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 

Jeff Gundlach’s macro outlook, Warren Buffett’s quiet farewell, and the rising age of first-time homebuyers — Matt explores what these signals mean for investors and the broader economy.

Plus, a Buffett-approved book recommendation: The Most Important Thing by Howard Marks, a timeless guide to risk, valuation, and mindset.

Timestamps:

00:00 Intro

00:34 Jeff Gundlach Interview

02:36 Interest Rates, The Presidents Opinion, & Gudlachs

04:43 Private Credit & Liquidity Risk

08:55 Warren Buffett Goes Quiet

11:15 The Age 40 Homebuyer & Rentals

15:05 Book Recommendation: Howard Marks Memos & Buffett’s Wisdom

Affiliate links:

???? The Most Important Thing — [Standard Edition] https://amzn.to/4nOfDby

???? The Most Important Thing Illuminated — [Annotated Edition] https://amzn.to/487QJPD

I can earn from qualifying purchases.

#InvestingPodcast #ValueInvesting #FundamentalsUnfiltered #FinancePodcast #Macroeconomics #JeffGundlach #WarrenBuffett #HowardMarks #OaktreeCapital #VeteransDay #FinancialEducation #HomebuyingTrends

Matt breaks down the Fed’s 25 bp rate cut and the end of quantitative tightening — what it means for liquidity, inflation, and credit markets. Then he dives into The Financial Times piece, “Big Tech’s Market Dominance Is Becoming More Extreme,” explaining how eight companies now drive most of the S&P 500’s gains and profits.

Plus, a classic book spotlight: The Intelligent Investor by Benjamin Graham — Warren Buffett’s guide to fundamentals, market discipline, and margin of safety.

Mentioned: Jerome Powell, Stephen Myron, Benjamin Graham, Warren Buffett, Barron’s, Financial Times.

Affiliate Disclosure: As an Amazon Associate, we may earn from qualifying purchases at no extra cost to you.

Get the book: The version Matt shows: https://amzn.to/4oUj4yD or Third Edition: https://amzn.to/48Zg7bl to support the show.

Focus on the fundamentals — and think long term.

Books & Articles Mentioned:

• The Intelligent Investor by Benjamin Graham (with Jason Zweig commentary)

• Big Tech’s Market Dominance Is Becoming More Extreme – Financial Times

• Barron’s feature on consumer-staples performance and defensive sectors

People Referenced:

• Jerome Powell (Federal Reserve Chair)

• Stephen Myron (FOMC Member)

• Warren Buffett & Benjamin Graham

• Jason Zweig (WSJ)

• Seth Klarman, Mohnish Pabrai, Bill Ackman (value investors)

Chapters:

0:00 Intro & Fed recap

2:20 End of quantitative tightening

7:25 Impact on Credit

9:15 Tech concentration

11:18 Meta Shares Pullback

14:45 The Intelligent Investor – Benjamin Graham

15:16 Warren Buffet

Connect with us:

???? fundamentalinvestinginstitute.com

???? Subscribe to our newsletter on Substacks: Fundamental Investing Institute & The Thoughtful Investing Project

???? Listen on Spotify, Apple Podcasts, and YouTube

Focus on the fundamentals — and think long term.

Gold tumbles after a record run, inflation lingers, and AI reshapes the job market — Matt explains what it all means for investors.

Gold’s sharp reversal, the Fed’s coming rate cut, and the rise of AI-driven business strategies — Matt breaks down how momentum trades detach from fundamentals, why 3% inflation still matters, and what it all means for investors. Plus, lessons from Thinking in Bets on making smarter decisions amid uncertainty.

0:00 Intro

:19 Gold’s momentum reversal

3:15 Gold Prices Explained

5:50 Inflation & FOMC

6:52 Why 3% inflation isn’t “normal”

9:20 Why I say credit conditions are not tight, let me explain

10:27 Job Market & Monetary Policy

12:40 Interconnection looking like the dot.com bubble...

