In the latest episode of the investing podcast DH Unplugged, hosts Andrew Horowitz and John C. Dvorak deliver a sharp critique of what they call the five dumbest moves currently rattling financial markets. Titled 'Stupid Does Stupid,' the episode, published August 25, 2026, comes just days before NVIDIA's highly anticipated earnings report and the Jackson Hole economic symposium, framing a week of converging tensions: Treasury maneuvers, tariff reversals, a weakening U.S. dollar, and sky-high AI expectations.
The hosts, known for their skeptical and unfiltered style, quickly dismiss the prevailing 'debasement narrative' that has been pushing investors toward assets like gold and Bitcoin. 'There is no quantitative easing going on,' Horowitz states, adding, '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 story, then image control is working, even though rates snapped back after Treasury Secretary Scott Bessent's Friday follow-up hinted that the $4 billion monthly pace of long-bond buybacks could increase.
The episode, available on DH Unplugged, flags several interconnected issues. 'Bessent's Big Bond Blunder' refers to the Treasury's expanded buybacks, which the hosts argue are not QE but are being misinterpreted. They also note unusual inflows into TLT on August 18, the day before the announcement, calling it 'information leakage,' not luck.
On trade, the hosts question President Trump's tariff cut on imported beef, raising the issue of who actually bears the cost of tariffs. New Iran sanctions targeting roughly 60 individuals, companies, and vessels under 'Operation Economic Outcast' are also discussed, along with Bitcoin's surge past $80,000 and gold's rise on a softer dollar. However, the hosts caution against reading too much into these moves.
Dvorak, who has consulted with Walmart's data science team, argues that the retailer's consumer warning should be taken seriously. U.S. comparable sales were up just 2.6% against roughly 3% inflation, a sign that consumers are pulling back. He also cites Costco's earlier warning about shoppers swapping chicken for tuna as a recession tell, reinforcing the credibility of these corporate signals.
On the tech front, the hosts spotlight Kingslide Works, a Taiwanese maker of data center rack slides that controls about 70% of the market and whose stock has risen approximately 400% in a year. They see this as an early indicator ahead of NVIDIA's Ultra Rubin chip cycle. The episode also digs into Venezuelan oil refining bottlenecks, strategic petroleum reserves near 1983 levels, salt-cavern integrity risks in Texas and Louisiana, and China's 90% share of Iranian oil imports.
DH Unplugged is a weekly investing and markets podcast hosted by Andrew Horowitz and John C. Dvorak, blending Fed watching, earnings analysis, commodities, tech, and offbeat cultural riffs. The show is distributed via dhunplugged.com, RSS, Apple Podcasts, Spotify, and Amazon Music/Podcasts, with expanding video and social clips. Content is informational only and not personalized investment advice. Episode 815 is available now wherever podcasts are heard.
