This is the first episode of Unfiltered, with Justin Lebbon and Ian Whittaker — consultant, adviser, former senior equity analyst and twice City AM analyst of the year. The premise: connect what's happening in the media and advertising industry with the wider economic and financial markets, because, as Ian puts it, money drives a lot of things.

Highlights:

• Tariffs, Greenland and midterm politics — expect first-half volatility (gold and silver at record highs), but Ian argues things normalise as the November US midterms approach, since the administration won't want a stock-market shock with so much household wealth tied up in equities.
• Why ad spend should hold up in 2026 — corporate profitability in the US is strong; firms have absorbed tariff costs or passed them to consumers. As long as profitability holds, advertising is treated as a strategic decision, not a cost centre.
• Europe rethinking its relationship with US tech — data sovereignty (e.g. AWS) collides with US law like the Cloud Act, and the three global cloud players are all American, so no quick change. Likely near-term legislation targets under-16 social media use rather than platform revenues.
• Two advertising markets — the visible agency/big-corporate market, and the larger "iceberg" of SME spend, where small businesses depend on Google and Meta as their shopfront and have limited bargaining power. Ian sees the platforms growing at a similar pace (Meta up 22% last year); Justin is sceptical they hold 20%.
• Is AI a bubble? — Ian, who covered the dot-com era, says it's not .com-style froth: real business models, real applications, funded by cash-rich platforms. The risk is investor sentiment — a "DeepSeek moment" or a slip-up could turn things into a rout. The Magnificent Seven are ~35–36% of the S&P 500.
• TV consolidation — the WBD/Netflix situation looks headed for legal dispute over WBD's linear asset valuation. Europe is the more interesting story: regulators softening as national broadcasters are increasingly seen as strategic assets.

More episodes and guests to come throughout the year.

• Expect market volatility in the first half of 2026, but a likely normalisation as the US midterm elections approach — the administration won't want a stock-market crash.
• Advertising spend should stay strong because the key driver, US corporate profitability, is holding up, with firms passing costs onto consumers.
• Platform growth is underpinned by SMEs — for the likes of Meta, an estimated 80%+ of revenue — who depend on Google and Meta as their shopfront and have limited bargaining power.
• AI is not a dot-com replay: real business models and applications, funded by cash-rich platforms — but valuations rest heavily on investor hope and could turn on a 'DeepSeek moment' or a stumble.
• The Magnificent Seven make up roughly 35–36% of the S&P 500, raising the political stakes of keeping markets steady before the midterms.
• TV consolidation is coming: the WBD/Netflix deal looks headed for legal dispute, while European regulators soften as national broadcasters become strategic assets.