RECENT EPISODES
Tue 22 SeptIf Global Trade Breaks, It’s Worse Than 2008 | Ed ConwayIn this episode, Ed Conway warns that a breakdown in global trade could have more severe consequences than the 2008 financial crisis, highlighting the fragility of interconnected supply chains amid rising geopolitical tensions. He discusses the unpredictable market reactions to interest rate hikes and the significant shifts in the bond market, particularly the influence of hedge funds.Wed 16 SeptOptimistic On AI, Calm About Yields – But Own Land – Thomas PeterffyIn this episode, Thomas Peterffy emphasizes the importance of investing in land as a safeguard against potential economic uncertainties and socialist threats. He anticipates manageable interest rate increases from the Federal Reserve, expressing confidence in the bond market's resilience. Peterffy also shares his optimism about artificial intelligence's role in boosting productivity and earnings, urging companies to invest in compute capacity while acknowledging the need for future write-downs on these investments.Mon 7 SeptForget Tech: Why Hard Assets Will Win The Decade | Jeff CurrieIn this episode, Jeff Currie discusses the rising significance of hard assets in the face of financial repression, predicting a super cycle for commodities driven by public debt debasement. He highlights gold as a key long-term investment, forecasting its price could reach $10,000, while emphasizing the underinvestment in the energy sector and the risks of geopolitical tensions.Wed 2 SeptBeyond The Mag 7 – Positioning For Earnings Peaking and Yields Rising – Liz Ann SondersIn this episode, Liz Ann Sonders discusses the positioning of major tech companies like NVIDIA and Micron, which are influencing capital expenditures amid concerns over peaking earnings growth. She anticipates a 25 basis point rate hike from the Federal Reserve, emphasizing the importance of yield normalization to avoid market volatility. Sonders also highlights the current inflation dynamics and the potential for increased performance dispersion among stocks, urging investors to adopt a diversified approach in a shifting market landscape.Mon 3 AugEquities Extremely Complacent; De-lever and Prepare to Buy The DipLuke Groman opens by calling the current Overton window of market possibilities the widest he has seen in over 30 years and issues a blunt near-term directive to de-lever completely, arguing that surviving volatility is the prerequisite for capturing a multi-year opportunity in gold and hard assets.Tue 28 JulBig Tech’s Tipping Point Is Here: Jim Mellon On Biggest Short Of All TimeJim Mellon makes the case that the Magnificent Seven are down roughly 30 percent from their June 24th highs and are transitioning from cash flow positive to cash flow negative as AI capital expenditure accelerates with no clear return timeline, singling out Oracle as especially precarious and noting semiconductor stocks are off 20 percent with no recovery in sight.Tue 21 JulJamie Dimon: Why I Won't Buy Bonds, AI's Future & Leadership LessonsJamie Dimon explains why he personally refuses to buy long-dated government bonds, arguing that with global debt to GDP near 100 percent and the US deficit running at 6 percent, yields do not adequately compensate for the risk that inflation could repeat its post-1974 climb from 3 percent to 11 percent.Tue 14 JulThe Key CEO Traits Investors Are Missing | Kara SwisherKara Swisher argues that investors systematically overvalue tech leaders by assuming brilliance in one domain transfers everywhere, and that the industry's tolerance for failure gives CEOs a pass other executives never receive, pointing to Meta's 75 billion dollar metaverse spend as a straightforward failure that should be named as one.Mon 6 JulThe New American Dream: Democratising InvestingVlad Tenev, co-founder and CEO of Robinhood, traces the company's origins to the 2008 financial crisis and a conviction that commission-free, mobile-first investing could expand US equity market participation from around 50 percent to the 65 percent it sits at today, with a long-run target above 90 percent.Mon 29 JunHow to Build Wealth (And Survive Failure) with Anthony ScaramucciAnthony Scaramucci, founder of Skybridge Capital and former White House Communications Director, joins the show to discuss wealth building, political failure, and his evolving views on Bitcoin. He traces his investing discipline to The Richest Man in Babylon and has bought stocks every month since age 17, while using Amazon's 85 percent dot-com collapse as an analogy for why long-term Bitcoin holders should expect volatility.Tue 23 JunBeing Short Your Government: The Real Case for Gold & SilverNed Nailayland of the Jupiter Gold and Silver Strategy, which manages nearly 3 billion dollars in assets, frames owning gold and silver as being structurally short your government, a position grounded in the certainty that governments will debase purchasing power over time.Tue 16 JunBecky Quick: Warren Buffett's Biggest Lessons, CNBC, and Finding Purpose Through AdversityBecky Quick, who has hosted Squawk Box for roughly 21 years and interviewed Warren Buffett since 2005, shares what she has learned from decades of close access to him, including his edge in reading SEC filings since childhood, his pattern recognition in data like GEICO insurance numbers, and his core discipline of patient inaction.Tue 9 JunShould You Buy Space X? | IPO SpecialSpaceX is pricing its