Metacasts: Investing Evening Edition

Today's episode examines the breakdown of traditional 60/40 portfolios as rising interest rates and supply-side shocks decouple equity and fixed-income correlations. We analyze the structural implications of the upcoming SpaceX IPO, the intensifying competition for global energy resources, and the massive capital intensive re-engineering of the global industrial base.

Read this edition in full at pers-int.com

0:00 - Introduction
0:37 - Monetary Policy and the Fixed Income Outlook
8:04 - The New Space Race and Orbital Capitalism
12:08 - Geopolitical Flashpoints and Global Energy Security
15:13 - The AI-Driven Industrial Renaissance
18:07 - Real Estate Resilience and Urban Shifts
20:30 - Conclusion

Referenced sources:
Benefit Street Partners' Michael Comparato - the opportunity in commercial real estate credit (Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets)
China Pressures Europe, Blair Slams Labour, Switzerland's Population Cap (Bloomberg Daybreak: Europe Edition)
Lilly to Buy Three Vaccine Developers for Up to $3.8 Billion (Bloomberg Intelligence)
Bloomberg Surveillance TV May 27th, 2026 (Bloomberg Surveillance)
Equity Push amid Bond Warnings (Bloomberg Surveillance)
Single Best Idea with Tom Keene James Stavridis and Sheila Kahyaoglu (Bloomberg Surveillance)
Bloomberg Surveillance TV May 26th, 2026 (Podcast) (Bloomberg Surveillance)
Home Alone inflation and the new Fed chair; investing in China's AI ecosystem; Prediction markets (Eye On The Market)
EM Lens Dispersion Creates Cleaner Entry Points in EM Debt (FICC Focus)
How This Real Estate Investor is Betting on an AI Boom (It's Not Data Centers) Tom Shapiro (Monetary Matters with Jack Farley)
Marc Rowan on Private Markets, Software Repricing, and Capital Allocation (The a16z Show)
Asia's Capex Boom Goes Beyond AI (Thoughts on the Market)
IL49 The Space Economy Is No Longer Science Fiction ft. Rainer Zitelmann (Top Traders Unplugged)
CIO Fixed Income Roundtable Podcast Series - 2Q26 update and outlook (UBS On-Air: Market Moves)
UBS On-Air Paul Donovan Daily Audio 'Idle speculation' (UBS On-Air: Market Moves)
SpaceX nears lift-off (Unhedged)

This episode is independent commentary and is not affiliated with, sponsored by, or endorsed by the sources listed above.

Today's episode examines the breakdown of global predictability as rising U.S. debt service obligations collide with escalating maritime volatility in the Strait of Hormuz. We analyze how the convergence of structural deficits, the transition from digital to physical AI, and the unanchoring of inflation expectations is forcing a permanent repricing of global risk.

Read this edition in full at pers-int.com

0:00 - Introduction
0:39 - Geopolitical Flashpoints and the Strait of Hormuz
6:48 - The End of Easy Money: Debt and Inflation
13:43 - Private Equity and the New Era of Asset Management
18:39 - The AI Revolution: From SaaS to Physical Robotics
22:37 - Conclusion

Referenced sources:
AI goes economy-wide (Barclays Brief)
US Bombs Iran Targets, Growing AI Job Fears, Israel's Economic Strain (Bloomberg Daybreak: Europe Edition)
US Strikes Iran Targets, Growing AI Job Fears, Israel's Economic Strain (Bloomberg Daybreak: Europe Edition)
Bloomberg Surveillance TV May 26th, 2026 (Podcast) (Bloomberg Surveillance)
Stocks Rise as Iran Peace Hopes Hold (Bloomberg Surveillance)
Is Iran War Deal Imminent Macro Mondays May 25, 2025 (Macro Mondays)
Things Are Going to Get Even Crazier The Macro Regime Shift Andreas Steno Larsen (Monetary Matters with Jack Farley)
Five Scenarios for the Federal Debt (Notes on the Week Ahead)
Bond Investors Are Panicking - And They May Be Right (Prof G Markets)
Buyout barons weather private turbulence (The Big View)
Why AI Isn't Killing SaaS Yet (The a16z Show)
UBS On-Air Paul Donovan Daily Audio 'Looking for consequences' (UBS On-Air: Market Moves)

This episode is independent commentary and is not affiliated with, sponsored by, or endorsed by the sources listed above.

