The latest episode of the podcast DH Unplugged, titled 'Stupid Does Stupid,' takes a critical look at what hosts Andrew Horowitz and JC Dvorak consider the five most ill-advised financial moves currently influencing global markets. Released on August 25, 2026, the episode arrives just days before NVIDIA's earnings report and the Jackson Hole economic symposium, setting the stage for a week where fiscal policy, currency fluctuations, and AI-driven market expectations collide.
Central to the discussion is Treasury Secretary Scott Bessent's expanded long-bond buyback program, which the hosts label 'Bessent's Big Bond Blunder.' Horowitz dismisses the notion that this constitutes quantitative easing, stating, 'There is no quantitative easing going on. The dollar is down, but not that much. The fact is that everybody just wants to buy it. This is an excuse.' Dvorak counters by noting that if retail investors believe the narrative, the messaging is working, even though bond yields snapped back after Bessent hinted at increasing the monthly pace to $4 billion. The hosts also point to unusually high inflows into TLT (iShares 20+ Year Treasury ETF) on August 18, the day before the announcement, suggesting possible information leakage.
The episode then pivots to other questionable moves, including Trump's tariff cut on imported beef, which raises questions about who truly bears the cost of tariffs. New Iran sanctions, dubbed 'Operation Economic Outcast,' target roughly 60 individuals, companies, and vessels. Bitcoin's surge past $80,000 and gold's rise are attributed to a softer dollar, but the hosts argue this 'debasement trade' is overblown. Finally, Walmart's consumer warning, with U.S. comparable sales up only 2.6% against roughly 3% inflation, is highlighted as a credible signal of consumer strain.
Dvorak brings firsthand insight from his consulting work with Walmart's data science team, emphasizing that the retailer's predictive models make its caution credible, not just corporate spin. He also references Costco's earlier warning about shoppers switching from chicken to tuna as a recession indicator. On the tech front, the hosts spotlight Kingslide Works, a Taiwanese manufacturer of data center rack slides, which has surged about 400% in a year, as an early indicator ahead of NVIDIA's Ultra Rubin chip cycle. They also delve into Venezuelan oil refining bottlenecks, strategic petroleum reserves near 1983 levels, salt-cavern integrity risks in Texas and Louisiana, and China's dominance of Iranian oil imports.
Throughout the episode, Horowitz and Dvorak maintain a skeptical, humorous tone, urging listeners to question mainstream narratives and look deeper into market signals. They emphasize that while the dollar's weakness and bond market moves may seem alarming, the underlying economic fundamentals do not support the debasement story being sold. The episode is available now via DH Unplugged and major podcast platforms.
