Forward Guidance

Alex Campbell, founder of Rose AI and former head of commodities at Bridgewater, explains why he remains bullish on silver, how the death of globalism is driving resource nationalism and regional hoarding of critical metals, and why the rapid acceleration of AI compute is reshaping supply‑chain dynamics. He argues that the mismatch between AI demand and available compute, coupled with a shift toward decentralized, local AI models, creates both significant investment opportunities and heightened geopolitical risk over the coming decade.

The episode breaks down how a surge in defense budgets, aggressive protectionist policies and a narrowing U.S. trade deficit are creating powerful tailwinds for commodities and cyclicals, positioning them as the “mega‑cap tech” of 2026. The hosts argue that this macro backdrop is driving a pronounced rotation out of the over‑valued Mag‑7 stocks toward metals, industrials and other resource‑heavy sectors, while the steepening yield curve and modest rate‑cut expectations reinforce the shift.

.In this episode, Andy Constan contends that the next wave of economic expansion will be driven by private‑sector credit creation rather than Federal Reserve balance‑sheet growth, as massive AI, data‑center and on‑shoring investments depend on banks willing to lend. He explains how money, credit, and risk interact, why banks now need a pull‑based demand for loans, and how this shift could shape growth and inflation in the years ahead.

In this episode, Tony Greer shares insights on market trends and potential winners for 2026, highlighting the shift from semiconductors to metals and analyzing the bull market dynamics under the current administration. He discusses strategies for trading breakouts while emphasizing the importance of staying informed and flexible in investment approaches, particularly regarding precious metals and emerging sectors.

In this episode, Warren Pies discusses his market outlook, projecting the S&P 500 will reach 8,000 by early 2026, while maintaining it will remain fairly valued without entering a recession or experiencing an inflationary boom. He characterizes this period as a "Goldilocks" economy, emphasizing the need to monitor the delicate balance of growth and inflation as we approach the mid-2026 market landscape.

In this thought-provoking episode, Harris Kupperman discusses how the current economy prioritizes asset holders over the working class, leading to widespread suffering for 90% of the population. He explores the implications of this "asset feudalism," where the interests of the wealthy dominate economic policy, and questions the potential for real change in the future.