Ray Dalio’s Davos comments aren’t a “next-week collapse” call—they’re a long-cycle warning: rising debt supply can eventually force higher yields and tough policy trade-offs. Meanwhile, the S&P 500 looks calm on the surface, but sector/factor dispersion and low correlations show a fierce rotation under the hood. Lance Roberts & Michael Lebowitz examine the calm index ≠ calm market—watch dispersion and correlations for the next regime shift.

Hosted by RIA Advisors Chief Investment Strategist, Lance Roberts, CIO, w Portfolio Manger, Michael Lebowitz, CFA

Produced by Brent Clanton, Executive Producer

0:00 - INTRO

0:19 - Economic Reports Show Benefits of AI Data Centers

5:17 - Why The Dow Jones Index Matters Now

9:20 - WalMart Quarterly is Proxy for Staples

12:30 - Why WalMart Valuation Matters

15:53 - Periods of Rolling Bubbles

19:45 - Has AI Cap-ex Already Been Priced-in?

22:20 - The Value-Growth Rotation

24:01 - Fed Meeting Minutes Recap

26:57 - Debunking Dalio

33:13 - Dealing with Negative, Doom & Gloom Headlines

37:10 - Mortgage-backed Bond Exposure

41:18 - Could the Yield Curve Flatten?

43:09 - Is Kevin Warsh just Jerome Powell 2.0?

44:19 - Avoid Worrying About Things Out of Your Control

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Register for our next Candid Coffee, 2/21/26:

https://streamyard.com/watch/Wq3Yvn9ny5GV

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Watch Today's Full Video on our YouTube Channel:

https://youtube.com/live/mippkxiCJQI

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Articles Mentioned in Today's Show:

"Calm Market Waters Hide Fierce Undercurrents"

https://realinvestmentadvice.com/resources/blog/calm-market-waters-hide-fierce-undercurrents/

"AI Bubble: History Says Caution Is Warranted"

https://realinvestmentadvice.com/resources/blog/ai-bubble-history-says-caution-is-warranted/

"Market Sector Review: Extreme Market Bifurcation"

https://realinvestmentadvice.com/resources/blog/market-sector-review-extreme-market-bifurcation/

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Watch our previous show, "Q&A Wednesday: Markets, Money, and Your Questions" here:

https://youtube.com/live/3xyx42x5s44

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The latest installment of our new feature, Before the Bell, "Dow Streak Signals Pullback ," is here:

https://youtu.be/zor3I7w1wLA

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