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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.

Feb 25, 2026 – Last week's Supreme Court ruling upended President Trump's sweeping tariff strategy, cutting the effective U.S. tariff rate nearly in half and sending shockwaves through global trade. Adriano Bosoni breaks down who wins and who loses...

Crypto News: Bitcoin and altcoins see upside in price as Terraform sues Jane Street and market manipulation gets exposed. Ethereum unveils new 'Strawmap' roadmap adding private ETH transactions, quantum-proof security, and massive L2 scaling. Tether invests $200 million in digital marketplace Whop to expand stablecoin payments.Brought to you by ✅ VeChain is a versatile enterprise-grade L1 smart contract platform https://www.vechain.org/ 

Preview for later today: Michael Bernstam reports that Europe has found new energy sources, ending its dependency on Russian gas, leaving Russia facing lost markets and resorting to flaring gas as its economic future grows increasingly dim.1890 Ukraine

U.S. stocks are falling behind international markets in what could signal an epic shift toward global investing. A 40-year Wall Street veteran is telling clients to "sell everything American" as the decades-long dominance of U.S. equities shows cracks.Today's Stocks & Topics: iShares MSCI Brazil ETF (EWZ), Market Wrap, Power Solutions International, Inc. (PSIX), Union Business Cycle, The Great American Stock Exodus: When U.S. Markets Lose Their Crown, Bonds, Blue Owl Capital Inc. (OWL), iShares MSCI Japan ETF (EWJ), WisdomTree Japan Opportunities Fund (OPPJ), Tariffs and Trades, CrowdStrike Holdings, Inc. (CRWD), Cloudflare, Inc. (NET), SM Energy Company (SM), Block, Inc. (XYZ).Our Sponsors:* Check out Anthropic: https://claude.ai/invest* Check out Pebl: https://hipebl.ai* Check out Quince: https://quince.com/INVESTAdvertising Inquiries: https://redcircle.com/brands

In this episode of Money Moves, we break down the growing disconnect in today's economy. Markets look stable. Stocks are climbing. But underneath the surface, uncertainty is hitting record highs, housing demand is weakening, and AI is reshaping the workforce faster than most people realize.Topics CoveredNvidia earnings and what they signal for market momentumGeopolitical tension, tariffs, and sector rotationRecord-low consumer optimismWhy Americans 55+ now drive nearly half of consumer spendingAI productivity vs. AI replacing incomeThe widening wealth gap and asset ownership shiftRecession probabilities vs. real dataGold volatility and reserve currency debatesHousing supply imbalance and rising delinquenciesWhere real opportunity may be formingIs this late-cycle euphoria… or early-cycle positioning?As always, we focus on data over headlines, contrarian thinking, and positioning yourself to win in a changing economy.If you're serious about building wealth in uncertain times, this is an episode you don't want to miss.Episode Sponsored By:Discover Financial Millionaire Mindcast Shop: Buy the Rich Life Planner and Get the Wealth-Building Bundle for FREE! Visit: https://shop.millionairemindcast.com/CRE MASTERMIND: Visit myfirst50k.com and submit your application to join!FREE CRE Crash Course: Text “FREE” to 844-447-1555FREE Financial X-Ray: Text  "XRAY" to 844-447-1555

Le Shi of Auros discusses how global macro factors and US political headlines are driving the current crypto market regime. Auros Hong Kong Managing Director, Le Shi, joins CoinDesk Live to discuss the tightening convergence between crypto and global macro factors. He breaks down how political headlines from Trump's tariff threats to Fed chair nominations are now driving bitcoin. Shi suggests that as the US midterms approach, political incentives to cut rates and boost the economy could provide the necessary catalyst to pull the crypto market out of its current choppy regime. - This episode was hosted live by Jennifer Sanasie at Consensus Hong Kong 2026, presented by Hex Trust.

David Bahnsen fills in for Brian Szytel with a Daily Recap recorded shortly before the close as markets trade higher (Dow up ~300, S&P up nearly 1%, Nasdaq up over 1%) and notes upcoming Nvidia earnings. He focuses on economic takeaways from the State of the Union rather than politics, highlighting the lack of new affordability proposals as potentially market-friendly. He says Medicaid drug price controls were reiterated but have little market impact due to low passage odds, and that pharma has largely navigated tariff threats already. He reviews proposals for government-matched quasi-401(k) plans for lower-income Americans, requiring hyperscalers to fund their own power needs, and an unrealistic idea of tariffs replacing income taxes. He supports banning congressional stock trading and notes omissions on credit-card rate caps and 2026 tax-cut reconciliation, while flagging a call to ban institutional ownership of residential real estate. 00:00 Market Snapshot Setup 00:36 State of the Union Focus 01:12 Affordability and Policy Restraint 02:15 Prescription Drugs and Pharma 03:25 New Savings Plan Proposal 03:42 AI Data Centers and Power 04:17 Tariffs and Tax Reality Check 04:45 Congress Stock Trading Ban 05:04 What Wasn't Said and Housing 05:48 Wrap Up and Sign Off Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

David is joined by special guest Renè Aninao, of CORBU, for an invigorating discussion about the state of geopolitics, the Fed, markets, and more. They cover multiple countries, multiple world leaders, and most of all, multiple first principles. It is always worth the listen when Renè Aninao steps into the Capital Record! Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Plus: Warner says Paramount's newest bid could best Netflix deal. And Anthropic dials back AI safety commitments amid fierce competition. Daniel Bach hosts. Sign up for WSJ's free What's News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

What do silver crashes, sovereign power, Vatican banking scandals, and free cash flow have in common? In this conversation, Fr. Emmanuel Lemelson joins us to explore the moral psychology of markets and the spiritual dangers of fear-driven investing. From the 2026 silver collapse and what he calls the "Imperial Margin Call," to the collapse of the safe-haven narrative, to the deeper arithmetic behind margin-of-safety investing, this episode moves beyond headlines into first principles. This is not merely a conversation about investing; it's about anthropology, empire, illusion, and sobriety. It's about whether modern markets form disciplined stewards or anxious speculators. For more from Fr Emmanuel Lemelson, go here: https://lemelson.substack.com  Sponsor: Podsworth App: https://podsworth.com  Code: BUCK50 for HALF off your first order! Clean up your recordings, sound like a pro, and support the Counterflow Podcast! Full Ad Read BEFORE processing: https://youtu.be/F4ljjtR5QfA  Full Ad Read AFTER processing: https://youtu.be/J6trRTgmpwE Donate to the show here: https://www.patreon.com/counterflow  Visit my website: https://www.counterflowpodcast.com  Audio Production by Podsworth Media: https://www.podsworth.com  Leave us a review and rating on Apple Podcasts! Thanks!

