Phil Ordway on the Market Environment, Red Flags, Opportunities, and More

Nov 7, 2025

Phil Ordway, an investment professional and former co-host, returns to share insights on the market's quirks. He discusses the bizarre factors influencing current prices, highlighting the speculative nature of meme stocks and Bitcoin treasuries. The conversation dives into Nvidia's valuation and the cyclical nature of tech investments. Ordway emphasizes the potential risks tied to AI advancements and argues that only a few firms may truly benefit. He wraps up with thoughts on market regulation and societal impacts of rising speculative behaviors.

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INSIGHT

Conflicting Market Signals

The market shows many contradictory signals, making coherent forecasting difficult.
Record-low corporate spreads with mixed macro data are a major head-scratcher.

INSIGHT

Market Leadership Is Narrow

Market leadership is extremely narrow, driven by a few mega-cap tech names.
Concentration creates scenarios where index investors may fare well while many good companies suffer.

INSIGHT

AI Raises Capital Intensity

Big tech is materially increasing capital intensity by raising debt and using SPVs for AI capex.
That raises the risk of large capital losses if only a few firms ultimately win the AI race.

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In this episode, co-hosts Elliot Turner and John Mihaljevic are delighted to welcome back former co-host Phil Ordway for a lively discussion of the current market environment, the craziness we've seen in some pockets of the equity landscape, and what may lie ahead for investors.

Enjoy the conversation!

The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any particular security. Security specific information shared on this podcast should not be relied upon as a basis for your own investment decisions -- be sure to do your own research. The podcast hosts and participants may have a position in the securities mentioned, personally, through sub accounts and/or through separate funds and may change their holdings at any time.

About the Co-Hosts:

Elliot Turner is a co-founder and Managing Partner, CIO at RGA Investment Advisors, LLC. RGA Investment Advisors runs a long-term, low turnover, growth at a reasonable price investment strategy seeking out global opportunities. Elliot focuses on discovering and analyzing long-term, high quality investment opportunities and strategic portfolio management. Prior to joining RGA, Elliot managed portfolios at at AustinWeston Asset Management LLC, Chimera Securities and T3 Capital. Elliot holds the Chartered Financial Analyst (CFA) designation as well as a Juris Doctor from Brooklyn Law School.. He also holds a Bachelor of Arts degree from Emory University where he double majored in Political Science and Philosophy.

John Mihaljevic leads MOI Global and serves as managing editor of The Manual of Ideas. He managed a private partnership, Mihaljevic Partners LP, from 2005-2016. John is a winner of the Value Investors Club’s prize for best investment idea. He is a trained capital allocator, having studied under Yale University Chief Investment Officer David Swensen and served as Research Assistant to Nobel Laureate James Tobin. John holds a BA in Economics, summa cum laude, from Yale and is a CFA charterholder.