The Compound and Friends

They unpack a sudden oil spike and why it cushioned the market during a selloff. They flag extreme single-stock dispersion and unusual internals that favor stock-pickers. The conversation covers private credit stress and B-Cred outflows. They debate why NVIDIA stalled after strong results and spotlight drone and modern warfare ETFs.

Matthew Tuttle, CEO and CIO of Tuttle Capital Management, a thematic ETF pioneer. He lays out Europe's push for digital sovereignty and a potential “kill switch” from U.S. tech. Conversation hits rebuilding European cloud and defense stacks, thematic investment approaches, and specific sectors like AI, robotics, and defense suppliers to watch.

Chris Verrone, Strategas macro and chart specialist, and Daniel Clifton, Strategas policy and Washington watcher. They dig into why data centers spark local backlash and compare them politically to fracking. They discuss how tech should package jobs and taxes, a rotation from mega-cap AI to industrials and utilities, and the broader shift to a CapEx, multipolar economy.

They debate PE multiple compression and why valuations may not provide a floor. They explore the Citrini crash thought experiment and real-world AI job displacement. They unpack the rise of halo stocks and why non-tech sectors are showing breadth. They survey private credit risks, BDC stress, and worrying housing signals.

Jessica Rabe, co-founder of DataTrek Research who analyzes index weightings, and Nick Colas, market strategist and co-founder of DataTrek, dig into Big Tech’s all-in AI spending. They debate a 12-month clock for AI returns. They discuss massive capex shifts at Amazon, Alphabet and Meta and whether investors should stick with U.S. mega-cap tech or rotate to non-U.S. stocks.

Christina Hooper, chief market strategist at Man Group, offers macro and market outlooks. Robyn Grew, Man Group CEO, shares executive views on strategy and tech. They debate recession risks vs stock strength. They unpack AI adoption, international equity rallies, active management’s moment, private credit concerns, and why liquidity and diversification matter now.

Ben Carlson, head of institutional asset management and author of A Wealth of Common Sense, offers market perspective and witty takes. They discuss sector rotation, corporate earnings strength, AI-driven CapEx and productivity, international and small-cap value outperformance, and a sharp critique of unrealized capital gains tax proposals. Conversations also touch on Apple’s AI prospects and shifting global capital flows.

Nathaniel Horwitz, CEO of Hunterbrook Media and Hunterbrook Capital, a biotech-trained company builder who now runs an investigative journalism-investing hybrid. He explains journalism as an edge in investing. They discuss investigative leads that uncover fraud and surprises, how media-driven research funds trades, Sable Offshore’s celebrity hype and regulatory risk, and spotting hidden revenue signals like Sphere’s box-office clues.

They debate the HALO investing theme: heavy-asset, low-obsolescence companies versus asset-light software under AI threat. Discussion covers sector leadership in energy, materials and staples and why certain big names resist disruption. They unpack Robinhood’s results and crypto exposure, Spotify’s rebound amid podcast competition, and travel and broker-dealer winners and losers.

Andrew Macdonald, President and COO at Uber, who runs mobility, delivery, freight and AV strategy. He discusses Uber’s recent surge in users and trips. He explains why partnering with many autonomous vehicle builders makes sense. He details how AVs could expand mobility, Uber’s operational edge in scaling fleets, and early wins in delivery bot economics.