁠X⁠ Smash Follow or Subscribe.

The oil spike has reached the global pain threshold unleashing liquidations and a scramble for liquidity. At the same time, another big development in private credit that is already spilling over into other parts of the marketplace. The dollar is jumping, never a good sign and no shortage of reasons why it is.Eurodollar University Money & Macro AnalysisJoin us for our free webinar Thursday March 26, 2026 at 6pm ET. With credit market developments escalating even more, and major market moves accompanying them, we're going to go over where everything stands but also look forward at the potential scenarios coming out of what continues to look like a global bust. Sign up below:https://eurodollar-university.com/home-page-web

There is a sector rotation happening and today we're here to discuss it! We also touch on the sudden U.S. conflict with Iran as this is not the time to start reacting emotionally to early headlines, misinformation, and media fear cycles. Keep in mind historical market reactions to prior military strikes; while volatility typically spikes, equity drawdowns have historically been modest and short-lived unless oil supply or credit markets break down. We also highlight that markets are driven more by liquidity and capital flows than headlines and investors should focus on historical patterns, sector positioning, bond duration strategy, and risk management rather than panic, while closely watching oil prices, credit spreads, and bond yields for signs of deeper systemic stress.  We discuss... The concept of the "fog of war," warning listeners not to trust early reports, viral videos, or emotionally charged headlines. Media outlets monetize fear and that investors should avoid panic-driven decisions. Historical data from past U.S. military strikes was reviewed, showing that market drawdowns are typically modest and short-lived. Oil prices spiked on geopolitical risk, but the move was framed as a fear premium rather than confirmed supply disruption. The U.S. dollar was expected to strengthen in the short term as capital seeks safe-haven assets. Sector rotation was highlighted, with money moving out of mega-cap tech and into energy, materials, and defensive sectors. Utilities, staples, and healthcare were identified as traditional late-cycle or risk-off sectors. If capital exits large tech allocations, there are limited sectors large enough to absorb those flows without major price distortions. Bonds were presented as increasingly attractive if interest rates begin to decline. Long-duration bonds tend to benefit most when yields fall due to the inverse price-yield relationship. Lower mortgage rates were projected as a possibility, which could reignite housing demand but also drive home prices higher again. Markets are driven more by liquidity and money flows than by headlines or fundamentals alone. Investors should focus on second- and third-order effects rather than reacting to the immediate shock of war. Credit spreads, bond yields, and oil prices are key indicators to monitor for signs of systemic stress. Remain disciplined, historically grounded, and risk-aware rather than emotionally reactive.   Today's Panelists: Kirk Chisholm | Innovative Wealth Douglas Heagren | Mergent College Advisors Follow on Facebook: https://www.facebook.com/moneytreepodcast Follow LinkedIn: https://www.linkedin.com/showcase/money-tree-investing-podcast Follow on Twitter/X: https://x.com/MTIPodcast For more information, visit the full show notes at https://moneytreepodcast.com/sector-rotation-795

Stew tears apart the fake pretext for Trump's war on Iran – a blatant Zionist conquest funded by AIPAC and the Rothschild banking cabal headquartered in the crime state of Israel. From bombing Iranian schoolgirls to sacrificing Gen Z soldiers at Mar-a-Lago parties, this isn't America First; it's Israel First, orchestrated by Jewish blackmail operations and satanic elites who rape sovereignty and kids alike. Max Igan drops the bomb: These Jew-controlled pedovore monsters have welded America and Israel into a demonic genocide factory—sniping Red Crescent ambulances, unloading 900+ rounds into helpless medics and survivors, then finishing the job execution-style. Pure Tribe barbarism! This is the Greater Israel blueprint: Mass-murdering Arab kids, bulldozing cities into dust, and erecting swanky resorts plus their filthy Third Temple for ritual child sacrifices atop pyramids of goy bones.

Unpacking Q4 crypto equities earnings with Benchmark-StoneX Analyst Mark Palmer. Benchmark-StoneX Senior Equity Research Analyst Mark Palmer joins CoinDesk's Jennifer Sanasie on today's Markets Outlook to break down Q4 earnings and the structural shifts happening across the crypto equity landscape. He discusses how the potential enactment of the Clarity Act could trigger an influx of institutional capital and why Coinbase's Base protocol is a massive hidden driver for shareholders. - Timecodes: 01:11 - Digging Below the Surface of a Rough Q402:27 - Is Crypto Legislation on the Back Burner In Light of Geopolitical Events?04:45 - What's Next: Strategy's New Fundraising Pivot & Base as the Next Big Driver05:56 - The Carnival Ticket Analogy: How Protocol Tokens Actually Work - This episode was hosted by Jennifer Sanasie.

On Tuesday, March 3, Brian Szytel reports a volatile session where the Dow opened down about 850 points, fell as much as 1,200, and recovered to close down about 400, with the S&P 500 and Nasdaq down about 1% and moving more in unison; the 10-year yield rose only 1 bp after being up over 6 bps earlier. Markets reacted to fears around a near-closure of the Strait of Hormuz, which briefly lifted oil over 9% before closing up 2.8%, and to U.S. assurances of tanker insurance/protection that eased inflation expectations; TIPS breakevens jumped about 20 bps. He notes LNG is cut off to most Middle East countries and export transportation is down 20%, with U.S. gas about 40% cheaper than Europe/Asia. He previews key week data (ADP, PMI/ISM services, Beige Book, claims, productivity, and the employment report) and answers an AI question: U.S. power upgrades are “when, not if” despite regulatory delays and natural-gas advantages, while China faces chip export controls; U.S.–China AI partnership is unlikely due to national security concerns. 00:00 Market Selloff Recap 00:36 Strait Tensions and Oil Spike 02:03 Energy Supply Disruptions 02:27 War Headlines and Market Context 03:16 Inflation Breakevens and TIPS 03:32 Staying Calm in Volatility 04:12 Week Ahead Economic Data 04:52 Ask TBG AI and Energy 05:24 US Power Buildout Outlook 06:33 China Chips and DeepSeek Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

From Fed policy to commodities prices, Jason Purcell returns to discuss what's happening in the markets and why. Disclaimer: The information shared in this episode is for educational and entertainment purposes only and should not be considered financial advice. Always do your own research and consult with a qualified financial professional before making any financial decisions. Find Jason Purcell:: Substack:⁠⁠ https://purcellresearch.substack.com⁠⁠ Twitter/X: @JasonsDeli1821 Exclusive Content and Ways to Support: Support me on Substack for ad-free content, bonus material, personal chatting and more! https://substack.com/@monicaperezshow Become a PREMIUM SUBSCRIBER on Apple Podcasts for AD FREE episodes and exclusive content! True Hemp Science: ⁠⁠⁠⁠https://truehempscience.com/⁠⁠⁠⁠ PROMO CODE: MONICA Find, Follow, Subscribe & Rate on your favorite podcasting platform AND for video and social & more... Website: ⁠⁠⁠⁠https://monicaperezshow.com/⁠⁠⁠⁠ Substack:⁠⁠⁠⁠ https://substack.com/@monicaperezshow⁠⁠⁠⁠ Rumble: ⁠⁠⁠⁠https://rumble.com/user/monicaperezshow⁠⁠⁠⁠ Youtube: ⁠⁠⁠⁠https://www.youtube.com/c/MonicaPerez⁠⁠⁠⁠ Twitter/X: @monicaperezshow Instagram: @monicaperezshow Learn more about your ad choices. Visit megaphone.fm/adchoices

Mar 2, 2026 – In this urgent and in-depth conversation, FS Insider interviews geopolitical analyst Jacob Shapiro after the ongoing US-Israel military operation against Iran. Shapiro unpacks the real-time complexities—from the risks of regime...

