In the latest Protect the Pile, Patrick Kent, Sam Rahman, David Salem, and John McNamara tackle a market that refuses to crack despite geopolitical shocks, oil disruptions, rising rates, and unresolved risks. The crew debates whether this is the most stressful investing environment in years, why liquidity and passive flows keep overpowering fundamentals, and how today’s market structure is reshaping every decision. They dig into the potential SpaceX IPO, the role of forced buyers, private-market valuation pressure, and what AI giants like OpenAI and Anthropic could mean for public markets.

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'It's the Liquidity, Stupid' | Protect the Pile Episode 11

Hedgeye Podcasts

'It's the Liquidity, Stupid' | Protect the Pile Episode 11