Bob Elliott is the co-founder and CIO of Unlimited Funds. He joins Phil Rosen to discuss the macro outlook and oil shock, the Fed's dilemma, portfolio positioning for 2026, and lessons from working next to Ray Dalio.

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Timestamps:

0:00 - Intro

0:30 - The current economic shift

1:25 - Impact of oil shock

3:45 - The Fed's impossible situation

5:25 - Labor market weakness

7:15 - Fed nominee Kevin Warsh

10:15 - Why stocks haven't sold off

13:15 - Oil shock amnesia gripping markets

15:10 - Commodities, risk reduction, rebalancing

17:10 - Long-term positioning

19:45 - Gold and bitcoin

23:45 - What investors are getting wrong today

26:25 - Pain comes before policy

29:20 - Lessons from Ray Dalio

32:00 - The 55/45 rule

35:10 - Putting hedge fund strategies in an ETF

37:35 - HFGM

39:10- Follow Bob Elliott

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