Today's episode examines the fundamental decoupling of global capital flows from traditional stability anchors as US interest payments approach a critical one-trillion-dollar inflection point. We analyze the structural risks of the AI infrastructure boom, the emergence of 'AI inflation' in hardware supply chains, and the escalating threat to central bank independence in an era of fragmented liquidity.

Read this edition in full at pers-int.com

0:00 - Introduction
0:50 - Navigating Global Debt and Monetary Policy
8:48 - The AI Arms Race and Infrastructure Boom
14:32 - Simplicity vs. Complexity in Modern Investing
17:24 - Geopolitical Friction and Energy Security
20:27 - The New Frontiers of Private Credit and Distressed Debt
22:49 - Conclusion

Referenced sources:
SpaceX's $2T Case, Nvidia's Shock Selloff, America Turns on AI, Trump Pulls AI Order, Bond Crisis (All-In with Chamath, Jason, Sacks & Friedberg)
State of Distressed Debt Judge Kaplan on Bankruptcy Mediation, Venue (FICC Focus)
Global Data Pod Weekender Wobble, wobble (Global Data Pod)
The Machine Runs on Liquidity Protect the Pile Episode 12 (Hedgeye Podcasts)
The Future of Automation and AI with Honeywell CEO Vimal Kapur (Masters in Business)
Things Are Going to Get Even Crazier The Macro Regime Shift Andreas Steno Larsen (Monetary Matters with Jack Farley)
What Doomer Narratives Miss About Private Credit John Cocke of Corbin Capital (Monetary Matters with Jack Farley)
Five Scenarios for the Federal Debt (Notes on the Week Ahead)
EMQs Should retired politicians go on Question Time (Political Currency)
Bond Investors Are Panicking - And They May Be Right (Prof G Markets)
WEAPONIZE THE PERIODIC TABLE (Guest Tony Greer) (The Market Huddle)
Why AI Isn't Killing SaaS Yet (The a16z Show)
UBS On-Air Paul Donovan Daily Audio 'The bias to optimism reasserts itself' (UBS On-Air: Market Moves)
TIP817 Simple Investing Beats Complexity (We Study Billionaires - The Investor’s Podcast Network)

This episode is independent commentary and is not affiliated with, sponsored by, or endorsed by the sources listed above.

Today's episode examines the growing divergence between unprecedented capital deployment in AI and the structural constraints of energy, logistics, and fiscal stability. We analyze the risks of an infrastructure-heavy 'landlord' model in tech, the looming supply-side shocks in global oil markets, and the systemic threats posed by a fragmenting global tax base.

Read this edition in full at pers-int.com

0:00 - Introduction
0:33 - The AI Arms Race and the Infrastructure Bubble
6:33 - Energy Shocks and the Global Oil Squeeze
12:13 - Fiscal Imbalance and the New Tax Reality
16:59 - Emerging Frontiers: From African Growth to Asian Rebound
20:06 - The Great Migration: Private Credit and Distressed Debt
22:29 - Conclusion

Referenced sources:
A $50 Trillion Problem, Poland Troops U-Turn, Ebola Aid Cuts Impact (Bloomberg Daybreak: Europe Edition)
Single Best Idea with Tom Keene Brian Levitt & Dan Ives (Bloomberg Surveillance)
Equities Face Best Rally since 2023 (Bloomberg Surveillance)
Bloomberg Surveillance TV May 21st, 2026 (Bloomberg Surveillance)
Macro Matters DWS' Catrambone on Long-End Selloff, Warsh Fed (FICC Focus)
Our Field Trip to Google IO + A Sit-Down With Sundar Pichai + System Update (Hard Fork)
Cranswick, the perfect pension & palm oil Companies and Markets Show (Investors' Chronicle)
Ep. 359 Dylan Smith on the Hormuz Supply Shock, US Macro Regimes, and Private Market Evolution (Macro Hive Conversations With Bilal Hafeez)
MacroVoices #533 Morgan Downey The Return of Oil 101 (Macro Voices)
At The Money Blurring the Lines Between Public and Private Investments (Masters in Business)
James Murdoch & Vox Media, SpaceX IPO Predictions, and Bezos Gets Defensive (Pivot)
How To Actually Tax The Rich - ft. Ray Madoff (Prof G Markets)
Principal Sees High-Grade Downgrade Risk as Issuance Ramps Up (The Credit Edge by Bloomberg Intelligence)
Can African countries mimic Asia's economic success With Joe Studwell (The Economics Show)
Why Rates Could Keep Rising (The Markets)
Hugging Face's Clem Delangue on Open Source AI and the LLM Bubble MTS Live (The a16z Show)
What's Driving Japan's Market Momentum (Thoughts on the Market)
UBS On-Air Paul Donovan Daily Audio 'Sense or sentimentality' (UBS On-Air: Market Moves)
The oil reserves dwindle (Unhedged)

