DHUnplugged Podcast
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DHUnplugged Podcast – A Weekly Update of the More Interesting Side of Finance and Investing
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DHUnplugged #823: Election Infection
4 november 2026 · 1 uur 4 min
The Biggest Story of the year – The McRib lawsuit. Lees meer
Next of course we have to discuss the election.
For good measure let’ dive into the AI and Semi meltdown
A couple of important announcementsas well.
PLUS we are now on Spotify and Amazon Music/Podcasts!
Click HERE for Show Notes and Links
DHUnplugged is now streaming live - with listener chat. Click on link on the right sidebar.
Love the Show? Then how about a Donation?
Follow John S. Dvorak on X
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ELECTION NIGHT IN AMERICA
Warm-Up
- WORLD PEACE - Thank you Melania !
- Big Disruptions in the Communications space
- ELECTIONS
- McRib Lawsuit Update
Markets
- Oooofah - quite the ugly moves last week - at least bonds got a big (YUGE) bid
- OIL - OMG have you seen pricing. Worst offensive move to say we won't attack until after the midterms.
- META - good earnings, but stock tumbles
- Starting to worry - Bond crisis is France could spillover
--- But encouraging that safety trade leading to bonds again
DHU MAILING LIST! - Go to DHUnplugged.com
Two more important announcements !
1. NEW PODCAST - Party Line with the Dvorak Family
2. ASK ANDREW - This week's TDI Podcast - YOU GET FREE FINANCIAL ADVICE
- Send questions to Askandrew@thedisciplinedinvestor.com
ELECTION INFECTION
- Early but it looks like a blue wave - somewhat surprising
- Markets not so happy (QQQ Down 1.7%, S&P Down 0.80)
- What is going to be the fallout -> IRAN, Exec Orders, Reconciliation process?
OIL HITS $115 Last Week
- Brent touched $115, a five-month high; WTI above $100.
- Attacks on Saudi Arabia threaten regional oil supplies.
- Higher fuel and transportation costs squeeze consumers, raise inflation pressure and complicate central bank policy.
- This is not temporary at this point and the longer this goes on the more entrenched inflation becomes.
- FOLLOW UP - 7% drop Monday as President Trump says something about diplomacy
FAV STORY!
MELANIA BROKERS CEASEFIRE - WORLD PEACE? NOT QUITE
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DHUnplugged #822: Flying and Lying
21 oktober 2026 · 1 uur 4 min
AI leaves the building. Lees meer
Five days at the podium – that is it?
Tesla finally takes flight…
$500 toothbrush can’t handle water.
LESSON – DO NOT MIX YOUR POLITICS WITH MARKETS
PLUS we are now on Spotify and Amazon Music/Podcasts!
Click HERE for Show Notes and Links
DHUnplugged is now streaming live - with listener chat. Click on link on the right sidebar.
Love the Show? Then how about a Donation?
Follow John S. Dvorak on X
Follow Andrew Horowitz on X
Warm-Up
- AI leaves the building
- Five days at the podium
- Tesla finally takes flight
- $500 toothbrush can't handle water
- LESSON - DO NOT MIX YOUR POLITICS WITH MARKETS
Markets
- AI trade starts to crack
- Two trillion deeper in debt
- Hot inflation, cooler yields
- Earnings face the pressure test
DHU MAILING LIST! - Go to DHUnplugged.com
Trump Media's fusion fizzles
- DJT shares headed toward an all-time low Friday despite its pending merger with nuclear-fusion developer TAE.
- TAE shareholders would receive Trump Media stock, leaving them exposed to the declining share price.
- Billions in Trump's paper wealth have evaporated since the company went public.
DJT Stock
INFLATION WON'T LEAVE
- September CPI rose 0.6%; annual inflation hit 3.7% versus 3.6% expected.
- Core prices rose 0.3% versus 0.2% expected; annual core inflation reached 2.6%.
- Producer prices jumped 1.3%, the biggest increase since March 2022; up 6.3% annually.
- Wholesale goods prices rose 2.6%; services increased 0.8%.
TWO TRILLION SHORT
- Fiscal 2026 deficit reached $1.992 trillion, up $217 billion; third-largest on record.
- Revenue rose 3% to $5.4 trillion. Spending increased 6% to $7.4 trillion.
- Debt-service costs climbed 12% to $1.36 trillion; national debt exceeded $40 trillion.