Our Chief Fixed Income Strategist Vishy Tirupattur and U.S. Head of Credit Strategy Vishwas Patkar discuss the implications of private credit's exposure to the software industry.Read more insights from Morgan Stanley.----- Transcript -----Vishy Tirupattur: Welcome to Thoughts on the Market. I am Vishy Tirupattur, Morgan Stanley's Chief Fixed Income Strategist. Vishwas Patkar: I'm Vishwas Patkar, Morgan Stanley's U.S. Head of Credit Strategy. Vishy Tirupattur: While potential disruption from AI has been a key driver for markets [in the] last few weeks, the focus of investor agenda has been in the software sector. On today's podcast, we will talk about software in the credit markets and its implications. It's Monday, March 2nd at 10am in New York. Vishwas, let's start by understanding how the exposure in software manifests in the credit markets. How does it compare to software, say, in the equity market? Vishwas Patkar: Yeah, so the software exposure in credit markets is large, and understandably that's why investors are closely watching what's happening with software in the equity market. But what's interesting and important for investors to note is the exposure in credit is very different from what it is in equities. So, for instance, a good chunk of exposure in the credit market is around private issuers. So, we estimate about 80 percent of companies are private in the whole sample set that we looked at. And that's largely a function of the fact that software is not a big part of the more liquid spaces like Investment Grade and High Yield. But it is heavily represented in the more opaque parts of the market, like leveraged loans, CLOs, and, you know, BDCs. So, our analysis found that about 25 percent of BDC portfolios are in software, closely followed by private credit CLOs. And leveraged loan market was about 16 percent. So, that's an important distinction to keep in mind versus the equity market. The second thing I would flag is – because the software sector grew a lot in the loan market through the LBO wave of 2020 and 2021, it has a weaker credit quality skew to it than the overall market. So about 50 percent of borrowers in the sector are rated B - or lower. So, that's the lowest rungs of the rating spectrum. Many of these software deals were underwritten with higher leverage than the broad market. And as a result of that you also have more front-loaded maturities in the sector, which brings the risks of refinancing, if some of this disruption persists. But Vishy, that's a nice segue to you. Over the past couple of years, you looked at the private credit market in depth and that's where I think the exposure we found is the highest in BDCs, you know, which is the public face of private credit. So, in your assessment, what is the risk of software to private credit, given all of the headlines that are popping up? Vishy Tirupattur: Public face of private credit – Vishwas, that's a great line. BDCs – business development corporations for those who are not familiar – are companies that invest in the debt of small and medium sized companies, sourced through non-bank channels. BDCs fund themselves through equity and debt issuance. So, if you look at the portfolios of BDCs to look at their exposure to software, there's a wide variation across the various BDC portfolios. What makes the assessment of these software risks in BDCs challenging is that many of these companies are private companies without the reporting obligations of public companies. So, no earnings reports, no 10-Ks or cues or broadly publicly available financials look at. So, in effect, these companies need to be re underwritten to evaluate which of these companies would be disrupted from AI; and which companies could actually benefit from AI and see their margins expand. So, in the context of BDCs, liability spreads are something we are watching closely. BDC liability spreads have widened but we think more needs to happen there. The clearing levels need to wait for the full resolution of the companies that benefit and that get hurt by disruption that is still awaited. So, we expect credit spreads of BDCs to remain volatile for some time to come. Vishwas Patkar: Okay. So, seems like this is a significant, or at least a non-trivial risk factor for credit markets, given the growth of the sector, leverage, the skew and quality. But Vishy, do you think this could be systemic for risk markets at large? Vishy Tirupattur: So, I do think that this is a significant risk, but I don't think it's a systemic risk. The amount of leverage in BDC is fairly small. About 2x is the kind of leverage. You compare that to the kind of leverage that existed in the financial system before the financial crisis – that's orders of magnitude smaller risk. And also the linkage to the banking system comes through the back leverage provided to the non-bank lenders. But this leverage is substantially risk remote with very high subordination levels. So, my conclusion here is this is a significant risk but not a systemic risk. So let me turn the same question to you, Vishwas. Taking on a sort of historical perspective as well as a macro perspective, how do you see this risk manifesting in the broader credit space? Vishwas Patkar: Yeah, so I would agree with you Vishy, that we need to see a valuation reset. We think spreads should go wider because of disruption concerns, even if they affect a relatively narrow part of the market. But a lot of that's happening against issuance that's rising. But I would say the risk of systemic concerns really emerging is relatively low. if you look at historical cycles where credit has been the weak link in the economy, those are typically characterized by a lot of corporate re-leveraging. So, think about the late 1990s or from 2004 to 2007 or the early 2000-teens. These are all cycles where corporates were being very aggressive, adding a lot of debt. And you know, when the economy slowed, credit became the source of some default and downgrade concerns. We haven't really seen that type of credit cycle play out at all in the past few years. If you look at corporate debt to GDP, for example, it's gone down each of the last five years. Balance sheet corporate leverage has been flat or actually gone lower in spots. M&A activity, which is usually a good indicator of corporate aggressiveness, still remains below trend. So, I think we have had a fairly restrained credit cycle where in place fundamentals are quite strong. And that's why I think the systemic contagion from any credit spread weakness, I think could be relatively muted. Vishy Tirupattur: So, the key takeaway from us is that software and credit is a significant risk but is not quite systemic risk. Thanks for listening. If you enjoy the podcast, please leave us a review wherever you listen and share Thoughts on the Market with a friend or colleague today.

A former Clinton and Biden foreign policy advisor saw it before it happened. Now the question is what investors do next. Hours after this episode was recorded, the United States and Israel launched a coordinated military campaign against Iran, killing Ayatollah Ali Khamenei in what analysts are calling the most significant U.S.-Iran escalation in decades. Charles Myers, Founder and CEO of Signum Global Advisors and a former senior foreign policy advisor to Hillary Clinton and Joe Biden, had just sat down with Steven Ehrlich to discuss the geopolitical landscape and what it means for investors.  What he said about Iran during that conversation is now raising serious questions about what comes next, and the investment implications are far from settled. In this episode, Myers also addresses whether the "sell America" trade is overdone, where oil is heading, the future of AI funding, and whether Bitcoin can actually function as a safe haven when the world is on fire. Hosts: ⁠Steven Ehrlich⁠, Host of Bits + Bips: The Interview Guests: ⁠Charles Myers, Founder and CEO, Signum Global Advisors Links: Iran strike / military action: US strikes Iran — https://www.cnn.com/world/live-news/israel-iran-attack-02-28-26-hnk-intl  US-Iran nuclear talks — https://www.nbcnews.com/world/iran/us-iran-nuclear-talks-trump-military-buildup-attack-missiles-rcna260764  Largest US military buildup in the Middle East since the early 2000s — https://www.militarytimes.com/news/your-military/2026/02/26/us-military-assembles-largest-force-of-warships-aircraft-in-middle-east-in-decades/  Oil markets: Oil prices surge after Iran strike — https://www.cnbc.com/2026/02/28/iran-us-attack-oil-market-economy.html  Trump's energy strategy: targeting oil in the low $50s — https://www.axios.com/2026/02/28/us-iran-attack-energy-oil-prices  Sell America / US safe haven: Global investors question US safe haven status — https://www.cnbc.com/2026/02/28/markets-brace-for-impact-following-us-military-strikes-against-iran.html  The “Sell America” trade, explained — https://www.bloomberg.com/news/articles/2026-02-02/sell-america-trade-why-investors-are-questioning-us-assets  Venezuela / Monroe Doctrine: Maduro government and the US oil deal — https://www.cnbc.com/2026/01/05/maduro-overthrow-could-pave-the-way-for-us-oil-companies-to-recover-venezuela-assets.html  The return of the Monroe Doctrine under Trump — https://www.cfr.org/articles/oil-power-and-the-climate-stakes-of-the-u-s-move-in-venezuela  OpenAI / AI: OpenAI raises $110 billion — https://www.cnbc.com/2026/02/27/open-ai-funding-round-amazon.html  Stargate: OpenAI and SoftBank's AI moonshot — https://openai.com/index/announcing-the-stargate-project/ Prediction Markets: Polymarket Iran strike odds — https://polymarket.com  Insider trading on Polymarket: the Maduro bet — https://en.wikipedia.org/wiki/2026_United_States_strikes_in_Venezuela  Stablecoins / GENIUS Act: The GENIUS Act and stablecoin regulation — https://www.gibsondunn.com/the-genius-act-a-new-era-of-stablecoin-regulation/ Learn more about your ad choices. Visit megaphone.fm/adchoices

Unveiling Coinbase's "Everything Exchange" with Head of Consumer and Platform BD Mark Troianovski. In today's Markets Outlook, Coinbase Head of Consumer and Platform Business Development Mark Troianovski joins CoinDesk's Jennifer Sanasie to unveil the platform's massive expansion into 24/5 stock and ETF trading for US users. He breaks down the vision for an "everything exchange" that blends crypto, equities, and prediction markets. - Timecodes: 01:10 - Coinbase Launches Stock Trading to U.S. Customers02:40 - Coinbase's Partnership with Yahoo! Finance and Integration03:55 - Will AI Agents Trade Stocks and Crypto for You?05:14 - Competing with TradFi Exchanges and Coinbase's "Sweet Spot"07:21 - Is Coinbase the Next "Everything App" for Finance?s - This episode was hosted by Jennifer Sanasie.

Andreas Steno Larsen, founder and CEO of Steno Research, is back with his co-host, Mikkel Rosenvold, partner and head of geopolitics, to break down the latest news with the United States escalating military action against Iran. The guys evaluate the implications for oil, risk assets, and the broader macro regime. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Take a Network Break! We start with follow-up on the proper pronunciation of the US state of Nevada, and then sound the alarm about new research that gets around WiFi client isolation and could enable man-in-the-middle attacks. On the news front, AMD and Meta strike a massive deal in which AMD will sell its stock... Read more »

Scott Wapner and the Investment Committee debate what investors should do with their portfolios following the strikes on Iran over the weekend. Plus, the desk shares their latest moves. And later, Mark Fisher, MBF Trading Founder & CEO, joins CNBC's 'Halftime Report' to discuss the reaction in energy stocks to the growing conflict in Iran.  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Welcome to the Monday Minute, brought to you by Podium — your weekly reset to lead better, think clearer, and build your dealership with intention.Before you buy a single car or hire your first salesperson, build your dealership on paper. In this episode, Luke and Jeff break down why a proforma is not optional — it is your blueprint. If you do not know your numbers before you start, you will lose control after you start. Markets change, expenses shift, and grosses move. Disciplined dealers do not gamble. They calculate.Review this week's Sunday newsletter at TheIndependentDealer.com for the full theme and exercises. Not subscribed yet? Sign up now. Let's build this together.SPONSORED BY PODIUM: www.podium.com

Take a Network Break! We start with follow-up on the proper pronunciation of the US state of Nevada, and then sound the alarm about new research that gets around WiFi client isolation and could enable man-in-the-middle attacks. On the news front, AMD and Meta strike a massive deal in which AMD will sell its stock... Read more »

In this news-style episode, Simon and Dan break down Citrini Research’s The 2028 Global Intelligence Crisis—a “note from the future” dated June 30, 2028 that frames the most bullish AI adoption path as a surprisingly bearish outcome for the real economy. They walk through the core feedback loop: companies deploy AI to boost productivity and margins, layoffs rise (especially in white-collar roles), consumer spending weakens, and the cycle reinforces itself—creating what the piece calls “ghost GDP,” where productivity climbs but wages and demand don’t keep up. From there, the duo digs into the sectors Citrini argues get hit first and hardest: SaaS (seat contraction + customers using AI as renewal leverage), the intermediation layer (agents shopping travel, subscriptions, insurance, delivery, and more), and even payment rails as AI agents chase lower-cost settlement via stablecoins. They also connect the dots to private credit and insurance flywheels—where mark-to-model portfolios can look stable until forced selling and capital needs expose stress—and what rising unemployment could mean for housing in once “prime” white-collar markets. Tickers discussed: V, MA, AXP, DFS, PYPL, AMZN, WMT, EXPE, UBER, DASH, SHOP, GOOGL, PLTR, TRI, OWL, APO, BN, KKR, CRM, ADBE, AIG Citrini research report Subscribe to our Our New Youtube Channel! 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.

Take a Network Break! We start with follow-up on the proper pronunciation of the US state of Nevada, and then sound the alarm about new research that gets around WiFi client isolation and could enable man-in-the-middle attacks. On the news front, AMD and Meta strike a massive deal in which AMD will sell its stock... Read more »

Unveiling Coinbase's "Everything Exchange" with Head of Consumer and Platform BD Mark Troianovski. In today's Markets Outlook, Coinbase Head of Consumer and Platform Business Development Mark Troianovski joins CoinDesk's Jennifer Sanasie to unveil the platform's massive expansion into 24/5 stock and ETF trading for US users. He breaks down the vision for an "everything exchange" that blends crypto, equities, and prediction markets. - Timecodes: 01:10 - Coinbase Launches Stock Trading to U.S. Customers02:40 - Coinbase's Partnership with Yahoo! Finance and Integration03:55 - Will AI Agents Trade Stocks and Crypto for You?05:14 - Competing with TradFi Exchanges and Coinbase's "Sweet Spot"07:21 - Is Coinbase the Next "Everything App" for Finance?s - This episode was hosted by Jennifer Sanasie.

Julian Emanuel of Evercore ISI explains how policy headlines are shaping investor positioning and risk appetite. Dan Yergin joins to assess what comes next for oil and LNG as global supply and geopolitics remain in focus. Credit stress remains a major concern. Jeffrey Kivitz of Canyon Partners discusses risks building beneath the surface and how institutional investors are navigating tighter financial conditions. Paul Hickey of Bespoke looks to history to frame what could come next for markets while Sheila Kahyaoglu of Jefferies explores opportunities and risks in the defense sector. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

SUBSCRIBE to our newsletter: http://riskreversal.substack.com/ Dan Nathan & Guy Adami break down the top market headlines and bring you stock market trade ideas for Monday, March 2nd -- Learn more about FactSet: https://www.factset.com/lp/mrkt-callFollow us on Twitter @MRKTCallFollow @GuyAdami on TwitterFollow @CarterBWorth on TwitterFollow us on Instagram @RiskReversalMediaLike us on Facebook @RiskReversalWatch all of our videos on YouTube Learn more about your ad choices. Visit megaphone.fm/adchoices

Markets not thrilled with tech Mortgage rates dip below 6% Feb ends with a dud Looking at the Fed's next move with our guest – Danielle DiMartino Booth – the “Fed watcher” NEW! DOWNLOAD THIS EPISODE'S AI GENERATED SHOW NOTES (Guest Segment) As Founder & CEO of Quill Intelligence, Danielle DiMartino Booth set out to launch a #ResearchRevolution, redefining how markets intelligence is conceived and delivered. To build QI, she brought together a core team of investing veterans to analyze the trends and provide critical analysis on what is driving the markets – both in the United States and globally. A global thought leader on monetary policy, economics and finance, DiMartino Booth founded Quill Intelligence in 2018. She is the author of FED UP: An Insider's Take on Why the Federal Reserve is Bad for America (Portfolio, Feb 2017), has a column on Bloomberg View, is a business speaker, and a commentator frequently featured on CNBC, Bloomberg, Fox News, Fox Business News, BNN Bloomberg, Yahoo Finance and other major media outlets. Prior to Quill, DiMartino Booth spent nine years at the Federal Reserve Bank of Dallas where she served as Advisor to President Richard W. Fisher throughout the financial crisis. Her work at the Fed focused on financial stability and the efficacy of unconventional monetary policy. DiMartino Booth began her career in New York at Credit Suisse and Donaldson, Lufkin & Jenrette where she worked in the fixed income, public equity, and private equity markets. DiMartino Booth earned her BBA as a College of Business Scholar at the University of Texas at San Antonio: she holds an MBA in Finance and International Business from the University of Texas at Austin and an MS in Journalism from Columbia University. Follow @DiMartinoBooth Looking for style diversification? More information on the TDI Managed Growth Strategy https://thedisciplinedinvestor.com/blog/tdi-strategy/ Stocks mentioned in this episode: (NVDA), (META), (ORCL), (GOOG), (AMZN), (MSFT), (IBM)

Crypto News: Bitcoin and altcoins continue to hold strong despite the Iran war signaling the relief rally will happen. Ethereum smart accounts are finally coming 'within a year' — Vitalik Buterin. Brought to you by

How did the Warner Bros. bidding war affect Netflix and Paramount stock? And why are private lenders selling off sharply? Plus, what do investors think of Block's steep layoffs? Host Jack Pitcher discusses the biggest stock moves of the week and the news that drove them. Sign up for the WSJ's free Markets A.M. newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Investors believe that the stock market is the best path to long-term wealth, and the historical data backs them up. But how much does history matter in an ever-changing investing landscape, and which past trends are likely to persist? Robert Brokamp speaks with Ryan Detrick, the Chief Market Strategist at Carson Group and a regular source of insightful and fun stats about stocks.Also in this episode:-Markets all over the world are in a bull market, and a record number of stocks in the S&P 500 are outperforming the index-Mortgage rates drop to four-year lows as home price growth slows-How many calendar years has the stock market declined more than 10%?-Tackle your financial tasks by having a “financial health week” as we recently did at The Motley FoolHost: Robert BrokampGuest: Ryan DetrickEngineer: Bart Shannon Disclosure: Advertisements are sponsored content and provided for informational purposes only. The Motley Fool and its affiliates (collectively, “TMF”) do not endorse, recommend, or verify the accuracy or completeness of the statements made within advertisements. TMF is not involved in the offer, sale, or solicitation of any securities advertised herein and makes no representations regarding the suitability, or risks associated with any investment opportunity presented. Investors should conduct their own due diligence and consult with legal, tax, and financial advisors before making any investment decisions. TMF assumes no responsibility for any losses or damages arising from this advertisement.We're committed to transparency: All personal opinions in advertisements from Fools are their own. The product advertised in this episode was loaned to TMF and was returned after a test period or the product advertised in this episode was purchased by TMF. Advertiser has paid for the sponsorship of this episode.Learn more about your ad choices. Visit ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠megaphone.fm/adchoices Learn more about your ad choices. Visit megaphone.fm/adchoices

Frankie Stocks sat in for me and dropped truth bombs with Mindy Robinson on the real invasion happening inside your body – parasites and heavy metals from tainted food, water, root canals, and Big Pharma poison are wrecking immune systems, causing cancer, arthritis, acne, and chronic disease while the Rockefeller medical cartel keeps you sick for profit.

How did the Warner Bros. bidding war affect Netflix and Paramount stock? And why are private lenders selling off sharply? Plus, what do investors think of Block's steep layoffs? Host Jack Pitcher discusses the biggest stock moves of the week and the news that drove them. Sign up for the WSJ's free Markets A.M. newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Febr 27, 2026 – Is the strong bull market starting to lose momentum? Financial Sense Newshour's Jim Puplava interviews market strategist Jim Welsh of Macro Tides for a technical deep dive into what's really going on under the market's surface...

Feb 27, 2026 – Can America win the AI race if it can't keep the lights on? In this electrifying conversation, Jim Puplava sits down with energy experts Robert Bryce and Doomberg to unpack the explosive collision between artificial intelligence...

Jacques Boschung, CEO of Halborn, sat down with me for an interview at the Halborn Access 2026 Summit at the NYSE. We discussed how Halborn is helping institutions to protect their crypto assets. Recorded January 23rd. Brought to you by ✅ VeChain is a versatile enterprise-grade L1 smart contract platform https://www.vechain.org/

Crypto News: Barclays is exploring the creation of a blockchain platform for processes like payments. Morgan Stanley doubles down on crypto, files for bank charter to custody digital assets and offer staking. PYUSDx, a stablecoin tokenization framework from PayPal and MoonPay. Brought to you by

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

This week on Autonomy Markets, Grayson Brulte and Walter Piecyk discuss Uber's new Autonomous Vehicle Solutions initiative, Waymo's growing markets, and the growth of Physical AI powered by NVIDIA.As Uber's stock languishes in the low seventies due to investor overhang about the future of autonomy, the company announced Uber Autonomous Solutions, a new initiative to support the growth of autonomous vehicles on the Uber platform.Grayson and Walt break down the initiative point by point, examining Uber's strategy of providing training data, enriched mapping, venue management, and autonomous vehicle insurance. While Grayson views much of the in-car experience pitch as buzzword Alley, Walt argues that AV mission control and fleet management are the true meat of Uber's strategy, aiming to provide the critical API for a fragmented market. This sparks a spirited debate on whether Uber is maintaining its asset-light identity or quietly creeping into asset-heavy operations by owning and operating robotaxi assets.The conversation then shifts to the geopolitical risks of Uber's international partnerships, as the company recently hosted analysts in Abu Dhabi to meet with Chinese autonomous partners WeRide and Baidu. Grayson warns of the tremendous blowback and political risk this carries back home, especially given the current US administration's active stance on social media regarding foreign technology.Walt and Grayson also discuss a recent broker report, shared by Uber CFO Balaji Krishnamurthy on X, that analyzed just 34 trips in Austin and claimed there is no cost advantage to autonomy. They call the sample size too small and the conclusions baffling given the obvious long-term benefits of removing human drivers.Contrasting Uber's narrative tour, Waymo is aggressively scaling and growing revenue. This week, Waymo announced they have crossed 1 million fully autonomous freeway miles, expanded into Chicago and Charlotte, and opened up Dallas, Houston, San Antonio, and Orlando to early riders.Notably, Uber was absent from these new market announcements, leading Grayson to point out the potentially waning relationship between the two companies. Furthermore, he put on his inspector hat to uncover signs of Waymo's grand ambitions in the EU, citing meetings with the European Commission and job postings for EU regulatory counsel.As Waymo scales, the capital markets are flowing for autonomy investments, highlighted by Wayve securing a $1.2 billion check at an $8.6 billion valuation. The round includes investments from SoftBank, NVIDIA, Stellantis, and Nissan, with Uber committing to own and operate the Wayve fleet in 10 upcoming markets, starting with London.Then there is the growth of physical AI, which NVIDIA announced contributed $6 billion in earnings last quarter, with CFO Colette Kress signaling that robotaxis and humanoids are poised to be major growth markets over the next decade.Episode Chapters00:00 Uber's Identity Crisis 1:33 Breaking Down Uber Autonomous Solutions20:43 Uber's Abu Dhabi Analyst Day & Chinese Tech Risks 35:37 Waymo Announces Chicago & Charlotte as New Markets 40:55 Uber and Waymo's Waning Relationship 42:03 Waymo Surpasses 1 Million Fully Autonomous Freeway Miles43:56 Waymo Eyes the EU Expansion 46:32 Wayve's $1.2B Funding Round50:39 NVIDIA, Physical AI, & Humanoids 53:04 Next WeekRecorded on Friday, February 27, 2026--------About The Road to AutonomyThe Road to Autonomy is the definitive media brand covering the Autonomy Economy™. Through our podcasts, newsletter, and proprietary market intelligence, we set the narrative for institutional investors, industry executives, and policymakers navigating the convergence of automation, autonomy, and economic growth.Sign up for This Week in The Autonomy Economy newsletter: https://www.roadtoautonomy.com/ae/See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In this episode of Creating Richer Lives, Karl Eggerss uses a Jaws-style analogy to explain today's market—calm on the surface, but full of powerful forces moving underneath. While the major indexes appear to be treading water, real shifts are happening below the surface as money rotates between sectors amid changing interest rates, AI disruption, and geopolitical uncertainty. Karl breaks down how to separate real trends from noise and why resisting emotional, headline-driven decisions is critical. The takeaway: in a market like this, diversification, discipline, and strategy keep you from getting pulled under.   Show Topics Calm Surface, Hidden Risks Market Rotation Beneath Headlines Separating Noise From Trends AI Disruption And Valuations Discipline Over Emotional Investing

Markets recently reacted to a provocative “left-tail” AI scenario making the rounds—a fictional 2028 research report suggesting that too much AI success could ultimately lead to significant white-collar job losses. We'll unpack why markets can be so sensitive to narrative shocks.Next, a circulating opinion piece raises concerns about whether Wall Street could legally seize customer securities in a future financial crisis. We'll separate rhetoric from regulation, clarify how custody actually works, explain the important differences between margin and cash accounts.Then, we answer a thoughtful listener question about leaving a legacy gift to a college fraternity. We'll explore charitable giving vehicles, distribution strategies, trustee considerations, and how the fraternity's tax status could significantly influence the best approach.Finally, with mortgage rates easing off their recent highs, we welcome Shanna Squires of Henssler Mortgage Advisors to discuss when refinancing truly makes sense. From AI-driven market volatility to custody risk, legacy planning, and refinancing strategy, we'll help you cut through the noise and focus on what really matters for long-term financial decision-making.Join hosts Nick Antonucci, CVA, CEPA, Director of Research, and Managing Associates K.C. Smith, CFP®, CEPA, and D.J. Barker, CWS®, and Kelly-Lynne Scalice, a seasoned communicator and host, on Henssler Money Talks as they explore key financial strategies to help investors navigate market uncertainty. Henssler Money Talks — February 28, 2026  |  Season 40, Episode 9Timestamps and Chapters8:51 Too Much AI? Markets React to a Fictional Scenario25:24: Brokerage Custody, Collateral, and Crisis39:28: Fraternity, Foundation, or Fund? Structuring the Right Legacy 50:26: Break-Even and Beyond: Refinancing Done RightFollow Henssler:  Facebook: https://www.facebook.com/HensslerFinancial/ YouTube:  https://www.youtube.com/c/HensslerFinancial LinkedIn: https://www.linkedin.com/company/henssler-financial/ Instagram: https://www.instagram.com/hensslerfinancial/ TikTok: https://www.tiktok.com/@hensslerfinancial?lang=en X: https://www.x.com/hensslergroup “Henssler Money Talks” is brought to you by Henssler Financial. Sign up for the Money Talks Newsletter: https://www.henssler.com/newsletters/ Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization's initial and ongoing certification requirements to use the certification marks.See important disclosures at Henssler.com

