RECENT EPISODES
Sat 12 SeptA GIFT TO ANYONE PAYING ATTENTION (Guest: Chase Taylor)In this episode, Chase Taylor delves into the recent surge in crude oil prices, attributing it to geopolitical tensions and a surprising market positioning washout. He discusses the fragility of the oil trade, particularly with China's potential increase in imports, and emphasizes the long-term value of oil equities amid ongoing conflicts. Taylor also addresses inflation concerns driven by energy and food prices, predicting significant impacts on the Federal Reserve's policies and the broader market dynamics.Sun 30 AugPRICKLY BEARIn this episode of "PRICKLY BEAR," Patrick Serezna and Kevin Muir dissect the Treasury's bond intervention amid rising yields, with Serezna viewing it as a response to excessive government spending and Muir downplaying its significance. They explore the implications for the dollar, gold, and cryptocurrency markets, noting a bullish sentiment for gold and a potential short squeeze in crypto.Sat 15 AugEVERYTHING IS BETTER IN ASIA (Guest: Vincent Deluard)Vincent Deluard makes the case that Japan's decades of currency depreciation, flat pension spending, and housing price deflation preserved a manufacturing base that Europe surrendered, and that converging forces including a 30-year JGB yield near 4 percent, likely pension fund repatriation, and a new prime minister openly seeking to bring capital home point toward significant yen appreciation.Sat 1 AugHAWKISH HOLD HALLUCINATIONIn the episode titled Hawkish Hold Hallucination, Kevin Muir dissects the Federal Reserve's decision to hold rates unchanged at what he called the highest-uncertainty meeting since 1997, arguing that the 38% market-implied probability of a hike was manufactured almost entirely by a single large seller in August Fed funds futures rather than genuine macro conviction. The press conference damaged credibility further as the 30-year yield broke above its October 2023 high.Sat 18 JulGROWTH WITHOUT YOU (Guest: Paul Krake)Paul Krake makes the case that AI and technology, not monetary policy or fiscal management, are the true engines of long-term economic growth, anchoring the argument in a T. Rowe Price study showing US corporate margins rose from roughly 1 percent in 1975 to nearly 15 percent, with only 130 basis points of that expansion explained by lower rates and taxes.Sat 4 JulBOND INVESTORS SHOULD WAKE UP (Guest: Guenter Grimm)Guenter Grimm, founder of Zurich-based GGMA and a 30-year FICC veteran from Goldman Sachs, JP Morgan, UBS, and Credit Suisse, argues that bond investors are structurally asleep because benchmark constraints force passive buyers into long duration without active risk consideration, allowing politicians to run deficits unpunished.Sat 20 JunPATIENCE IS LIKE A MUSCLE (Guest: Leslie Harris)Leslie Harris, a former trader who spent roughly 40 years in markets from the Comix to Greenwich Capital and now coaches portfolio managers, joins to discuss the central lesson he says took him four decades to fully absorb: patience is like a muscle that must be deliberately exercised.Sat 6 JunTHE WILE E. COYOTE MOMENT (Guest: Matt Zeigler)Matt Zeigler of Sunpoint Investments, which oversees more than four billion dollars in assets, argues that virtually every component of a diversified portfolio has quietly become a leveraged bet on AI, from the top ten S&P 500 names representing roughly 40 percent of the index to private credit financing data centers hiding inside fixed income allocations.Sat 23 MayWEAPONIZE THE PERIODIC TABLE (Guest: Tony Greer)Tony Greer joins to lay out his thesis that commodity strength, led by natural resources, energy, and rare earth metals, will topple the semiconductor bubble as money rotates out of semis the way it did in his 2022 trade.Sun 10 MayROI not AGI (Guest: Leonid Mironov)Leonid Mironov of Gavkal Capital joins to argue that China's shift away from deflationary overproduction is more advanced than most investors recognize, with two consecutive positive PPI prints through March 2026 and Q1 earnings across his monitored Chinese companies up 16 percent. He explains why Chinese AI development is entirely ROI-driven rather than AGI-focused, with narrow applications in manufacturing and supply chains dominating a landscape shaped by smaller budgets and a thin venture capital pool.Sat 25 AprREAL OPTION TRADERS DON’T GO TO DINNER PARTIES (Guest: Bohan Jiang)In this episode, Bohan Jiang discusses the FX options market's unique