The latest episode of the investing podcast DH Unplugged, titled 'Stupid Does Stupid,' takes a critical look at what hosts Andrew Horowitz and JC Dvorak call the five dumbest moves currently shaking financial markets. Published on August 25, 2026, the episode arrives just days before NVIDIA's closely watched earnings report and the Jackson Hole economic symposium, setting the stage for a week where Treasury maneuvers, tariff reversals, and a weakening U.S. dollar collide with sky-high AI expectations.
At the top of the list is Treasury Secretary Scott Bessent's expanded long-bond buybacks, which the hosts dub 'Bessent's Big Bond Blunder.' They argue that the move has fueled a 'debasement narrative' that doesn't hold up under scrutiny. '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, the messaging is working, even after rates snapped back following Bessent's hint that the $4 billion monthly pace could climb higher. They also flag unusual inflows into TLT on August 18, the day before the announcement, calling it 'information leakage,' not luck.
The episode also examines Trump's tariff cut on imported beef and what it reveals about who actually pays tariffs. New Iran sanctions targeting roughly 60 individuals, companies, and vessels under 'Operation Economic Outcast' are discussed, along with Bitcoin's surge past $80,000 and gold's rise on a softer dollar. Walmart's consumer warning, with U.S. comparable sales up just 2.6% against roughly 3% inflation, is another focal point. Dvorak, who has consulted with Walmart's data science team, argues that the retailer's predictive models make its 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, a Taiwanese maker of about 70% of data center rack slides, which is up roughly 400% in a year. They see this as an early indicator ahead of the Ultra Rubin chip cycle. Other topics include 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 hosts refuse to take the debasement trade at face value, and their skeptical, humorous style is on full display. DH Unplugged is a weekly podcast distributed via dhunplugged.com, RSS, Apple Podcasts, Spotify, and Amazon Music/Podcasts. Episode 815 is available now.
