Shows / Exponential Learning
Exponential Learning
Humans can absorb multiples more audio content than written. To that end, this podcast is for absorbing as much intelligence as possible as the catch-all for interesting articles, research reports, or podcast summaries. I hope you enjoy the knowledge as much as we do.
Episodes
- Exponential Learning
Schwab Q3 2026: Record Flows, a Funding Debate
Charles Schwab's Q3 2026 (reported Oct 15) was a record quarter the market chose to argue with: revenue of $7.17B (+17% YoY), adjusted EPS of $1.69 (+29%)…
- Exponential Learning
Salesforce Buys Braze: Completing the Agent Stack
Salesforce announced a definitive agreement to acquire customer-engagement platform Braze for ~$5.66B in cash ($47.50/share, a ~58% premium), its fourth deal…
- Exponential Learning
GE Aerospace Q3 2026: Beat, Raise, and a $170 Billion Services Backlog
GE Aerospace beat Q3 2026 expectations and raised full-year guidance on every line: adjusted EPS of $2.25 (up 36%), adjusted revenue up 18%, orders up 49% to…
- Exponential Learning
RTX Q3 2026: Beat, Raise, Repeat — a Record $340B Backlog
RTX cleared the highest bar on the board: adjusted EPS of $2.26 vs $1.78 expected (+33% YoY), sales of $24.97B (+11%, +12% organic), a record $340B backlog on…
- Exponential Learning
Axon: Owns Every Link in the Chain — Now It Has to Turn Growth Into Cash
An initiation on Axon Enterprise (AXON), from Alpha Brands Research's Oct 19 report: the company owns every link in the public safety chain — TASER, cameras…
- Exponential Learning
The Full-Cycle AI 30: Own the Scarce Inputs, Overweight the Adopters
A portfolio construction episode: 31 names in 5 sleeves built from the Flaningam, Noren/Apollo, and Hosking letters. Own the scarce inputs (the full power…
- Exponential Learning
Private Flight or Cell Phones? The Unit Economics of AI
Trevor Noren (Sage Road Research) and Apollo ask the demand-side question: the marginal cost of compute exceeds its marginal benefit, corporate token spending…
- Exponential Learning
What Has to Go Right: The Math Behind AI's Trillion-Dollar Bet
Eric Flaningam (Timeless) published the most rigorous bull-case math on AI cap ex: clouds need ~$600B in third-party AI revenue by late 2027 and $1T+ by 2028…
- Exponential Learning
The Data Centre Is a Factory
Hosking Partners' Q3 2026 letter, via MastersInvest: a London value manager beat global markets by 6.3% YTD owning almost none of the AI winners — and its…
- Exponential Learning
Three Bond Markets, Three Different Worlds
Alpine Macro's Chen Zhao on the three macro stories that matter right now. (1) America: the bond selloff has likely crested — 10Y down 30+ bps to 5.1%, and the…
- Exponential Learning
One Customer, Many Checkbooks: The Economics of Defense Primes
A sharp new essay — 'A Defense Primer: The Economics of Having One Customer' — argues defense investors keep making the same mistake: valuing a genuine…
- Exponential Learning
Six Weeks of Markets: The Signal Beneath the Noise
Five weekly research decks, six weeks, one regime shift: from scarcity of growth (pay any price for AI earnings) to scarcity of affordable, durable growth…
- Exponential Learning
Scout Motors: Who's Really Behind the Terra (and Will They Build It?)