- Tariff refunds totaled $145 billion following the Supreme Court ruling; net tariff revenue fell 11%.
BONDS FIND BUYERS
- The 10-year Treasury ended the week near 5.10%; the 30-year near 5.44%.
- The 30-year yield fell abou…
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DHUnplugged #821: Gold Standard Ahead
14 oktober 2026 · 1 uur 5 min
Andrew had the flu. Markets had their own fever. Lees meer
Earnings ahead. Credit cracking. Have yields peaked?
Oil’s shipping bill explodes. Gold standard chatter returns.
Be nice to your AI. It may bite back.
PLUS we are now on Spotify and Amazon Music/Podcasts!
Click HERE for Show Notes and Links
DHUnplugged is now streaming live - with listener chat. Click on link on the right sidebar.
Love the Show? Then how about a Donation?
Follow John S. Dvorak on X
Follow Andrew Horowitz on X
Warm-Up
- INFLUENZA!
- Earnings Season Ahead
- Are we going back to the gold standard?
- Be Nice to Your AI - They May Bite Back....(OR COOK YOUR BUILDING)
Markets
- Yields may have just peaked...
- Oil prices may not be the end of the problem
- Cracks in credit
- Bank earnings - lots of profits to show
DHU MAILING LIST! - Go to DHUnplugged.com
Cracks in Credit/Real Estate - 2 Charts
Price Reductions
Sellers and Buyers
HERE WE GO: BE NICE TO CLAUDE
- Anthropic prohibits sustained, needless cruelty toward its models; ordinary frustration, pushback and testing are exempt.
- Claude ending abusive conversations remains the main response; account restrictions or suspensions remain possible.
- The policy also removes blanket restrictions on personalized political targeting while retaining bans on deception and voter suppression.
TANKER MAYHEM
- US-to-China tanker hire: about $80 million, versus $74 million for a Falcon 9 launch.
- One US booking reached $41 per barrel in freight, versus $4.50 last year.
- Hormuz shuttle transfers, damaged ships and Africa detours are tying up the fleet.
- Inflation-adjusted tanker rates are the highest since the 1960s, squeezing refinery margins and raising delivered oil costs.
FRANCE SHAKES THE EURO
- France's borrowing premium over Germany reached its highest since the eurozone debt crisis; the euro hit a 17-month low.
- Heavy government spending and political obstacles to fiscal repair are pushing investors toward safer German an…
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DHUnplugged #820: Gullible Markets
30 september 2026 · 1 uur 1 min
Howie Mandel Negotiations with Iran….Deal or No Deal? Lees meer
Robot Soldiers – new and exciting.
30-Year Bond Mayhem and gullible markets.
So much economic news coming up – let’s dig in.
PLUS we are now on Spotify and Amazon Music/Podcasts!
Click HERE for Show Notes and Links
DHUnplugged is now streaming live - with listener chat. Click on link on the right sidebar.
Love the Show? Then how about a Donation?
Follow John S. Dvorak on X
Follow Andrew Horowitz on X
Warm-Up
- Closest to The Pin???????????
- Howie Mandel Negotiations with Iran....Deal or No Deal?
- Robot Soldiers - new and exciting
Markets
- 30-Year Bond Mayhem! Alliteration or Tautogram?
- This week in Economics - plenty to come
- What is wrong with Nike?
- How gullible can markets be?
DHU MAILING LIST! - Go to DHUnplugged.com
GAME: IS IT AN ALLITERATION OR TAUTOGRAM
----- Alliteration: The repetition of the same initial sound in neighboring words (for example, "big bad bears").
-------Tautogram: A strict form of alliteration where all words in a phrase or sentence begin with the identical letter
- Which is it? ::: Bessent's Big Bond Blunder Backfired!
How about this? Brash Billionaire Bessent’s Botched Big Bond Blunder Backfired Bitterly!
THIS WEEK IN ECONOMIC NEWS...............
TUESDAY - THE CONSUMER AND JOB OPENINGS
- Consumer confidence and August job openings arrive at 10 AM ET.
- Watch whether households are getting more worried about prices and whether employers are still hiring.
WEDNESDAY - INFLATION AND SPENDING
- August PCE inflation, personal income and spending arrive at 8:30 AM ET, alongside updated second-quarter GDP figures.
