The long-running listener-supported podcast No Agenda has built its reputation on skeptical, humor-laced media deconstruction. But its latest episode, Episode 1908 of the No Agenda Show titled 'Chivatican,' takes a sharp financial turn. Host Adam Curry, broadcasting from the Texas Hill Country, is joined by a brand-new guest co-host: Andrew Horowitz of The Disciplined Investor and DH Unplugged. The pair, who have known each other for roughly 15 years and share a long history with the late John C. Dvorak, deliver a three-hour media deconstruction built around tariffs, jobs numbers, artificial intelligence hype, and a hijacking mystery over Saudi airspace. It is one of the most finance-forward No Agenda episodes in recent memory.
Horowitz brings a markets lens to the show's trademark narrative dissection. Among the threads unpacked: the $15 billion Mesabi Metallics / SR steel plant deal in Iowa, 'Patriot Pellets,' and the Section 232 tariffs that enabled it. The discussion matters because it connects trade policy to real-world investment decisions. Horowitz dissects Commerce Secretary Howard Lutnick's Oval Office pitch alongside Iowa TV6 reporting that no permits have been filed and no major Lee County land has been purchased for the plant. He contrasts Cleveland-Cliffs' North American pellet dominance with Brazil's Vale, flags the Indian ownership of SR Technologies, and connects the timing to the midterms.
On the economic data front, the episode examines Kevin Hassett's shifting commentary on BLS jobs reports, PCE methodology changes, and ShadowStats founder John Williams. It also probes Scott Bessent's bond-buying 'blunder,' private credit refinancing walls, and commercial real estate losses. These segments are important because they question the reliability of official numbers that drive Federal Reserve policy and investor sentiment. Horowitz's willingness to challenge mainstream data narratives gives listeners a framework for evaluating their own portfolios.
The AI discussion is equally pointed. Curry champions Meta's Muse assistant, predicts the collapse of traditional podcast apps, and recounts building a prototype 'while watching West Wing.' The show also covers Trump's rebrand of AI as 'SI' (super intelligence) and Anthropic's reported $2 trillion IPO prospectus. AOC, Bill Gates, Jensen Huang, Sam Altman's 'Dots' launch, Pope Leo's Chicago-accented AI remarks, and Pete Hegseth's Pentagon purge all get run through the deconstruction machine. The implication is clear: the AI narrative is being shaped by political and corporate interests, not just technological reality.
Horowitz's investing philosophy gets its own set piece when he recounts a horseback ride in Costa Rica with his wife Jill. 'The horse doesn't want to fall off the mountain just as badly as you don't want to fall off the mountain. Hang on to the horse. It's the same thing with these markets.' Curry, for his part, hammers the shifting official story on FlyDubai Flight to Tel Aviv, noting conflicting ABC, BBC and Netanyahu accounts of whether the plane dropped from 34,000 to 16,000 feet in two or three minutes, whether a knife or crash axe was used, and the now-famous Israeli plumber who allegedly leveled the aircraft. The segment underscores how quickly official narratives can change, a theme that resonates beyond this single incident.
The episode's depth comes from its specificity, offering a model for how to interrogate financial and geopolitical news. For listeners trying to make sense of tariffs, AI hype, and market risks, the episode provides a rare combination of skepticism and practical insight.
