Andrew Horowitz, host of The Disciplined Investor and DH Unplugged, stepped into the guest co-host chair for Episode 1908 of the No Agenda Show, titled 'Chivatican.' The episode, available at Episode 1908 of the No Agenda Show, finds Adam Curry broadcasting from the Texas Hill Country with Horowitz, a 15-year acquaintance and fellow veteran of the late John C. Dvorak's orbit. Over three hours, the pair deliver a media deconstruction that is unusually finance-forward, built around tariffs, jobs numbers, artificial intelligence hype, and a hijacking mystery over Saudi airspace.
The significance of the episode lies in its specificity and its timing. Horowitz, a professional investor, applies a markets lens to the show's trademark narrative dissection, elevating the discussion from commentary to actionable analysis. Among the threads unpacked is the $15 billion Mesabi Metallics / SR steel plant deal in Iowa, dubbed 'Patriot Pellets,' and the Section 232 tariffs that enabled it. Horowitz contrasts Commerce Secretary Howard Lutnick's Oval Office pitch with Iowa TV6 reporting that no permits have been filed and no major Lee County land has been purchased for the plant. He also flags the Indian ownership of SR Technologies and connects the timing to the midterms, raising questions about whether the deal is as concrete as presented.
On the economic front, the episode examines Kevin Hassett's shifting commentary on BLS jobs reports, PCE methodology changes, and ShadowStats founder John Williams. Horowitz and Curry also dissect Scott Bessent's bond-buying 'blunder,' private credit refinancing walls, and commercial real estate losses. These segments matter because they tie together disparate signals—tariffs, jobs data, and credit markets—into a coherent narrative about the fragility of the current economic moment.
Artificial intelligence gets its own treatment. Curry champions Meta's Muse assistant, predicts the collapse of traditional podcast apps, and recounts building a prototype 'while watching West Wing.' The pair also discuss Trump's rebrand of AI as 'SI' (super intelligence) and Anthropic's reported $2 trillion IPO prospectus. The segment matters because it cuts through the hype, offering a skeptical view of AI valuations and their implications for investors and consumers.
The episode's most dramatic thread is the FlyDubai cockpit stabbing incident. Curry hammers the shifting official story on the flight to Tel Aviv, noting conflicting ABC, BBC, and Netanyahu accounts of whether the plane dropped from 34,000 to 16,000 feet in two or three minutes, whether a knife or crash axe was used, and the now-famous Israeli plumber who allegedly leveled the aircraft. Horowitz and Curry connect the incident to Netanyahu's pre-election messaging, highlighting how narratives are shaped for political ends.
Horowitz's investing philosophy gets a set piece when he recounts a horseback ride in Costa Rica with his wife Jill. 'The horse doesn't want to fall off the mountain just as badly as you don't want to fall off the mountain. Hang on to the horse. It's the same thing with these markets.' The metaphor underscores the episode's broader theme: in volatile times, discipline and a long-term view are essential.
Episode 1908 'Chivatican' is available now wherever podcasts are heard. Its depth and finance-forward perspective make it a standout in the No Agenda canon, offering listeners a rare blend of media criticism and market insight.