- The key question: is spending holding up while inflation stays elevated?
THURSDAY - FACTORY CHECK
- September ISM manufacturing arrives at 10 AM ET. Watch new orders, employment and prices paid for signs that growth and inflation are pulling in different directions.
FRIDAY - THE BIG ONE
- September payrolls, unemployment and wages arrive …
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DHUnplugged #819: Counterfactualzzzz
23 september 2026 · 1 uur 6 min
Maybe people are just unhappy – says Goldman. Lees meer
Counterfactualzzzz – that is why bonds are still up.
Are we getting $5,000?
Bitcoin is running again.
PLUS we are now on Spotify and Amazon Music/Podcasts!
Click HERE for Show Notes and Links
DHUnplugged is now streaming live - with listener chat. Click on link on the right sidebar.
Love the Show? Then how about a Donation?
Follow John S. Dvorak on X
Follow Andrew Horowitz on X
Warm-Up
- Greenland (Renamed Red White and Blue Land?)
- Consumers and People are JUST UNHAPPY
- No more press coverage? Maybe people are unhappy (see above) because of all of the shenanigans going on.
---- Maybe we will all be happier without all of the White House coverage
Markets
- New Highs - NASDAQ 100 moving up with risk assets. (Breath poor though)
--- Close enough to end of month, quarter to be window dressing
---- Buy Yom Kippur!!!
- 10YR Treasury at 5% again - wait until you hear Bessent's victory speech
DHU MAILING LIST! - Go to DHUnplugged.com
MARKET MOVE
- On the heels of SoftBank Group Corp. seeking the equivalent of more than $11 billion in a junk bond deal to fund investments in ChatGPT creator OpenAI.
- The company is looking to issue $10 billion of dollar securities and €1 billion of euro debt to fund a follow-on investment in OpenAI expected to close next month.
- SoftBank and its lead banks are sounding out investors on potential pricing for the proposed junk bond offering, with yields that would be records for SoftBank in those specific currencies and tenors if priced at those levels.
- Could it be that simple why NAZ 100 is at new highs?
BESSENT'S "COUNTERFACTUAL" DEFENSE
- This is darling...
- Rep. Jim Himes questioned Bessent on September 15 at a House Financial Services Committee hearing.
- Himes: "The 10-year went up by 20 basis points. How can you say it was successful?"
- Bessent: "Well, there is a counterfactual of what would it have done."
- Bessent added: "We then proceeded to have the…
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DHunplugged #818: Cyberdyne IRL
16 september 2026 · 1 uur 3 min
It’s the end of the world and we know it… Lees meer
CPI numbers – HOT – Markets think hit a top – or just options Friday?
Sell Rosh Hashana and Buy Yom Kippur?
Plenty of AI
PLUS we are now on Spotify and Amazon Music/Podcasts!
Click HERE for Show Notes and Links
DHUnplugged is now streaming live - with listener chat. Click on link on the right sidebar.
Love the Show? Then how about a Donation?
Follow John S. Dvorak on X
Follow Andrew Horowitz on X
Warm-Up
- Follow Up - I am the House! - 10YR shot above 5% on Monday
- Follow Up 2 - Straight of Hormuz - NO Boats passing (can we please stick to the facts?)
- CPI numbers - HOT - Markets think hit a top
- Let's talk end of the works - Cyberdyne IRL
Markets
- 100% Probability of a rate hike this week
- Sell Rosh Hashana, Buy Yom Kippur
- HACK ETF - Cybersecurity name up 49% YTD
DHU MAILING LIST! - Go to DHUnplugged.com
FED HIKE IS BACK
- Fed meets Tuesday-Wednesday, with a 25 bp hike to 3.75%-4.00% now the dominant expectation.
- 85% of economists surveyed expect a hike; futures moved to roughly 90% odds after the latest inflation data.
- August CPI rose 0.4% month-over-month and 3.4% year-over-year; core rose 0.3% for the month and 2.4% annually.
- Markets are increasingly pricing additional tightening beyond September rather than this being a one-and-done move.
AND -> THE 5% TREASURY IS BACK
- The 10-year Treasury yield briefly crossed 5% Monday for the first time since 2023.
- Higher oil prices, hotter inflation, heavy bond supply and expectations for more Fed tightening are all pushing yields higher.