This episode is independent commentary and is not affiliated with, sponsored by, or endorsed by the sources listed above.

Today's episode examines the growing divergence between rapid software innovation and the physical constraints of power grids, uranium supply, and heavy infrastructure. We analyze how the massive capital expenditures required for the AI arms race are reshaping global debt, energy markets, and the fundamental mandates of central banks.

Read this edition in full at pers-int.com

0:00 - Introduction
0:38 - The AI Arms Race and Infrastructure Bottlenecks
7:33 - Geopolitical Volatility and the Energy Crunch
12:57 - New Frontiers in Venture and Specialized Investing
17:27 - Monetary Policy and the Global Inflation Fight
21:03 - Consumer Shifts and the Retail Landscape
23:52 - Conclusion

Referenced sources:
EM Fixed Income Assessing EM amid the global repricing of rates (At Any Rate)
Instant Reaction Nvidia Gets Tepid Reaction to Forecast, Ups Investor Rewards (Bloomberg Intelligence)
Target Tempers Expectations After Best Sales Gain in Years (Bloomberg Intelligence)
Bloomberg Surveillance TV May 21st, 2026 (Bloomberg Surveillance)
Single Best Idea with Tom Keene Frank Lee & Mandeep Singh (Bloomberg Surveillance)
Nvidia Reports as SpaceX & OpenAI IPOs Gain Steam (Bloomberg Surveillance)
Single Best Idea with Tom Keene Paul Sankey & James Egelhof (Bloomberg Surveillance)
Can The AI Driven Rally Continue Weekly Roundup (Forward Guidance)
409 Systematic solutions meet the team behind the strategies (L&G Talks Asset Management)
32 The Nuclear Renaissance Opportunities in a Rewired Energy World, With Ocean Wall's, Ben Finegold (Money Maze Curated Podcasts)
Why Cerebras CEO Andrew Feldman Built The World's Largest Computer Chip (Odd Lots)
SpaceX Just Filed to IPO - The Numbers Are Ugly (Prof G Markets)
Why Chinese Customers Are Running From Nike (The Journal.)
Mitsotakis on Hormuz, Iran and how to escape a debt trap (The Rachman Review)
280. Should the government set food prices (The Rest Is Money)
Why the UK's Economy May Surprise Investors Again (Thoughts on the Market)
Sustainable Investing Perspectives Investing with a gender-lens (UBS On-Air: Market Moves)
UBS On-Air Paul Donovan Daily Audio 'Trickle or treat' (UBS On-Air: Market Moves)
Top of the Morning Election Watch - Unified government at a crossroads (UBS On-Air: Market Moves)
TIP816 Sea Limited (SE) Can Sea Limited 10x Again w Daniel Mahncke & Shawn O'Malley (We Study Billionaires - The Investor’s Podcast Network)

This episode is independent commentary and is not affiliated with, sponsored by, or endorsed by the sources listed above.

Today's episode examines the breakdown of the era of cheap capital as energy volatility and semiconductor demand drive a structural decoupling of central bank mandates from inflation trends. We analyze how the convergence of the AI super-cycle and maritime instability in the Strait of Hormuz is creating a new macro regime defined by persistent inflationary friction.

