Full transcript: https://kyla.substack.com/p/the-great-entertainment

I sat down with President Mary C. Daly, President and CEO of the San Francisco Federal Reserve, and President Tom Barkin, President and CEO of the Richmond Federal Reserve to talk about the current state of the US economy as we go into 2026. We look back to the past, particularly the 1970s and the 1990s, to understand what those periods can teach us about inflation and policy decisions today. We also talk about the persistent uncertainty we are facing in geopolitics and technology, and the growing gap between the economic data and how people feel. We talk about the headwinds we are facing and the tailwinds to be excited about. And finally, we spend time on what’s often missed in these conversations - the sources of resilience and the reasons that there is still room for optimism.

Full transcript at kyla.substack.com

Transcript here: https://kyla.substack.com/p/everyone-is-gambling-and-no-one-is

Full transcript on Substack.

How concentrated ownership and automated manipulation reshape democracy

The importance of Fed independence, sticky inflation, AI’s impact on entry-level work, and why she still leans modestly restrictive

Sports betting in the United States of America. Read the full piece here: https://kyla.substack.com/p/gamblemerica-how-sports-betting-apps

00:00 - Intro
00:36 - An Excerpt
02:42 - The United States of Gamblemerica
06:09 - In Dialogue with Jon
08:12 - The History of Sports Betting
13:55 - The State, The Platform, the Hen House
17:17 - The Dopamine Business Model
22:11 - The Language of Individual Responsibility
27:03 - The Human Cost
28:41 - What Comes After Sports Betting?
31:38 - How Do We Fix This?

Jon's Book: https://www.amazon.com/Losing-Big-Americas-Reckless-Gambling/dp/B0DGS6G35H

Nvidia just lost $600 billion in value in a single day—the largest single-stock drop in history—and all because of a Chinese AI startup called DeepSeek. But this isn’t just about Nvidia or AI. It’s about how America is battling its own assumptions about innovation, efficiency, and progress. In this video, I'll talk about (1) how DeepSeek built a groundbreaking AI model for just $6 million (2) why U.S. tech companies like Meta and OpenAI are spending billions—and if that’s sustainable (3) the impact of federal funding freezes and policy decisions on America’s innovation pipeline (4) why the U.S. might be stuck in a “cold war” with itself over how progress should look and (5) what this means for the future of AI, talent allocation, and global competition.

DeepSeek isn’t just disrupting the AI industry; it’s forcing us to ask some hard questions about how we measure success.

00:00 Intro
00:58 Our Broader Challenges
03:08 What Is DeepSeek?
05:00 How did they do it?
05:27 Innovation
08:40 The State of Tech
11:49 Financial Engineering
12:58 Talent
15:45 Final Thoughts

EIG paper: https://eig.org/exceptional-by-design/

Music Used
'Shadows and Dust' by Scott Buckley - released under CC-BY 4.0. www.scottbuckley.com.au 
'Nightfall' by Scott Buckley - released under CC-BY 4.0. www.scottbuckley.com.au 
'Incantation' by Scott Buckley - released under CC-BY 4.0. www.scottbuckley.com.au
'Shoulders Of Giants' by Scott Buckley - released under CC-BY 4.0. www.scottbuckley.com.au 
'Uprising' by Scott Buckley - released under CC-BY 4.0. www.scottbuckley.com.au 
'Anna's Theme' by Scott Buckley - released under CC-BY 4.0. www.scottbuckley.com.au
'Parasite' by Scott Buckley - released under CC-BY 4.0. www.scottbuckley.com.au 
'Shoulders Of Giants' by Scott Buckley - released under CC-BY 4.0. www.scottbuckley.com.au 

DISCLAIMER: This video does not provide investment or economic advice and is not professional advice (legal, accounting, tax).  The owner of this content is not an investment advisor.  Discussion of any securities, trading, or markets is incidental and solely for entertainment purposes.  Nothing herein shall constitute a recommendation, investment advice, or an opinion on suitability.  The information in this video is provided as of the date of its initial release.  The owner of this video expressly disclaims all representations or warranties of accuracy.  The owner of this video claims all intellectual property rights, including copyrights, of and related to, this video.

Full substack: https://kyla.substack.com/p/the-year-narrative-ate-reality

We talk about the concept of trust as a commodity and discuss how to invest when trust is scarce.

Spectra School: http://www.spectramarkets.com/school/
Hanks Video: https://www.youtube.com/watch?v=d8PndpFPL8g&t=40s
How Trump Won: https://kyla.substack.com/p/how-trump-won-what-happens-next-and

00:00 Introduction and Overview

00:24 Special Sponsor Segment

01:15 Current Global Events and Trust

02:40 Investing in Trust Portfolios

04:51 Framework for Evaluating Companies

06:34 The Cycle of Apathy and Trust

10:13 Rebuilding Trust: Individual and Societal Efforts

12:11 Actionable Takeaways for Investors

14:14 Conclusion and Final Thoughts

Disclaimer: This is not financial advice or a recommendation for any investment. The Content is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice.