Episodes

  • Ep. 24: Federal Reserve Independence — Why It Matters for Inflation and Interest Rates

    Ep. 24: Federal Reserve Independence — Why It Matters for Inflation and Interest Rates
    Jan 21 2026
    What actually anchors inflation expectations in a world without the gold standard? In this episode of Fundamentals Unfiltered, Matt examines why Federal Reserve independence is central to economic stability, and why political pressure on monetary policy has repeatedly led to inflation, market instability, and loss of credibility. Using historical examples—from the gold standard and the Great Depression to the 1970s inflation crisis and the Volcker era—the episode explains how today’s monetary system relies on credibility as its nominal anchor, and why that credibility is fragile. This episode also serves as a foundation for a longer companion blog post exploring these themes in depth.
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    31 mins
  • Ep. 23: Warren Buffett – The Berkshire Hathaway Years

    Ep. 23: Warren Buffett – The Berkshire Hathaway Years
    Jan 14 2026
    Warren Buffett didn’t become Warren Buffett by accident. In Episode 23 of Fundamentals Unfiltered, Matt continues his series on Warren Buffett by focusing on the moment he became the Warren Buffett — when he took control of Berkshire Hathaway and built it into a long-term investment platform. Topics include: Buffett’s early deep value roots and the Berkshire textile acquisition The National Indemnity purchase and the importance of insurance float Why Buffett closed his partnership in 1969 The shift toward higher-quality businesses and economic moats The influence of Charlie Munger Why Berkshire’s structure gave Buffett a lasting edge Long-term compounding, tax efficiency, and capital allocation Time Stamps: 00:00 — Berkshire Hathaway: Buffett’s Turning Point 03:35 — The Berkshire Textile Business & the Stanton Dispute 05:05 — National Indemnity & Insurance Float 06:17 — Why Buffett Closed the Partnership (1969) 07:24 — From Deep Value to Economic Moats 09:49 — Charlie Munger’s Influence on Buffett 12:37 — Permanent Capital & Structural Advantage 13:30 — Lessons for Investors and Business Owners This episode is part of an ongoing Buffett-focused series, with companion blog posts available at fundamentalinvestinginstitute.com.
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    17 mins
  • Ep. 22: Warren Buffett - Reflections on His Career

    Ep. 22: Warren Buffett - Reflections on His Career
    Jan 7 2026
    Warren Buffett officially stepped down as CEO of Berkshire Hathaway on January 1, 2026. In this episode of Fundamentals Unfiltered, Matt begins a two-part reflection on Buffett’s remarkable career by focusing on his early life, education, and partnership years. We explore: · Buffett’s early entrepreneurial instincts in Omaha · His intellectual transformation under Benjamin Graham and David Dodd · The foundations of value investing and margin of safety · Buffett’s partnership years (1956–1969) and extraordinary compounding record · The three investment “buckets” Buffett used before Berkshire Hathaway This episode is less about headlines and more about how great investors are formed—through reading, discipline, patience, and rigorous thinking.
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    25 mins
  • Ep. 21: Year-End Reflections: Gold, Private Markets, the Fed, and Valuation Discipline

    Ep. 21: Year-End Reflections: Gold, Private Markets, the Fed, and Valuation Discipline
    Dec 31 2025
    In this year-end episode of Fundamentals Unfiltered, Matt reflects on the major market themes of 2025 — without relying on forecasts or year-ahead predictions. The discussion covers the rally in gold and silver, private market liquidity challenges, the risks of opening private funds to retail investors, Federal Reserve independence, and how to think about valuation discipline amid continued enthusiasm for artificial intelligence. Rather than focusing on short-term outcomes, the episode emphasizes structure, incentives, and long-term fundamentals — the core ideas that guide thoughtful investing. People Discussed I reference the work of Andrew Ross Sorkin and Charlie Munger during the discussion. For those interested in going deeper: Too Big to Fail — Andrew Ross Sorkin https://amzn.to/4n9wgOB Poor Charlie’s Almanack — Charlie Munger https://amzn.to/4pmBpV2 Affiliate disclosure: We may earn a commission from qualifying purchases at no additional cost to you. Companies & Assets Mentioned · Nvidia · Google · Oracle · OpenAI · Gold, Silver, Bitcoin Topics · Commodity momentum and sentiment · Private equity liquidity and valuation · Retail investor risk in private markets · Federal Reserve credibility · Bond yields and inflation expectations · AI valuations vs. late-1990s comparisons Timestamps 00:00 — Why year-ahead predictions miss the point 01:18 — Lessons from 2008 and 2020 02:49 — Gold and silver in 2025 05:23 — Momentum risk and sentiment 05:49 — Bitcoin as a store of value 07:20 — Private markets and retail investor access 11:29 — The Fed, independence, and bond yields 15:24 — AI valuations vs. bubble narratives 20:48 — Venture capital incentives and risk transfer 23:44 — FII plans and learning projects
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    26 mins
  • Ep. 20: Rate Cuts, Fed Politics, and Inflation Expectations