IPO at 135 dollars per share across 555 million shares, implying a valuation of nearly 1.8 trillion dollars, roughly 100 times last year's 18 billion dollars in revenue. Only four to four and a half percent of shares are being floated, and forced Nasdaq 100 inclusion two weeks after listing is expected to push the price higher on thin supply.Mon 8 JunAI Could Turn Software Into “Dumb Data Pipes” | Dom RizzoDom Rizzo, who manages the 8.7 billion dollar T. Rowe Price global technology fund PRGTX and has returned 43.6 percent annually since December 2022, argues that ChatGPT and Claude will eventually sit on top of the entire enterprise software stack, reducing applications like Salesforce to dumb data pipes while users begin their day inside AI interfaces rather than traditional tools.Mon 8 JunAI Could Turn Software Into “Dumb Data Pipes” | Dom RizzoDom Rizzo, who manages the 8.7 billion dollar Global Technology Fund at T. Rowe Price and has returned 43.6 percent per annum since December 2022, argues that AI will attack enterprise software first because vendors built fat recurring revenue models by prioritizing price increases over user experience.Wed 3 Jun“We’ve Seen the End of Times”: Tom Michaud on Market Extremes, IPO Red Flags, and 9/11Tom Michaud, who has led KBW since 2011, opens with the firm's experience losing 67 colleagues on September 11, 2001, and explains how that trauma forged the resilience that carried the firm through the 2008 financial crisis. He then identifies unbridled growth relative to peers as the primary red flag in banking, pointing to Silicon Valley Bank doubling in size two consecutive years before the Federal Reserve's aggressive rate campaign exposed its long-dated bond portfolio.Wed 27 MayMemory Is A Bubble, But Nvidia Protected – Jan Van Eck On Semis SurgeJan Van Eck joins the show to argue that memory semiconductors are experiencing a bubble driven by price increases during a temporary shortage rather than genuine volume growth, and that VanEck is trimming exposure to memory in its actively managed funds as a result. He contrasts that fragility with Nvidia, which he frames as the mainframe of AI with durable software advantages and a forward price-to-earnings ratio in the low 20s, making it a core long-term holding.Mon 18 MayBull Case Holds for 2026 – Lori CalvasinaLori Calvasina, head of equity strategy with over 25 years of experience, recently raised her S&P 500 price target to 7,900 using a rolling 12-month forward methodology, calling it a conservative read based on the second-lowest of her five models, with the Fed and cross-asset models pointing as high as 8,300 to 8,400.Tue 12 MayDan Niles: Be Nimble - 30-50% AI Crash By 2027Dan Niles, founder of Niles Investment Management, argues that AI-related stocks face a 30 to 50 percent crash sometime in early 2026, driven by the difficulty of anniversarying extraordinary growth rates that began with the formalization of agentic AI on January 30, 2025.Mon 4 MayThe Bull Case for China: The Best Opportunity Right Now? | Louis GaveThe discussion emphasizes China's strong global position due to its substantial energy reserves and lower production costs, making it a potential leader in the energy sector and attractive for equity investment. The speaker also highlights vulnerabilities in Western bond markets amid rising inflation, contrasting with China's economic resilience. Additionally, the evolving landscape of warfare suggests shifts in defense spending and military dynamics, which may indirectly influence investment strategies in technologies like AI and blockchain.Tue 28 AprStephanie Link: When to Buy the DipThe discussion emphasizes the importance of buying the dip, particularly in sectors tied to AI, semiconductors, and energy, which are projected to drive long-term growth amid current market volatility. Stephanie Link notes that strategic investments during downturns can recover substantial losses, as seen in the recent market rebound. Additionally, the conversation highlights the need for improved infrastructure to support the growing AI sector, alongside rising cybersecurity challenges as technology evolves.Mon 20 AprJeremy Grantham: Lessons from 60 Legendary Years of InvestingIn the discussion, Jeremy Grantham highlights the importance of investing in undervalued stocks and adopting a value-oriented approach amid today's perilous market conditions. He parallels current trends with past bubbles, emphasizing the need for a big-picture understanding and the potential risks posed by AI's impact on jobs and productivity. Additionally, Grantham critiques financial institutions for failing to address market overvaluation and the unsettling optimism surrounding bullish sentiments, advocating for reflection and strategic pauses in investment decisions.Mon 13 AprLarry McDonald: SP500 Is A Screaming Sell; But Buy The Dip In EnergyLarry McDonald warns that the S&P 500 is a "screaming sell" amidst political tensions, advising investment in energy stocks instead. He also emphasizes the shift towards hard assets, including oil and gas, while noting a cautious entry into Bitcoin despite the volatility and potential threats from quantum computing. Concerns about AI's impact on tech stocks and the market's future viability underscore the importance of focusing on tangible assets amid inflationary pressures and geopolitical risks.Tue 7 AprPeter Boockvar: How To Position Your Portfolio In The Face of The Iran WarThe