- The move raises the hurdle rate for stocks while feeding directly into mortgages, corporate borrowing and other credit.
- Bonds are becoming meaningful competition for equities again at a time when stock valuations remain elevated.
SLOW DOWN THE AI
- Anthropic CEO Dario Amodei called for deliberately slowing frontier-model advancement to create more time for safety controls.
- Sam Altman and Elon …
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DHUnplugged #817: I am The House
9 september 2026 · 1 uur 7 min
I am the House! Bessent on Yen and other matters (he has inside information). Lees meer
Straight of Hormuz – There is no movement people.
CPI coming Friday – many say ultimate Fed test.
Gen-Z Dumps the bubbles.
PLUS we are now on Spotify and Amazon Music/Podcasts!
Click HERE for Show Notes and Links
DHUnplugged is now streaming live - with listener chat. Click on link on the right sidebar.
Love the Show? Then how about a Donation?
Follow John S. Dvorak on X
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Warm-Up
- I am the House! Bessent tonight on Yen and other matters (he has inside information)
- Straight of Hormuz - There is no movement people
- CPI coming Friday - many say ultimate Fed test
- Gen-Z Dumps the bubbles
Markets
- Chips up, making up for some time
- Oil UP! and UP!
- Yields keep climbing
DHU MAILING LIST! - Go to DHUnplugged.com
BOND YIELDS KEEP CLIMBING
- Japan now has a 3% 10-year yield while carrying government debt above 200% of GDP.
- Higher Japanese yields also create an incentive for domestic investors to bring money home rather than reaching overseas for returns.
- The broader bond selloff is hitting the U.S., Germany, U.K. and Japan at the same time.
FED HIKE ODDS RISE
- Warsh said the Fed still has “work to do” if officials are not confident inflation is returning to 2%.
- Fed Governor Christopher Waller has left open the possibility of holding rates steady if inflation cools.
- The September decision is increasingly being dictated by incoming inflation data and oil.
- It is kinda funny.... The “data-dependent Fed” is now apparently oil-dependent, jobs-dependent and whatever-CPI-says-next-week-dependent.
OIL KEEPS PRESSURE ON INFLATION
- Renewed U.S.-Iran tensions have pushed oil higher and revived fears about supply through the Strait of Hormuz.
- The Strait remains one of the most important chokepoints for global energy flows.
- Oil is working directly against central banks trying to bring inflation back toward target.
- Basically, c…
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DHUnplugged #816: Strikes, Spikes, Hikes
2 september 2026 · 1 uur 4 min
September – here we are and the volatility starts. Lees meer
Bear Invasions – is this something we should pay attention to?
Target is in the hotseat, Good-Good too.
Bombing Iran again.
PLUS we are now on Spotify and Amazon Music/Podcasts!
Click HERE for Show Notes and Links
DHUnplugged is now streaming live - with listener chat. Click on link on the right sidebar.
Love the Show? Then how about a Donation?
Follow John S. Dvorak on X
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Warm-Up
- September - here we are and the volatility starts
- Bear Invasions - is this something we should pay attention to?
- Target is in the hotseat, Good-Good too
- Bombing Iran again - and again.
Markets
- Bonds - moving higher - Warsh and Bessent challenged
- NVDA earnings - price hikes
- Employment Report coming this Friday
- Dell earnings - WOWWWW!
DHU MAILING LIST! - Go to DHUnplugged.com
LAKE AMERICA
- Google Maps now shows "Lake America" to U.S. users after the federal naming change.
- Canadian users still see "Lake Ontario"; users elsewhere see both names.
- Canada did not adopt the change, setting up an easy cross-border naming fight.
OIL / IRAN
- Last week - Oil dropped more than 3% as traders viewed tougher Iran sanctions as less disruptive than renewed military escalation.
- Brent fell to roughly $88.58 and WTI to about $82.36.
- Washington stopped short of immediately targeting major Chinese banks buying Iranian oil.
- Markets also reacted to hopes for improved navigation through the Strait of Hormuz.
---- OH WAIT>>>>
IRAN - FIGHT IS ON
- We are back bombing and they are retaliating
- We retaliate, they bomb
- Threat: President Trump in phone interview with Fox News reporter repeats that if Iran retaliates, they will be hit harder, but he adds that if Iran retaliates for a third time "they will be totally wiped out as a country"; says any deal with Iran will not be "worth the paper it is printed on"
- Oil Up ...
