Brent Johnson on the Future of the U.S. Dollar

July 1, 2026 – You don't have to agree with someone 100% to support them. In this episode, Zach explains why he believes one of the biggest mistakes in today's energy debate is blaming the wrong people for high gasoline prices. He and Chase break down refining capacity, crack spreads, AI infrastructure, Meta's excess compute, and why following the evidence matters more than defending a narrative.

June 30, 2026 – Oil prices have fallen, but gasoline and refined product prices are telling a different story. Chase explains why the market may be focusing too much on crude oil and not enough on refining capacity, crack spreads, China’s role in global product supply, and why lower oil prices may not be enough to bring inflation pressure down for consumers.

June 29, 2026 – Stocks are rallying, oil is falling, and investors are celebrating another ceasefire. But what if the market isn't responding to fundamentals at all? Zach and Chase discuss why today's price action may be driven more by positioning and capital flows than underlying economic reality, why traditional price discovery feels absent, and what that means for investors trying to separate headlines from long-term fundamentals.Do you know how much risk your portfolio is exposed to? How are you positioned for the future? Get all the information you need by getting a free Know Your Risk portfolio review with Bulwark today.Learn more: https://bulwarkcapitalmgmt.com/Listen to Know Your Risk Podcast wherever you get your podcasts.Find Zach on X: https://x.com/KYRRadioFollow on Instagram and TikTok: @KnowYourRiskPodcast

June 26, 2026 – Zach and Chase are joined by Brent Johnson, CEO of Santiago Capital and creator of the Dollar Milkshake Theory, for a wide-ranging conversation on the forces shaping the global economy. Brent explains why the U.S. dollar may remain stronger than many investors expect, how AI and capital spending are changing markets, and why today's macro environment demands patience more than prediction. If you want a deeper understanding of currencies, liquidity, and where the global economy could be headed next, this is an episode you won't want to miss.

June 25, 2026 - AI investment continues at a historic pace, but the biggest question isn't whether the technology works—it's whether anyone will pay for it. Zach and Chase discuss the growing disconnect between AI spending and consumer adoption, why memory prices and infrastructure costs are rising, and what happens when markets price in perfection long before the business model is proven.

June 24, 2026 - The war happened. The oil was lost. And yet the market is acting as if none of it ever occurred. Zach and Chase conduct a rare real-time postmortem on one of their biggest macro trades, discussing what they got wrong, what they got right, and why price action can sometimes move far away from underlying fundamentals. They explore oil markets, trader positioning, risk management, peace-deal expectations, and the lessons investors should take away when markets refuse to behave the way the data says they should.

June 23, 2026 - AI stocks are rolling over, the dollar is surging, gold is breaking down, and even SpaceX is struggling to hold its IPO price. Zach and Chase discuss why markets may be facing a growing liquidity problem, what the selloff in semiconductors could be signaling, and why some of the most crowded trades of the past year suddenly look vulnerable.

June 22, 2026 - Zach and Chase discuss the dramatic collapse in SpaceX shares, why valuation still matters, and how this market cycle may have conditioned investors to ignore risk. They break down IPO speculation, AI-era valuations, bond yields, Mag 7 weakness, global markets, and why some of today's most popular investment narratives could be teaching exactly the wrong lessons.

June 18, 2026 - Zach and Chase break down another rally toward all-time highs, the continued collapse in oil prices, SpaceX's post-IPO volatility, AI-driven market leadership, and why the current market may be ignoring the very fundamentals it claims to care about. They discuss Trump's comments on oil supply, inventory draws, China's demand slowdown, Intel's surprising rally, and the growing disconnect between price action and economic reality.

June 17, 2026 - Zach and Chase break down Kevin Warsh's first day as Fed Chair, the sharp move in bond yields, and what a less predictable Federal Reserve could mean for investors. They discuss forward guidance, market volatility, wealth inequality, AI's long-term economic impact, oil markets, and why some of the biggest opportunities often emerge when markets are forced to stand on their own.