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.

Why is Federal Reserve independence so important for inflation, interest rates, and financial markets?

In this episode of Fundamentals Unfiltered, Matt steps back from short-term market headlines to examine why central bank credibility — not political pressure — is the key anchor in today’s fiat monetary system.

Using historical examples from the gold standard, the Great Depression, World War II, the Treasury–Fed Accord of 1951, the inflationary breakdown of the 1970s, and the Volcker era, the episode explains how repeated political interference in monetary policy has led to inflation, market instability, and loss of credibility.

Rather than reacting to daily news, this discussion focuses on the structural role Federal Reserve independence plays in maintaining stable inflation expectations — and why markets remain sensitive to any threat to that independence today.

This episode also serves as a foundation for a longer companion blog post exploring these themes in greater depth.

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.

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.

Books discussed and referenced (affiliate links below):

·       Security Analysis - https://amzn.to/3KciCgj

·       The Intelligent Investor - https://amzn.to/4oUj4yD

·       Warren Buffett’s Ground Rules - https://amzn.to/49bfKtR

·       Buffett: The Making of an American Capitalist - https://amzn.to/4q5XVCx

·       The Snowball - https://amzn.to/452TD6u

Affiliate Disclaimer:

Links above may be affiliate links. If you purchase through them, Fundamental Investing Institute may earn a small commission at no additional cost to you.

Visit: fundamentalinvestinginstitute.com

A companion blog series on Buffett’s career begins this week.

Timestamps

00:00 — Introduction & Buffett’s CEO transition

01:06 — Why Buffett wanted to be remembered as a teacher

02:39 — Early life in Omaha & teenage business ventures

04:49 — Education: Wharton, Nebraska, and Columbia

06:40 — Discovering Benjamin Graham & David Dodd

07:24 — Security Analysis and the birth of value investing

08:56 — Graham’s methodology vs. Buffett’s evolution

13:30 — Buffett’s early career & Graham-Newman partnership

15:44 — Launching the Buffett Partnership (1956)

17:29 — The three investment “buckets” explained

20:00 — Charlie Munger and early collaboration

21:00 — Books, sources, and upcoming Buffett blog series

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

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

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)

Timestamps:

00:00 Intro

00:59 Warner Brothers Discovery takeover drama

02:29 Netflix’s $72B offer explained

03:30 What you get as a Shareholder

05:10 Antitrust issues & deal-risk math

06:36 Paramount’s $30 hostile tender offer

09:15 Political angles: Ellison family & Kushner

11:21 Best Bid Not Included

13:37 Berkshire Hathaway leadership changes

16:36 Biggest Change

19:18 Book spotlight: Shut Up and Keep Talking (Bob Pisani)

Listen now for a deep dive into deal dynamics, Berkshire’s next era, and what long-term investors should be watching.

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

22:57 – How markets changed since 1997

14:36 – Art Cashin: NYSE legend & storyteller

17:18 – Remembering a market historian

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:

Poor Charlie’s Almanack – a compendium of Munger’s talks and writings, compiled by Peter Kaufman and inspired by Benjamin Franklin’s Poor Richard’s Almanack.

Poor Charles Almanack - https://amzn.to/4pmBpV2

(As an Amazon Affiliate, I can earn from qualifying purchases)

We close with a quick note on the ongoing Bitcoin sell-off and a Thanksgiving message for listeners.

Timestamps:

00:00 – Intro & Thanksgiving recording week

00:25 – Bitcoin sell-off and why we’re waiting a week

01:00 – Who was Charlie Munger? Background & early life

03:14 – From law and real estate to investing

04:48 – Blue Chip Stamps, See’s Candies & financial float

06:18 – How See’s changed Buffett’s view on value

09:01 – Poor Charlie’s Almanack and Peter Kaufman

10:26 – Two of Munger’s Biggest Contributions

#investing #finance #CharlieMunger #WarrenBuffett #BerkshireHathaway #valueinvesting #mentalmodels #FundamentalsUnfiltered

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.

???? Books Mentioned:

— Security Analysis (7th Edition, 2023), edited by Seth Klarman - https://amzn.to/3KciCgj

— The Intelligent Investor, Benjamin Graham - https://amzn.to/48Zg7bl

— The Most Important Thing, Howard Marks - https://amzn.to/487QJPD

(As an Amazon Affiliate I can earn from qualifying purchases.)

TIMESTAMPS

00:00 — Intro

01:02 — The Economist: 7 Deadly Sins of Corporate Exuberance

06:11 — 90s and 2000 Corp Scandals

07:03 — Why Recessions Have Become Ultra Rare

09:08 — Howard Marks: “The belief there is no risk is what creates risk”

10:46 — Barron’s: Op-Ed Labor Hoarding — Is It Ending?

12:43 — Buffett Steps Back: Berkshire’s Next Chapter

14:26 — Greg Abel Big challenge

18:03 — Security Analysis Book Recommendation