Full Signal

Phil Neuhart is the Director of Market and Economic Research at First Citizens Wealth. He joins Phil Rosen on Full Signal to break down the tension between rising geopolitical uncertainty and a surprisingly resilient stock market, the real recession trigger to watch in the labor market, why mega caps may be less insulated than investors think, the Fed's impossible position, and what an AI unwind would actually look like.This episode is sponsored by Public: https://public.com/openingbellSubscribe to Opening Bell Daily: https://www.openingbelldailynews.com/subscribeFollow Phil on X: https://x.com/philrosennFollow Phil on LinkedIn: https://www.linkedin.com/in/philrosen/Timestamps:0:00 - Intro0:20 - Uncertainty vs. resilience1:30 - Tail risks investors are ignoring2:50 - The bear case3:25 - Labor market as a recession trigger5:40 - Stocks insulated from oil?6:30 - Earnings season and the multiple contraction10:20 - Complex Fed outlook12:55 - What would trigger the first rate cut?13:50 - Kevin Warsh's problem15:30 - AI trade rotation18:10 - Bullish small caps20:20 - AI as scapegoat for layoffs24:50 - Recession odds27:35 - Does history still apply to this market?28:50 - Follow Phil NeuhartDisclosure: Brokerage services provided by Open to the Public Investing Inc, member FINRA & SIPC. Investing involves risk. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. See terms of Match Program at https://public.com/disclosures/matchprogram Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.#podcast #investing #markets #macro #stocks #bitcoin #fed

Jon Maier is the chief ETF strategist at JPMorgan Asset Management. He joins Phil Rosen on Full Signal to discuss the sea change underway in ETF flows, why active management is set up to outperform passive for the first time in years, how the Iran conflict is reshaping the macro outlook and what investors should actually do with their portfolios right now.This episode is sponsored by Public: https://public.com/openingbellSubscribe to Opening Bell Daily: https://www.openingbelldailynews.com/subscribeFollow Phil on X: https://x.com/philrosennFollow Phil on LinkedIn: https://www.linkedin.com/in/philrosen/Timestamps:0:00 - Intro0:20 - Iran conflict macro implications1:20 - 66% of S&P stocks beating the index3:10 - Breaking down $14T ETF market6:00 - More ETFs than stocks6:45 - Derivative income ETFs8:20 - International vs. US rotation12:05 - Bear sentiment and hedging strategies14:30 - Rotation out of tech15:40 - Should you go to cash right now?18:20 - Active vs. passive long view21:20 - How pullback compares to history23:10 - JPMorgan Guide to ETFsDisclosure: Brokerage services provided by Open to the Public Investing Inc, member FINRA & SIPC. Investing involves risk. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. See terms of Match Program at https://public.com/disclosures/matchprogram Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.#podcast #investing #markets #macro #stocks #bitcoin #fed

Jannick Malling is the co-founder and co-CEO of Public, one of the largest retail investing platforms in the world. He joins Phil Rosen to discuss retail investor sentiment, why buying the dip keeps working, the AI bubble debate, and why Public just launched AI agents inside investor portfolios and what that means for the future of trading.This episode is sponsored by Public: https://public.com/openingbellSubscribe to Opening Bell Daily: https://www.openingbelldailynews.com/subscribeFollow Phil on X: https://x.com/philrosennFollow Phil on LinkedIn: https://www.linkedin.com/in/philrosen/Timestamps:0:00 - Intro0:25 - Retail investor sentiment3:55 - Why buying the dip keeps working5:10 - The AI bubble debate8:00 - Retail's edge on Wall Street8:25 - AI agents in portfolios11:10 - Security concerns with AI agents13:45 - Taking emotion out of investing16:35 - Sophisticated trading strategies19:35 - Will agents push back on bad trades?22:40 - "Agentic brokerage" era27:50 - Joining Public's wait listDisclosure: Brokerage services provided by Open to the Public Investing Inc, member FINRA & SIPC. Investing involves risk. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. See terms of Match Program at https://public.com/disclosures/matchprogram Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.#podcast #investing #markets #macro #stocks #bitcoin #fed

Tom Hulick is the CEO of Strategy Asset Managers. He joins Phil Rosen to discuss the earnings outlook and macro impact of the Iran war, the specific sectors and stock picks he is most bullish on, and why geopolitical noise hasn't shaken his long-term thesis.This episode is sponsored by Public: https://public.com/openingbellSubscribe to Opening Bell Daily: https://www.openingbelldailynews.com/subscribeFollow Phil on X: https://x.com/philrosennFollow Phil on LinkedIn: https://www.linkedin.com/in/philrosen/Timestamps:0:00 - Intro0:20 - Geopolitical backdrop3:35 - The next bull market5:30 - Market resilience7:50 - Oil spike and stocks9:35 - Oil, inflation, and the Fed11:30 - Rate hike or rate cut?14:00 - $8 trillion cash on the sidelines15:50 - Why Wall Street targets were modest18:10 - Biotech sector20:35 - Eli Lilly26:45 - Intuitive Surgical (ISRG)32:05 - Bear case for 202635:00 - Follow Tom's workDisclosure: Brokerage services provided by Open to the Public Investing Inc, member FINRA & SIPC. Investing involves risk. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. See terms of Match Program at https://public.com/disclosures/matchprogram Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.#podcast #investing #markets #macro #stocks #bitcoin #fed

Sam Callahan, director of research and strategy at OranjeBTC, studies Bitcoin, treasury playbooks, and macro dynamics. He breaks down Bitcoin's rally amid geopolitical turmoil. He contrasts why gold dipped while Bitcoin climbed. He outlines central bank pressures, debt risks, and how treasury firms manage Bitcoin exposure and generate revenue.

Jeff Park, veteran macro investor and CIO at ProCap Financial, explores three big forces reshaping markets: demographic decline, widening wealth concentration, and AI’s disruptive effects on labor. He discusses looming liquidity from aging wealth, mispriced education as AI shifts job value, and unconventional portfolio ideas like hedges in crypto and illiquid assets.

Stephanie Guild, Chief Investment Officer at Robinhood who runs Robinhood Strategies, outlines the $1.5B portfolio and her Three‑R framework in crisp terms. She explains why she rotated away from the Magnificent 7, the niche resource and photonics picks she likes, and the two biggest market risks for 2026. Short, actionable market themes and what retail investors are actually buying.

Bob Elliott, co-founder and CIO of Unlimited Funds and former Bridgewater macro trader, offers a macro-minded take on markets. He discusses the economic shift from income to savings drawdown, how an oil shock lifts inflation and crimps growth, the Fed’s painful policy choices, why equities may be vulnerable, and the case for commodities, gold, and hedge-fund-style ETF positioning.

JD Durkin, veteran journalist and NYSE on-floor reporter known for market commentary. He unpacks why markets shrug off bad news. He traces the shift away from mega-cap leaders into small caps, energy and healthcare. He flags political and oil risks that could upend the rally. He also notes signs of consumer stress in dollar retailers.

Anthony Pompliano, founder and CEO of ProCap Financial and noted Bitcoin investor, offers a sharp take on Bitcoin vs gold and why crypto may lead long-term. He connects AI to job shifts and rising productivity. He argues inflation is easing and the Fed should cut rates, and gives blunt advice: learn AI skills to stay competitive.