broker-driven dynamics and highlights the rise of retail interest in options trading, urging a deeper understanding of associated risks. He also explores cryptocurrency trading, specifically discrepancies in Ethereum options and the significance of market skew. Additionally, Bohan reflects on the interplay between macroeconomic conditions and asset classes, emphasizing the need for effective hedging strategies amidst current market volatility.Sat 11 AprLOUIS TURNS THE TABLES ON KEV (Guest: Louis-Vincent Gave)The discussion features Louis-Vincent Gave, who highlights a bullish long-term outlook on gold due to geopolitical shifts, particularly China's potential accumulation amidst market dynamics. The conversation also emphasizes the importance of understanding market conditions, with a contrarian perspective on bonds and gold as central themes. Additionally, concerns about cryptocurrencies arise with Bitcoin's underperformance linked to investor behavior, underscoring the impact of fiscal policy over monetary policy in shaping market movements.Sat 28 MarNARRVOL (Guest: Sam Rines)Sam Rines discusses "narrative volatility," reflecting on shifts in financial narratives influenced by geopolitical events like the Ukraine invasion and U.S.-Iran negotiations, with implications for oil prices and global markets. He highlights the resilience of the economy, particularly in energy-producing regions, and posits that AI could foster new business opportunities despite recession concerns. Additionally, investment strategies are oriented towards stable assets, with a focus on international trade and undervalued markets like Japan.Sat 14 MarStraws Accumulating on The Camel’s Back (Guest: Brian McCarthy)The episode discusses the calmness of the stock market amid geopolitical tensions and significant oil market volatility, emphasizing potential economic shocks from oil output reductions. Brian McCarthy highlights the unpredictable nature of trading, advocating for a reconsideration of monetary policy during supply shocks. Additionally, there is a brief mention of the semiconductor sector and its critical role in market dynamics, suggesting ongoing concerns about inflation and economic stability that could impact emerging technologies like AI and blockchain.Sat 28 FebI WALK IN CARRYING ROAD KILL (Guest: Trader Ferg)Trader Ferg discusses his shift from farming to asset management, emphasizing his contrarian investment philosophy and the overlooked potential of rhodium and platinum amidst evolving market trends. The conversation highlights the impact of AI on market dynamics, volatility in the S&P 500, and the importance of understanding commodity performance, especially regarding oil and precious metals, amid geopolitical tensions and economic indicators. Insights into China's steel dominance and the challenges in oil drilling also emerge as critical points.Sat 14 FebROBIN HOOD ON CRACK (Guest: Brent Donnelly)The discussion with Brent Donnelly delves into the complexities of FX interventions by central banks, particularly the Bank of Japan, and their impact on currency markets, notably the yen. Brent emphasizes risk management in an environment of stock volatility and the potential influence of speculative behaviors on market trends. He also introduces his unique trading analysis method utilizing magazine covers as reverse indicators, reflecting broader themes of market sentiment and the intertwining of traditional stocks, bonds, and the dollar's dynamics.Sat 31 JanTHE OIL MARKET HAS SPOKEN (Guest: Craig Shapiro)Craig Shapiro discusses the oil market's volatility and its impact on commodities, linking significant price movements to geopolitical factors and demand dynamics. He highlights how market fluctuations affect Bitcoin and cryptocurrency valuations, as well as the influence of a weaker dollar on inflation expectations. Additionally, Shapiro emphasizes the importance of disciplined risk management in trading strategies, especially in the evolving tech landscape and commodity markets, indicating potential opportunities in emerging assets like uranium.Sat 24 JanTHE NEXT PERFECT TRADE (REDUX) (Guest: Alex Gurevich)In the episode, Alex Gurevich emphasizes the importance of real-time trading experiences while discussing the second edition of his book, *The Next Perfect Trade*, and advocates for strategic patience in trading precious metals and cryptocurrencies. He identifies trading patterns similar to those in precious metals and stresses the significance of valuation