Feb 24, 2026 – What if the massive disruption we've seen in the stock market from AI is just the beginning of a much deeper transformation? In this compelling conversation, Cris Sheridan sits down with strategist Robert Van Battenburg...

Mark Zuckerberg's Meta is planning stablecoin comeback in the second half of this year. White House reiterates Trump has no plans to pardon Sam Bankman-Fried. DSRV and SBI Ripple Asia will test cross border payments on XRP Ledger.Brought to you by

Markets always cycle.The only question is whether you freeze in uncertainty… or plant anyway.Chris joins Neil to break down what is really happening in capital markets right now, why liquidity feels stagnant, how venture and private equity are adjusting, and where opportunity is quietly forming. From housing affordability to 50-year mortgages, from leverage to Section 179 tax strategy, this episode is a wide-ranging conversation about ownership, yield, patience, and positioning yourself before the next cycle turns.In This Episode, We Cover✅ Liquidity Is Slower, Not DeadVenture, PE, and M&A activity are not moving at 2021 pace. IPOs are slower. Companies are staying private longer. That creates a liquidity crunch. But capital is still moving. You just need to understand the tempo.✅ Growth vs Yield CyclesMarkets shift between valuing revenue growth and valuing profit and yield. Right now, yield matters. That changes how founders should position their companies and what investors prioritize.✅ Housing, Ownership, and the Middle ClassInstitutional buyers, affordability challenges, and new housing models are reshaping the market. Ownership is becoming harder. This creates risk and opportunity.✅ Leverage vs Debt-Free Thinking Paying off your house feels safe. But is idle equity really wealth? The discussion explores how leverage, refinancing, and redeploying capital can create additional assets and cash flow.

US equity futures are modestly higher. Asian markets were broadly stronger, while European equities are trading firmer. Markets are stabilizing after pushback against earlier AI disruption fears, with sentiment helped by the Anthropic enterprise event emphasizing partnerships rather than displacement. A major AMD compute deal with Meta and expectations for Nvidia earnings are supporting the chip and AI infrastructure theme. President Trump's State of the Union highlighted economic achievements and outlined retirement and healthcare proposals, while striking a measured tone on tariffs and Iran. Consumer confidence improved in the latest reading, though regional manufacturing data remained soft, and Fed officials signaled inflation progress has slowed, keeping rate expectations cautious.Companies Mentioned: Microsoft, Unity Software

Markets parse the State of the Union for policy clues as tariffs, tax uncertainty, and affordability dominate the economic message. Plus, AI's surging electricity needs spotlight utilities, infrastructure, and data center buildouts as the next investment battleground. And later, strategists debate whether strong growth, rate cuts, and fiscal concerns could reshape equities, bonds, gold, and portfolio positioning in the months ahead. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Markets are carving a rolling top while holding firm support near the 100-DMA. The last week-plus has been choppy, with price repeatedly capped below the 20- and 50-DMAs. Tuesday's dip to the 100-DMA brought in buyers, pushing the market back toward the 50-DMA, and futures are higher this morning. If the market can close up around 0.25%, it could reclaim near-term resistance and set up a move back toward prior highs. But this remains a fickle, range-bound tape—so keep risk management tight. A clean break below the 100-DMA raises the odds of a quick 3%–5% downside move. Hosted by RIA Chief Investment Strategist, Lance Roberts, CIO Produced by Brent Clanton, Executive Producer --- Watch the Video version of this report on our YouTube channel: https://youtu.be/tiE6S1qaBn0 --- Get more info & commentary: https://realinvestmentadvice.com/insights/real-investment-daily/ --- Rate us on Google: https://bit.ly/4b9JtEo --- Visit our Site: https://www.realinvestmentadvice.com Contact Us: 1-855-RIA-PLAN --- Subscribe to SimpleVisor: https://www.simplevisor.com/register-new --- Connect with us on social: https://twitter.com/RealInvAdvice https://twitter.com/LanceRoberts https://www.facebook.com/RealInvestmentAdvice/ https://www.linkedin.com/in/realinvestmentadvice/ #StockMarket #SP500 #MarketOutlook #TechnicalAnalysis #RiskManagement

In this episode of Masters of Risk, host Stewart Webster sits down with Ali Hassan, investor, entrepreneur, and founder of Perceptive Capital, to dissect the accelerating institutional movement into digital assets. Ali reflects on the early misconceptions surrounding Bitcoin and crypto and shares how risk frameworks have evolved as the market matures, infrastructure hardens, and regulatory uncertainty fades. Their discussion spans the full risk universe: exchange fragility, leverage, custody, smart‑contract vulnerabilities, the role of Decentralized Finance (DeFi) in global financial inclusion, and the growing belief that Bitcoin represents one of the most asymmetric return opportunities of our time. Stewart and Ali also look ahead to 2045, exploring which digital assets will survive, which will vanish, and what a world built on programmable money might mean for investors. A compelling roadmap for anyone seeking clarity in a rapidly shifting financial ecosystem.  Credits: Host: Stewart Webster Guest: Ali Hassan   Editor: Feranmi Adeoshun Published With Assistance From: Sophie Carr and Caitlin Bray  

In this episode of The Free Lunch Podcast, Colin and Blair walk through a case study of “Linda,” a 55-year-old investor with a $780,000 balanced portfolio.When markets fell 18%, she panicked and sold half her equities, only to miss the 22% rebound that followed.It's a powerful reminder that the hardest part of investing isn't picking the right fund. It's sticking to the financial plan when headlines, social media, and fear tell you to do the opposite.Markets recover but emotional decisions can be permanent.

