Tepp Talks: A podcast with David Tepp

In an age when investors obsess over quarterly earnings, AI hype, and the Federal Reserve, it’s easy to overlook what actually makes the global economy tick: the inputs that power, build, and sustain growth.By David TeppPublished in Advisor Perspectives October 13, 2025Sources:Absolute Strategy Return, “From Weaponised Trade to Weaponised Capital:, written by Ian Harnett, April 3, 2025Absolute Strategy Return, “Controversies, Convictions & Context #4”, written by Ian Harnett and David Bowers, May 8, 2025Absolute Strategy Return, “Water, Food & Climate: The New Security Imperative”, written by Michael Penn, May 30, 2025Absolute Strategy Return, “The Critical Metal Catalysts”, written by Michael Hessel, July 4, 2025Absolute Strategy Return, “Energy Transition: Myths & Realities”, written by Michael Penn, July 22, 2025Absolute Strategy Return, “Real Asset Revival”, written by Zahra Ward-Murphy, August 8, 2025Alpine Macro, “Future Water Security Hinges on Innovation”, written by Noah Ramos, November 20, 2024Alpine Macro, “Adapting Commodity Strategy to Shifting Correlation Dynamics, written by Kelly Xu, August 5, 2025Alpine Macro, “AI, Energy, And the Grid – A Collision Course”, written by Noah Ramos, August 6, 2025Rosenberg Research, “Making Uncertainty Great Again: Take Three”, written by David Rosenberg, September 2025Oxford Economics, “ICE Arrests Proving a Hinderance to Labor Force Growth”, written by Matthew Martin, August 4, 2025Oxford Economics, “The Young and the Anxious”, written by Ryan Sweet, March 26, 2025

Our first quarter outlook described 2026 as a story of steady growth in the first half, with the potential for inflation to re-emerge later in the year as fiscal stimulus, deregulation, and improving business conditions combined to reignite demand. The Iran conflict, which began on February 28th with coordinated US and Israeli strikes targeting Iranian military infrastructure, compressed and scrambled that sequence.SOURCES- Absolute Strategy Research, “Asset Allocation: Reduce Risk as Iran War Extends,” Zahra Ward-Murphy, March 18, 2026- Absolute Strategy Research, “Six Big Investment Issues from Our Global Marketing,” March 25, 2026- Absolute Strategy Research, “The High-Flation Regime & Bonds,” written by Ebrahim Rahbari, April 1, 2026- Alpine Macro, “Tropic Thunder: War Time Equity Positioning,” Nick Giorgi, April 1, 2026- Alpine Macro, “In Brief: Iran — Winner, Winner, TACO Dinner?,” Dan Alamariu, April 1, 2026- BCA Research, “Quarterly TAA: Anatomy of a Supply Shock,” Juan Correa, Lucas Laskey et al., April 1, 2026- BCA Research, “Geopolitical Strategy: The Shortest Geopolitical Outlook for Q2 2026,” Matt Gertken et al., April 3, 2026- GeoFutures, “Sketches of the Middle East After the Iran War”, written by Kamran Bokhari, April 2, 2026- Numera Analytics, “Global Asset Allocation: The Fog of War — Should Investors Buy the Dip?,” Joaquin Kritz Lara et al., March 17, 2026- Numera Analytics, “US Asset Allocation,” Joaquin Kritz Lara et al., March 19, 2026- Oxford Economics, “GAA Equities: US Equities Can Weather the Oil Shock,” Daniel Grosvenor, March 16, 2026- Oxford Economics / Alpine Macro, “GAA Cross Asset: Move Closer to Benchmark as We Dial Back Risk,” Ainsworth-Grace, Corominas & Grosvenor, March 12, 2026- Oxford Economics / Alpine Macro, “GAA Fixed Income: Central Banks Will Need to Lean Against the Wind,” Javier Corominas, March 13, 2026

The leap from traditional computing to quantum computing is a revolutionary economic event. Quantum computing could alter productivity, industrial structure, capital allocation, and even the balance of global power. The transformation won’t happen overnight, but investors who wait for proof may find they have waited too long.By David Tepp Published in Advisor Perspectives January 12, 2026SourcesAlpine Macro, “Opportunities in the Quantum Ecosystem”, written by Noah Ramos, November 12, 2025Alpine Macro, “The Dawn of Quantum Utility”, written by Noah Ramos, March 5, 2025Alpine Macro, “The Quantum Landscape: Accelerating Disruption”, written by Noah Ramos, October 30, 2024Deloitte Insights, “Quantum Computing Over the Next Five Years”, written by Deloitte Insights Contributers, May 2025Financial Times, “Google and IMB Believe First Workable Quantum Computer is in Sight”, written by Richard Waters, August 12, 2025Financial Times, “The World Should Prepare for the Looming Quantum Era, written by the Editorial Board, August 21, 2025McKinsey Digital, “Quantum Technology Monitor”, written by McKinsey Technology Council, McKinsey & Co, June 2025Wall Street Journal, “Trump Administration in Talks to Take Equity States in Quantum Computing Firms”, written by Amrith Ramkumar, October 23, 2025

