The Transcript

In this episode, we contrast corporate optimism against a backdrop of enduring inflation, address the financial pressures facing low-income consumers and the distress signals from rising subprime delinquencies, and examine the unexpected challenges in the mass-market adoption of EVs. The episode is based on this week’s newsletter that is available on Substack. Positive Outlook Show Notes 00:00:00...

In this episode, we discuss the Federal Reserve's potential future rate cuts, the surprising job market data, a soft European economy, and tech giants' AI-driven performance. The episode is based on yesterday's newsletter which is available on  Substack . Dialing Back Restraint A transcript of this podcast, with relevant images and quotes, is available for all subscribers after the show notes belo...

In this episode, we explore the potential soft landing, consumer spending resilience, Tesla's AI ambitions in the EV market, Boeing's challenges, and the big week ahead in big tech earnings. The episode is based on yesterday's newsletter which is available on Substack. Solid Start A transcript of this podcast, with relevant images and quotes, is available for all subscribers after the show notes b...

In this episode, we examine the state of the consumer and analyze macro takeaways from earnings calls ahead of the Fed meeting this week. The episode is based on yesterday's newsletter which is available on  Substack . A transcript of this podcast, with relevant images and quotes, is available for all subscribers after the show notes below. Our podcast is available on Apple Podcasts , Spotify , Go...

In this episode, we discuss the key takeaways from the first 3 weeks of the earnings season including the softening trends in the economy, the state of the EV market, and the stabilization in cloud. The episode is based on yesterday's newsletter which is available on Substack. A transcript of this podcast, with relevant images and quotes, is available for all subscribers after the show notes below...

In this episode, we discuss Nvidia and the AI hype, takeaways from JacksonHole, and the poor comps for retailers. The episode is based on yesterday's newsletter which is available on  Substack . Mission Not Accomplished A transcript of this podcast, with relevant images and quotes, is available for all subscribers after the show notes below. Our podcast is available on Apple Podcasts , Spotify , G...

In this episode, we discuss signs of stability in the economy, reflections on the long-term implications of higher rates, and the impact of Taylor Swift on the economy. The episode is based on yesterday's newsletter which is available on  Substack . Ticking Up A transcript of this podcast, with relevant images and quotes, is available for all subscribers after the show notes below. Our podcast is...

In this episode, we discuss key gleanings from the earnings season including takeaways from bank earnings, inflation, and AI. The episode is based on yesterday's newsletter which is available on Substack. A transcript of this podcast, with relevant images and quotes, is available for all subscribers after the show notes below. Our podcast is available on Apple Podcasts, Spotify, Google Podcasts, Y...

In this episode, we discuss the softening consumer spending trends, inflation being higher than the rate the Fed is targeting, and Tesla’s ChatGPT moment in self-driving. The episode is based on yesterday's newsletter which is available on  Substack . Cautious Outlook A transcript of this podcast, with relevant images and quotes, is available for all subscribers after the show notes below. Our pod...

In this episode, we discuss softening trends picked from Q1 earnings calls, the impact of First Republic Bank’s demise, and double-digit revenue growth for consumer packaged goods companies. The episode is based on yesterday's newsletter which is available on  Substack . A transcript of this podcast, with relevant images and quotes, is available for all subscribers after the show notes below. Our...

In this episode, we discuss the key takeaways from US bank's Q1 2023 earnings and more. The episode is based on yesterday's newsletter which is available on Substack. A transcript of this podcast, with relevant images and quotes, is available for all subscribers after the show notes below. Our podcast is available on Apple Podcasts, Spotify, Google Podcasts, YouTube, and Amazon Music. Show Notes 0...

In this episode marking the start of the new earnings season, we discuss how banks and the Fed are responding to the recent baking crisis,  the state of the consumer Buffett's take on AI. The episode is based on yesterday's newsletter which is available on Substack. A transcript of this podcast, with relevant images and quotes, is available for all subscribers after the show notes below. Our podca...