Anthropic's Hidden Claude 1, Market-Shaking AI Tools, and MIT's One-Step 3D-Printed Electric Motor Host Jim Love covers three major stories: Anthropic CEO Dario Amodei's comments on AI governance and safety, including that "Claude 1" was built before ChatGPT but not released because it didn't meet Anthropic's alignment and safety bar; how Anthropic's recent launches—Claude for knowledge-work "cowork" workflows, deeper office/document integrations, Claude Code Security for vulnerability scanning, and tooling to automate parts of COBOL modernization—coincided with sharp market reactions including declines in CrowdStrike and Zscaler (around 10–11%) and a major IBM drop (more than 13%) amid fears AI could disrupt SaaS, cybersecurity, and legacy modernization revenue; and MIT researchers' report of a 3D printing process that produces a fully functional linear electric motor in a single step (aside from magnetization), with reported material cost around 50 cents in a lab setting, raising the prospect of on-demand manufacturing and compressed supply chains. The episode also includes sponsorship messages about Meter's integrated wired, wireless, and cellular networking stack. Hashtag Trending would like to thank Meter for their support in bringing you this podcast. Meter delivers a complete networking stack, wired, wireless and cellular in one integrated solution that's built for performance and scale. You can find them at Meter.com/htt 00:00 Headlines and Sponsor 00:45 Amodei vs Altman 01:29 Claude 1 Not Shipped 03:19 Anthropic Shakes Markets 04:57 AI Hits Cybersecurity 05:28 COBOL Modernization Shock 08:10 MIT Prints Electric Motor 09:39 Manufacturing Disruption 10:26 Wrap Up and Thanks

Krystal and Saagar discuss Ro Khanna sounds off on DNC, market crash, top AI safety exec loses control of bot, Saagar warns on UFO files. ControlAI: https://controlai.com/about To become a Breaking Points Premium Member and watch/listen to the show AD FREE, uncut and 1 hour early visit: www.breakingpoints.comMerch Store: https://shop.breakingpoints.com/See omnystudio.com/listener for privacy information.

My guest today is Dan Sundheim. Dan is the founder and CIO of D1 Capital Partners. He thinks about markets and businesses constantly, and has built a career entirely around that obsession. He manages over $30B across both public and private markets, with investments in SpaceX, OpenAI and Anthropic, and a public portfolio of names you may never have heard of. Dan shares the story of the short case he wrote on Orthodontic Centers of America and posted on Value Investors Club, which crashed the stock, and helped him land his first job. He shares why he backed Anthropic at a moment when many people told him it was the Lyft to OpenAI's Uber, what reading Dario Amodei's essays reminded him of Jeff Bezos, and how he thinks about LLM business models through the lens of Netflix and Spotify. We spend time on the extraordinarily stressful moment in early 2021 when GameStop hit the firm, and what Dan believes is the single biggest tail risk facing the global economy right now. For the full show notes, transcript, and links to mentioned content, check out the episode page ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠.  ----- Become a Colossus member to get our quarterly print magazine and private audio experience, including exclusive profiles and early access to select episodes. Subscribe at ⁠colossus.com/subscribe⁠. ----- ⁠Ramp's⁠ mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠ramp.com/invest⁠⁠ to sign up for free and get a $250 welcome bonus. ----- Trusted by thousands of businesses, ⁠Vanta⁠ continuously monitors your security posture and streamlines audits so you can win enterprise deals and build customer trust without the traditional overhead. Visit ⁠vanta.com/invest⁠.  ----- ⁠WorkOS⁠ is a developer platform that enables SaaS companies to quickly add enterprise features to their applications. Visit⁠⁠ ⁠WorkOS.com⁠⁠⁠ to transform your application into an enterprise-ready solution in minutes, not months. ----- ⁠Rogo⁠ is the AI platform for finance. They're building agents for Wall Street that are trained to understand how bankers and investors actually do work: from diligence and modeling, to turning analysis into deliverables. To learn more, visit rogo.ai/invest. ----- ⁠Ridgeline⁠ has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Visit⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ridgelineapps.com⁠. ----- Editing and post-production work for this episode was provided by The Podcast Consultant (⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://thepodcastconsultant.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠). Timestamps: (00:00:00) Welcome to Invest Like the Best (00:02:43) Intro: Dan Sundheim (00:03:58) The State of Public & Private Investing (00:07:32) Investing in OpenAI and Anthropic (00:10:22) LLMs Business Model (00:14:13) How LLMs are like Netflix and Spotify (00:17:08) Focus v. Scope (00:22:43) The Bear Case for Hyperscalers (00:26:36) The Software Sell-Off (00:31:08) If Scaling Laws Stopped (00:32:18) Advice to a 12-Year-Old Investor (00:33:54) GameStop: D1's Darkest Hour (00:37:14) The Pivotal Dinner with LPs (00:40:56) Staying Calm and Confident (00:42:08) Economic Optimism vs. Societal Uncertainty (00:44:26) Investing on SpaceX and Rivian (00:48:09) Why Dan Loves Shorting (00:48:51) Sources of Inefficiency in Today's Markets (00:51:45) The Importance of Loyalty (00:53:11) Dan's Group Chat for Founders (00:55:39) What Motivates Dan (00:57:28) Posting on Value Investors Club (01:01:46) What Dan Learned at Viking (01:04:22) The Beauty of Art (01:06:49) Under-appreciated Parts of the Global Economy (01:08:00) The US-China-Taiwan Collision Course (01:12:10) Good Leaders vs. Good Businesses (01:13:15) The Kindest Thing

JAKEGTV is joining us live from the supposed war zone in Puerto Vallarta, where the Zionist media is shoving down endless footage of black smoke, burning buses, torched stores, flaming highways, and panicked tourists after the U.S.-backed hit on CJNG leader El Mencho. Stew Peters breaks down Tucker Carlson's absolute demolition of Mike Huckabee in their explosive Israel interview. Huckabee, the fake Christian Zionist US Ambassador to Israel, got caught red-handed pushing the Jewish supremacist fantasy that Israel has a “biblical right” to steal the entire Middle East from the Nile to the Euphrates.

