
Hedgeye Podcasts "The Ship Would Sink In Two Months" | Protect the Pile: Episode 5
Jan 28, 2026
Drago Milosevic, payments and fintech analyst who explains stablecoins and regulatory shifts. Josh Steiner, banking and credit analyst who tracks cards, lending, and macro credit dynamics. They debate a proposed 10% APR cap, how stablecoins could reshape deposits and settlement, why payment rails resist disruption, and the real-world fallout for banks, cardholders, and rewards.
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Episode notes
Global Liquidity Is Driving Markets
- Liquidity is surging globally and is a dominant driver of risk assets in the near term.
- Expect international equities and cyclical areas to continue outperforming while liquidity remains abundant.
Quad One Supports Risk Assets
- Inflation's rate of change is decelerating and growth is holding up, creating a quad-one backdrop.
- That combination supports risk assets through at least the next few quarters into the election season.
Earnings Divergence Fuels Market Breadth
- Mega-cap tech earnings growth is slowing materially while mid- and small-cap earnings are accelerating.
- This divergence explains the market broadening away from concentrated mega-cap leadership.


