A Facts vs Feelings Special: Talking Markets With Joe Fahmy and Warren Pies

In the latest episode of Facts vs Feelings, Ryan Detrick, Chief Market Strategist, and Sonu Varghese, VP, Global Macro Strategist, hosted a special Halloween livestream featuring Joe Fahmy, Managing Director at Zor Capital, and Warren Pies, Co-Founder and Strategist at 3Fourteen Research. Together they explore what’s driving markets at the end of 2025—from AI-led growth and investor sentiment to fiscal spending, oil, and the broader economic outlook. The result is an entertaining and insightful look at how two veteran strategists interpret this bull market and what it could mean heading into 2026 and beyond.

Key Takeaways

Joe Fahmy Segment:

• Broad-Based Bull Market: Joe sees strength well beyond the “Magnificent 7,” with AI, quantum computing, and clean energy creating multiple growth engines.
• Adaptability Over Bias: He stresses that successful investors aren’t perma-bulls or perma-bears. They adapt as the data changes.
• Technical Discipline: Joe relies on the 50-day moving average to define market health. Above it, stay constructive; below it, get defensive.
• Cautious Sentiment: He notes that many investors remain nervous, which helps sustain the market’s “wall of worry” and supports further upside.
• AI as the Next Revolution: He predicts the current bull market could extend into 2027 as AI transforms productivity similar to past technological breakthroughs.

Warren Pies Segment:

• Debasement: Warren frames today’s cycle as a shift from deflation fears to worries about fiscal expansion, debt, and currency dilution.
• Equities as Inflation Hedges: He highlights that S&P 500 earnings have outpaced inflation nearly every year since 2009, proving stocks’ resilience.
• Energy Outlook: Warren maintains a bearish view on oil, citing signs of oversupply and weakening global demand.
• Equity and Yield Outlook: He expects modest but positive stock gains through 2026 as yields drift lower and fiscal support remains steady.
• Economic View: Warren describes the U.S. economy as being in a “muddle-through slowdown,” with government spending and the wealth effect offsetting recession risks.

Joe and Warren are not affiliated with CWM, LLC. Opinions expressed by these individuals may not be representative of CWM, LLC.

Connect with Ryan:

• LinkedIn: Ryan Detrick

• X: @ryandetrick

Connect with Sonu:

• LinkedIn: Sonu Varghese

• X: @sonusvarghese

Connect with Joe Fahmy:

• X: @jfahmy

Connect with Warren Pies:

• LinkedIn: Warren Pies

• X: @WarrenPies

Questions about the show? We’d love to hear from you! factsvsfeelings@carsongroup.com

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