When the Market Shakes, Hold Onto Your Horses! | 2026's Volatility with Andrew Horowitz

In this episode of the Market Misbehavior podcast, Dave is joined by Andrew Horowitz, money manager at Horowitz & Company and host of the long-running Disciplined Investor podcast. Recorded May 28th 2026. Andrew shares his perspective on tuning out the 24/7 news cycle and maintaining an objective, long-term mindset. We dig into why the stock market continues to hit all-time highs despite global conflicts and dismal consumer confidence, the hidden impact of government stimulus and "circular financing" fueling big tech earnings, and why paying too much attention to high valuations is a surefire way to miss a bull market. The conversation also explores the danger of getting trapped by economic narratives, why you should never take a stock tip on the golf course, and the ultimate importance of prioritizing process over prediction.📈 Topics Covered• Navigating the 24/7 financial noise: Why zooming out to long-term charts is crucial for emotional discipline• The disconnect between record-low consumer sentiment (University of Michigan survey) and actual resilient consumer spending• Understanding "circular financing" and vendor financing: How big tech balance sheets are artificially pumping up current earnings• The massive underlying impact of government stimulus (CHIPS Act, Inflation Reduction Act) on corporate profits• Why traditional stock valuations don't matter in a momentum-driven, market-cap-weighted environment• The danger of "narrative bias" and why investors must adapt to the tape rather than fighting it• Why shorting the market as a long-term strategy historically destroys wealth• Process over prediction: Why having a repeatable, quantitative system is better than trying to guess the next market crashIf you enjoyed this episode, please check out Andrew's Podcast as well! You can find him here: https://thedisciplinedinvestor.com/blog/Also, don't forget to check out DH Unplugged as well for a more unscripted experience!: https://www.dhunplugged.com/🎓 Take Dave’s FREE course on behavioral investing: https://www.marketmisbehavior.com/freecourse📘 Check out Dave’s recommended reading list: https://www.marketmisbehavior.com/readinglist👉  Follow Dave on X: https://x.com/DKellerCMT👉  Follow Dave on Bluesky: https://bsky.app/profile/dkellercmt.bsky.social👉  Follow Dave on Facebook: https://www.facebook.com/marketmisbehavior👉  Follow Dave on Instagram: https://www.instagram.com/marketmisbehaviorThe content in this presentation should not be considered as a recommendation to buy or sell any security. All information is intended for educational purposes only and in no way should be considered as investment advice.