and the potential impact of AI on market dynamics. Gurevich also shares insights on the long-term potential of silver and the implications of global economic shifts for asset prices.Sat 10 JanTHE JAPANESE MAGGIE THATCHER (Guest: Mateen Chaudhry)Mateen Chaudhry highlights the transformative corporate reforms in Japan under Prime Minister Takeuchi San, drawing parallels to Margaret Thatcher, and emphasizes the shift towards nationalism and increased global presence. The podcast also explores the critical resource market, particularly the undervaluation of commodities and their demand driven by AI and geopolitical factors. Additionally, the merger potential between mining giants Rio and Glencore reflects a bullish outlook amidst structural underinvestment and foreign interest in Australian resource companies.Fri, 26 Dec 2025XMAS SPECIAL PT.1In the year-end market huddle, skepticism towards AI's revenue potential is emphasized, with predictions of economic decline and a shift towards cheaper international stocks. The performance disparity between AI-related and non-AI stocks is noted, alongside optimism for undervalued sectors like chemicals. Additionally, geopolitical insights reflect a cautious yet resilient economic outlook, with expectations of significant fiscal stimulus and potential growth in commodities and emerging markets by 2026.Fri, 26 Dec 2025XMAS SPECIAL PT.2In the XMAS SPECIAL PT.2 episode, the discussion highlights three key topics: the unexpected outperformance of African markets, particularly driven by demand for platinum and gold, alongside anticipated high silver demand from the solar sector. The impact of rising electricity costs and AI's role in promoting alternative energy sources is addressed. Lastly, concerns about a potential market correction are raised, emphasizing over-leverage and the need for macroeconomic understanding in trading strategies.Fri, 26 Dec 2025XMAS SPECIAL (We Ask The Guests Uncomfortable Questions)The podcast episode centers on Kevin's humorous transition from hedge fund manager to entertainer, highlighting challenges in active trading versus passive investing, including the rise of Reddit traders. The discussion critiques various trading strategies, especially Patrick's charts, questioning their relevance and effectiveness. Additionally, insights into Modern Monetary Theory (MMT) emerge through lively debates, with contrasting views on its applicability in current market dynamics.Sat, 13 Dec 2025DOG CHASING ITS OWN TAIL (Guest: Vincent Deluard)In the episode "Dog Chasing Its Own Tail," Vincent Deluard critiques current economic policies, highlighting how rising costs in housing and healthcare contribute to affordability crises. The discussion emphasizes the influence of the AI bubble on market dynamics and corporate taxes, raising concerns about sustainability and inflation. Additionally, Deluard anticipates important debates on trade deficits and fiscal strategies in the upcoming presidential cycle, linking economic indicators and asset prices to ongoing inequality issues.Sat, 29 Nov 2025Chasing The Digital Sky Daddy (Guest: Chase Taylor)In "Chasing The Digital Sky Daddy," Chase Taylor discusses the strong demand forecast for aluminum driven by electrification and rising energy costs, highlighting its application in electric vehicles and renewables. He also emphasizes the shift in investment strategies toward ETFs that encompass emerging technologies and battery metals. Additionally, the conversation touches on geopolitical influences and the innovative strides of China in green technology, contrasting global investments against traditional markets, all pointing to the evolving landscape of crypto, AI, and blockchain in sustainable finance.Sat, 15 Nov 2025AT THE EDGE OF THE CLIFFPatrick Ciresna and Kevin Muir discuss market vulnerabilities, particularly highlighting concerns around a potential AI bubble and a looming market correction as the S&P attempts to breach key support levels. They note the influence of NVIDIA's earnings and options expiration on market movements. Additionally, the cryptocurrency landscape shows increasing signs of vulnerability, with lower highs and lows indicating potential instability amid broader economic shifts. Overall, the discussion underscores critical market dynamics that reflect risks in both AI and crypto sectors.Fri, 31 Oct 2025Seriously, Marvin?! (Guest: Marvin Barth)In the episode "Seriously, Marvin?!," Marvin Barth discusses the Federal Reserve's policy missteps and the potential impact of these errors on global markets, including his critiques of the Fed's decision-making processes. He introduces the concept of AI Bubble Burnout (AIBB) in relation to market speculation, emphasizing the importance of integrity in economic data. Additionally, Barth's insights highlight the discrepancies in inflation reporting and the implications for bondholders amidst current economic conditions.Fri, 17 Oct 2025THE BIGGEST AND MOST DANGEROUS BUBBLE (Guest: Julien Garran)Julien Garran warns that the current AI bubble is the most significant and perilous ever, cautioning investors against overoptimism that may lead to substantial losses. He critiques the profitability limitations of large language models (LLMs), emphasizing high compute costs and a misunderstanding of AI capabilities. Additionally, the discussion highlights misallocated capital in the economy, impacting investment returns across sectors, including technology and AI, while advocating for careful market analysis and strategic trading amidst growing skepticism.Sat, 4 Oct 2025GLITCH IN THE MATRIX (Guests: Paulo Macro & Le Shrub)In this episode, Kevin Muir and Patrick Suresh, alongside guests Paulo Macro and Le Shrub, explore the "Golden Age of Grift" highlighting trends like crypto treasury vehicles and the implications of currency debasement. They discuss the risks of increasing debt in AI investments, introducing "AIBS" (Artificial Intelligence Backed Securities), amid concerns over market disparities and potential investment strategies in commodities and developing markets like Brazil. The dialogue underscores the impact of inflation on wealth distribution and declines in SEC enforcement.Sat, 20 Sept 2025FRIDAY NIGHT DIRTY (Guests: Vincent Daniel & Porter Collins)In the episode "FRIDAY NIGHT DIRTY," Vincent Daniel and Porter Collins discuss their finance backgrounds and insights on the evolving financial landscape, including regulatory challenges and investment strategies. They express skepticism about the AI hype while emphasizing the importance of value investing and gold as a hedge against currency debasement. Additionally, they examine market dynamics shaped by ETFs and institutional players, reflecting a bearish sentiment regarding inflation and wealth disparity, which ties into broader economic concerns.Sat, 6 Sept 2025FOXES & HEDGEHOGS (Guest: Jacob Shapiro)Jacob Shapiro discusses the transition from a U.S.-dominated to a multipolar world, drawing parallels to historical shifts and emphasizing the need for adaptive analysis, likened to "foxes" vs. "hedgehogs." He highlights the erosion of the U.S. dollar's dominance as countries pursue self-interested relationships, impacting investment strategies across emerging markets like Mexico and Brazil. The interplay of technology and energy in geopolitics is also noted, aligning with the evolving roles of cryptocurrencies and blockchain in this complex landscape.Sat, 23 Aug 2025DOOM AND GLOOM SELLS (Guest: Kuppy)In the episode "DOOM AND GLOOM SELLS," Harris Kupperman discusses how hedge fund distractions relate to market fluctuations, particularly influenced by Trump. He draws parallels between past telecom failures and the current AI landscape, predicting intense competition will lead to negative revenue margins and the need for $1.5 trillion in AI infrastructure investment. The conversation also touches on the economic implications of AI and cryptocurrency fluctuations, linking asset declines to potential reversals in the wealth effect, signaling broader economic challenges.Sat, 16 Aug 2025Valuation Crimes (Guest: Rupert Mitchell)In the episode, Kevin Muir and Rupert Mitchell explore valuation crimes, emphasizing their impact on the restaurant sector's sensitivity to economic cycles and premature recession predictions. Rupert highlights challenges in the fast casual segment's unrealistic growth projections and its troubling valuation, comparing it to tech firms. He also discusses bearish trends in the oil market, noting Africa's potential as a crucial consumer market for energy, paralleling its growth with the rapid consumption increases in other regions.Sat, 2 Aug 2025“An Empty Room Kinda Guy” (Guest: Robert Mullin)In the podcast, Robert Mullen critiques current market trends, comparing them to the dot-com bubble, particularly highlighting the unsustainable nature of cryptocurrencies and their associated risks. He discusses the implications of rising inflation on investment