In Episode 815 of the investing podcast DH Unplugged, hosts Andrew Horowitz and JC Dvorak deliver a scathing review of what they call the five dumbest moves currently shaking 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.
First on the list is Treasury Secretary Scott Bessent's expanded long-bond buybacks, which the hosts dub 'Bessent's Big Bond Blunder.' Horowitz insists, '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, image control is working, even though rates snapped back after Bessent hinted the $4 billion monthly pace could increase. They also flag unusual inflows into TLT on August 18, the day before the announcement, calling it 'information leakage,' not luck.
The second move is Trump's tariff cut on imported beef, raising questions about who actually pays tariffs. The hosts suggest this could be a political move with economic repercussions that aren't fully understood. Third, they discuss new Iran sanctions targeting roughly 60 individuals, companies, and vessels under 'Operation Economic Outcast,' which could impact oil markets and geopolitical stability.
The fourth move is Bitcoin's surge past $80,000 and gold's rally on a softer dollar. The hosts remain skeptical, viewing this as part of the debasement narrative that doesn't align with actual monetary policy. Finally, they highlight Walmart's consumer warning, with U.S. comparable sales up just 2.6% against roughly 3% inflation. Dvorak, who consults with Walmart's data science team, argues that the retailer's predictive models make its caution credible, not 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, a Taiwanese maker of about 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. They also delve 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.
The episode underscores the importance of looking beyond surface-level narratives to understand the true state of the markets. As Horowitz and Dvorak suggest, the current moves may be more about perception than reality, with significant implications for investors.