Eric put a deposit on the Scout Terra pickup and asked the two questions every reservation holder should ask: who's backing this company, and will they ever…
- Exponential Learning
AI or Bust — Deep Dive
Alex and Jordan go deep on Sonu Varghese's Carson Group piece 'It's All One Big Trade Now: AI or Bust': why hot inflation sent yields plunging, the AI credit…
- Exponential Learning
I Said I'd Worry. I'm Worried. — Deep Dive
Alex and Jordan go deep on Eric Soda's latest Spilled Coffee investing update: the inflation puzzle (two hot reports, market barely flinched), year five of the…
- Exponential Learning
BAE Systems on the Battlefield: A War Story for Investors
Alex and Jordan narrate a fictional day of operations threaded end-to-end with BAE Systems products — Paladin and Archer artillery, Bradley and CV90 fighting…
- Exponential Learning
Lockheed Martin on the Battlefield: A War Story for Investors
Alex and Jordan narrate a fictional night operation threaded end-to-end with Lockheed Martin products — F-35s as quarterback, F-22s running the wall, HIMARS…
- Exponential Learning
Northrop Grumman on the Battlefield: A War Story for Investors
A battlefield narrative for the layman investor: one night operation threaded with Northrop Grumman products — Global Hawk and Triton watchers, the E-2D…
- Exponential Learning
L3Harris on the Battlefield: A War Story for Investors
A battlefield narrative for the layman investor: one fictional night operation in the Western Pacific, threaded end to end with L3Harris products — SDA…
- Exponential Learning
Sector & Factor Weekly — Week of October 12
For informational and educational purposes only; not financial advice. Alex and Jordan recap the week across all 11 sectors — health care, staples and energy…
- Exponential Learning
Private Equity's Power Play: Who Really Owns AI's Land, Power, and Shell
Alex and Jordan deep-dive the private equity giants behind AI data centers — Brookfield's nuclear-to-cloud stack, Blackstone's 0B empire, DigitalBridge's power…
- Exponential Learning
Capital Markets Weekly — Week of October 12
The AI trade unraveled while everything else rallied. Alex and Jordan break down a split week: Nasdaq down 4.5% on AI financing fears, Dow up 0.7% on the…
- Exponential Learning
Talen Energy: The Nuclear Toll Road for AI Power
Alex and Jordan deep-dive Talen Energy (TLN) — the Susquehanna nuclear plant, the landmark 1,920 MW Amazon deal through 2042, the gas acquisition flywheel, and…
- Exponential Learning
ROSY Deep Dive: Inside Rosenberg's New Macro ETF
Alex and Jordan go through the prospectus, the portfolio, and the positioning of the Corton Rosenberg Global Macro ETF (TSX: ROSY) — what's in it, what the…
- Exponential Learning
Client Chat Recap: Credit Cracks, the Anthropic Watch, and Bank Earnings
Alex and Jordan on the Bear Traps October 14th client chat — the BAC victory lap, credit flags below the surface, Lee Robinson's insurance short, the AI…
- Exponential Learning
Ideas Dinner: Flags Below the Surface in Credit
Alex and Jordan on the Ideas Dinner recap — CLO stress, MetLife's CRE book, Lee Robinson's insurance short, and the table's best contrarian ideas.
- Exponential Learning
Turning Point: Bonds, the Tax-Loss Basket, and CoreWeave's Warning
Alex and Jordan break down Larry McDonald's Bear Traps 'Turning Point' issue — six reasons bonds rally, the 160% tax-loss basket, and why CoreWeave's bonds are…
- Exponential Learning
Schneider Electric Q3 2026: Electrifying the AI Buildout
Record Q3 revenue of €11.46B on more-than-doubled data center demand, FY2026 guidance raised for the second time, and the bold $22.6B PTC acquisition.
- Exponential Learning
Bad Moon Rising: Wedgewood Partners Q3 2026 Letter
Alex and Jordan break down Wedgewood Partners' Q3 client letter — record highs over the worst breadth in decades, Microsoft's 30% ROIC, and shopping for…
- Exponential Learning
Real Interest Rate Shock: The Next Shoe to Drop
Alex and Jordan break down Alpine Macro's new special report — why the bond selloff is about real rates, not inflation, and why risk asset prices may be the…
- Exponential Learning
Earnings Roundup: Schwab, Prologis, Interactive Brokers — Q3 2026
Alex and Jordan break down Q3 2026 earnings from Schwab, Prologis, and Interactive Brokers — record asset gathering, a guidance-cut selloff, and a 71% dividend…
- Exponential Learning
Stablecoins and the Banking System: Money Gets Re-Platformed
Stablecoins have stopped being a crypto story and become a banking story. Alex and Jordan work through the Alpha Brands Research report and the numbers as of…
- Exponential Learning
TSMC Q3 2026: The Foundry at the Center of AI
Alex and Jordan break down TSMC's Q3 2026 results: record revenue and profit, advanced nodes, capex, guidance, and what it signals for AI demand.
Exponential LearningInvest in the Shortages & Bottlenecks: Ai & Power
The Compute Paradox: The Stocks That Win When Models Get Cheap — podcast summary The thesis: the cheaper AI models get and the more their margins compress, the…
- Exponential Learning
Operating Kings × Brand Heat: The Blended Top 20 (Corrected)
Twenty consumer brands ranked 50/50: quality-screen percentiles plus a pure consumer brand-heat score — recognition, cultural heat, love, relevance, demand…
- Exponential Learning
[SUPERSEDED — see Corrected version] Operating Kings x Brand Heat: The Blended Top 20
Twenty consumer compounders ranked by a 50/50 blend of quality-screen percentiles and brand-heat momentum. Full ranked table with scores in the show notes.
