Fundamentals Unfiltered

By Matt DePaola

Fundamentals Unfiltered is where investing, business, and the week's financial news get broken down without the hype.

Join Matt & Louie each week for straightforward conversations about fundament... more

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FAQs about Fundamentals Unfiltered:

How many episodes does Fundamentals Unfiltered have?

The podcast currently has 29 episodes available.

Fundamentals Unfiltered episodes:

September 07, 2026 Ep 4: Dolly Parton’s Business Empire + Is AI Becoming a Bubble?
What can Dolly Parton teach us about business and investing, and is today's massive AI spending boom creating the next investment bubble?
In this episode of Fundamentals Unfiltered with Matt & Louie, we tackle two very different stories connected by a common theme: understanding how businesses create, protect, and invest capital.
First, Matt and Louie look beyond Dolly Parton the entertainer to explore Dolly Parton the entrepreneur. They discuss the story behind I Will Always Love You, her decision to retain valuable song rights, and how ownership of intellectual property helped turn her music career into lasting business assets.
The conversation then turns to Dollywood, Dolly Parton's business ventures, brand licensing, partnerships, philanthropy, and the business lessons investors and entrepreneurs can take from the way she approached ownership and long-term value creation.
Then it's time for News & Markets Unfiltered, where the conversation shifts to artificial intelligence and the AI investment boom.
Companies are committing enormous amounts of capital to AI infrastructure and data centers. Matt and Louie examine whether that spending could eventually lead to overinvestment, how companies are beginning to finance some AI investment through the bond market, and what previous capital-spending booms can teach investors about today's AI enthusiasm.
But there's another side to the AI story: What happens when artificial intelligence stops being a competitive advantage and becomes a competitive necessity?
The discussion explores whether companies may eventually have little choice but to adopt AI as competitors use technology to improve efficiency, reduce costs, and gain market share.
In this episode:
Dolly Parton as an entrepreneur and businesswoman
I Will Always Love You and the value of music ownership
Dollywood and the power of the right business partnership
Brand value, intellectual property, and long-term ownership
The AI investment boom and data-center spending
AI infrastructure, capital expenditures, and the bond market
What previous investment booms can teach investors
When technology goes from competitive advantage to competitive necessity
Why businesses that fail to adapt can lose market share
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43min
August 31, 2026 Ep 3: The Rise and Fall of Department Stores + What’s Happening in the Treasury Market
Matt and Louie examine the decline of JCPenney and American department stores before turning to Treasury markets, interest rates, U.S. debt, economic sanctions, the dollar, AI, and the repo market.
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58min
August 24, 2026 Ep 2: The Rise & Fall of the American Mall + Amazon, AI & the Bond Market
What really happened to the American shopping mall? Matt and Louie explore the rise and decline of malls and what changing retail can teach investors about business and competition. Plus, In the News: Amazon’s growth, AI IPOs, rising Treasury yields, and a surprising shakeup between Burger King and Wendy’s.
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56min
August 17, 2026 Ep 1: Think Like an Owner - Business Lessons, Warren Buffett & the Changing Fed
What does it actually mean to think like a business owner—and why should investors learn to do the same?
In the first episode of Fundamentals Unfiltered, Matt and Louie dig into the mindset behind successful business ownership, using Warren Buffett’s approach to management as a starting point. They explore the gap between owning a business and truly thinking like an owner, why incentives matter, lessons they’ve learned from their own business experience, and why a business that doesn’t work on paper probably won’t work in the real world.
Then, they turn to the Federal Reserve and Kevin Warsh’s changing approach to Fed communication. Matt breaks down what the Fed actually controls, the role of interest rates and inflation expectations, why the 10-year Treasury matters so much to consumers and businesses, and what changes at the Fed could mean for investors and credit markets.
In this episode:
What Warren Buffett means by “thinking like an owner”
Why managers and owners can have very different incentives
Lessons from real-world small business ownership
Why cost structure matters—especially in cyclical businesses
What the Federal Reserve actually does
The difference between short-term Fed policy and longer-term interest rates
Why the 10-year Treasury matters for mortgages and borrowing
Kevin Warsh’s approach to Fed communication
What investors and business owners should understand about interest rates
Fundamentals Unfiltered is a weekly podcast from Fundamental Investing Institute, hosted by Matt and Louie.
Learn more and explore Fundamental Investing Foundations at fiilearn.com under courses.
For educational purposes only. Nothing discussed in this podcast should be considered individualized investment, financial, tax, or legal advice.
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1h
January 28, 2026 Ep. 25: Why Gold and Silver Absorb Macroeconomic Risk
This week’s episode is a shorter, focused macro explainer on why gold and silver often absorb market uncertainty.
Gold and silver have been reaching record highs — but what’s really driving the move?
In this episode of Fundamentals Unfiltered, Matt breaks down why precious metals often act as “macroeconomic risk absorbers” during times of uncertainty, inflation concerns, geopolitical stress, and shifting confidence in fiat currencies.
We explore the two major forces behind rising gold prices — fundamental risk signals and momentum-driven investor behavior — and why higher prices may eventually bring new supply online.
This episode is a fundamentals-based look at what gold and silver may be revealing about today’s market environment.
More essays and research at:
FundamentalInvestingInstitute.com
As always, focus on the fundamentals.
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10min
January 21, 2026 Ep. 24: Federal Reserve Independence — Why It Matters for Inflation and Interest Rates
What actually anchors inflation expectations in a world without the gold standard?
In this episode of Fundamentals Unfiltered, Matt examines why Federal Reserve independence is central to economic stability, and why political pressure on monetary policy has repeatedly led to inflation, market instability, and loss of credibility.
Using historical examples—from the gold standard and the Great Depression to the 1970s inflation crisis and the Volcker era—the episode explains how today’s monetary system relies on credibility as its nominal anchor, and why that credibility is fragile.
This episode also serves as a foundation for a longer companion blog post exploring these themes in depth.
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31min
January 14, 2026 Ep. 23: Warren Buffett – The Berkshire Hathaway Years
Warren Buffett didn’t become Warren Buffett by accident. In Episode 23 of Fundamentals Unfiltered, Matt continues his series on Warren Buffett by focusing on the moment he became the Warren Buffett — when he took control of Berkshire Hathaway and built it into a long-term investment platform.
Topics include:
Buffett’s early deep value roots and the Berkshire textile acquisition
The National Indemnity purchase and the importance of insurance float
Why Buffett closed his partnership in 1969
The shift toward higher-quality businesses and economic moats
The influence of Charlie Munger
Why Berkshire’s structure gave Buffett a lasting edge
Long-term compounding, tax efficiency, and capital allocation
Time Stamps:
00:00 — Berkshire Hathaway: Buffett’s Turning Point
03:35 — The Berkshire Textile Business & the Stanton Dispute
05:05 — National Indemnity & Insurance Float
06:17 — Why Buffett Closed the Partnership (1969)
07:24 — From Deep Value to Economic Moats
09:49 — Charlie Munger’s Influence on Buffett
12:37 — Permanent Capital & Structural Advantage
13:30 — Lessons for Investors and Business Owners
This episode is part of an ongoing Buffett-focused series, with companion blog posts available at fundamentalinvestinginstitute.com.
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17min
January 07, 2026 Ep. 22: Warren Buffett - Reflections on His Career
Warren Buffett officially stepped down as CEO of Berkshire Hathaway on January 1, 2026. In this episode of Fundamentals Unfiltered, Matt begins a two-part reflection on Buffett’s remarkable career by focusing on his early life, education, and partnership years.
We explore:
· Buffett’s early entrepreneurial instincts in Omaha
· His intellectual transformation under Benjamin Graham and David Dodd
· The foundations of value investing and margin of safety
· Buffett’s partnership years (1956–1969) and extraordinary compounding record
· The three investment “buckets” Buffett used before Berkshire Hathaway
This episode is less about headlines and more about how great investors are formed—through reading, discipline, patience, and rigorous thinking.
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25min
December 31, 2025 Ep. 21: Year-End Reflections: Gold, Private Markets, the Fed, and Valuation Discipline
In this year-end episode of Fundamentals Unfiltered, Matt reflects on the major market themes of 2025 — without relying on forecasts or year-ahead predictions.
The discussion covers the rally in gold and silver, private market liquidity challenges, the risks of opening private funds to retail investors, Federal Reserve independence, and how to think about valuation discipline amid continued enthusiasm for artificial intelligence.
Rather than focusing on short-term outcomes, the episode emphasizes structure, incentives, and long-term fundamentals — the core ideas that guide thoughtful investing.
People Discussed
I reference the work of Andrew Ross Sorkin and Charlie Munger during the discussion. For those interested in going deeper:
Too Big to Fail — Andrew Ross Sorkin https://amzn.to/4n9wgOB
Poor Charlie’s Almanack — Charlie Munger https://amzn.to/4pmBpV2
Affiliate disclosure: We may earn a commission from qualifying purchases at no additional cost to you.
Companies & Assets Mentioned
· Nvidia
· Google
· Oracle
· OpenAI
· Gold, Silver, Bitcoin
Topics
· Commodity momentum and sentiment
· Private equity liquidity and valuation
· Retail investor risk in private markets
· Federal Reserve credibility
· Bond yields and inflation expectations
· AI valuations vs. late-1990s comparisons