Read this edition in full at pers-int.com

0:00 - Introduction
0:35 - Inflation, Interest Rates, and the New Macro Regime
10:27 - The AI Super-Cycle and Silicon Sovereignty
16:59 - Chokepoints and Conflict: The Global Energy Crisis
21:22 - Conclusion

Referenced sources:
EM Fixed Income Assessing EM amid the global repricing of rates (At Any Rate)
Surging Borrowing Costs, EU-US Deal Advances, Nuns Get Financially Savvy (Bloomberg Daybreak: Europe Edition)
Target Tempers Expectations After Best Sales Gain in Years (Bloomberg Intelligence)
Home Depot's Sales Fall Short on Lackluster Housing Recovery (Bloomberg Intelligence)
Bloomberg Surveillance TV May 20th, 2026 (Bloomberg Surveillance)
Single Best Idea with Tom Keene Paul Sankey & James Egelhof (Bloomberg Surveillance)
Concerns Over Long Term Yields and Oil Prices (Bloomberg Surveillance)
Bloomberg Surveillance TV May 19th, 2026 (Bloomberg Surveillance)
Single Best Idea with Tom Keene Joe Lavorgna & Becca Wasser (Bloomberg Surveillance)
Can the Asia Equity Rally Continue (Exchanges)
Trapped in the Strait of Hormuz (The Journal.)
280. Should the government set food prices (The Rest Is Money)
The Case for Staying Bullish on Equities (Thoughts on the Market)
Top of the Morning Election Watch - Unified government at a crossroads (UBS On-Air: Market Moves)
UBS On-Air Paul Donovan Daily Audio 'Capping inflation' (UBS On-Air: Market Moves)
Luxury during wartime (Unhedged)

This episode is independent commentary and is not affiliated with, sponsored by, or endorsed by the sources listed above.

Today's episode examines the intensifying collision between the era of autonomous AI agents and the finite constraints of global energy and supply chain infrastructure. We analyze the strategic implications of the NextEra-Dominion merger, the rising 'warflation' risks in the Persian Gulf, and the structural shift toward a high-cost, hardware-dependent global economy.

Read this edition in full at pers-int.com

0:00 - Introduction
0:41 - The AI Arms Race and the Power Grid Pivot
8:10 - The New Era of Regional Warfare and Energy Volatility
14:05 - Monetary Policy, Inflation, and the Yield Curve
17:47 - Political Polarization and the Erosion of Oversight
19:45 - The Structural Shift in Global Banking and Credit
21:46 - Conclusion

Referenced sources:
US Delays New Iran Attack, AI Banking Job Cuts, Milan's Wealth Boom (Bloomberg Daybreak: Europe Edition)
Nvidia CEO Jensen Huang & Dell CEO Michael Dell on Agentic AI, Memory Demand and China (Bloomberg Intelligence)
NextEra to Buy Dominion for $67 Billion to Create U.S Power Giant (Bloomberg Intelligence)
Single Best Idea with Tom Keene Joe Lavorgna & Becca Wasser (Bloomberg Surveillance)
Equity Push as Bond Yields Rise (Bloomberg Surveillance)
Bloomberg Surveillance TV May 18th, 2026 (Bloomberg Surveillance)
Ep.138 Real Conversations → Markets, the Economy & the Global Risk Landscape w Jim Rickards (Hedgeye Podcasts)
Deutsche Bank's Ozan Tarman and Aditya Singhal on Understanding the Macro Risks (Odd Lots)
Elon's Big Loss, Trump's Stock Trades, and OpenAI vs. Apple (Pivot)
Inside Trump's 3,700 Trades - ft. Anthony Scaramucci (Prof G Markets)
Clarity Act Clears a Milestone Is This the Catalyst REKT Vision May 15, 2026 (Real Vision: Finance & Investing)
Are Markets Ignoring Inflation Macro Mondays May 18, 2026 (Real Vision: Finance & Investing)
Private Credit Has a Weak Underwriting Discipline Problem (The Credit Edge by Bloomberg Intelligence)
How to End the Gerrymandering Doom Loop Forever (The Ezra Klein Show)
How Digital Assets Are Changing Banking (Thoughts on the Market)
UBS On-Air Paul Donovan Daily Audio 'Markets' cynicism premium' (UBS On-Air: Market Moves)
Top of the Morning CIO Strategy Snapshot - Policy puts vs. errors (UBS On-Air: Market Moves)

This episode is independent commentary and is not affiliated with, sponsored by, or endorsed by the sources listed above.