Our CIO and Chief U.S. Equity Strategist Mike Wilson explains why he still believes in a growth cycle for equity markets, even as investors show growing concerns around AI.Mike Wilson: 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 recent concerns around AI disruption. It's Tuesday, February 24th at 1pm in New York. So, let's get after it. Last week you could feel it, that anxious undercurrent in the market. The headlines were noisy, volatility ticked higher, and AI disruption, once again, dominated investor conversations. But beneath the surface level unease something important happened. The S&P 500 Equal Weight Index pushed to a new relative high, keeping our broadening thesis alive and well. On one hand, investors are worried about AI driven disruption, CapEx intensity, and potential labor force reductions. On the other hand, capital is still flowing into formerly lagging areas of the market, just as the median stock is seeing its strongest earnings growth in four years. Let's unpack this. First, there's concern AI will lead to job losses. But even if that's the case, there's typically a phase-in period. Companies don't just eliminate labor overnight. Importantly, before these productivity gains are fully realized, we need broad enterprise adoption. That means building out the agentic application layer, integrating AI into workflows, retraining systems and processes. That takes time, and it is still early days in that regard. Second, what we're seeing now is typical of a major investment cycle. Volatility increases as markets challenge the pace of unbridled spending. Dispersion increases as investors debate winners and losers. Leadership rotates, sometimes sharply. There's also something different this time compared to the internet bubble of the late 1990s. Today we're in an early cycle earnings backdrop. We've just emerged from what was effectively a rolling recession between 2022 and 2025. So, as capital rotates out of the perceived structural losers, it's not just chasing long-term AI beneficiaries, it's also finding classic cyclical winners. On the losing side is long duration services-oriented sectors, particularly software. These areas are more sensitive to uncertainty around longer term cash flows. This area also has a large overhang of private capital deployed over the last 10 to 15 years. There are other forces at play too. Small cap growth, arguably the longest duration segment of the market, began breaking down in late January around the time Kevin Warsh was nominated as Fed chair. While major indices barely reacted, more speculative areas may be responding to expectations of tighter liquidity given Warsh's, reputation as a balance sheet hawk. Finally, equity markets are typically more volatile when new Fed chairs assume office. Bottom line, our broader thesis of an early cycle rolling recovery remains intact. Market internals are supportive even if index level action feels choppy. That said, near term volatility is likely to persist as we enter a weaker seasonal window for retail demand, while liquidity remains ample, but far from abundant. With this backdrop, a quality cyclical barbell with healthcare makes sense. In small caps, the higher quality S&P 600 looks more attractive than the Russell 2000. And any short-term volatility could present opportunities to add exposure in preferred cyclical areas like Consumer Discretionary Goods, Industrials, and Financials. Of course, risks remain. AI adoption could accelerate faster than expected, pressuring labor markets more abruptly. Pricing power could erode as efficiency spread, and policy makers could react in ways that slow the CapEx cycle while crowded momentum positioning remains vulnerable. Nevertheless, the signal from the internals is clear. Beneath the volatility this looks less like a market rolling over, and more like one that is confirming an early cycle economic expansion. 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.

That AI essay I shared with you yesterday sure got Wall Street's attention. Anthropic says Chinese models are training off of Claude. A significant new breakthrough in chip production technology. And as fun as that tri-fold phone might be, you probably want to wait for later iterations of the form factor. Software Stocks Are Having Another Ugly Day (WSJ) Anthropic Accuses Chinese Companies of Siphoning Data From Claude (WSJ) Meta and AMD Agree to AI Chips Deal Worth More Than $100 Billion (WSJ) Exclusive: ASML unveils EUV light source advance that could yield 50% more chips by 2030 (Reuters) Putting Samsung's $2,899 TriFold To the Test as a Phone, Tablet and Laptop (Bloomberg) Learn more about your ad choices. Visit megaphone.fm/adchoices

Today's guest on The Long View is Hilary Wiek. Hilary is a principal analyst at PitchBook, where she leads PitchBook's coverage of fund strategies and performance, publishing primary research on the alternative space. Hilary also leads PitchBook's coverage of the ESG and impact investing space. Hilary has over 20 years of experience in asset owner, manager, and advisory roles. Prior to joining PitchBook, she was the director of investments at the Saint Paul & Minnesota Foundations, where she handled portfolio management, impact and ESG investment, investment due diligence and monitoring, and investment operations. Before that, she worked in senior positions at Segal Rogerscasey, the South Carolina Retirement Systems Investment Commission, Buckingham Financial Group, Dayton Power & Light, and KeyCorp. Wiek received a master's degree in finance and economics from Case Western Reserve University and a bachelor's degree in business leadership and finance from the University of Puget Sound. She is based in PitchBook's Seattle office. PitchBook is a Morningstar company. Episode Highlights 00:00:00 Background in the Private Markets and Joining PitchBook 00:04:49 Drivers of Private Market Slowdown in 2026 and Pockets of Outperformance 00:14:15 Key Lessons for Investing in Private Market Funds 00:18:12 Private Market Fees, Hidden Volatility, and Valuations 00:20:38 Evergreen Investment Growth, Interval Funds, and Questions Investors Should Ask 00:32:26 Is It Worth It to Invest in Private Markets? 00:36:50 ESG, Impacting Investing, and Key Themes for 2026 00:41:05 Private Market Exposure in 401(k)s PitchBook Reports Discussed Benchmarking and Returns: Why Are There So Many Numbers? Evergreen Funds: We Have Questions The Evergreen Evolution The New Face of Private Markets in Your 401(k) US Evergreen Fund Landscape 2025 Impact Investing Update If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com. Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine's weekly newsletter, Improving Your Finances. If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Bijan Maleki hosts Real Vision contributor Kris Bullock to break down the charts and highlight their favorite RV trade ideas before taking questions from the audience. Tune in every Wednesday at 1pm ET LIVE on Real Vision, YouTube, and X. Binance is the world's leading blockchain ecosystem, trusted by over 300M users in 100+ countries. It offers an unmatched portfolio of digital asset products such as trading, finance, Web3, payments, and more.  

Andreas Steno Larsen, founder and CEO of Steno Research, is back with co-host Mikkel Rosenvold to break down the biggest forces driving markets right now, from escalating tensions between Iran and the United States to Donald Trump's global tariff agenda. They also dive into the latest U.S. economic data, shifting rate expectations, and what the gold-to-bitcoin ratio is signaling. Binance is the world's leading blockchain ecosystem, trusted by over 300M users in 100+ countries. It offers an unmatched portfolio of digital asset products such as trading, finance, Web3, payments, and more.  

Joe's Premium Subscription: www.standardgrain.comGrain Markets and Other Stuff Links —Apple PodcastsSpotifyTikTokYouTubeFutures and options trading involves risk of loss and is not suitable for everyone.Trade drama is back in the headlines. President Trump is threatening higher tariffs on countries that fail to honor trade agreements. Following last week's Supreme Court ruling, the EU announced it would pause ratification of its agreement, while India is deferring talks on its own deal. Despite the legal setback, the White House says it remains committed to its trade agenda and is exploring alternative tools to implement tariffs. Markets clearly reacted to the renewed uncertainty, with stocks under pressure to start the week.Grain markets felt the ripple effects. Soybean and wheat futures moved lower Monday as traders weighed the potential impact of trade disruptions and retaliation tied to the newly announced 15% global tariff. Corn futures, meanwhile, managed to hold steady. When policy uncertainty rises, volatility often follows — and that theme remains firmly in play.Export data offered a few surprises. US corn shipments exceeded expectations for the third straight week, posting a very strong year-over-year gain. Wheat inspections also came in above trade guesses. Soybean shipments, however, disappointed and continue to reflect uneven demand patterns. China remained a major buyer, accounting for roughly half of weekly inspections.USDA also reported a fresh flash sale of corn to Colombia, adding to an already solid sales pace this marketing year. Demand for US corn has been a notable bright spot recently, especially when compared to other segments of the export complex.Weather and field conditions remain a major talking point in South America. Brazil's soybean harvest is advancing at its slowest pace in several years, with rains and longer crop cycles creating delays. Planting progress for Brazil's second corn crop is also lagging last year's pace, which could become increasingly important for global feed grain supply expectations.Outside of grains, US consumers continue to show remarkable resilience in the face of high beef prices. Despite record price levels, demand remains strong as buyers adapt by shifting toward more affordable cuts and smaller portions. The protein story remains a powerful force across the broader agricultural landscape.As always, volatility, policy, and global production trends remain key market drivers.

In this episode of Travis Makes Money, Travis Chappell and producer Eric go from questionable breakfast choices to a surprisingly deep breakdown of housing prices, crypto volatility, inflation, and what actually drives wealth over time. What starts as a lighthearted conversation about gas station hot dogs and Tostino's pizza turns into a real discussion about reacting to headlines, investing during downturns, and recent housing comments from Donald Trump. The throughline? If you want to make money, you have to think in decades—not days. On This Episode We Talk About: Why emotional reactions hurt your investing returns Whether rising housing prices are actually good for homeowners Institutional investors buying single-family homes The real reason housing prices stay elevated: inventory shortages Crypto downturns and how to think about volatility Inflation, dollar weakness, and protecting purchasing power Why over-leveraging—not price drops—causes financial disasters Top 3 Takeaways You don't need your house or crypto to be up tomorrow. You need it to be up 20–25 years from now. Wealth compounds for those who can hold. Housing prices won't meaningfully drop until inventory increases. With only 1–3 months of inventory in many markets, upward pressure remains regardless of policy changes. If inflation weakens the dollar over time, idle cash erodes. Even small investments—done consistently—can protect purchasing power better than letting money sit still. Notable Quotes “I don't need my house to be worth more tomorrow. I need it to be worth more in 25 years.” “Once you put your first dollar in, you want it to go to the moon.” “Cash sitting in your bank account is getting destroyed by inflation.” “The housing crash wasn't about prices falling—it was about people not being able to hold.” Connect with Travis Chappell: LinkedIn: https://www.linkedin.com/in/travischappell Instagram: https://www.instagram.com/travischappell Website: https://travischappell.com  Travis Makes Money is made possible by HighLevel – the all-in-one sales & marketing platform built for agencies.  Get an extended free trial at gohighlevel.com/travis Learn more about your ad choices. Visit megaphone.fm/adchoices

Feb 23, 2026 – Are high taxes quietly eroding more of your income than you realize—especially if you live in a blue state? Jim Puplava explains how to lower adjusted gross income using above-the-line deductions such as 401(k)s, SEP-IRAs...

Carl Quintanilla, Jim Cramer and David Faber explored what's next for the markets after Monday's sell-off, which was sparked by AI fears and tariff uncertainty. The anchors also delved into the conundrum surrounding the private credit markets — and reacted to what JPMorgan Chase CEO Jamie Dimon said about the risks. AMD shares surged on news of the company's multiyear AI chip agreement with Meta Platforms. AMD Chair & CEO Lisa Su joined the program exclusively to talk about the deal. Also in focus: Home Depot's earnings beat, Anthropic announces new AI tools, State of the Union speech countdown, Warner Bros. Discovery says it is reviewing Paramount Skydance's new takeover offer.    Squawk on the Street Disclaimer Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Crypto News: Bitcoin is nearing a point of a major move. Missouri advances bitcoin reserve bill to House committee, reviving crypto treasury push. Chainlink's Taylor Lindman joins SEC as chief counsel for crypto task force. Fidelity is hiring a defi product manager.Brought to you by ✅ VeChain is a versatile enterprise-grade L1 smart contract platform https://www.vechain.org/ 

Phil Rosen goes Inside the ICE House to break down Bitcoin's sharp pullback and why seasoned investors still see it as typical volatility. He highlights how institutional buying and strong ETF demand contrast with retail fear, even as gold's momentum and tech‑sector AI jitters weigh on crypto. He also explores why the Magnificent Seven's slump signals a healthier, broadening bull market with new opportunities in energy, industrials, and healthcare. 