13:40 Thinking In Bets

14:50 Lesson from Thinking in Bets

In this episode of Fundamentals Unfiltered, Matt breaks down how artificial intelligence is reshaping financial markets — and what it could mean for investors long-term.

He explores how the AI ecosystem, led by OpenAI, is becoming deeply interconnected financially, with companies like Nvidia, AMD, Oracle, and others committing trillions in capital. But as debt financing creeps in through special purpose vehicles (SPVs), the question becomes: are we building the next big credit bubble?

Then, Matt turns to the surge in gold prices, which now hover near $4,400/oz. Drawing on insights from Ruchir Sharma’s Financial Times editorial, “Why Gold and Stocks Are Partying Together,” and The Economist’s special report “The Coming Debt Emergency,” he unpacks what this “gold rush” says about liquidity, momentum, and risk.

Finally, Matt reflects on Andrew Ross Sorkin’s new book 1929: The Year of the Crash — comparing the 1920s speculative boom to today’s market structure — and what’s changed since the Great Depression.

Articles & Books Mentioned:

• Financial Times: “Why Gold and Stocks Are Partying Together” by Ruchir Sharma
• The Economist: “The Coming Debt Emergency” (Special Report)
• Wall Street Journal: Coverage of Sam Altman’s $10 trillion AI infrastructure push
• 1929: The Year of the Crash by Andrew Ross Sorkin → https://amzn.to/4n9wgOB
• Too Big to Fail by Andrew Ross Sorkin → https://amzn.to/4omTmTc

(As an Amazon Associate, we may earn a commission from qualifying purchases — at no extra cost to you.)

Timestamps:

0:00 – AI’s Financial Web: Nvidia, OpenAI, and the rise of debt-funded data centers

5:44 – Gold & Momentum Trade

10:35 – The Economist "The Coming Debt Emergency"

15:20 – 1929 vs Now

19:30 – Bank Panics

???? Subscribe for more thoughtful takes on markets, investing, and the global economy.

#AI #Investing #Gold #FinancialMarkets #Economy #FundamentalsUnfiltered #OpenAI #Nvidia #SovereignDebt #FinancialCrisis #AndrewRossSorkin #ValueInvesting #investingpodcast

In this episode of Fundamentals Unfiltered, Matt dives into Kevin Warsh’s recent Barron’s interview, exploring what his views could mean for the future direction of the Federal Reserve.

Warsh—one of the leading candidates to replace Jerome Powell in 2026—has been outspoken about the Fed’s loss of inflation-fighting credibility and the blurring of lines between fiscal and monetary policy through quantitative easing. Matt unpacks Warsh’s monetarist perspective, his ties to Stan Druckenmiller, and what a potential Warsh-led Fed might look like.

The discussion then turns to the rally in gold prices, with both spot gold and futures breaking $4,100. Matt examines the drivers behind the move—whether it’s a hedge against inflation and deficits or simply a momentum trade—and references key insights from the Financial Times, World Gold Council, and commentary from Ray Dalio and Ken Griffin on gold as an alternative store of value.

He also highlights Andrew Ross Sorkin’s new book on the 1929 stock market crash, following his acclaimed work Too Big to Fail.

Finally, Matt shares a preview of his upcoming Substack project, The Thoughtful Investing Project—launching this week—which will chronicle his ongoing research into the global economy and how thoughtful investors can better connect fundamentals with macro context.

Books Mentioned in This Episode

If you’d like to dive deeper into the topics discussed, here are the books Matt mentioned:

• ???? Too Big to Fail by Andrew Ross Sorkin — An inside look at the 2008 financial crisis and the collapse of Lehman Brothers. → https://amzn.to/4omTmTc
• ???? 1929: The Year of the Crash by Andrew Ross Sorkin — A new exploration of the 1929 stock market crash and the lessons it holds for investors today. → https://amzn.to/4n9wgOB

Disclosure: As an Amazon Associate, I earn from qualifying purchases. These links help support our educational content at no additional cost to you. Thank you for your support!

