In this episode of Fundamentals Unfiltered, Matt dives into Kevin Warsh’s recent Barron’s interview, exploring what his views could mean for the future direction of the Federal Reserve.
Warsh—one of the leading candidates to replace Jerome Powell in 2026—has been outspoken about the Fed’s loss of inflation-fighting credibility and the blurring of lines between fiscal and monetary policy through quantitative easing. Matt unpacks Warsh’s monetarist perspective, his ties to Stan Druckenmiller, and what a potential Warsh-led Fed might look like.
The discussion then turns to the rally in gold prices, with both spot gold and futures breaking $4,100. Matt examines the drivers behind the move—whether it’s a hedge against inflation and deficits or simply a momentum trade—and references key insights from the Financial Times, World Gold Council, and commentary from Ray Dalio and Ken Griffin on gold as an alternative store of value.
He also highlights Andrew Ross Sorkin’s new book on the 1929 stock market crash, following his acclaimed work Too Big to Fail.
Finally, Matt shares a preview of his upcoming Substack project, The Thoughtful Investing Project—launching this week—which will chronicle his ongoing research into the global economy and how thoughtful investors can better connect fundamentals with macro context.
Books Mentioned in This Episode
If you’d like to dive deeper into the topics discussed, here are the books Matt mentioned:
