Know Your Risk Podcast The Illusion of Progress
Jan 7, 2026
A deep dive into recent market trends highlights the movement across sectors and indices. Chase shares insights on Bitcoin, oil, and precious metals alongside truths about job openings. The examination of Tony Deaton's essay uncovers the shift from tangible production to financialization, questioning the real value of modern wealth. Themes discuss optimizing balance sheets over manufacturing, and the cultural preference for finance over actual goods. Finally, reflections on building sustainable businesses with lasting value round out the discussion.
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Market Narrowness At New Year
- Early-year market moves showed equal-weight indices suffering while a small group of mega-cap names outperformed.
- This divergence signals concentration risk despite seemingly small overall S&P moves.
Reaction To Single-Family Buy Restrictions
- Chase Taylor recounts news that the president wants to stop institutions from buying single-family homes and notes market reactions.
- He observed Blackstone and some homebuilder stocks sell off on that announcement.
Policy Attack On Defense Firms
- Chase Taylor describes a proposed policy targeting defense companies by limiting buybacks, dividends, and capping executive pay.
- He likened the proposals to ideas favored by Elizabeth Warren and Bernie Sanders and noted likely pushback.