Macro, Markets and Musical Metaphors: A Very Enlightened Conversation with NewEdge Wealth’s Cameron Dawson

Nov 10, 2025

Cameron Dawson, Chief Investment Officer of NewEdge Wealth, brings a wealth of knowledge as a market strategist. She explores the complexities of today’s investment landscape, likening it to 'math rock' due to its analytical nature. Key topics include the decline of reliable data for policy-making, the non-linear nature of unemployment, and the risks tied to interconnected markets. Dawson also shares insights on portfolio structuring, emphasizing diversification and caution in a climate driven by liquidity and AI investments.

Ask episode

AI Snips

Chapters

Books

Transcript

Episode notes

INSIGHT

The 'Death' Of Clear Data Relationships

Economic data relationships have broken down and are now less reliable for clear policy direction.
Cameron Dawson says the Fed can reasonably argue for a hike, hold, or cut given today's ambiguous signals.

INSIGHT

Labor Market Signals Are Contradictory

Leading indicators and soft surveys point to higher unemployment while measured unemployment stays low.
Dawson highlights weaker labor supply and non-linear unemployment that can suddenly worsen conditions.

INSIGHT

Liquidity, Not Fundamentals, Drives 2025 Rally

2025's rally is liquidity-driven and dominated by very low-quality, non-revenue companies.
Dawson sees this as evidence that abundant liquidity, not fundamentals, is powering recent market gains.

Get the Snipd Podcast app to discover more snips from this episode

Get the app

Investing in the current cycle is less mainstream pop and more "math rock" — complex, analytical, and constantly shifting. Cameron Dawson, CIO of NewEdge Wealth, joins Greg Hall to decode the intricate rhythms of today’s markets. Cameron walks us through her thoughts on the death of data, why leading indicators are no longer leading, and how to structure portfolios for clients, all while keeping a pulse on the cultural references that make the conversation sing.

SHOW NOTES:

• Introducing Cameron Dawson, our first-ever outside guest.

• A eulogy to market data as we know it.

• The non-linearity of unemployment – first a little, then a lot.

• Is the “everything rally” turning complacent?

• The assumptions within today’s AI CapEx cycle.

• When the dominos fall: Interconnectivity in the economy.

• Amid these signals, what should investors do?

• The importance of being a multi-handed strategist.

The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate for all investors. Reliance upon information provided in a podcast is at the sole responsibility of the listener. The information included herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for any specific PIMCO or other security, strategy, product or service. Past performance is not a guarantee of future results. All investments contain risk and may lose value. Investors should speak to their financial advisors regarding the investment mix that may be right for them based on their financial situation and investment objective. Podcasts may involve discussions with non-PIMCO personnel and such content contain the current opinions of the speaker but not necessarily those of PIMCO. Other podcasts may consist of audio recording of an existing PIMCO article and such material contains the current opinions of the manager. The opinions expressed in all podcasts are subject to change without notice. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. This is not an offer to any person in any jurisdiction where unlawful or unauthorized. For additional important information go to www.pimco.com/gbl/en/general/legal-pages/podcast-disclosures