DICK'S / FOOT LOCKER
- Dick's shares plunged about 30% …
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DHUnplugged #815: Stupid Does Stupid
26 augustus 2026 · 1 uur 4 min
Things are getting weird – looks like someone is panicking. Lees meer
The Dumber side of finance – let’s dig in.
A big week ahead – major earnings could move markets.
– Gold, Bitcoin moving on a lower USD.
PLUS we are now on Spotify and Amazon Music/Podcasts!
Click HERE for Show Notes and Links
DHUnplugged is now streaming live - with listener chat. Click on link on the right sidebar.
Love the Show? Then how about a Donation?
Follow John S. Dvorak on X
Follow Andrew Horowitz on X
Warm-Up
- Things are getting weird - looks like someone is panicking
- The Dumber side of finance - let's dig in (5 top items)
- Cold War and Hot War - Canada, China and Iran
- Economic "D" day - no one cares
- Saying goodbye to Dolly Parton
Markets
- Gold, Bitcoin moving on a lower USD
- Oil starting to settle
- Big Week - NVDA earnings on tap - all eyes!
STUPID IS WHAT STUPID DOES - A DHU One-Time Series On The Dumber Side of Finance
1) LOWER BEEF PRICES
- Trump plans temporary tariff relief for certain ground-beef imports as U.S. beef prices remain near record highs.
- The plan would allow up to 300,000 metric tons of discounted imported ground beef over roughly 90 days.
- Supposedly this will reduce the prices for consumers
- Ranchers and several farm-state Republicans are pushing back, arguing cheaper imports could hurt domestic producers.
---- Question: Tariff reduction is going to reduce prices for consumers? Didn't someone say that tariffs are paid by the companies and exporting countries???
2) IRAN SANCTIONS - BIG THREAT, LIMITED IMMEDIATE ACTION
- Treasury warned countries doing business with Iran that they could face secondary sanctions, calling it an "economic D-Day."
- New sanctions hit about 60 individuals, companies and vessels, but major Chinese financial institutions were not targeted.
- China remains the biggest buyer of Iranian oil, making Chinese banks the potential pressure point.
- Treasury says sanctions could expand into gold, digital assets, av…
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DHUnplugged #814: The Doldrums
19 augustus 2026 · 1 uur 5 min
Oil Reserves taking a hit. Lees meer
Finally getting to the recent high profile earnings.
Market Top Calls (again).
ALL TIME HIGHS – Then some consolidation (then highs again).
Situational Awareness Update.
SpaceX Bounces…
PLUS we are now on Spotify and Amazon Music/Podcasts!
Click HERE for Show Notes and Links
DHUnplugged is now streaming live - with listener chat. Click on link on the right sidebar.
Love the Show? Then how about a Donation?
Follow John S. Dvorak on Twitter
Follow Andrew Horowitz on Twitter
Warm-Up
- Oil Reserves taking a hit
- Getting to the recent high profile earnings
- Market Top Calls (again)
Markets
- ALL TIME HIGHS - Then some consolidation
- Lets round out earnings
- Situational Awareness Update
- SpaceX Bounces...
Etsy - Layoffs With Better Numbers
- Etsy is cutting about 220 jobs, or 12% of its workforce.
- Management said the cuts were not primarily about cost savings or AI.
----- CEO Kruti Patel Goyal stated the restructuring aims to simplify the organization, remove management layers, and speed up decision-making to better compete against massive rivals like Amazon, Temu, and TikTok Shop
- Q2 revenue was about $668 million and core marketplace sales improved.
- Etsy also authorized another $2 billion share buyback.
- Comes after selling Depop to eBay for about $1.4 billion.
Polysilicon - Tariffs Plus Price Floors
- U.S. policy adds a 15% tariff and minimum import prices on polysilicon and solar products.
- Goal is to protect domestic production from low-cost foreign competition.
- U.S. share of global polysilicon capacity fell from about 50% in 2005 to under 2% in 2024.
- First Solar and T1 Energy jumped on the announcement.
---- The same playbook - rinse and repeat
Chipotle - Salmonella Returns
- Minnesota officials linked a salmonella outbreak to jalapenos served at Chipotle.
- Chipotle removed the affected pepper supply and switched growers.
- Shares fell roughly 8%-10% as investors remembered the company…
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