Most investors don't realize how quickly a good plan can get derailed by one bad question: “What will your investments return this year?” Lance Roberts and Jonathan Penn break down why asking an advisor for short-term performance predictions is usually the wrong framework—especially when comparisons start with “Can you beat Treasuries this year?” Hosted by RIA Advisors Chief Investment Strategist, Lance Roberts, CIO, w Senior Investment Advisor, Jonathan Penn, CFP Produced by Brent Clanton, Executive Producer 0:00 - INTRO 0:50 - E-books & Economic Data 2:53 - Will AI Lead to Next Period of Financial Instability? 5:33 - Market Fails at 20- 50-DMA 11:10 - Chasing Returns in 2026 12:31 - Index's Substitution Effect 16:39 - What About the Flat Market? 19:20 - Where Returns Come From... 23:07 - Generating 6% Return w Bonds Only? 27:38 - Making Money vs Keeping It 29:05 - Money is Emotional 30:43 - What Do You Do w Your $1Million? 34:17 - Markets Have Been Easy 35:46 - Markets' Extreme Deviations 40:50 - Mistakes In Chasing Benchmarks 43:24 - Why Root for Economic Failure? 45:22 - Set a Goal & Manage Risk ------- Watch Today's Full Video on our YouTube Channel: https://youtube.com/live/iN9Pv2Thvbo ------- Watch our previous show, "Is China Really Dumping U.S. Treasuries?," here: https://youtube.com/live/fEk6rYGzFkA?feature=share -------- The latest installment of our new feature, Before the Bell, "100-DMA Test: 5% Pullback Risk Rising," is here: https://youtu.be/FfqIQklIxcc ------- Download Lance's Latest e-book, "Laws of Money & Wealth:"https://realinvestmentadvice.com/ria-e-guide-library/ -------- SUBSCRIBE to The Real Investment Show here: http://www.youtube.com/c/TheRealInvestmentShow -------- Visit our Site: https://www.realinvestmentadvice.com Contact Us: 1-855-RIA-PLAN -------- Subscribe to SimpleVisor: https://www.simplevisor.com/register-new -------- Connect with us on social: https://twitter.com/RealInvAdvice https://twitter.com/LanceRoberts https://www.facebook.com/RealInvestmentAdvice/ https://www.linkedin.com/in/realinvestmentadvice/ #StockMarket #SP500 #MarketOutlook #Investing #RiskManagement #FinancialPlanning #InvestingEducation #BehavioralFinance #RiskManagement #WealthProtection

The market's been up three years in a row… will it go for a fourth? You scroll past a headline about Bitcoin falling 45%, tariffs getting overturned, and tensions rising overseas, and suddenly you're wondering if your portfolio is sitting on a fault line. This episode is for that moment. Nate and Dave walk through the questions investors are asking right now: Can the market really keep going after three strong years?  What does a Supreme Court tariff ruling actually mean for your money?  Why is Bitcoin sliding while stocks hold up? More importantly, how much of this should change what you're doing? Tune in for our perspective, probabilities, and a reminder that despite the ongoing uncertainty you can always have a plan. If you've felt that low-grade tension in the background lately, this conversation may help you regain some clarity.   [Resources Mentioned] Ben Carlson's blog, "A Wealth of Common Sense" https://awealthofcommonsense.com/       Please see important podcast disclosure information at https://monumentwealthmanagement.com/disclosures   Episode Timeline/Key Highlights:   0:00 — Welcome Back to our AMA: Ask Monument Anything 1:23 — Iran Tensions And Economic Ripple Effects 7:42 — Can Markets Extend The Winning Streak? 13:10 — Probabilities, Long-Term Returns, And Perspective 19:21 — Supreme Court Tariffs And Who Benefits 26:10 — Volatility As The Price Of Admission 26:37 — Bitcoin Selloff, Leverage Unwind, And What Could Restart Demand Connect with Monument Wealth Management:    Visit our website: https://monumentwealthmanagement.com/   Follow us on Instagram: https://www.instagram.com/monumentwealth/#   Connect on LinkedIn: https://www.linkedin.com/company/monument-wealth-management/   Connect on Facebook: https://www.facebook.com/MonumentWealthManagement   Connect on YouTube: https://www.youtube.com/user/MonumentWealth#Fit   Subscribe to our Private Wealth Newsletter: https://monumentwealthmanagement.com/subscribe/   Check out our Between Sips Podcast: Where Money Meets Meaning Because money without meaning never feels like wealth. https://monumentwealthmanagement.com/between-sips-podcast/   About "Off the Wall":    Markets are noisy. Your time is limited. Off the Wall cuts through the clutter. Hosts Dave Armstrong, CFA and Nate Tonsager, CIPM bring you straightforward, candid insights about what's really moving markets and why it matters for successful investors. From economic shifts to portfolio positioning, we break down the complexities so you can invest with intention and stay grounded when headlines and life feels chaotic.   Learn more about our hosts on our website at https://monumentwealthmanagement.com   

The status quo is stupid, expensive and unfair. That's the first line of David Erickson's book, “The Fifth Freedom,” which makes the case for good schools, well-funded libraries, safe streets and public spaces, quality health care, spiritual refuges and accessible transportation to help kids and communities thrive.Erickson joins David Bank on this episode of Agents of Impact. His team at the Federal Reserve Bank of New York have turned such ideas into Making Missing Markets, an initiative to connect the builders of health, wealth and vibrant communities with the “buyers,” including hospitals,  insurers and corporations as well as government agencies, such as Medicaid. He says such collaborations could finance “upstream” interventions that deliver such outcomes at far lower cost than downstream remediation.

US equity futures are modestly higher. Asia equities closed mixed and European equity markets are trading lower. The dominant themes remain AI disruption and trade uncertainty. Software continues to be at the center of the selloff, while investors debate the potential impact of AI agents on intermediation-heavy business models. Trade policy is again in focus after President Trump shifted to alternative tariff authorities, warning of steeper measures for countries that “play games,”. Geopolitical risks are also building ahead of US-Iran talks later this week, with reports of a possible limited US strike adding to volatility in energy markets. Fed Governor Waller described a March rate decision as finely balanced pending further labor market data. Markets are also watching President Trump's State of the Union address for potential signals on sector-specific tariffs and broader policy direction.Companies Mentioned: Nvidia, DeepSeek, FedEx, Marsh

