On The Tape with Danny Moses WAWD Reunion: Porter Collins and Vincent Daniel Are Back for On The Tape
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Apr 1, 2026 
Vincent Daniel, former sell-side analyst turned writer and co-founder of What Are We Doing Substack, and Porter Collins, ex-trading desk partner and macro/energy commentator, reunite with Danny. They tackle oil, interest rates, and the dollar as the main macro inputs. They discuss Iran headlines, energy infrastructure’s market impact, gold and gold miners, positioning-driven reflex rallies, quarter-end flows, and private credit risks.
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Sell Side Wit Won Readership
- Vincent Daniel recalled his sell-side analyst days and using witty report titles to force readership.
- He told the Robert Palmer/Capital One story and how creative titles drew attention to his research in a tough sell-side role.
Energy Infrastructure Determines War Stakes
- Energy infrastructure shapes geopolitical outcomes and market risk rather than just being a commodity price issue.
- Porter Collins and Vincent Daniel stressed that the war's stakes and duration hinge on oil flows and Strait of Hormuz plumbing, creating systemic contagion risk.
Oil Rates And Dollar Drive Multiples
- The three macro inputs to watch are oil, interest rates, and the dollar because they interact to pressure equity multiples.
- Danny Moses argued oil shocks raise inflation expectations, higher rates compress P/Es, and a stronger dollar compounds the squeeze.