In the latest episode of DH Unplugged, hosts Andrew Horowitz and JC Dvorak deliver a scathing review of what they call the five dumbest moves currently shaking financial markets. Titled 'Stupid Does Stupid,' the episode, published August 25, 2026, comes just days before NVIDIA's earnings report and the Jackson Hole symposium, setting the stage for a week of high-stakes economic signals.
The hosts zero in on Treasury Secretary Scott Bessent's expanded long-bond buybacks, which they dub 'Bessent's Big Bond Blunder.' Horowitz insists, 'There is no quantitative easing going on. The dollar is down, but not that much. The fact is that everybody just wants to buy it. This is an excuse.' Dvorak counters that if retail buyers believe the debasement story, the messaging is working, even though rates snapped back after Bessent hinted at increasing the $4 billion monthly pace. They also flag unusual inflows into TLT on August 18, the day before the announcement, calling it 'information leakage,' not luck.
The episode also tackles Trump's tariff cut on imported beef, questioning who actually bears the cost. New Iran sanctions under 'Operation Economic Outcast' target roughly 60 entities, adding geopolitical tension. Meanwhile, Bitcoin's surge past $80,000 and gold's rally on a softer dollar are scrutinized as part of the debasement trade, which the hosts argue is overhyped.
On the consumer front, Dvorak brings on-the-ground insight from his consulting work with Walmart's data science team. He argues that Walmart's warning—U.S. comparable sales up just 2.6% against roughly 3% inflation—is credible, not corporate spin. He also notes Costco's earlier warning about shoppers swapping chicken for tuna as a recession tell.
Looking at tech, the hosts spotlight Kingslide Works, a Taiwanese maker of about 70% of data center rack slides, which has surged roughly 400% in a year. This serves as an early indicator ahead of NVIDIA's Ultra Rubin chip cycle. They also delve into Venezuelan oil refining bottlenecks, strategic petroleum reserves near 1983 levels, and salt-cavern integrity risks in Texas and Louisiana, alongside China's 90% share of Iranian oil imports.
The episode underscores the interconnectedness of these moves, arguing that investors are being sold a narrative that does not hold up under scrutiny. As always, the hosts blend skepticism with humor, offering a contrarian take on the week's financial news. For more, listeners can tune into DH Unplugged via dhunplugged.com or on major podcast platforms.