Send a textIn this episode of Stewardology, we're joined by author Peter Smith to discuss his upcoming book, Remember the Poor, and to explore God's heart for the poor as a central part of biblical stewardship.Peter shares his personal journey into mercy ministry, what Scripture teaches about God's care for the vulnerable, and why remembering the poor is not optional for Christians, but a core expression of faithful stewardship, justice, and love of neighbor. We also talk about poverty as more than a financial issue, how to lead with mercy, and what faithful, everyday care for the poor can look like in real life.Purchase Remember the Poor from Grass Market Press: https://grassmarket.press/See the show notes here!Subscribe to "Life in the Markets" PodcastBuy our new book: The Good StewardWealth Management from a Biblical WorldviewStewardship Seminars from a Biblical WorldviewLearn more at: StewardologyPodcast.comSchedule a Personal Stewardship Review at: StewardologyPodcast.com/ReviewGet in touch with us at: Contact@StewardologyPodcast.comor call us at: (800) 688-5800Send us episode ideas! StewardologyPodcast.com/ideaSubscribe to get episodes delivered to your inbox every week.Follow along: Facebook, InstagramA ministry of Life Financial Group & Life Institute.Securities and Advisory Services offered through GENEOS WEALTH MANAGEMENT, INC. Member FINRA and SIPCSubscribe to get episodes delivered to your inbox every week.Follow along: Facebook, InstagramA ministry of Life Financial Group & Life Institute.Securities and Advisory Services offered through GENEOS WEALTH MANAGEMENT, INC. Member FINRA and SIPC

Most investors don't realize how quickly a good plan can get derailed by one bad question: "What will your investments return this year?" Lance Roberts and Jonathan Penn break down why asking an advisor for short-term performance predictions is usually the wrong framework—especially when comparisons start with "Can you beat Treasuries this year?" Hosted by RIA Advisors Chief Investment Strategist, Lance Roberts, CIO, w Senior Investment Advisor, Jonathan Penn, CFP Produced by Brent Clanton, Executive Producer 0:00 - INTRO 0:50 - E-books & Economic Data 2:53 - Will AI Lead to Next Period of Financial Instability? 5:33 - Market Fails at 20- 50-DMA 11:10 - Chasing Returns in 2026 12:31 - Index's Substitution Effect 16:39 - What About the Flat Market? 19:20 - Where Returns Come From... 23:07 - Generating 6% Return w Bonds Only? 27:38 - Making Money vs Keeping It 29:05 - Money is Emotional 30:43 - What Do You Do w Your $1Million? 34:17 - Markets Have Been Easy 35:46 - Markets' Extreme Deviations 40:50 - Mistakes In Chasing Benchmarks 43:24 - Why Root for Economic Failure? 45:22 - Set a Goal & Manage Risk ------- Watch Today's Full Video on our YouTube Channel: https://youtube.com/live/iN9Pv2Thvbo ------- Watch our previous show, "Is China Really Dumping U.S. Treasuries?," here: https://youtube.com/live/fEk6rYGzFkA?feature=share -------- The latest installment of our new feature, Before the Bell, "100-DMA Test: 5% Pullback Risk Rising," is here: https://youtu.be/FfqIQklIxcc ------- Download Lance's Latest e-book, "Laws of Money & Wealth:"https://realinvestmentadvice.com/ria-e-guide-library/ -------- SUBSCRIBE to The Real Investment Show here: http://www.youtube.com/c/TheRealInvestmentShow -------- Visit our Site: https://www.realinvestmentadvice.com Contact Us: 1-855-RIA-PLAN -------- Subscribe to SimpleVisor: https://www.simplevisor.com/register-new -------- Connect with us on social: https://twitter.com/RealInvAdvice https://twitter.com/LanceRoberts https://www.facebook.com/RealInvestmentAdvice/ https://www.linkedin.com/in/realinvestmentadvice/ #StockMarket #SP500 #MarketOutlook #Investing #RiskManagement #FinancialPlanning #InvestingEducation #BehavioralFinance #RiskManagement #WealthProtection

On this day in 1836, the defenders of the Alamo were entering the second day of a siege that would ultimately define Texas history. Surrounded, outnumbered, and under pressure, they faced a critical reality: hold the line—or face the consequences. Markets aren't all that different right now. After failing at the 20- and 50-day moving averages, the S&P is once again leaning on a key level of support—the 100-day. That's your line in the sand. Momentum is weakening, internal breadth is deteriorating, and while the surface looks calm, the underlying currents are shifting. The question for investors this morning is simple: do buyers defend this level…or does support give way, opening the door to a deeper correction? Hosted by RIA Chief Investment Strategist, Lance Roberts, CIO Produced by Brent Clanton, Executive Producer --- Watch the Video version of this report on our YouTube channel: https://youtu.be/FfqIQklIxcc --- Get more info & commentary: https://realinvestmentadvice.com/insights/real-investment-daily/ --- Visit our Site: https://www.realinvestmentadvice.com Contact Us: 1-855-RIA-PLAN --- Subscribe to SimpleVisor: https://www.simplevisor.com/register-new --- Connect with us on social: https://twitter.com/RealInvAdvice https://twitter.com/LanceRoberts https://www.facebook.com/RealInvestmentAdvice/ https://www.linkedin.com/in/realinvestmentadvice/ #StockMarket #SP500 #MarketOutlook #Investing #RiskManagement

A 23-year-old renter recently said she feels her money is safer in the stock market than in a house—a statement that may surprise investors shaped by past housing and market crashes. The “Henssler Money Talks” hosts explore how generational experience influences our perception of risk and why what we've lived through often drives how we invest—from Boomers who remember double-digit inflation, to Gen X and the dot-com bust, to Millennials and the housing crash, and Gen Z's era of rapid recoveries and tech-driven growth.Original Air Date: February 21, 2026Read the Article: https://www.henssler.com/have-markets-become-the-safe-asset

Team USA Women's Hockey Declines SOTU Invite Trump joked he'd “have to” invite the women's team or risk impeachment. The women were formally invited. They declined, citing scheduling conflicts. The moment undercut a carefully curated State of the Union optics play. Theme: You can't manufacture unity if respect sounds reluctant.“Have to Invite the Women” Joke Backfires Trump framed inviting the women as political necessity. Delivered during a celebratory moment with the men's team. Comment intensified scrutiny around women's sports recognition. The later decline amplified the original tone problem. Theme: If the punchline boomerangs, it wasn't clever — it was careless. FBI Director Kash Patel Locker-Room Optics Patel appeared in Team USA's celebration footage. Critics questioned neutrality optics. Lands amid broader politicization concerns. Theme: When federal authority looks like VIP access, perception becomes the story.  Supreme Court Limits Emergency Tariff Authority Court ruled emergency powers cannot stretch into unilateral trade control. Reaffirmed Congress's constitutional role. Trump criticized ruling and claimed leverage. Legal confusion around which tariffs remain valid. Theme: Executive improvisation vs. constitutional guardrails. Customs Halts Struck Tariffs — New 15% Global Tariff Imposed Customs deactivated invalidated tariff codes. Massive potential refund exposure. Trump imposed new 15% tariff under alternate authority. Markets face renewed uncertainty. Theme: Policy respawn mechanics. Trump Suggests Federal Election Takeover Floated nationalizing election administration. Elections constitutionally run by states. Raised concerns about expanding executive reach. Theme: When referees become targets.

