Andrew Horowitz, host of The Disciplined Investor and DH Unplugged, stepped into the guest co-host chair alongside Adam Curry for Episode 1908 of the No Agenda Show, titled 'Chivatican.' The three-hour episode, released October 1, 2026, marks one of the most finance-forward installments of the listener-supported podcast in recent memory, as Horowitz applied a markets lens to the show's trademark media deconstruction. The pairing is notable because Horowitz and Curry have known each other for roughly 15 years and share a long history with the late John C. Dvorak, the show's original co-host. For an audience accustomed to Curry's irreverent take on politics and culture, the addition of a seasoned investment professional signals a deeper dive into the economic forces shaping daily headlines.
Among the threads unpacked, Horowitz dissected the $15 billion Mesabi Metallics and SR steel plant deal in Iowa, often referred to as 'Patriot Pellets,' and the Section 232 tariffs that enabled it. He contrasted Commerce Secretary Howard Lutnick's Oval Office pitch with Iowa TV6 reporting that no permits have been filed and no major Lee County land has been purchased for the plant. Horowitz also contrasted Cleveland-Cliffs' North American pellet dominance with Brazil's Vale, flagged the Indian ownership of SR Technologies, and connected the timing to the midterms. The discussion matters because it highlights how tariff policy and industrial subsidies can drive multibillion-dollar announcements that may lack on-the-ground progress, a dynamic that affects investors, local economies, and taxpayers.
The episode also tackled Kevin Hassett's shifting commentary on BLS jobs reports, PCE methodology changes, and ShadowStats founder John Williams. Horowitz and Curry examined Scott Bessent's bond-buying 'blunder,' private credit refinancing walls, and commercial real estate losses, offering listeners a sobering look at potential stress points in the financial system. On artificial intelligence, Curry championed Meta's Muse assistant, predicted the collapse of traditional podcast apps, and recounted building a prototype 'while watching West Wing.' The pair also discussed Trump's rebrand of AI as 'SI' (super intelligence) and Anthropic's reported $2 trillion IPO prospectus, drawing attention to the gap between AI hype and real-world applications.
A significant portion of the episode focused on the FlyDubai cockpit stabbing incident and Netanyahu's pre-election messaging. Curry hammered the shifting official story on FlyDubai Flight to Tel Aviv, noting conflicting ABC, BBC and Netanyahu accounts of whether the plane dropped from 34,000 to 16,000 feet in two or three minutes, whether a knife or crash axe was used, and the now-famous Israeli plumber who allegedly leveled the aircraft. For listeners, the segment underscores how quickly narratives can change and why skepticism remains essential.
Horowitz's investing philosophy received its own set piece when he recounted a horseback ride in Costa Rica with his wife Jill. 'The horse doesn't want to fall off the mountain just as badly as you don't want to fall off the mountain. Hang on to the horse. It's the same thing with these markets,' he said. The metaphor captures the episode's broader theme: in volatile times, discipline and a firm grip on the reins matter more than ever. Episode 1908 'Chivatican' is available now wherever podcasts are heard, and at Episode 1908 of the No Agenda Show.