discussion centers on the inflationary pressures heightened by the ongoing Iran War and its profound effects on oil and commodity markets, with expectations for persistent elevated prices. Peter Boockvar emphasizes gold's increasing role as a settlement currency amid geopolitical tensions, showcasing a shift towards precious metals investments. Additionally, concerns about the U.S. bond market arise amidst rising yields, while opportunities in emerging market bonds are highlighted as attractive amidst global economic fluctuations.Thu 2 AprDemocratising Investing: Charles Schwab CEO Rick Wurster on the Future of FinanceRick Wurster, CEO of Charles Schwab, discusses the shift towards younger investors who prioritize early financial planning and engagement through social media. He highlights the firm's adaptation to trends in digital assets and cryptocurrencies, noting that approximately 5% of clients invest in crypto. Wurster emphasizes the transformative role of technology and AI in enhancing investment strategies, while maintaining a focus on providing diverse investment opportunities and long-term equity benefits amidst prevailing economic challenges.Tue 31 MarCrypto Winter or Buying Opportunity? Dan Morehead’s 4-Year OutlookDan Morehead suggests that the crypto market may be nearing its bottom, advising long-term investment strategies amid ongoing volatility. He highlights Bitcoin's resilience and potential as an asymmetric trade, driven by geopolitical factors. Additionally, he notes increasing interest in stablecoins and cryptocurrencies among institutional investors, with a shift towards decentralized financial systems that could reshape money's relationship with government control. Overall, the long-term outlook for cryptocurrencies remains optimistic despite market challenges.Tue 24 MarLloyd Blankfein: Lessons from 2008, Identifying the Next TriggerLloyd Blankfein underscores the lessons from the 2008 financial crisis, emphasizing adaptability in trading and the importance of risk management. He highlights concerns surrounding potential economic disruptions, including inflation and private credit risks. The discussion foreshadows insights on cryptocurrency, with a focus on investment strategies related to appreciating assets, as noted by upcoming guest Dan Moorhead from Pantera Capital.Wed 18 MarThe Private Credit Unwind Is Coming – Tony YoseloffTony Yoseloff discusses the impending private credit unwind, emphasizing the challenges of direct corporate lending amidst rising default rates and declining recovery values. He draws historical parallels with the 1970s inflationary climate, highlighting the impact on market dynamics. Additionally, Yoseloff notes the growing prominence of retail investors in credit markets, the ongoing performance disparity in tech stocks, and the need for global diversification in investment strategies, particularly in emerging markets like India.Thu 12 MarScott Bessent: Inside Trump’s Treasury; War Costs; & Why Bond Market is KingScott Bessent discusses the critical role of market dynamics and transparency in the US Treasury market, emphasizing its depth and liquidity for effective price discovery amidst geopolitical tensions. He reflects on the financial implications of ongoing military engagements and energy policies, highlighting how sustained high oil prices could impact inflation and the Federal Reserve’s response. Additionally, Bessent expresses skepticism about elite institutions, advocating for insights derived from market behavior, which may also influence developments in cryptocurrencies and blockchain technology.Mon 9 MarIs the US Market Finally Peaking? Ruchir Sharma’s TakeRuchir Sharma analyzes the U.S. market's inflated expectations compared to the global landscape, predicting a shift in performance favoring international markets over the next few years. He critiques the Federal Reserve's failure on inflation and warns about concentrations in U.S. tech investments, suggesting a potential market bubble. Additionally, he emphasizes the growing importance of emerging markets like India due to better governance and entrepreneurial growth, contrasting them with challenges faced by China, including governance and debt issues.Wed 4 MarIRAN WAR BONUS: Ruchir Sharma on Market Reaction to Us-Israel WarRuchir Sharma discusses the impact of geopolitical conflicts on oil prices, noting that significant increases are needed to affect the global economy. He emphasizes the resilience of the Israeli stock market amid these tensions, suggesting that stability in the region may ensue if threats from Iran alleviate. Sharma highlights the calmness in oil and gas markets despite headlines, underscoring a shift in investment patterns and the potential risks for energy importers amid volatile prices, reflecting broader market dynamics.Mon 2 MarGreg Peters: Why Sovereign Bonds Now Beat Corporate CreditGreg Peters emphasizes the advantages of sovereign bonds over corporate credit, highlighting the need for fiscal sustainability metrics and concerns about U.S. debt sustainability amid declining free cash flows from major tech firms. He warns against misinterpreting risk by prioritizing yield, noting that geopolitical tensions drive demand for safe-haven assets like U.S. Treasuries. Additionally, the conversation touches on the relevance of inflationary pressures in investment strategies and the potential impact of AI and blockchain on financial market dynamics.