strategies, emphasizing a shift toward commodities and gold as safe havens. Additionally, Mullen notes the growing interest in copper tied to AI developments, yet expresses skepticism regarding its long-term viability.Sat, 2 Aug 2025“A Empty Room Kinda Guy” (Guest: Robert Mullin)In the episode "A Empty Room Kinda Guy," Robert Mullen critiques the current financial landscape, drawing parallels between today’s AI and cryptocurrency trends and the dot-com bubble. He expresses skepticism about inflated valuations and the sustainability of market behaviors, particularly regarding companies like MicroStrategy involved in Bitcoin. Mullen also highlights changing market correlations and the risks in traditional investment strategies, emphasizing the need for a cautious approach amidst evolving macro dynamics in blockchain and financial markets.Sat, 19 Jul 2025Get In Now! (Guest: Leonid Mironov)In this episode, Leonid Mironov highlights the positive impacts of recent reforms in China's economy, particularly regarding hukou and social safety nets, which are boosting domestic consumption. He notes the strategic importance of AI development amid relaxed export rules for NVIDIA chips. Additionally, Mironov emphasizes the significant role of evolving technologies in China, especially within high-tech sectors, underscoring their potential to enhance competitiveness and innovation in the global market.Sat, 5 Jul 2025The Economy Is Near Stall Speed (Guest: Peter Berezin)Peter Berezin discusses the economy’s precarious position, forecasting its approach to "stall speed," with concerns about S&P earnings amid potential declines. He critiques valuations of tech stocks, particularly AI investments, highlighting risks of commoditization and high capital expenditures. Additionally, the rising influence of cryptocurrencies and blockchain technology is implied through discussions of market volatility and alternative investment strategies amid economic uncertainty, alongside insights on shifting perceptions of government deficits affecting market dynamics.Fri, 20 Jun 2025Crude Oil SURGE, Middle East ESCALATION & What It Means For Markets!The discussion centers on the surge in crude oil prices due to Middle East tensions, highlighting a lack of robust market reactions despite geopolitical risks. Predictions indicate short-term market behavior will be dominated by gamma dynamics, influencing trading strategies. The conversation also touches on the mixed performance of the U.S. dollar and potential implications for cryptocurrencies and blockchain technology, as fluctuations in traditional markets may impact digital asset investments.Mon, 9 Jun 2025KEV’S Back! And So Is the Drama…In episode 265, Patrick Ceresna and Kevin Muir explore significant market dynamics, noting job numbers that suggest no recession, prompting bullish trends in equities and commodities. They highlight concerns over the bond market's reaction to inflation data and discuss the importance of investor sentiment, particularly regarding emerging markets and the undervalued stocks outside the "Magnificent Seven." Insights on agricultural commodities reflect mixed trends, while discussions hint at potential implications for cryptocurrencies and blockchain investments in a shifting economic landscape.Sat, 24 May 2025Markets Right Now: Tony Greer on Stocks, Commodities & MoreThe discussion centers on the current S&P 500 market dynamics, emphasizing a potential "blue sky breakout" despite a recent correction, and highlighting sector rotations, particularly in gold miners and technology stocks. Additionally, Bitcoin's bullish momentum and institutional interest underscore the resilience of cryptocurrencies amid market turbulence. The conversation also addresses the impact of bond yields on equities and the significance of a weaker dollar for a possible commodity bull market.Sat, 10 May 2025Global Macro Strategist: “What Everyone Gets Wrong About the Fed”In the discussion, Vincent Deloitte emphasizes the Federal Reserve's cautious approach to interest rates amid concerns over inflation and recession, contrasting it with other central banks' strategies. The dialogue also explores the role of tariffs in shaping economic projections and inflationary pressures, alongside insights into the resilience of consumer spending and the potential implications for global equity markets. Finally, Bitcoin's recent breakout raises questions about its future in the international monetary system, alongside a bullish perspective on gold.