Fundamentals Unfiltered

This week’s episode is a shorter, focused macro explainer on why gold and silver often absorb market uncertainty.Gold and silver have been reaching record highs — but what’s really driving the move?In this episode of Fundamentals Unfiltered, Matt breaks down why precious metals often act as “macroeconomic risk absorbers” during times of uncertainty, inflation concerns, geopolitical stress, and shifting confidence in fiat currencies.We explore the two major forces behind rising gold prices — fundamental risk signals and momentum-driven investor behavior — and why higher prices may eventually bring new supply online.This episode is a fundamentals-based look at what gold and silver may be revealing about today’s market environment.More essays and research at:FundamentalInvestingInstitute.comAs always, focus on the fundamentals.

What actually anchors inflation expectations in a world without the gold standard? In this episode of Fundamentals Unfiltered, Matt examines why Federal Reserve independence is central to economic stability, and why political pressure on monetary policy has repeatedly led to inflation, market instability, and loss of credibility. Using historical examples—from the gold standard and the Great Depression to the 1970s inflation crisis and the Volcker era—the episode explains how today’s monetary system relies on credibility as its nominal anchor, and why that credibility is fragile. This episode also serves as a foundation for a longer companion blog post exploring these themes in depth.

Warren Buffett didn’t become Warren Buffett by accident. In Episode 23 of Fundamentals Unfiltered, Matt continues his series on Warren Buffett by focusing on the moment he became the Warren Buffett — when he took control of Berkshire Hathaway and built it into a long-term investment platform. Topics include: Buffett’s early deep value roots and the Berkshire textile acquisition The National Indemnity purchase and the importance of insurance float Why Buffett closed his partnership in 1969 The shift toward higher-quality businesses and economic moats The influence of Charlie Munger Why Berkshire’s structure gave Buffett a lasting edge Long-term compounding, tax efficiency, and capital allocation Time Stamps: 00:00 — Berkshire Hathaway: Buffett’s Turning Point 03:35 — The Berkshire Textile Business & the Stanton Dispute 05:05 — National Indemnity & Insurance Float 06:17 — Why Buffett Closed the Partnership (1969) 07:24 — From Deep Value to Economic Moats 09:49 — Charlie Munger’s Influence on Buffett 12:37 — Permanent Capital & Structural Advantage 13:30 — Lessons for Investors and Business Owners This episode is part of an ongoing Buffett-focused series, with companion blog posts available at fundamentalinvestinginstitute.com.

Warren Buffett officially stepped down as CEO of Berkshire Hathaway on January 1, 2026. In this episode of Fundamentals Unfiltered, Matt begins a two-part reflection on Buffett’s remarkable career by focusing on his early life, education, and partnership years. We explore: · Buffett’s early entrepreneurial instincts in Omaha · His intellectual transformation under Benjamin Graham and David Dodd · The foundations of value investing and margin of safety · Buffett’s partnership years (1956–1969) and extraordinary compounding record · The three investment “buckets” Buffett used before Berkshire Hathaway This episode is less about headlines and more about how great investors are formed—through reading, discipline, patience, and rigorous thinking.

In this year-end episode of Fundamentals Unfiltered, Matt reflects on the major market themes of 2025 — without relying on forecasts or year-ahead predictions. The discussion covers the rally in gold and silver, private market liquidity challenges, the risks of opening private funds to retail investors, Federal Reserve independence, and how to think about valuation discipline amid continued enthusiasm for artificial intelligence. Rather than focusing on short-term outcomes, the episode emphasizes structure, incentives, and long-term fundamentals — the core ideas that guide thoughtful investing. People Discussed I reference the work of Andrew Ross Sorkin and Charlie Munger during the discussion. For those interested in going deeper: Too Big to Fail — Andrew Ross Sorkin https://amzn.to/4n9wgOB Poor Charlie’s Almanack — Charlie Munger https://amzn.to/4pmBpV2 Affiliate disclosure: We may earn a commission from qualifying purchases at no additional cost to you. Companies & Assets Mentioned · Nvidia · Google · Oracle · OpenAI · Gold, Silver, Bitcoin Topics · Commodity momentum and sentiment · Private equity liquidity and valuation · Retail investor risk in private markets · Federal Reserve credibility · Bond yields and inflation expectations · AI valuations vs. late-1990s comparisons Timestamps 00:00 — Why year-ahead predictions miss the point 01:18 — Lessons from 2008 and 2020 02:49 — Gold and silver in 2025 05:23 — Momentum risk and sentiment 05:49 — Bitcoin as a store of value 07:20 — Private markets and retail investor access 11:29 — The Fed, independence, and bond yields 15:24 — AI valuations vs. bubble narratives 20:48 — Venture capital incentives and risk transfer 23:44 — FII plans and learning projects

