Intro

The S&P just closed its worst month since March 2025 at 6,368, marking a fifth straight weekly decline. Moody’s puts recession probability at 50%. Goldman is at 30%. But this isn’t just another pullback: with Brent crude at $116, inflationary supply shocks are compounding the damage in ways that monetary policy tools can’t fix. Ram names his specific buys (Berkshire Hathaway at 1.3x tangible book, Microsoft, Meta at 17.5x forward PE) and his shorts (Caterpillar, John Deere, and the industrials complex he calls “a bubble”). He warns that Bitcoin’s hold at $66K is driven by STRC flows, not a healthy fundamental bid. Austin and Chris debate whether the Clarity Act and institutional adoption are enough tailwind to matter when the macro environment is this hostile. This video is from a longer conversation covering the Iran conflict, bond market constraints, and the Canton vs. Ethereum institutional debate. Full episode here: https://youtube.com/live/Ui5pI1JxF6s We go live every Monday at 4:30 PM ET. Subscribe to catch it live.