Timestamps
00:00 — Why year-ahead predictions miss the point
01:18 — Lessons from 2008 and 2020
02:49 — Gold and silver in 2025
05:23 — Momentum risk and sentiment
05:49 — Bitcoin as a store of value
07:20 — Private markets and retail investor access
11:29 — The Fed, independence, and bond yields
15:24 — AI valuations vs. bubble narratives
20:48 — Venture capital incentives and risk transfer
23:44 — FII plans and learning projects
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26min
December 17, 2025 Ep. 20: Rate Cuts, Fed Politics, and Inflation Expectations
In Episode 20 of Fundamentals Unfiltered, Matt analyzes the Federal Reserve’s recent 25 basis point rate cut, dissent within the FOMC, and why bond markets are signaling skepticism toward further easing. The episode explores Fed Chair succession, market concerns around Kevin Hassett, renewed attention on Kevin Warsh, and the historical precedent for Fed independence. Matt also recommends The Great Inflation and Its Aftermath by Robert Samuelson and explains why inflation expectations remain central to modern monetary policy.
00:00 – Intro
00:25 – Fed rate cut explained (25bp)
01:15 – Bond yields & FOMC
04:01 – Who’s the next pick?
06:54 – Politicized Yields
10:31 – Fed Treasury Accord
11:50 – Will he stay?
13:24 – Why Fed Independence is important
15:35 – Book recommendation
18:47 – What to watch heading into 2026
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20min

FAQs about Fundamentals Unfiltered:

How many episodes does Fundamentals Unfiltered have?

The podcast currently has 29 episodes available.