It's … Indicators of the Week (now on YouTube!), our weekly look at some of the most fascinating economic numbers from the news. On today's episode: How Minnesota workers were affected by Operation Metro Surge, why coffee's getting more expensive, and what happens when a sci-fi AI scenario meets the stock market. Related episodes:How ICE crackdowns are affecting the workforceWhy this rural town wants an ICE facility For sponsor-free episodes of The Indicator from Planet Money, subscribe to Planet Money+ via Apple Podcasts or at plus.npr.org. Fact-checking by Julia Ritchey and Vito Emanuel. Music by Drop Electric. Find us: TikTok, Instagram, Facebook, Newsletter.  To manage podcast ad preferences, review the links below:See pcm.adswizz.com for information about our collection and use of personal data for sponsorship and to manage your podcast sponsorship preferences.Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

Kyle discusses the investing evolution of John Maynard Keynes and the timeless lessons modern investors can draw from his successes and failures. IN THIS EPISODE YOU'LL LEARN: 00:00:00 - Intro 00:03:50 - Why John Maynard Keynes is such a fascinating case study in evolving as an investor 00:08:28 - A key resource that helped him think of assets from a bottom-up approach 00:10:59 - Why Keynes's experiences of going broke multiple times helped shape him into a long-term thinker 00:17:13 - How he thought about speculation and investing, and used that to beat the market 00:28:16 - How he improved his temperament, overcame overconfidence, and adopted a long-term mindset 00:36:21 - His thoughts on diversification and reducing risk 00:41:30 - Why he believed that markets were social systems, and the errors that exposed investors to 00:50:25 - What he thought about short-term volatility 01:01:16 - Why Keynes used adaptability as such a powerful tool 01:03:50 - Six impactful takeaways Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TIP Mastermind Community⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Learn how to join us in Omaha for the Berkshire meeting ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Read ⁠Keynes and the Market⁠. Read ⁠Concentrated Investing⁠. Follow Kyle on ⁠X⁠ and ⁠LinkedIn⁠. Related ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠books⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ mentioned in the podcast. Ad-free episodes on our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Premium Feed⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. NEW TO THE SHOW? Get smarter about valuing businesses in just a few minutes each week through our newsletter, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Newsletter⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Check out our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠We Study Billionaires Starter Packs⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Follow our official social media accounts: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠X⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Browse through all our episodes ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Try our tool for picking stock winners and managing our portfolios: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TIP Finance Tool⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Enjoy exclusive perks from our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠favorite Apps and Services⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Learn how to better start, manage, and grow your business with the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠best business podcasts⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. SPONSORS Support our free podcast by supporting our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠sponsors⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠: ⁠HardBlock⁠ ⁠Human Rights Foundation⁠ ⁠Simple Mining⁠ ⁠Unchained⁠ ⁠Masterworks⁠ ⁠Netsuite⁠ ⁠Vanta⁠ ⁠Shopify⁠ ⁠Fundrise⁠ References to any third-party products, services, or advertisers do not constitute endorsements, and The Investor's Podcast Network is not responsible for any claims made by them. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Stew breaks down Florida HB 945 — the bill creating a full Statewide Counterintelligence and Counterterrorism Unit inside FDLE. This is COINTELPRO + MKUltra + Unit 8200 + Noahide enforcement rolled into one, tested on Palestinians first, now being rolled out on Americans.

