Fundamentals Unfiltered

By Matt DePaola

Fundamentals Unfiltered is where real-world business, investing, and financial education finally make sense. Each week, we break down fundamental investing principles, financial statements, and busine... more

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FAQs about Fundamentals Unfiltered:

How many episodes does Fundamentals Unfiltered have?

The podcast currently has 25 episodes available.

Fundamentals Unfiltered episodes:

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
December 10, 2025 Ep. 19: Takeover Drama & Berkshire Surprises
This week on Fundamentals Unfiltered, Matt breaks down two major stories shaping markets:
- The escalating takeover battle for Warner Brothers Discovery
Netflix’s $72B cash-and-stock bid sets off an unexpected contest with Paramount/Skydance’s hostile $30-per-share tender offer. Matt breaks down:
Why the deal structure matters (cash vs. stock vs. equity stub)
Antitrust risks for Netflix
Political angles involving the Ellison family and Jared Kushner
Why this drama echoes RJR Nabisco and the book Barbarians at the Gate (Bryan Burrough)
- Major leadership shifts at Berkshire Hathaway
Berkshire announces several top-level changes, including:
Todd Combs leaving for JPMorgan
Questions about how Greg Abel will oversee capital allocation
CFO Marc Hamburg retiring
Michael O’Sullivan named general counsel
Nancy Pierce stepping in as GEICO CEO
Matt also shares a recommendation of Shut Up and Keep Talking by Bob Pisani, reflecting on floor-trading history and the transition to electronic markets.
Check out the link here: https://amzn.to/3YbekZT
(As a Amazon affiliate I can earn from qualifying purchases)
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23min
December 03, 2025 Ep. 18: Bitcoin, Illiquidity Risks, & Remembering a Market Legend
This episode covers Bitcoin’s sharp reversal, the breakdown of Michael Saylor’s Bitcoin treasury strategy, and why MicroStrategy may be removed from the MSCI index. Matt also examines Jason Zweig’s reporting on illiquidity risks in private real estate funds and shares lessons from Wall Street legend Art Cashin, featured in Bob Pisani’s Shut Up and Keep Talking affiliate link: https://amzn.to/3YbekZT (I can earn from qualifying purchases).
Clear insights, real risks, and timeless fundamentals.
Timestamps
00:00 – Intro + today’s topics
01:33 – MicroStrategy’s Bitcoin treasury model
03:48 – Why the “infinite money glitch” worked
07:51 – Index inclusion risk: MSCI’s possible removal
09:03 – Jason Zweig’s Column
12:27 – Reading Bob Pisani’s book for your spring course
14:36 – Art Cashin: NYSE legend & storyteller
17:18 – Remembering a market historian
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0min
November 26, 2025 Ep. 17 : The Enduring Lessons of Charlie Munger
In this holiday-week episode of Fundamentals Unfiltered, Matt reflects on the life and legacy of Charlie Munger—Warren Buffett’s longtime partner and Vice Chairman of Berkshire Hathaway, who died at age 99 in late November 2023.
We walk through Munger’s path from Omaha to University of Michigan, Caltech (studying meteorology during WWII), Harvard Law School, and eventually into law, real estate development, and investing. Matt explains how Munger and Buffett used Blue Chip Stamps, See’s Candies, and the power of financial float to build Berkshire’s capital base.
Then we dig into Munger’s biggest intellectual contributions:
Latticework of mental models – the idea that decision-makers should draw on big ideas from multiple disciplines (math, physics, biology, history, psychology, economics, and more).
Multidisciplinary learning – why students of finance who only learn formulas and spreadsheets risk becoming “second-rate algorithms,” and how pairing quantitative skills with history, psychology, and real-world context leads to better judgment.
Book recommendation:
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0min
November 19, 2025 Ep. 16: Corporate Exuberance, Vanishing Recessions & Berkshire After Buffett
This week, Matt breaks down The Economist’s “Seven Deadly Sins of Corporate Exuberance,” covering crypto-leveraged balance sheets, meme-driven valuations, circular AI investment loops, debt-gluttonous M&A, patriotic capital allocation, and the fraud cycle that always follows a boom.
We also examine why recessions have become ultra-rare, how heavy global deficit spending masks true economic weakness, and what it means for future downturns. Matt explains Joseph Schumpeter’s “creative destruction,” Howard Marks’ view that the belief in no risk creates risk, and the consequences of labor hoarding highlighted in a timely Barron’s op-ed.
The episode closes with a forward-looking discussion on Berkshire Hathaway as Warren Buffett steps back from communications and Greg Abel assumes a larger role — including what Berkshire might look like with $350B in cash and a more conventional CEO.
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22min

FAQs about Fundamentals Unfiltered:

How many episodes does Fundamentals Unfiltered have?

The podcast currently has 25 episodes available.