Money, Andrew and the British monarchy Hosted on Acast. See acast.com/privacy for more information.

Legal rulings can change market risk fast. Make sure your portfolio is built for volatility—get a free review from Chris and the Windrock team: https://bit.ly/3ZRiA1RThe Supreme Court's ruling on Trump-era tariffs is more than a legal story — it could reshape market volatility, trade policy, and political risk in the months ahead.In this conversation with Wealthion's Maggie Lake, Chris Casey, founder and managing director of Windrock Wealth Management, explains why President Trump chose a weak legal pathway under the International Emergency Economic Powers Act, why it failed, and what that means for the markets. Chris breaks down how alternative tariff tools are limited in duration, scope, and magnitude, which could force the White House to exercise greater restraint going forward.We also explore the real economic impact of tariffs, what rescinding them means for small businesses, and whether markets should view this ruling as a source of uncertainty or a potential reduction in policy-driven volatility.Get To Know Chris Casey: https://youtu.be/l2DdcqtoBYs Markets react. Laws change. Real assets endure. Get physical gold & silver via Hard Assets Alliance: https://www.hardassetsalliance.com/?aff=WTHChapters:1:06 - SCOTUS Ruling on Tariffs & Its Consequences5:06 - Is This a Negative or Positive Thing for the U.S. Economy?7:17 - The Impact on Small Businesses9:06 - Wealthion Golden Nugget: Where Will Tariffs Go from Here?11:25 - Is This the First of Many Legal Losses for Trump?14:04 - Political Gridlock and Future Market VolatilityConnect with us online:Website: https://www.wealthion.comX: https://www.x.com/wealthionInstagram: https://www.instagram.com/wealthionofficial/LinkedIn: https://www.linkedin.com/company/wealthion/________________________________________________________________________IMPORTANT NOTE: The information, opinions, and insights expressed by our guests do not necessarily reflect the views of Wealthion. They are intended to provide a diverse perspective on the economy, investing, and other relevant topics to enrich your understanding of these complex fields.While we value and appreciate the insights shared by our esteemed guests, they are to be viewed as personal opinions and not as investment advice or recommendations from Wealthion. These opinions should not replace your own due diligence or the advice of a professional financial advisor.We strongly encourage all of our audience members to seek out the guidance of a financial advisor who can provide advice based on your individual circumstances and financial goals. Wealthion has a distinguished network of advisors who are available to guide you on your financial journey. However, should you choose to seek guidance elsewhere, we respect and support your decision to do so.The world of finance and investment is intricate and diverse. It's our mission at Wealthion to provide you with a variety of insights and perspectives to help you navigate it more effectively. We thank you for your understanding and your trust.#Wealthion #Wealth #Finance #Investing #PortfolioReview #InvestmentAdvice #FinancialPlanning #WealthManagement #Tariffs #SupremeCourt #Markets #MarketVolatility #TradePolicy #Macro #Investing #Economy #PoliticalRisk #ChrisCasey #StockMarket #USPolitics #SmallBusiness #TradeWar Learn more about your ad choices. Visit megaphone.fm/adchoices

AP's Lisa Dwyer reports that Wayno is expanding it's robotaxi service.

Kate Gordon has watched American energy policy evolve for two decades across multiple presidential administrations. Her frank conversation about rising utility bills, surging demand from data centers, the complicated truth about coal's comeback and whether an all-of-the-above energy strategy still exists in America or whether we're now just picking winners and losers.

Is this the next 2000? The next 2008? The next 2022?   Markets have been on an extraordinary run. When prices rise for years, investors begin to feel invincible. But as volatility starts creeping back into the headlines, the question we are hearing more than ever is simple:   Should we get out and wait?   Today on Financial Detox, Jason and Alex unpack what volatility really means, why it is normal, and how understanding it can dramatically improve your long-term results.   What we cover today:

The 46th annual meeting of the Wisconsin FFA Alumni brought historic high marks for membership. Pam Jahnke discusses the accomplishments and what's ahead with Tari Costello, executive director of the group. Costello says they've gained 2,000 more members in the past year, as well as 10 new alumni chapters statewide. Nick Lowe is pleased to see the numbers. Lowe is a life-long member of the Stoughton FFA and Stoughton FFA Alumni. He explains how his parents helped inspire his engagement with FFA, and how he elevated his activities to the state level. Another blustery day for Wisconsin with winds whipping up to 35 miles per hour. Stu Muck says the winds should settle down later this week but not before some lumpy precipitation moves through. The Mid-West Farm Report has partnered with the Professional Dairy Producers for their annual business conference coming up March 4-5. Ben Jarboe highlights some of the top shelf conversations that will be offered, including Dr. David Kohl. Kohl, Professor Emeritus of Ag Finance and Small Business Management at Virginia Tech, will speak on building a resilient dairy business. Resilient, nimble dairy operations often have three to six different revenue streams. Kohl says diversification strategies discussed will include value-added creameries, agritourism, special events, cattle genetics sales, methane digesters, and consulting services. First time attendees could score free admission courtesy of the Mid-West Farm Report. Just text your name and email address to 877-301-3276. Valued at more than $400!Markets are still trying to figure out what the tariff conversations mean for agriculture. With the Supreme Court denying President Trump's tariff's, but then the president deploying another round of tariffs under a different measure - everyone's confused. John Heinberg, market advisor with Total Farm Marketing in West Bend, tries to sort through what we know now. Also, beef consumption remains well supported by consumers despite higher prices.See omnystudio.com/listener for privacy information.