Our Deputy Head of Global Research Michael Zezas and Stephen Byrd, Global Head of Thematic and Sustainability Research, discuss how the U.S. is positioning AI as a pillar of geopolitical influence and what that means for nations and investors.Read more insights from Morgan Stanley.----- Transcript -----Michael Zezas: Welcome to Thoughts on the Market. I'm Michael Zezas, Morgan Stanley's Deputy Head of Global Research.Stephen Byrd: And I'm Stephen Byrd, Global Head of Thematic and Sustainability Research.Michael Zezas: Today – is AI becoming the new anchor of geopolitical power?It's Wednesday, February 27th at noon in New York.So, Stephen, at the recent India AI Impact Summit, the U.S. laid out a vision to promote global AI adoption built around what it calls “real AI sovereignty.” Or strategic autonomy through integration with the American AI stack. But several nations from the global south and possibly parts of Europe – they appear skeptical of dependence on proprietary systems, citing concerns about control, explainability, and data ownership. And it appears that stake isn't just technology policy. It's the future structure of global power, economic stratification, and whether sovereign nations can realistically build competitive alternatives outside the U.S. and China.So, Stephen, you were there and you've been describing a growing chasm in the AI world in terms of access to strategies between the U.S. and much of the global south, and possibly Europe. So, from what you heard at the summit, what are the core points of disagreement driving that divide?Stephen Byrd: There definitely are areas of agreement; and we've seen a couple of high-profile agreements reached between the U.S. government and the Indian government just in the last several days. So there certainly is a lot of overlap. I point to the Pax Silica agreement that's so important to secure supply chains, to secure access to AI technology. I think the focus, for example, for India is, as you said; it is, you know, explainability, open access. I was really struck by Prime Minister Modi's focus on ensuring that all Indians have access to AI tools that can help them in their everyday life.You know, a really tangible example that really stuck with me is – someone in a remote village in India who has a medical condition and there's no doctor or nurse nearby using AI to, you know, take a photo of the condition, receive diagnosis, receive support, figure out what the next steps should be. That's very powerful. So, I'd say, open access explainability is very important.Now, the American hyperscalers are very much trying to serve the Indian market and serve the objectives really of the Indian government. And so, there are versions of their models that are open weights, that are being made freely available for health agencies in India, as an example; to the Indian government, as an example.So, there is an attempt to really serve a number of objectives, but I think this key is around open access, explainability, that I do see that there's a tension.Michael Zezas: So, let's talk about that a little bit more. Because it seems one of the concerns raised is this idea of being captive within proprietary Large Language Models. And maybe that includes the risk of having to pay more over time or losing control of citizen data. But, at the same time, you've described that there are some real benefits to AI that these countries want to adopt.So, what is effectively the tension between being captive to a model or the trade off instead for pursuing open and free models? Is it that there's a major quality difference? And is that trade off acceptable?Stephen Byrd: See, that's what's so fascinating, Mike, is, you know, what we need to be thinking about is not just where the technology is today, but where is it in six months, 12 months, 24 months? And from my perspective, it's very clear. That the proprietary American models are going to be much, much more capable.So, let's put some numbers around that. The big five American firms have assembled about 10 times the compute to train their current LLMs compared to their prior LLMs, and that's a big deal. If the scaling laws hold, then a 10x increase in training compute to result in models are about twice as capable.Now just let that sink in for a minute, twice as capable from here. That's a big deal. And so, when we think about the benefit of deploying these models, whether it's in the life sciences or any number of other disciplines, those benefits could start to get very large. And the challenge for the open models will be – will they be able to keep up in terms of access to compute, to training, access to data to train those models? That's a big question.Now, again, there's room for both approaches and it's very possible for the Indian government to continue to experiment and really see which approach is going to serve their citizens the best. And I was really struck by just how focused the Indian government is on serving all of their citizens. Most notably, you know, the poorest of the poor in their nation. So, we'll just have to see.But the pure technologist would say that these proprietary models are going to be increasing capability much faster than the open-source models.So, Mike, let's pivot from the technology layer to the geopolitical layer because the U.S. strategy unveiled at the summit goes way beyond innovation.Michael Zezas: Yeah, it's a good point. And within this discussion of whether or not other countries will choose to pursue open models or more closely adhere to U.S. based models is really a question about how the United States exercises power globally and how it creates alliances going forward.Clearly some part of the strategy is that the U.S. assumes that if it has technology that's alluring to its partners, that they'll want to align with the U.S.' broad goals globally. And that they'll want to be partners in supporting those goals, which of course are tied to AI development.So, the Pax Silica [agreement], which you mentioned earlier, is an interesting point here because this is clearly part of the U.S. strategy to develop relationships with other countries – such that the other countries get access to U.S. models and access to U.S. AI in general. And what the U.S. gets in return is access to supply chain, critical resources, labor, all the things that you need to further the AI build out. Particularly as the U.S. is trying to disassociate more and more from China, and the resources that China might have been able to bring to bear in an AI build out.Stephen Byrd: So, Mike, the U.S. framed “real AI sovereignty” as strategic autonomy rather than full self-sufficiency. So, essentially the. U.S. is encouraging nations to integrate components of the American AI stack. Now, from your perspective, Mike, from a macro and policy standpoint, how significant is that distinction?Michael Zezas: Well, I think it's extremely important. And clearly the U.S. views its AI strategy as not just economic strategy, but national security strategy.There are maybe some analogs to how the U.S. has been able to, over the past 80 years or so, use its dominance in military and military equipment to create a security umbrella that other countries want to be under. And do something similar with AI, which is if there is dominant technology and others want access to it for the societal or economic benefits, then that is going to help when you're negotiating with those countries on other things that you value – whether it be trade policy, foreign policy, sanctions versus another country. That type of thing.So, in a lot of ways, it seems like the U.S. is talking about AI and developing AI as an anchor asset to its power, in a way that military power has been that anchor asset for much of the post World War II period.Stephen Byrd: See, that's what's so interesting, Mike, [be]cause you've highlighted before to me that you believe AI could replace weaponry as really the anchor asset for U.S. global power. Almost a tech equivalent of a defense umbrella.So how durable is that strategy, especially given that some countries are expressing unease about dependency?Michael Zezas: Yeah, it's really hard to know, and I think the tension you and I talked about earlier, Stephen, about whether countries will be willing to make the trade off for access to superior AI models versus open and free models that might be inferior, that'll tell us if this is a viable strategy or not. And it appears like this is still playing out because, correct me if I'm wrong, it's not like we've received some very clear signals from India or other countries about their willingness to make that trade off.Stephen Byrd: No, I think that's right. And just building on the concept of the trade-offs and, sort of, the standard for AI deployment, you know, the U.S. has explicitly rejected centralized global AI governance in favor of national control aligned with domestic values.So, what does that signal about how global technology standards may evolve, particularly as in the U.S., the National Institute of Standards and Technology, or NIST, works to develop interoperable standards for agentic AI systems.Michael Zezas: Yeah, Stephen, I think it's hard to know. It might be that the U.S. is okay with other countries having substantial degrees of freedom with how they use U.S.-based AI models because they could use U.S. law to, at a later date, change how those models are being used – if there's a use case that comes out of it that they find is against U.S. values. Similar in some way to how the U.S. dollar being the predominant currency and, therefore, being the predominant payment system globally, gives the U.S. degrees of freedom to impose sanctions and limit other types of economic transactions when it's in the U.S. interest.So, I don't know that to be specifically true, but it's an interesting question to consider and a potential motivation behind why a laissez-faire approach might be, ultimately, still aligned with U.S. interests.Stephen Byrd: So, Michael, it sounds like really AI is becoming the new strategic infrastructure globally.Michael Zezas: Yeah, I think that's actually a great way to think about it. And so, Stephen, if that were the case, and we're talking about the potential for this to shape geopolitical competition, potentially economic differentials across the globe. And if that is correlated, at least, to some degree with the further development and computing power of these models, what do you think investors should be looking at for signals from here?Stephen Byrd: Number one, by a mile for me, is really the pace of model progress. Not just American models, but Chinese models, open-source models. And there the big reveal for the United States should be somewhere between April and June – for the big five LLM players. That's a bit of speculation based on tracking their chip purchases, their power access, et cetera. But that appears to be the timeframe and a couple of execs have spoken to that approximate timeframe.I would caution investors that I think we're going to be surprised in terms of just how powerful those models are. And we're already seeing in early 2026, these models that were not trained on that kind of volume of compute have really exceeded expectations, you know, quite dramatically in some cases. And I'll give you one example.METR is a third-party that tracks the complexity, what these models can do. And METR has been highlining that every seven months, the complexity of what these models are able to do approximately doubles. It's very fast. But what really got my attention was about a week ago, one of the LLMs broke that trend in a big way to the upside.So, if the scaling laws would hold, based on what METR would've expected, they would expect a model to be able to act independently for about eight hours, a little over eight hours. And what we saw was, the best American model that was recently introduced was more like 15. That's a big deal. And so, I think we're seeing signs of non-linear improvement.We're also going to see additional statements from these AI execs around recursive self-improvement of the models. One ex-AI executive spoke to that. Another LLM exec spoke to that recently as well. So, we're starting to see an acceleration. That means we then need to really consider the trade-offs between the open models and the proprietary. That's going to become really critical and that should happen really through the spring and summer.Michael Zezas: Got it. Well, Stephen, thanks for taking the time to talk.Stephen Byrd: Great speaking with you, Mike.Michael Zezas: 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.

Programmable digital currency is the final piece of the global control grid that's finally snapping into place. Catherine Austin Fitts on how to defeat it. (00:00) The Control Grid (08:28) How Biometrics Will Be Used to Control You (10:36) Why Banks Don't Want You to Use Cash (19:10) What Role Does the Central Bank Play in War? (40:31) What Crisis Will Justify Digital Currency? Catherine Austin Fitts began her career at Dillon Read & Co. in New York and later served as Assistant Secretary of Housing under President George H. W. Bush. Drawing on her experience on Wall Street and in Washington, she warned communities and investors about mortgage fraud and ultimately prevailed in an eleven-year lawsuit with the Department of Justice. She is now the publisher of The Solari Report, a weekly briefing featuring Money & Markets and nationwide meet-ups focused on financial insight and independent living—subscribe here: www.solari.com Paid partnerships with: Black Rifle Coffee: Promo code "Tucker" for 30% off at https://www.blackriflecoffee.comAudien Hearing: Learn more about how Audien can help you or someone you love hear better. Call 1-800-453-2916 or visit https://HearTucker.com Battalion Metals: Shop fair-priced gold and silver. Gain clarity and confidence in your financial future at https://battalionmetals.com/tucker Learn more about your ad choices. Visit megaphone.fm/adchoices

Kraken's Mark Greenberg joins CoinDesk Live to announce a $20 billion milestone in tokenized equity volume and explain how xStocks is dismantling the traditional brokerage model through 24/7 fractional trading. Mark Greenberg, Kraken's VP of xStocks and Global Head of Consumer, joins CoinDesk Live at Consensus Hong Kong to announce a $20 billion milestone in tokenized equity volume. He explains how xStocks is dismantling the traditional brokerage model by allowing users to buy fractional shares of Tesla and the S&P 500 directly within everyday apps. Greenberg discusses the 24/7 trading advantage, the roadmap for adding Hong Kong stocks, and why tokenized equities are becoming the preferred asset class for retail investors across Asia. - This episode was hosted live by Jennifer Sanasie and Dave Lavalle at Consensus Hong Kong 2026, presented by Hex Trust.

Today's Post - https://bahnsen.co/4u0yp3O David argues there is growing, often uninformed media hysteria about private asset markets that affects everyone and conflates many separate issues into one negative narrative. David says the Dividend Cafe aims to deliver truth in a discernible, actionable way by parsing distinct “stories,” including AI's potential impact on software firms and related loans, liquidity dynamics and loan quality in private direct lending, limited partners versus investors in private asset management companies, the implications of offering private-market investments to retail investors, and capital-markets “indigestion” from many sponsors trying to sell companies amid limited buyers. Bahnsen criticizes financial media for blending these topics to drive clicks and ratings, creating hype while obscuring important distinctions and actionable understanding. 00:00 Media Hysteria Setup 01:41 Why Nuance Matters 02:15 Ten Stories Not One 04:28 Media Incentives And Clicks 05:46 The Catchall Narrative 07:24 Closing Take On The Hype Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

Feb 26, 2026 – Is the world drifting toward a new era of global conflict — one that doesn't look like the wars of the past? In this gripping interview, Martin Armstrong lays out why today's geopolitical tensions may be part of a much larger historical cycle...

