The latest episode of the investing podcast DH Unplugged, titled "Stupid Does Stupid," delivers a sharp critique of what hosts Andrew Horowitz and John C. Dvorak call the five dumbest moves currently shaking financial markets. Released on August 25, 2026, the episode arrives just days before NVIDIA's closely watched earnings report and the Jackson Hole economic symposium, framing a week in which Treasury maneuvers, tariff reversals, and a weakening U.S. dollar are colliding with sky-high AI expectations.
The hosts argue that investors are being sold a debasement narrative that does not survive close inspection. "There is no quantitative easing going on," Horowitz says. "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, image control is working, even if rates snapped right back after Treasury Secretary Scott Bessent's Friday follow-up hinting that the $4 billion monthly pace of long-bond buybacks could climb higher. They also flag unusual TLT inflows on August 18, the day before the announcement, calling it "information leakage," not luck.
The rundown moves briskly through interconnected threads listeners can expect, including Bessent's expanded long-bond buybacks, which the hosts dub "Bessent's Big Bond Blunder." Also on the list: Trump's tariff cut on imported beef and the questions it raises about who actually pays tariffs, new Iran sanctions targeting roughly 60 individuals, companies, and vessels under "Operation Economic Outcast," Bitcoin's rip past $80,000 and gold's move on a softer dollar, and Walmart's consumer warning, with U.S. comparable sales up just 2.6% against roughly 3% inflation.
Deeper in, 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 corporate spin. He 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, up about 400% in a year, as an early indicator ahead of the Ultra Rubin chip cycle. They also dig 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.
About DH Unplugged: DH Unplugged is a weekly investing and markets podcast hosted by Andrew Horowitz and John C. Dvorak, blending Fed watching, earnings analysis, commodities, tech, and offbeat cultural riffs in a skeptical, humorous, unfiltered style. The show is distributed via dhunplugged.com, RSS, Apple Podcasts, Spotify, and Amazon Music/Podcasts, with expanding video and social clips. Content is informational only and not personalized investment advice. Episode 815 is available now wherever podcasts are heard.
