In the latest episode of DH Unplugged, hosts Andrew Horowitz and John C. Dvorak deliver a blunt assessment of what they call the five dumbest moves currently rattling financial markets. Titled 'Stupid Does Stupid,' the episode, published August 25, 2026, comes at a critical juncture, just days before NVIDIA's earnings report and the Jackson Hole economic symposium. The hosts argue that investors are being sold a debasement narrative that doesn't hold up under scrutiny.
The episode quickly moves through a series of interconnected issues. First on the list is Treasury Secretary Scott Bessent's expanded long-bond buybacks, which the hosts dub 'Bessent's Big Bond Blunder.' Horowitz dismisses the notion that this constitutes quantitative easing, stating, 'There is no quantitative easing going on. The dollar is down, but not that much. The fact is that everybody just wants to buy it. This is an excuse.' Dvorak counters that if retail buyers believe the story, the image control is working, even though rates snapped back after Bessent's Friday follow-up hinted that the $4 billion monthly pace could climb higher. The hosts also flag unusual TLT inflows on August 18, the day before the announcement, calling it 'information leakage,' not luck.
Next, they examine Trump's tariff cut on imported beef, questioning who actually bears the cost of tariffs. The episode also touches on new Iran sanctions targeting roughly 60 individuals, companies, and vessels under 'Operation Economic Outcast,' and Bitcoin's surge past $80,000 alongside gold's rise on a softer dollar. Walmart's consumer warning also comes under the microscope, with U.S. comparable sales up just 2.6% against roughly 3% inflation.
Dvorak brings on-the-ground detail from his consulting work with Walmart's data science team, arguing that the retailer's predictive models make its consumer caution credible, not just corporate spin. He also notes Costco's earlier warning about shoppers swapping chicken for tuna as a recession tell. On NVIDIA, the hosts spotlight Kingslide Works, the Taiwanese maker of roughly 70% of data center rack slides, which is up about 400% in a year, as an early indicator ahead of the Ultra Rubin chip cycle.
The conversation also digs into Venezuelan oil refining bottlenecks, strategic petroleum reserves near 1983 levels, salt-cavern integrity risks in Texas and Louisiana, and China's 90% share of Iranian oil imports. Throughout, the hosts maintain a skeptical, humorous, and unfiltered style, blending Fed watching, earnings analysis, commodities, tech, and offbeat cultural riffs.
DH Unplugged is a weekly investing and markets podcast distributed via dhunplugged.com, RSS, Apple Podcasts, Spotify, and Amazon Music/Podcasts. The content is informational only and not personalized investment advice. Episode 815 is available now wherever podcasts are heard.