Today's episode examines the widening divergence between hyper-growth AI sectors and a global landscape defined by localized volatility and supply-side shocks. We analyze how the decoupling of capital flows, rising fiscal deficits, and geopolitical energy risks are fundamentally rewriting the rules of institutional risk management.

Read this edition in full at pers-int.com

0:00 - Introduction
0:57 - Market Dynamics: From Global Indices to Local Industry
7:23 - Geopolitical Fault Lines and Energy Volatility
13:11 - Macro Headwinds: Inflation, Yields, and Fiscal Deficits
18:27 - The Great AI Arbitrage: Earnings vs. Expectation
20:44 - The New Era of Credit and Banking Regulation
23:01 - Conclusion

Referenced sources:
Asia Cross Asset Taking stock of the North Asian equity surge (At Any Rate)
Global Bond Rout Deepens, China Economy Slows, 250% UK Deals Frenzy (Bloomberg Daybreak: Europe Edition)
Bloomberg Surveillance TV May 18th, 2026 (Bloomberg Surveillance)
Iran Oil Sanctions, LIRR Strike, Primary Electiona in Focus (Bloomberg Surveillance)
Credit Crunch TCW's Miller on Rescue Capital and Direct Lending (FICC Focus)
Bill Beach on the Future of United States' Economic Statistics and Fiscal Position (Macro Musings with David Beckworth)
A Basel III Deep Dive What to Know About How It Will Transform Banking Globally (Monetary Matters with Jack Farley)
Why Andy Constan Says The AI Bubble is in Earnings, Not Price (Monetary Matters with Jack Farley)
Why the Price of Oil, Beef, Electricity, and Everything Else Makes No Sense (Odd Lots)
Inflation Is Soaring - Here's What Happens Next (Prof G Markets)
279. Why SMEs want more than verbal enthusiasm from politicians (The Rest Is Money)
UBS On-Air Paul Donovan Daily Audio 'MORE MARKET ANGST' (UBS On-Air: Market Moves)
Signal over Noise Will higher rates derail the equity rally (UBS On-Air: Market Moves)
TIP815 Lyn Alden on Why Fiscal Dominance Changes Everything (We Study Billionaires - The Investor’s Podcast Network)

This episode is independent commentary and is not affiliated with, sponsored by, or endorsed by the sources listed above.

Today's episode examines the breakdown of global equilibrium as US-China trade relations shift toward a corporate-led procurement model and energy bottlenecks in the Strait of Hormuz threaten a massive volume shock. We analyze the structural transition from a software-driven AI boom to a capital-intensive infrastructure era, alongside the intensifying institutional instability at the Federal Reserve.

Read this edition in full at pers-int.com

0:00 - Introduction
0:38 - Geopolitical Friction: The US-China Summit and Energy Shocks
7:16 - The AI Arms Race: From Chips to Cybersecurity
14:11 - The Fed's Last Stand and the Warsh Transition
18:07 - The Great Divergence: Inflation, Debt, and the Consumer
21:09 - Credit Cycles and Market Dislocations
23:17 - Conclusion