William Quigley, Co-Founder of Tether and WAX, joined me to discuss the disappointing crypto bull market and when we may see a recovery.Topics:- Tether & the Stablecoin market - Banks fighting stablecoin yield - Stablecoins impact on FX Market - Crypto bull and bear market review- Future of Crypto Brought to you by

Crypto News: U.S. regulator's GENIUS pitch casts dark cloud over crypto sector's stablecoin model. NY Times post bearish crypto article. MetaMask and Mastercard partner to launch the US MetaMask Card. Flare and Xaman unlock one-click DeFi access for over 2 billion XRP sitting idle in wallets. Brought to you by Ayni Gold https://app.ayni.gold/signup?utm_source=youtube&utm_campaign=thimkimgcrypto

Trump's State of the Union was the con job of the century: lies about "ending wars" and "securing the border" while drowning in Israeli money and Tel Aviv orders. This wasn't leadership — it was a victory lap for the foreign occupiers who control both parties. Until we drag these traitors out by the neck, America remains occupied and enslaved. Stacy Langton joins Stew to blow the lid off the Zionist Occupied Government's latest assault on American patriots in Fairfax County, Virginia.

Our Global Commodities Strategist Martijn Rats discusses the geopolitical drivers behind the recent spike in oil prices and outlines four Iran scenarios.Read more insights from Morgan Stanley.----- Transcript -----Welcome to Thoughts on the Market. I'm Martijn Rats, Morgan Stanley's Global Commodities Strategist.Today – what's fueling the latest oil market rally.It's Thursday, February 26th, at 3pm in London.What happens when oil prices jump, even though there's no actual shortage of oil? That's the situation we're in right now. Tensions between the U.S. and Iran have escalated again. Naturally, markets are paying attention.Over the past week, Brent crude rose about $3 to around $72 per barrel. WTI climbed into the mid-$60s. Shipping costs surged. And traders have started paying a premium for protection against a sudden oil spike – the levels we haven't seen since the early days of the Ukrainian invasion.But here's the key point: there's no clear evidence that global oil supply has tightened. Exports are still flowing. Tankers are still moving. And some near-term indicators of physical tightness have actually softened. When oil is truly scarce, buyers scramble for immediate barrels and short-term prices spike relative to future delivery. Instead, those spreads have narrowed, and physical premiums have eased.This isn't a supply shock. It's a risk premium. In simple terms, investors are buying insurance. So what could happen next? We see four broad scenarios.Before I outline them though, here's something we do not see as a core case: a prolonged closure of the Strait of Hormuz. Roughly 15 million barrels per day of crude and another 5 million of refined product moves through that corridor. A sustained shutdown would be enormously disruptive. But we think the probability is very low.Now coming back to our four scenarios. The first is straightforward. A negotiated settlement; conflict is avoided. Iranian exports continue and shipping lanes remain open. In that scenario, what unwinds is the geopolitical risk premium – which we estimate at roughly $7 to $9 per barrel. If that fades, Brent could drift back to the low-to-mid $60s, similar to past episodes where prices spiked on fear and then retraced once supply proves unaffected.Second, we could see short-lived frictions – shipping delays, higher insurance costs, temporary logistical issues. That might remove a few hundred thousand barrels per day for, say, a few weeks.. Prices could briefly spike into the $75–80 range. But balancing forces would kick in relatively quickly. For example, China has been building inventories at a steady pace. At higher prices, that stockbuilding would likely slow, helping offset temporary disruptions. That points to some further upside in prices – but then normalization.The third scenario is more serious, but still contained: localized export losses of perhaps 1 to 1.5 million barrels per day for a month or two. Prices would stay elevated longer, but spare capacity and demand adjustments could eventually stabilize the market.Now our last scenario is the more serious and considers a potential shipping shock. The real risk here isn't wells shutting down – it's shipping disruption. Global trade of crude oil depends on efficient tanker movement. If transit times were extended even modestly, effective shipping capacity could fall sharply, creating what amounts to a temporary tightening of about 2 to 3 million barrels per day – or about 6 percent of global seaborne supply. That is a logistics shock, not a production outage – but it would push prices toward early-2022-type levels, at least briefly.Now let's zoom out. Beyond geopolitics, the fundamentals look weak. OPEC+ supply is rising, and our forecasts show a sizable surplus building in 2026. Even if some of that oil ends up in China's stockpiles, a lot would still likely flow into core OECD inventories. Historically, when the market looks like this, prices tend to fall, not rise.Which brings us back to the central point. Oil isn't rallying because the world has run out of barrels. It's rallying because markets are pricing geopolitical risk. And unless that risk turns into actual, sustained disruption, insurance premiums tend to expire.Thank you for listening. If you enjoy the show, please leave us a review wherever you listen and share Thoughts on the Market with a friend or colleague today.This podcast references jurisdiction(s) or person(s) which may be the subject of economic sanctions. Readers are solely responsible for ensuring that their investment activities are carried out in compliance with applicable laws.

Original Release Date: Feb 6, 2026Our Global Head of Fixed Income Research Andrew Sheets and Global Chief Economist Seth Carpenter unpack the inner workings of the Federal Reserve to illustrate the challenges that Fed chair nominee Kevin Warsh may face.Read more insights from Morgan Stanley.----- Transcript -----Andrew Sheets: Welcome to Thoughts on the Market. I'm Andrew Sheets, Global Head of Fixed Income Research at Morgan Stanley. Seth Carpenter: And I'm Seth Carpenter, Morgan Stanley's Global Chief Economist and Head of Macro Research. Andrew Sheets: And today on the podcast, a further discussion of a new Fed chair and the challenges they may face. It's Friday, February 6th at 1 pm in New York. Seth, it's great to be here talking with you, and I really want to continue a conversation that listeners have been hearing on this podcast over this week about a new nominee to chair the Federal Reserve: Kevin Warsh. And you are the perfect person to talk about this, not just because you lead our economic research and our macro research, but you've also worked at the Fed. You've seen the inner workings of this organization and what a new Fed chair is going to have to deal with. So, maybe just for some broad framing, when you saw this announcement come out, what were some of the first things to go through your mind? Seth Carpenter: I will say first and foremost, Kevin Warsh's name was one of the names that had regularly come up when the White House was providing names of people they were considering in lots of news cycles. So, I think the first thing that's critically important from my perspective, is – not a shock, right? Sort of a known quantity. Second, when we think about these really important positions, there's a whole range of possible outcomes. And I would've said that of the four names that were in the final set of four that we kept hearing about in the news a lot. You know, some differences here and there across them, but none of them was substantially outside of what I would think of as mainstream sort of thinking. Nothing excessively unorthodox at all like that. So, in that regard as well, I think it should keep anybody from jumping to any big conclusions that there's a huge change that's imminent. I think the other thing that's really important is the monetary policy of the Federal Reserve really is made by a committee. The Federal Open Market Committee and committee matters in these cases. The Fed has been under lots of scrutiny, under lots of pressure, depending on how you want to put it. And so, as a result, there's a lot of discussion within the institution about their independence, making sure they stick very scrupulously to their congressionally given mandate of stable prices, full employment. And so, what does that mean in practice? That means in practice, to get a substantially different outcome from what the committee would've done otherwise… So, the market is pricing; what's the market pricing for the funds rate at the end of this year? About 3.2 percent. Andrew Sheets: Something like that. Yeah. Seth Carpenter: Yeah. So that's a reasonable forecast. It's not too far away from our house view. For us to end up with a policy rate that's substantially away from that – call it 1 percentage, 2 percentage points away from that. I just don't see that as likely to happen. Because the committee can be led, can be swayed by the chair, but not to the tune of 1 or 2 percentage points. And so, I think for all those reasons, there wasn't that much surprise and there wasn't, for me, a big reason to fully reevaluate where we think the Fed's going. Andrew Sheets: So let me actually dig into that a little bit more because I know our listeners tune in every day to hear a lot about government meetings. But this is a case where that really matters because I think there can sometimes be a misperception around the power of this position. And it's both one of the most public important positions in the world of finance. And yet, as you mentioned, it is overseeing a committee where the majority matters. And so, can you take us just a little bit inside those discussions? I mean, how does the Fed Chair interact with their colleagues? How do they try to convince them and persuade them to take a particular course of action? Seth Carpenter: Great question. And you're right, I sort of spent a bunch of time there at the Fed. I started when Greenspan was chair. I worked under the Bernanke Fed. And of course, for the end of that, Janet Yellen was the vice chair. So, I've worked with her. Jay Powell was on the committee the whole time. So, the cast of characters quite familiar and the process is important. So, I would say a few things. The chair convenes the meetings; the chair creates the agenda for the meeting. The chair directs the staff on what the policy documents are that the committee is going to get. So, there's a huge amount of influence, let's say, there. But in order to actually get a specific outcome, there really is a vote. And we only have to look back a couple weeks to the last FOMC meeting when there were two dissents against the policy decision. So, dissents are not super common. They don't happen at every single meeting, but they're not unheard of by any stretch of the imagination either. And if we go back over the past few years, lots going on with inflation and how the economy was going was uncertain. Chair Powell took some dissents. If we go back to the financial crisis Chair Bernanke took a bunch of dissents. If we go back even further through time, Paul Volcker, when he was there trying to staunch the flow of the high inflation of the 1970s, faced a lot of resistance within his committee. And reportedly threatened to quit if he couldn't get his way. And had to be very aggressive in trying to bring the committee along. So, the chair has to find a way to bring the committee along with the plan that the chair wants to execute. Lots of tools at their disposal, but not endless power or influence. Does that make sense? Andrew Sheets: That makes complete sense. So, maybe my final question, Seth, is this is a tough job. This is a tough job in… Seth Carpenter: You mean your job and my job, or… Andrew Sheets: [Laughs] Not at all. The chair of the Fed. And it seems especially tricky now. You know, inflation is above the Fed's target. Interest rates are still elevated. You know, certainly mortgage rates are still higher than a lot of Americans are used to over the last several years. And asset prices are high. You know, the valuation of the equity market is high. The level of credit spreads is tight. So, you could say, well, financial conditions are already quite easy, which can create some complications. I am sure Kevin Warsh is receiving lots of advice from lots of different angles. But, you know, if you think about what you've seen from the Fed over the years, what would be your advice to a new Fed chair – and to navigate some of these challenges? Seth Carpenter: I think first and foremost, you are absolutely right. This is a tough job in the best of times, and we are in some of the most difficult and difficult to understand macroeconomic times right now. So, you noted interest rates being high, mortgage rates being high. There's very much an eye of the beholder phenomenon going on here. Now you're younger than I am. The first mortgage I had. It was eight and a half percent. Andrew Sheets: Hmm. Seth Carpenter: I bought a house in 2000 or something like that. So, by those standards, mortgage rates are actually quite low. So, it really comes down to a little bit of what you're used to. And I think that fact translates into lots of other places. So, inflation is now much higher than the committee's target. Call it 3 percent inflation instead core inflation on PCE, rather than 2 percent inflation target. Now, on the one hand that's clearly missing their target and the Fed has been missing their target for years. And we know that tariffs are pushing up inflation, at least for consumer goods. And Chair Powell and this committee have said they get that. They think that inflation will be temporary, and so they're going to look through that inflation. So again, there's a lot of judgment going on here. The labor market is quite weak. Andrew Sheets: Hmm. Seth Carpenter: We don't have the latest months worth of job market data because of the government shutdown; that'll be delayed by a few days. But we know that at the end of last year, non-farm payrolls were running well below 50,000. Under most circumstances, you would say that is a clear indication of a super weak economy. But! But if we look at aggregate spending data, GDP, private-domestic final purchases, consumer spending, CapEx spending. It's actually pretty solid right now. And so again, that sense of judgment; what's the signal you're going to look for? That's very, very difficult right now, and that's part of what the chair is going to have to do to try to bring the committee together, in order to come to a decision. So, one intellectually coherent argument is – the main way you could get strong aggregate demand, strong spending numbers, strong GDP numbers, but with pretty tepid labor force growth is if productivity is running higher and if productivity is going higher because of AI, for example, over time you could easily expect that to be disinflationary. And if it's disinflationary, then you can cut it. Interest rates now. Not worry as much as you would normally about high inflation. And so, the result could be a lower path for policy rates. So that's one version of the argument that I suspect you're going to hear. On the other hand, inflation is high and it's been high for years. So what does that mean? Well. History suggests that if inflation stays too high for too long, inflation psychology starts to change the way businesses start to set. Andrew Sheets: Mm-hmm. Seth Carpenter: Their own prices can get a little bit loosey-goosey. They might not have to worry as much about consumers being as picky because everybody's got used to these price changes. Consumers might be become less picky because, well, they're kind of sick of shopping around. They might be more willing to accept those higher prices, and that's how things snowball. So, I do think that the new chair is going to face a particularly difficult situation in leading a committee in particularly challenging times. But I've gone on for a long, long time there. And one of the things that I love about getting to talk to you, Andrew, is the fact that you also talked to lots of investors all around the world. You're based in London. And so when the topic of the new Fed chair comes up, what are the questions that you're getting from clients? Andrew Sheets: So, I think that there are a few questions that stand out. I mean, I think a dominant question among investors was around the stability of the U.S. dollar. And so, you could say a good development on the back of Kevin Warsh's nomination is that the market response to that has been the price action you would associate with more stability. You've seen the dollar rise; you've seen precious metals prices fall. You've seen equity markets and credit spreads be very stable. So, I think so far everything in the market reaction is to your; to the point that you raised, you know, consistent with this still being orthodox policy. Every Fed chair is different, but still more similar than different now. I think where it gets more divergent in client opinions is just – what are we going to see from the Fed? Are we going to see a real big change in policy? And I think that this is where there are very different views of Kevin Warsh from investors. Some who say, ‘Well, he's in the past talked about fighting inflation more aggressively, which would imply tighter policy.' And he's also talked more recently about the productivity gains from AI and how that might support lower interest rates. So, I think that there's going to be a lot of interest when he starts to speak publicly, when we see testimony in front of the Senate. I think the other, the final piece, which I think again, people do not have as fully formed an opinion on yet is – how does he lead the Fed if the data is unexpected? And you know, you mentioned inflation and, you know, Morgan Stanley has this forecast that: Well, owner's equivalent rent, a really key part of inflation, might be a little bit higher than expected, which might be a distortion coming off of the government shutdown and impacts on data. But there's some real uncertainty about the inflation path over the near term. And so, in short, I think investors are going to give the benefit of the doubt. For now, I think they're going to lean more into this idea that it will be generally consistent with the Fed easing policy over time, for now. Generally consistent with a steeper curve for now. But I think there's a lot we're going to find out over the next couple of weeks and months. Seth Carpenter: Yeah. No, I agree with you. Andrew, I have to say, I'm glad you're here in New York. It's always great to sit down and talk to you. Let's do it again before too long. Andrew Sheets: Absolutely, Seth. Thanks for taking the time to talk. And to our audience, thank you as always for your time. If you find Thoughts the Market useful, let us know by leaving a review wherever you listen. And also tell a friend or colleague about us today.

DATs may be collapsing, AI agents may be overhyped, but Omid Malekan thinks the strongest case for crypto has nothing to do with either. Thank you to our sponsors: ⁠⁠Fuse: The Energy Network⁠ Bitcoin is below $63,000, digital asset treasuries are under pressure, and the debate over whether crypto markets are bottoming or breaking down is splitting the hosts.  Ram is skeptical of institutional demand when he looks at the 13F data from institutions filing SEC reports. Chris is on the phone with institutions all day and is bullish.  Omid Malekan, adjunct professor at Columbia Business School, comes in with a longer lens: he admits he contributed to the DAT hype cycle, has doubts about agentic commerce that remind him of the metaverse in 2021, and thinks the strongest argument for crypto is not a product or a token but a fact about how nation-states treat their own citizens.  The conversation also covers tokenized bank deposits, the SEC's updated broker-dealer guidance on stablecoins, and what it means that the Supreme Court just struck down Trump's tariffs. Hosts: ⁠⁠Ram Ahluwalia⁠⁠, CFA, CEO and Founder of Lumida ⁠⁠Austin Campbell⁠⁠, NYU Stern professor and founder and managing partner of Zero Knowledge Consulting ⁠⁠Christopher Perkins⁠⁠, Managing Partner and President of CoinFund Guest: ⁠Omid Malekan, Adjunct Professor at Columbia Business School Links: Unchained: Bitcoin Slips Below $63,000 as Fear Deepens Bitcoin Dips Below $65,000 as Tariff Uncertainty Weighs on Risk White House Talks Make Progress on Stablecoin Yields but No Deal Yet SEC Quietly Eases Capital Rules for Stablecoins SCOTUS: Supreme Court strikes down tariffs Citrini: ⁠THE 2028 GLOBAL INTELLIGENCE CRISIS Learn more about your ad choices. Visit megaphone.fm/adchoices