In this episode, we discuss our key takeaways from the Q4 2022 earnings calls. The episode is based on yesterday's newsletter which is available on Substack. A transcript of this podcast, with relevant images and quotes, is available for all subscribers after the show notes below. Our podcast is available on Apple Podcasts, Spotify, Google Podcasts, YouTube, and Amazon Music. Show Notes 00:00:00 I...

In this episode, we examine the developments in the banking world in the last week or so and the implications these have on financial markets and on the Fed rate hike. The episode is based on yesterday's newsletter which is available on  Substack . The Transcript A transcript of this podcast, with relevant images and quotes, is available for all subscribers after the show notes below. Our podcast...

In this episode, we discuss the rapid fall of SVB, the subsequent failure of two other banks, and the possibility of contagion. The episode is based on yesterday's newsletter which is available on Substack. A transcript of this podcast, with relevant images and quotes, is available for all subscribers after the show notes below. Our podcast is available on Apple Podcasts, Spotify, Google Podcasts,...

In this episode, we discuss the positive consumer sentiment, stickiness in service inflation, and ChatGPT attracting criticism. The episode is based on yesterday's newsletter which is available on  Substack . This week, a transcript of this podcast, with relevant images and quotes, is available for all subscribers after the show notes below. Our podcast is available on Apple Podcasts , Spotify , G...

In this episode, we discuss how companies are preparing for a mild recession, the developing decade of AI, and the status of the reopening of China. The episode is based on yesterday's newsletter which is available on  Substack . A transcript of this podcast, with relevant images and quotes, is available for all subscribers after the show notes below. Our podcast is available on Apple Podcasts , S...

In the first episode of the new year, we discuss what has changed since the holidays and preview the Q4 2022 earnings season. The episode is based on yesterday's newsletter which is available on Substack. New Year, Same Story A transcript of this podcast, with relevant images and quotes, is available for all subscribers only after the show notes below. Our podcast is available on Apple Podcasts, S...

In this episode, we review the year 2022 through quotes from earnings calls and also track the incredible growth we have had at The Transcript. The episode is based on yesterday's newsletter which is available on Substack . 2022: Year in Review A transcript of this podcast, with relevant images and quotes, is available for all subscribers only after the show notes below. Our podcast is available o...

In this episode, we discuss the signs of slow down in spending, the darkening outlook for companies, and the impact ChatGPT is having. The episode is based on yesterday's newsletter which is available on  Substack . No Question About It A transcript of this podcast, with relevant images and quotes, is available for all subscribers only after the show notes below. Our podcast is available on Apple...

In this episode, we host Sean Stannard-Stockton , the president and chief investment officer of Ensemble Capital Management , and a regular reader of our newsletter. We discuss his takeaways from the latest Q3 22 earnings from companies in their portfolio including Mastercard, Starbucks, Ferrari, Home Depot, and Netflix. The episode is based on yesterday's newsletter which is available on Substack...

In this episode, we discuss the signals from freight companies on weakening demand, the FTX saga, and the Meta U-turn. The episode is based on yesterday's newsletter which is available on  Substack . The Transcript A transcript of this podcast, with relevant images and quotes, is available for all subscribers after the show notes below. Our podcast is available on Apple Podcasts , Spotify , Google...

In this episode, we are joined by Brad Freeman , author of the Stock Market Nerd newsletter, to discuss key takeaways from tech earnings. The episode is based on yesterday's newsletter which is available on  Substack . A transcript of this podcast, with relevant images and quotes, is available for all subscribers after the show notes below. Our podcast is available on Apple Podcasts , Spotify , Go...

In this special episode (Episode 80), we host former hedge fund manager Marc Rubinstein to discuss the key takeaways from Banks' Q3 22 earnings calls. Marc is the author of Net Interest and writes for Bloomberg Opinion . He covers financial sector themes. We are also joined by Brian Gilmartin, CFA from Trinity Asset Management who writes the blog Fundamentalis.  This is a public episode. If you'd...

In this special episode, we are joined by Jesse Felder of The Felder Report to discuss the macro takeaways from our recent newsletters. We discuss the Fed's fight with inflation, the heightened recession risks, the distress in financial markets, and the early innings of a commodity supercycle. A transcript of this podcast, with relevant images and quotes, is available for all subscribers just belo...