???? Topics Covered

• Kevin Warsh’s Barron’s interview and Fed succession speculation
• Inflation credibility and the Fed’s monetarist critique
• Quantitative easing and the blurred lines of monetary vs. fiscal policy
• The “debasement trade” and what’s really driving gold prices
• Insights from the Financial Times and World Gold Council
• Ray Dalio, Ken Griffin, and central bank gold buying trends
• Andrew Ross Sorkin’s new book on the 1929 crash
• Preview of The Thoughtful Investing Project on Substack

In this episode, Matt unpacks key stories from The Wall Street Journal, Financial Times, Barron’s, and The Economist—connecting macro trends to real investment risks. He covers the economic ripple effects of the government shutdown, unreliable labor data, and the Federal Reserve’s policy challenges. The discussion highlights rising distress in private credit markets, drawing on insights from Barron’s and The Economist, and features analysis from short-seller Jim Chanos, whose Financial Times interview explores fraud and weak underwriting in today’s credit environment. Matt also examines Ruchir Sharma’s editorial, “America Is Now One Big Bet on AI,” on how AI-driven growth is reshaping the U.S. economy. With supporting data from McKinsey and ADP, the episode ties together themes of leverage, structural risk, and the importance of staying grounded in fundamentals.

Discussion Points:

Jim Chanos – Financial Times interview on forensic financial analysis and rising fraud risks.

Ruchir Sharma – Financial Times editorial: “America Is Now One Big Bet on AI.”

David Lynch – Author of The World’s Worst Bet, discussed for context.

The Wall Street Journal – Coverage of the government shutdown and labor data.

Barron’s – “Public Bonds Are Booming. Why Is Private Credit Flashing Distress?”

The Economist – “Credit Markets Look Increasingly Dangerous.”

McKinsey – Estimate that AI investment will exceed $5 trillion over the next five years.

Check out The World’s Worst Bet by David Lynch → https://amzn.to/3Wim7Eo

As an amazon affiliate I may earn on qualifying orders!

In this week’s episode, Matt dives into market headlines from September 30, 2025, highlighting the looming government shutdown and its muted impact on markets. The main focus is on "The Credit Market is Humming, and that Has Wall Street on Edge" (Wall Street Journal), exploring record-low risk premiums in investment grade and junk bonds, private credit market risks, and the rise of payment-in-kind interest—a warning for investors as default rates climb.

Matt also covers Daniel Wiener’s guest piece in Barron’s, drawing on Weiner's decades of private market experience to discuss the risks and realities of private investments in retirement accounts, especially as new executive orders expand access through 401ks for retail investors.

The episode breaks down the historic $55 billion buyout of Electronic Arts (EA) by a consortium led by the Saudi Arabia Public Investment Fund, Silver Lake Partners, and Affinity Partners (run by Jared Kushner), with JP Morgan providing financing. This deal is notable for its unusually high equity portion and the role of risk arbitrage trading around the buyout premium.

Rounding out the show, Matt reviews Primal Intelligence by Angus Fletcher, which examines how narrative intelligence can set humans apart in an AI-driven investment landscape, and discusses his next read, The World’s Worst Bet by David Lynch, a global economics correspondent, offering insights on globalization and its effects on politics and policy.

Listen for practical lessons on margin of safety in today's “priced to perfection” markets, private investing risks, and how analytical and narrative intelligence can sharpen your investing edge.

Featured Articles & Books:

·       "The Credit Market is Humming, and that Has Wall Street on Edge" (Wall Street Journal)

·       Guest piece by Daniel Weiner (Barron's)

·       Primal Intelligence by Angus Fletcher

·       The World’s Worst Bet by David Lynch

People Discussed:

·       Daniel Wiener (Wealth Manager, Private Investing Veteran)

·       Angus Fletcher (Ohio State, Project Narrative, Author)

·       David Lynch (Global Economics Correspondent)

·       Jared Kushner (Affinity Partners, EA Buyout)

·       Buyout consortium, JP Morgan, and key figures behind EA’s acquisition

Tune in to learn how the fundamentals can help you navigate complex markets and avoid costly mistakes!