Referenced sources:
In Focus Frontier AI (At Any Rate)
UK Turmoil Hits Pound, Trump-Xi Talk Iran, Powell's Term Ends, $100k A Day Wealth Tax (Bloomberg Daybreak: Europe Edition)
UK Turmoil Hits Pound, Trump-Xi Play Nice, Powell's Term Ends, $100k A Day Wealth Tax (Bloomberg Daybreak: Europe Edition)
Cisco Jumps Most Since 2011 on Sales Outlook (Bloomberg Intelligence)
Equities, Bonds, and Geopolitics (Bloomberg Surveillance)
Single Best Idea with Tom Keene Bob Hormats & Ian Lyngen (Bloomberg Surveillance)
Bloomberg Surveillance TV May 14th, 2026 (Bloomberg Surveillance)
State of Distressed Trucano on Distressed Investing's Evolution (FICC Focus)
Macro Matters NISA Investments' Douglass on Fed, Fiscal Outlook (FICC Focus)
The Consumer Cushion Is Almost Gone Weekly Roundup (Forward Guidance)
Global Data Pod Weekender Le coût de la vie (Global Data Pod)
Taking stock of today's markets (Insights Now)
MacroVoices #532 Mike Green Record Mechanical Flows (Macro Voices)
Markets Happy Hour Podcast May 14, 2026 - Live from New York (Markets Happy Hour Podcast with Aoifinn Devitt)
Why SocGen's Albert Edwards Sees Double-Digit Inflation Coming Back (Odd Lots)
Trump's China Summit, Inflation Shock, and Silicon Valley's Midterm Money (Pivot)
Who should be the next Prime Minister (Political Currency)
The AI Boom Is Headed For A Reckoning - ft. Aswath Damodaran (Prof G Markets)
JPMorgan Is Wary of Another Big Leap in AI-Related Spending (The Credit Edge by Bloomberg Intelligence)
Jerome Powell's Last Stand at the Fed (The Journal.)
A Tale of Two Markets (The Markets)
UBS On-Air Paul Donovan Daily Audio 'Saying stability without substance' (UBS On-Air: Market Moves)
What's bothering bonds (Unhedged)

This episode is independent commentary and is not affiliated with, sponsored by, or endorsed by the sources listed above.

Today's episode examines the structural shift from globalized efficiency to a regime of high-cost, localized resilience driven by the US-China trade realignment. We analyze the transition of the AI revolution from a software-centric story to a heavy-industry bottleneck defined by energy, minerals, and infrastructure constraints.

Read this edition in full at pers-int.com

0:00 - Introduction
0:33 - The Great Power Tussle: Beijing, Washington, and the New Summit
6:29 - Beyond the Software: The Physical Bottlenecks of the AI Era
12:45 - Monetary Crossroads: Central Bank Uncertainty and Inflation Risks
16:18 - Redefining the Portfolio: Escaping the 60/40 Trap
19:47 - Political Instability and Regional Shifts from London to the Caucasus
21:59 - Conclusion

Referenced sources:
In Focus Frontier AI (At Any Rate)
Xi Warns Trump Of 'Clashes', Rayner Cleared of Wrongdoing , £1.3 Trillion City Fight (Bloomberg Daybreak: Europe Edition)
Anthropic in Talks to Raise $30 Billion at $900 Billion Value (Bloomberg Intelligence)
Single Best Idea with Tom Keene Seema Shah & Paul Quinsee (Bloomberg Surveillance)
Bloomberg Surveillance TV May 14th, 2026 (Bloomberg Surveillance)
Bloomberg Surveillance TV May 13th, 2026 (Bloomberg Surveillance)
Global Data Pod The Changing Chessboard of the South Caucasus (Global Data Pod)
Lyn Alden on Macro Consequences of AI and The Stolgard Incident (Monitoring The Situation Replay) (Monetary Matters with Jack Farley)
Lyn Alden on Macro Consequences of AI and The Stolgard Incident (Monetary Matters with Jack Farley)
200 Is the 6040 Portfolio Still Fit for Purpose State Street Investment Management's CEO, Yie Hsin Hung, Discusses Flows, Valuations, EM, Private Equity Returns and Tokenisation, the Next Investment Frontier (Money Maze Podcast)
Who should be the next Prime Minister (Political Currency)
AI Skeptic This Business Makes No Sense (Prof G Markets)
The World According to AI (Real Vision: Finance & Investing)
Trump and Xi to Meet at High-Stakes Summit (The Journal.)
Trump returns to Beijing what's at stake (The Rachman Review)
Ben Horowitz - Your ONLY job is Right Product, Right Time (The a16z Show)
What to Expect From the U.S.-China Summit (Thoughts on the Market)
UBS On-Air Paul Donovan Daily Audio 'Resilience-economics 1, politics 0' (UBS On-Air: Market Moves)

This episode is independent commentary and is not affiliated with, sponsored by, or endorsed by the sources listed above.