Michael Gapen - Can AI spending keep U.S. growth exceptional?

Could France's political turmoil create bigger risks for European markets? Tim Jones of Energy Aspects Medley Global Advisors joins host Dustin Reid to explore how France's political and fiscal challenges are affecting bond markets, why the European Central Bank faces a difficult decision on intervention, and what rising inflation and interest rates mean for Europe's economic outlook.   Then, Prerna Mathews joins Dustin to discuss what these developments mean for advisors and client portfolios, including the risks surrounding European government bonds, the challenges of persistent inflation, and the role of gold and other hard assets in portfolio diversification.

What do the U.S. midterms mean for markets? Head of Policy Research at Strategas Research Partners, Dan Clifton, joins host Dustin Reid to unpack how control of Congress could shape policy, why the Senate matters for sectors such as banks, industrials, defence and health care, and how election outcomes could influence the outlook for data centres and AI investment. Then, Prerna Mathews joins Dustin to explore what these shifts could mean for advisors, including how to frame election-driven volatility with clients, why portfolio drift deserves attention in noisy markets, and where sector-level risks may matter more than broad market movements.

Being right about the market is only one part of successful investing. Author and veteran trader Brent Donnelly joins host Dustin Reid to unpack the importance of risk management and position sizing matter, how emotions can derail decisions during periods of stress, and why strong investment frameworks require room for changing your mind as necessary. Then, Prerna Mathews joins Dustin to explore what these lessons mean for advisors, exploring discipline in uncertain markets, how investment solutions are evolving and whether AI is changing the boundaries of investment expertise.

AI spending has become a major force in the U.S. economy, but the build-out is running into real-world constraints. Morgan Stanley Chief U.S. Economist Michael Gapen joins host Dustin Reid to unpack the scale of AI capital spending, why power and data centre capacity matter, and what the investment boom means for inflation and economic growth.   Then, Prerna Mathews joins Dustin to look beyond the build-out, exploring the shift from building AI infrastructure to putting it to work and why the next phase of AI could look very different from the first.

The private credit headlines of late 2025 spooked some retail investors — but were they telling the full story? Dustin Reid sits down with Northleaf Vice Chair James Cowan to break down what went wrong and why institutional investors kept putting money in. Then, Prerna Mathews joins the conversation to unpack what it means for advisors and their clients. From the "four T's" of manager selection to sectors positioned for long-term growth, this is a practical conversation for any investor navigating private markets right now.

The Strait of Hormuz is dominating financial headlines but screen prices are telling a different story. Dr. Amrita Sen of Energy Aspects joins host Dustin Reid to explain why physical cargo markets are trading ten to fifty dollars above published crude benchmarks, what that divergence means for gasoline, diesel, jet fuel, and LNG, and why a reopening of the strait would not restore flows anywhere near pre-conflict levels. Dustin and Prerna Mathews close with the portfolio implications: real assets, inflation-linked bonds, and a higher-for-longer rate environment well into 2027.

Marko Papic, Chief Strategist at BCA Research, joins host Dustin Reid to unpack why oil and energy markets have reacted differently than broader global equities. He explores what geopolitical tensions, sticky inflation, and the AI capex boom could mean for markets. Later, co-host Prerna Mathews joins in to discuss the implications for advisors building resilient portfolios.

Ben Rabidoux, President of North Cove Advisors Inc. joins Dustin Reid and Prerna Mathews to unpack what is driving Canada’s housing market now, from weaker rental demand and condo pressure to the renewal cycle still ahead. He also lays out what to watch next as pricing stays soft and single-family moves closer to a bottom. Dustin and Prerna then widen the lens to home bias and diversification beyond Canada. Listen now for a clear housing read with portfolio context.    This episode was recorded on March 25, 2026. 

What happens when Fed independence isn't a given? Jens Nordvig (Founder & CEO, Exante Data; Co-Founder & CEO, MarketReader) joins Dustin Reid and Prerna Mathews to unpack the collision of politics, the courts, and the central bank. They discuss what it could mean for rates, the dollar, and broader risk appetite as challenges to the Fed’s independence intensify. Dustin and Prerna close with investment takeaways: how to think about AI exposure beyond mega-cap tech, and why global diversification and FX hedging may matter more in the next regime. Tune in for macro risks, cross-asset signals, and portfolio implications.  This episode was recorded on February 24, 2026. 

In this episode, Joseph Briggs, economist at Goldman Sachs, joins Dustin Reid to pressure-test the “AI bubble” debate from a top-down macro lens. They examine how big the buildout really is once you scale it properly, why the headline GDP boost can be easy to misread, and what early signals (and non-signals) to watch in productivity and the labour market. The takeaway: What to watch in the data before you change risk budgets.  This episode was recorded on January 20, 2026.