Gold’s rally may have grabbed more headlines, but both silver and the yellow metal warrant closer analysis. Both commodities are surging—gold setting fresh highs above $2,500 an ounce and silver crossing $50 for the first time—and yet, neither may have reached their ceiling.By David Tepp, Forbes Councils Member, for Forbes Finance Council.Published December 9, 2025

​For generations, retirement followed a familiar script. You worked for 30 or 40 years, paid off the mortgage, collected a pension, turned on Social Security and stepped into a well-earned life of leisure. That model made sense in its time. Today, the structure that supported that version of retirement has largely disappeared, yet many people still think of retirement as a single date circled on the calendar. In reality, many successful modern retirements are a gradual transition.By David Tepp, Forbes Council Member. For Forbes Finance Council.Published April 1, 2026

For many decades, international trade flourished with the United States as the lead architect. Global supply chains stretched across continents, capital flowed freely, and commodities were treated as cyclical inputs rather than strategic assets. With nations now turning their focus inward, however, that framework is no longer applicable.By David Tepp for Advisor Perspectives. Published March 9, 2026.

The United States and Israel have launched coordinated strikes targeting Iranian leadership and key military infrastructure. Iran has responded with asymmetric retaliation, launching batteries of missiles to disrupt shipping and energy flows throughout the region. While this perilous conflict could certainly spiral into a prolonged regional confrontation, there is another outcome that receives far less attention: the possibility that Iran stabilizes under a more pragmatic government focused on economic growth rather than ideological conflict.SOURCES:Alpine Macro, “Special Report - The 2026 Iran War”, written by Dan Alamariu, March 2, 2026BCA Research, “The Fog of the Iran War”, written by Matt Gerken, March 2, 2026Financial Times, “The Cynical Opportunities of ‘Epic Fury’”, written by Martin Wolf, March 3, 2026Oxford Economics, “Iran and the Strait of Hormuz”, written by Bridget Payne, February 27, 2026Oxford Economics, “Iran Conflict is a Manageable Risk for the Economy”, written by Bernard Yaros, March 4, 2026Oxford Economics, “Iran Conflict Will Rile Energy Markets, Not Break Them”, written by Bridget Payne, March 3, 2026

"Set it and forget it" investing has been one of the most widely espoused ideas in modern personal finance. The challenge is that as investment accounts grow larger, the passive approach often turns into oversimplification.By David Tepp, Forbes Councils Member, for Forbes Finance Council.

Over the past year, markets have navigated an unusually complex environment. Investors have been forced to weigh slowing growth against persistent inflation concerns, shifting monetary policy expectations, elevated geopolitical risk, and ongoing policy uncertainty. Entering 2026, the dominant question is how the next phase of global growth may unfold.SOURCES:Absolute Strategy Research, “Economic Outlook: 2026”, written by Dominic White, Adam Wolfe & Ben Blanchard, November 25, 2025Absolute Strategy Research, “Asset Allocation Outlook: 2026”, written by Zahra Ward-Murphy, December 4, 2025Alpine Macro, “Climbing AI’s Wall of Worry”, written by Henry Wu, December 8, 2025Alpine Macro, “2026 Commodity Outlook”, written by Kelly Xu, December 9, 2025Alpine Macro, “Macro Outlook 2026”, written by Chen Zhao, December 15, 2025Alpine Macro, “Tracking the Mag7 Mania Roadmap”, written by David Abramson, December 19, 2025BCA Research, “Outlook 2026: Revelation”, written by BCA Editors, December 1, 2025BCA Research, “Annual Outlook 2026: Don’t Fight the Trump”, written by Marco Papic, December 1, 2025BCA Research, “An AI Investment Framework For Long-Term Investors”, written by Jonathan LaBerge, December 3, 2025BCA Research, “2026 Key Views: US Equity”, written by Irene Tunkel, December 10, 2025BCA Research, “December Here, There And Everywhere”, written by Marco Papic, December 10, 2025Oxford Economics, “US Economic Forecast: Consumer Spending Will Support the Economy in 2026”, written by Ryan Sweet, December 9, 2025

While there have been plenty of twists and turns, the first half of 2025 unfolded pretty much as anticipated. Looking ahead, our base case is for renewed expansion into 2026.SOURCES:Alpine Macro, “Eyes on US Labor But Profits Ultimately Rule”, written by Bassam Nawfal, September 16, 2025Alpine Macro, “It’s Not Just Gold That Shines”, written by Kelly Xu, July 10, 2025Absolute Strategy Return, “AI CapEx Boom Points to Tech Bubble End Game”, written by Ian Harnett, September 25, 2025Absolute Strategy Return, “Rate Cuts & Earnings Favour Risk Assets”, written by Zahra Ward-Murphy, September 24, 2025Oxford Economics, “Bifurcated – State of Consumer Depends on Whom You ask”, written by Michael Pearce, September 24, 2025Oxford Economics, “Recession Monitor – Gradual Pace of Rate Cuts Warranted”, written by Matthew Martin, September 25, 2025

Here are six actual questions from six actual clients that I believe best capture today's economic mood.