In Episode 20 of Fundamentals Unfiltered, Matt analyzes the Federal Reserve’s recent 25 basis point rate cut, dissent within the FOMC, and why bond markets are signaling skepticism toward further easing. The episode explores Fed Chair succession, market concerns around Kevin Hassett, renewed attention on Kevin Warsh, and the historical precedent for Fed independence. Matt also recommends The Great Inflation and Its Aftermath by Robert Samuelson and explains why inflation expectations remain central to modern monetary policy. 00:00 – Intro 00:25 – Fed rate cut explained (25bp) 01:15 – Bond yields & FOMC 04:01 – Who’s the next pick? 06:54 – Politicized Yields 10:31 – Fed Treasury Accord 11:50 – Will he stay? 13:24 – Why Fed Independence is important 15:35 – Book recommendation 18:47 – What to watch heading into 2026

This week on Fundamentals Unfiltered, Matt breaks down two major stories shaping markets: - The escalating takeover battle for Warner Brothers Discovery Netflix’s $72B cash-and-stock bid sets off an unexpected contest with Paramount/Skydance’s hostile $30-per-share tender offer. Matt breaks down: Why the deal structure matters (cash vs. stock vs. equity stub) Antitrust risks for Netflix Political angles involving the Ellison family and Jared Kushner Why this drama echoes RJR Nabisco and the book Barbarians at the Gate (Bryan Burrough) - Major leadership shifts at Berkshire Hathaway Berkshire announces several top-level changes, including: Todd Combs leaving for JPMorgan Questions about how Greg Abel will oversee capital allocation CFO Marc Hamburg retiring Michael O’Sullivan named general counsel Nancy Pierce stepping in as GEICO CEO Matt also shares a recommendation of Shut Up and Keep Talking by Bob Pisani, reflecting on floor-trading history and the transition to electronic markets. Check out the link here: https://amzn.to/3YbekZT (As a Amazon affiliate I can earn from qualifying purchases)

This episode covers Bitcoin’s sharp reversal, the breakdown of Michael Saylor’s Bitcoin treasury strategy, and why MicroStrategy may be removed from the MSCI index. Matt also examines Jason Zweig’s reporting on illiquidity risks in private real estate funds and shares lessons from Wall Street legend Art Cashin, featured in Bob Pisani’s Shut Up and Keep Talking affiliate link: https://amzn.to/3YbekZT (I can earn from qualifying purchases). Clear insights, real risks, and timeless fundamentals. Timestamps 00:00 – Intro + today’s topics 01:33 – MicroStrategy’s Bitcoin treasury model 03:48 – Why the “infinite money glitch” worked 07:51 – Index inclusion risk: MSCI’s possible removal 09:03 – Jason Zweig’s Column 12:27 – Reading Bob Pisani’s book for your spring course 14:36 – Art Cashin: NYSE legend & storyteller 17:18 – Remembering a market historian

In this holiday-week episode of Fundamentals Unfiltered, Matt reflects on the life and legacy of Charlie Munger—Warren Buffett’s longtime partner and Vice Chairman of Berkshire Hathaway, who died at age 99 in late November 2023. We walk through Munger’s path from Omaha to University of Michigan, Caltech (studying meteorology during WWII), Harvard Law School, and eventually into law, real estate development, and investing. Matt explains how Munger and Buffett used Blue Chip Stamps, See’s Candies, and the power of financial float to build Berkshire’s capital base. Then we dig into Munger’s biggest intellectual contributions: Latticework of mental models – the idea that decision-makers should draw on big ideas from multiple disciplines (math, physics, biology, history, psychology, economics, and more). Multidisciplinary learning – why students of finance who only learn formulas and spreadsheets risk becoming “second-rate algorithms,” and how pairing quantitative skills with history, psychology, and real-world context leads to better judgment. Book recommendation:

This week, Matt breaks down The Economist’s “Seven Deadly Sins of Corporate Exuberance,” covering crypto-leveraged balance sheets, meme-driven valuations, circular AI investment loops, debt-gluttonous M&A, patriotic capital allocation, and the fraud cycle that always follows a boom. We also examine why recessions have become ultra-rare, how heavy global deficit spending masks true economic weakness, and what it means for future downturns. Matt explains Joseph Schumpeter’s “creative destruction,” Howard Marks’ view that the belief in no risk creates risk, and the consequences of labor hoarding highlighted in a timely Barron’s op-ed. The episode closes with a forward-looking discussion on Berkshire Hathaway as Warren Buffett steps back from communications and Greg Abel assumes a larger role — including what Berkshire might look like with $350B in cash and a more conventional CEO.

Jeff Gundlach’s macro outlook, Warren Buffett’s quiet farewell, and the rising age of first-time homebuyers — Matt explores what these signals mean for investors and the broader economy. Plus, a Buffett-approved book recommendation: The Most Important Thing by Howard Marks, a timeless guide to risk, valuation, and mindset. Timestamps: 00:00 Intro 00:34 Jeff Gundlach Interview 02:36 Interest Rates, The Presidents Opinion, & Gudlachs 04:43 Private Credit & Liquidity Risk 08:55 Warren Buffett Goes Quiet 11:15 The Age 40 Homebuyer & Rentals 15:05 Book Recommendation: Howard Marks Memos & Buffett’s Wisdom Affiliate links:

Matt breaks down the Fed’s 25 bp rate cut and the end of quantitative tightening — what it means for liquidity, inflation, and credit markets. Then he dives into The Financial Times piece, “Big Tech’s Market Dominance Is Becoming More Extreme,” explaining how eight companies now drive most of the S&P 500’s gains and profits. Plus, a classic book spotlight: The Intelligent Investor by Benjamin Graham — Warren Buffett’s guide to fundamentals, market discipline, and margin of safety. Mentioned: Jerome Powell, Stephen Myron, Benjamin Graham, Warren Buffett, Barron’s, Financial Times. Affiliate Disclosure: As an Amazon Associate, we may earn from qualifying purchases at no extra cost to you. Get the book: The version Matt shows: https://amzn.to/4oUj4yD or Third Edition: https://amzn.to/48Zg7bl to support the show. Focus on the fundamentals — and think long term.

Gold tumbles after a record run, inflation lingers, and AI reshapes the job market — Matt explains what it all means for investors. Gold’s sharp reversal, the Fed’s coming rate cut, and the rise of AI-driven business strategies — Matt breaks down how momentum trades detach from fundamentals, why 3% inflation still matters, and what it all means for investors. Plus, lessons from Thinking in Bets on making smarter decisions amid uncertainty.

In this episode of Fundamentals Unfiltered, Matt breaks down how artificial intelligence is reshaping financial markets — and what it could mean for investors long-term. He explores how the AI ecosystem, led by OpenAI, is becoming deeply interconnected financially, with companies like Nvidia, AMD, Oracle, and others committing trillions in capital. But as debt financing creeps in through special purpose vehicles (SPVs), the question becomes: are we building the next big credit bubble? Then, Matt turns to the surge in gold prices, which now hover near $4,400/oz. Drawing on insights from Ruchir Sharma’s Financial Times editorial, “Why Gold and Stocks Are Partying Together,” and The Economist’s special report “The Coming Debt Emergency,” he unpacks what this “gold rush” says about liquidity, momentum, and risk. Finally, Matt reflects on Andrew Ross Sorkin’s new book 1929: The Year of the Crash — comparing the 1920s speculative boom to today’s market structure — and what’s changed since the Great Depression. Articles & Books Mentioned: Financial Times: “Why Gold and Stocks Are Partying Together” by Ruchir Sharma The Economist: “The Coming Debt Emergency” (Special Report) Wall Street Journal: Coverage of Sam Altman’s $10 trillion AI infrastructure push 1929: The Year of the Crash by Andrew Ross Sorkin → https://amzn.to/4n9wgOB Too Big to Fail by Andrew Ross Sorkin → https://amzn.to/4omTmTc (As an Amazon Associate, we may earn a commission from qualifying purchases — at no extra cost to you.) Timestamps: 0:00 – AI’s Financial Web: Nvidia, OpenAI, and the rise of debt-funded data centers 11:45 – Gold’s momentum and the liquidity cycle 20:10 – The Economist’s “Coming Debt Emergency” and sovereign risk 27:00 – Andrew Ross Sorkin’s 1929 and lessons from past crises

In this episode of Fundamentals Unfiltered, Matt dives into Kevin Warsh’s recent Barron’s interview, exploring what his views could mean for the future direction of the Federal Reserve. Warsh—one of the leading candidates to replace Jerome Powell in 2026—has been outspoken about the Fed’s loss of inflation-fighting credibility and the blurring of lines between fiscal and monetary policy through quantitative easing. Matt unpacks Warsh’s monetarist perspective, his ties to Stan Druckenmiller, and what a potential Warsh-led Fed might look like. The discussion then turns to the rally in gold prices, with both spot gold and futures breaking $4,100. Matt examines the drivers behind the move—whether it’s a hedge against inflation and deficits or simply a momentum trade—and references key insights from the Financial Times, World Gold Council, and commentary from Ray Dalio and Ken Griffin on gold as an alternative store of value. He also highlights Andrew Ross Sorkin’s new book on the 1929 stock market crash, following his acclaimed work Too Big to Fail. Finally, Matt shares a preview of his upcoming Substack project, The Thoughtful Investing Project—launching this week—which will chronicle his ongoing research into the global economy and how thoughtful investors can better connect fundamentals with macro context. Books Mentioned in This Episode If you’d like to dive deeper into the topics discussed, here are the books Matt mentioned:

In this episode, Matt unpacks key stories from The Wall Street Journal, Financial Times, Barron’s, and The Economist—connecting macro trends to real investment risks. He covers the economic ripple effects of the government shutdown, unreliable labor data, and the Federal Reserve’s policy challenges. The discussion highlights rising distress in private credit markets, drawing on insights from Barron’s and The Economist, and features analysis from short-seller Jim Chanos, whose Financial Times interview explores fraud and weak underwriting in today’s credit environment. Matt also examines Ruchir Sharma’s editorial, “America Is Now One Big Bet on AI,” on how AI-driven growth is reshaping the U.S. economy. With supporting data from McKinsey and ADP, the episode ties together themes of leverage, structural risk, and the importance of staying grounded in fundamentals. Discussion Points: Jim Chanos – Financial Times interview on forensic financial analysis and rising fraud risks. Ruchir Sharma – Financial Times editorial: “America Is Now One Big Bet on AI.” David Lynch – Author of The World’s Worst Bet, discussed for context. The Wall Street Journal – Coverage of the government shutdown and labor data. Barron’s – “Public Bonds Are Booming. Why Is Private Credit Flashing Distress?” The Economist – “Credit Markets Look Increasingly Dangerous.” McKinsey – Estimate that AI investment will exceed $5 trillion over the next five years. Check out The World’s Worst Bet by David Lynch → https://amzn.to/3Wim7Eo As an amazon affiliate I may earn on qualifying orders!

In this week’s episode, Matt dives into market headlines from September 30, 2025, highlighting the looming government shutdown and its muted impact on markets. The main focus is on "The Credit Market is Humming, and that Has Wall Street on Edge" (Wall Street Journal), exploring record-low risk premiums in investment grade and junk bonds, private credit market risks, and the rise of payment-in-kind interest—a warning for investors as default rates climb. Matt also covers Daniel Weiner’s guest piece in Barron’s, drawing on Weiner's decades of private market experience to discuss the risks and realities of private investments in retirement accounts, especially as new executive orders expand access through 401ks for retail investors. The episode breaks down the historic $55 billion buyout of Electronic Arts (EA) by a consortium led by the Saudi Arabia Public Investment Fund, Silver Lake Partners, and Affinity Partners (run by Jared Kushner), with JP Morgan providing financing. This deal is notable for its unusually high equity portion and the role of risk arbitrage trading around the buyout premium. Rounding out the show, Matt reviews Primal Intelligence by Angus Fletcher, which examines how narrative intelligence can set humans apart in an AI-driven investment landscape, and discusses his next read, The World’s Worst Bet by David Lynch, a global economics correspondent, offering insights on globalization and its effects on politics and policy. Listen for practical lessons on margin of safety in today's “priced to perfection” markets, private investing risks, and how analytical and narrative intelligence can sharpen your investing edge. Featured Articles & Books: • "The Credit Market is Humming, and that Has Wall Street on Edge" (Wall Street Journal) • Guest piece by Daniel Weiner (Barron's) • Primal Intelligence by Angus Fletcher • The World’s Worst Bet by David Lynch People Discussed: • Daniel Weiner (Wealth Manager, Private Investing Veteran) • Angus Fletcher (Ohio State, Project Narrative, Author) • David Lynch (Global Economics Correspondent) • Jared Kushner (Affinity Partners, EA Buyout) • Buyout consortium, JP Morgan, and key figures behind EA’s acquisition Tune in to learn how the fundamentals can help you navigate complex markets and avoid costly mistakes!