    Ep. 20: Rate Cuts, Fed Politics, and Inflation Expectations
    Dec 17 2025
    In Episode 20 of Fundamentals Unfiltered, Matt analyzes the Federal Reserve’s recent 25 basis point rate cut, dissent within the FOMC, and why bond markets are signaling skepticism toward further easing. The episode explores Fed Chair succession, market concerns around Kevin Hassett, renewed attention on Kevin Warsh, and the historical precedent for Fed independence. Matt also recommends The Great Inflation and Its Aftermath by Robert Samuelson and explains why inflation expectations remain central to modern monetary policy. 00:00 – Intro 00:25 – Fed rate cut explained (25bp) 01:15 – Bond yields & FOMC 04:01 – Who’s the next pick? 06:54 – Politicized Yields 10:31 – Fed Treasury Accord 11:50 – Will he stay? 13:24 – Why Fed Independence is important 15:35 – Book recommendation 18:47 – What to watch heading into 2026
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    20 mins
  • Ep. 19: Takeover Drama & Berkshire Surprises

    Ep. 19: Takeover Drama & Berkshire Surprises
    Dec 10 2025
    This week on Fundamentals Unfiltered, Matt breaks down two major stories shaping markets: - The escalating takeover battle for Warner Brothers Discovery Netflix’s $72B cash-and-stock bid sets off an unexpected contest with Paramount/Skydance’s hostile $30-per-share tender offer. Matt breaks down: Why the deal structure matters (cash vs. stock vs. equity stub) Antitrust risks for Netflix Political angles involving the Ellison family and Jared Kushner Why this drama echoes RJR Nabisco and the book Barbarians at the Gate (Bryan Burrough) - Major leadership shifts at Berkshire Hathaway Berkshire announces several top-level changes, including: Todd Combs leaving for JPMorgan Questions about how Greg Abel will oversee capital allocation CFO Marc Hamburg retiring Michael O’Sullivan named general counsel Nancy Pierce stepping in as GEICO CEO Matt also shares a recommendation of Shut Up and Keep Talking by Bob Pisani, reflecting on floor-trading history and the transition to electronic markets. Check out the link here: https://amzn.to/3YbekZT (As a Amazon affiliate I can earn from qualifying purchases)
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    22 mins
  • Ep. 18: Bitcoin, Illiquidity Risks, & Remembering a Market Legend

    Ep. 18: Bitcoin, Illiquidity Risks, & Remembering a Market Legend
    Dec 3 2025
    This episode covers Bitcoin’s sharp reversal, the breakdown of Michael Saylor’s Bitcoin treasury strategy, and why MicroStrategy may be removed from the MSCI index. Matt also examines Jason Zweig’s reporting on illiquidity risks in private real estate funds and shares lessons from Wall Street legend Art Cashin, featured in Bob Pisani’s Shut Up and Keep Talking affiliate link: https://amzn.to/3YbekZT (I can earn from qualifying purchases). Clear insights, real risks, and timeless fundamentals. Timestamps 00:00 – Intro + today’s topics 01:33 – MicroStrategy’s Bitcoin treasury model 03:48 – Why the “infinite money glitch” worked 07:51 – Index inclusion risk: MSCI’s possible removal 09:03 – Jason Zweig’s Column 12:27 – Reading Bob Pisani’s book for your spring course 14:36 – Art Cashin: NYSE legend & storyteller 17:18 – Remembering a market historian
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    Less than 1 minute
  • Ep. 17 : The Enduring Lessons of Charlie Munger

    Ep. 17 : The Enduring Lessons of Charlie Munger
    Nov 26 2025
    In this holiday-week episode of Fundamentals Unfiltered, Matt reflects on the life and legacy of Charlie Munger—Warren Buffett’s longtime partner and Vice Chairman of Berkshire Hathaway, who died at age 99 in late November 2023. We walk through Munger’s path from Omaha to University of Michigan, Caltech (studying meteorology during WWII), Harvard Law School, and eventually into law, real estate development, and investing. Matt explains how Munger and Buffett used Blue Chip Stamps, See’s Candies, and the power of financial float to build Berkshire’s capital base. Then we dig into Munger’s biggest intellectual contributions: Latticework of mental models – the idea that decision-makers should draw on big ideas from multiple disciplines (math, physics, biology, history, psychology, economics, and more). Multidisciplinary learning – why students of finance who only learn formulas and spreadsheets risk becoming “second-rate algorithms,” and how pairing quantitative skills with history, psychology, and real-world context leads to better judgment. Book recommendation:
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    Less than 1 minute