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00:00 — Welcome to Protect the Pile

01:01 — Meet Nick Nemeth of Mispriced Assets

02:43 — 20 years in markets at 31: Nick's origin story

06:11 — The open letter to Secretary Bessent

11:43 — GFC flashback: no adults in the room

16:22 — "Loans are bad the day you write them"

20:41 — The AI CapEx problem: who actually builds the data centers?

30:16 — Small caps and the experience-economy trade

39:36 — Bank shots: Vertiv, Quanta, and letting winners run

44:36 — The insurance time bomb: bigger than 2008?

Twenty years in the markets at just 31, no college degree, and a Substack that climbed to 18,000 followers on the back of one open letter to the Treasury. This week on Protect the Pile, Patrick Kent flies solo with Nick Nemeth of Mispriced Assets — the self-taught generalist sounding the alarm on the leverage buried inside private credit and the life insurance industry. They dig into why he thinks the next crisis could dwarf 2008, why AI CapEx can't keep compounding at 20%, and how "functionally fake" wealth is propping up housing and credit. Along the way: hunting overlooked small caps, the experience-economy trade, and the bank-shot winners most investors missed. A no-nonsense conversation about where the real risk — and the real opportunity — is hiding.

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The Outsider's Edge: Why the Smart Money Is Trapped in a Box | Protect the Pile Episode 22 w/ Nick Nemeth

Hedgeye Podcasts

The Outsider's Edge: Why the Smart Money Is Trapped in a Box | Protect the Pile Episode 22 w/ Nick Nemeth