In this episode of Fundamentals Unfiltered, Matt unpacks the Fed’s recent quarter-point rate cut and what it reveals about the central bank’s dual mandate—price stability vs. maximum employment. With inflation still above target and labor markets showing signs of strain, the Fed faces its toughest balancing act yet. Matt also breaks down the resurgence of IPOs, highlighting how today’s offerings differ from the dot-com era and what retail investors should consider around access and risk. We’ll also cover: Stephen Miran’s call for deeper cuts Ed Yardeni’s take on inflation and structural labor shifts Katie Martin’s reporting on dollar weakness and foreign flows Gold’s steady climb as the dollar faces pressure Finally, Matt shares his takeaways from reading Primal Intelligence by Angus Fletcher, exploring how “narrative intelligence” could give investors a psychological edge in an AI-driven world. Stay tuned for insights that connect policy, markets, and mindset—all with an eye on the fundamentals.

In this episode, Matt from Fundamental Investing Institute dives into the latest FOMC news, discuss the implications of the Charlie Kirk tragedy, analyze the roles of Lisa Cook and Stephen Myron, and unpack Katie Martin’s Financial Times editorial on private equity’s liquidity challenges. The conversation covers the market’s anticipation of a 25-basis-point rate cut, ongoing core inflation above 3%, and the positive effects of declining long-term bond yields on housing. We also debate the president’s renewed call to end quarterly reporting for public companies, examining its impact on individual investors, and highlight the complex role of continuation funds in private equity. Like, follow, and subscribe to Fundamentals Unfiltered on YouTube and your favorite podcast platforms for clear, credible investing education from Fundamental Investing Institute.

During a relatively slow news week, Matt discusses how many influencers highlight the upside of small business acquisitions while downplaying the risks. Drawing on his own experience as a fractional business owner, he breaks down the role of leverage, the difficulty of sourcing quality deals, and why finding the right operator is often the single biggest factor in success. This episode gives investors a grounded view of the opportunities—and the realities—of putting capital to work in small business equity.

In this episode, Matt from Fundamental Investing Institute discusses some reasons why markets haven't reacted more aggressively to the President's attempt to fire Federal Reserve Governor Lisa Cook. Also, why are private equity funds expanding into 401Ks?

In this podcast, Matt from the Fundamental Investing Institute discusses the Federal Reserve Chairman’s recent speech at the Kansas City Fed’s annual symposium in Jackson Hole, Wyoming and what it means for the future of monetary policy.

In this episode, I unpack the latest Consumer Price Index (CPI) and Producer Price Index (PPI) reports — and what the mixed inflation data means for interest rates going forward. I then dive into the growing risks in private markets, specifically the danger of investing in real estate and private deals through online investment platforms created under the JOBS Act. Using recent reporting from CNBC and Jason Zweig (Wall Street Journal), we look at how platforms like YieldStreet structure their offerings, the incentive problems involved (platforms earning fees without having “skin in the game”), and the problem of adverse selection — with higher-risk deals being passed on to retail investors after institutional investors walk away. If you’re considering private investment opportunities, this is a conversation you don’t want to miss. As always, focus on the fundamentals.

With the President announcing a nominee to the Federal Reserve Board, Matt discusses the need to understand the Federal Reserve as an institution, and provide a primer on the structure and functions of the Fed. Matt also discusses the role that inflation expectations play in credit markets.

In this kickoff episode of Fundamentals Unfiltered, host Matt begins with an introduction and a personal story about a conversation with a friend, and a the lesson in using lived history to cut through today's information overload. You’ll hear how that simple framework can help you make smarter decisions — not just in investing, but in how you read the news, understand business strategy, and grow your financial literacy throughout the podcast series.Matt also dives into two timely articles about artificial intelligence, examining how AI is reshaping the workplace — and why it’s one of the key market drivers to watch over the next 5 to 10 years. Whether you’re a retail investor, a small business owner, or just financially curious, this episode sets the tone for a podcast focused on clear thinking, real insight, and building long-term financial confidence.