- Exponential Learning
Goldman, Morgan Stanley, BlackRock: Three Beats, Three Setups
Alex and Jordan break down Q3 2026 at Goldman Sachs (equities +72%, $17.01 EPS), Morgan Stanley (record wealth flows, 22.6% ROTCE), and BlackRock (record…
- Exponential Learning
BlackRock & Morgan Stanley: Toll Collectors on the AI Buildout
Alex and Jordan deep-dive Q3 2026 earnings: BlackRock's record $15.5T AUM and 11% organic fee growth, Morgan Stanley's record wealth flows and 41% equities…
- Exponential Learning
Holiday Shopping 2026: The Retailers With Real Brand Heat
Alex and Jordan run through the retailers best positioned for holiday 2026 — from e.l.f. Beauty's viral momentum and Abercrombie's teen heat to Ross's traffic…
- Exponential Learning
Fast Retailing: The Uniqlo Engine — 88% of Everything
Alex and Jordan break down Fast Retailing's fifth straight record year: how much of the business is really Uniqlo, the geographic handoff from China to the…
- Exponential Learning
Accenture Investor Day 2026: The AI Services Playbook
Alex and Jordan break down Accenture's first investor day in four years: the FY27-29 growth and margin plan, the AI right-to-win case, a 39% valuation discount…
- Exponential Learning
ASML Q3 2026: Lithography and the AI Capex Engine
Alex and Jordan break down ASML's Q3 2026 results: record sales of 11.66B euros, 57.5% gross margin, raised full-year guidance to 44-45B euros, planned…
- Exponential Learning
Earnings reports: Banks
Alex and Jordan deep-dive Q3 2026 earnings from JPMorgan, Citigroup, Wells Fargo, Goldman Sachs, Bank of America, Morgan Stanley, and BlackRock: what Wall…
- Exponential Learning
Energy Experts Snapshot: What Oil CEOs, Nuttall and Sankey See Now
Alex and Jordan round up what US and Canadian oil CEOs, Eric Nuttall and Paul Sankey are saying about today's oil market — shale, inventories, prices and the…
- Exponential Learning
Aramco's Nasser: The 'Scarily Thin' Oil Market
Alex and Jordan break down Saudi Aramco CEO Amin Nasser's Oct 5 Energy Intelligence Forum speech: 'scarily thin' global oil stockpiles, the 2-year restocking…
- Exponential Learning
Workday Analyst Day 2026: The Agentic Enterprise
Alex and Jordan break down Workday's financial analyst day: new targets, the agentic HR and finance push, and what it means for the stock.
- Exponential Learning
Booking Holdings Deep Dive: The Connected Trip and the AI Question
A detailed two-host summary of FTR Investors' 'Unpacked #17: Booking Holdings' (Oct 13, 2026). Covers the company's history from 1996 Bookings.nl through the…
- Exponential Learning
Aerospace and Defense: Buying the Selloff, Bottoming Sentiment
A detailed two-host summary of Morgan Stanley's October 13, 2026 Aerospace & Defense note 'Gauging Investor Sentiment' (Kristine Liwag). Covers the commercial…
- Exponential Learning
UnitedHealth's Clean Beat: 3Q26 Beat and Raise
A detailed two-host summary of Morgan Stanley's October 13, 2026 UnitedHealth note 'Clean Beat' (Erin Wright). Covers the 3Q26 beat (adj EPS .69 vs .07…
- Exponential Learning
Korea's Vertigo: Inside KOSPI's October Rout
A detailed two-host summary of Morgan Stanley's October 13, 2026 Korea strategy note 'Another Bout of Vertigo'. Covers the KOSPI's 13.4% October decline, the…
- Exponential Learning
Morgan Stanley's AI Barbell: Power Bottlenecks, Semis, Software and Adopters
A detailed two-host summary of Morgan Stanley's September 24, 2026 report 'Mapping AI's Rate of Change: From Buildout to Broadening' — their 6th global AI…
- Exponential Learning
Morgan Stanley on AI Safety: Policy, Compute, and the Stocks to Own
A detailed two-host summary of Morgan Stanley's September 20, 2026 report 'AI Safety: Implications for US AI Policy, Frontier Model Development, and Stock…
- Exponential Learning
The 2027 Playbook: Positioning for Quad 2, 3 and 4
The 2027 macro playbook: 4 months of Quad 4, 2 of Quad 3, 2 of Quad 2. An 80% defensive core (duration, gold, utilities, staples, health care) plus a 20%…
- Exponential Learning
State of the Consumer: The K-Shaped Deep Dive
A transformative two-host summary of a deep-dive research report on the state of the US consumer (Oct 2026). Banks and card networks report resilient spending…
- Exponential Learning
The Boat Was Loaded to One Side: Neglected Stocks vs the AI Trade
A transformative two-host summary of a research report on the rotation from crowded AI trades into neglected quality stocks (Oct 2026). Covers market crowding…
- Exponential Learning
A Month with Muse: A Founder's 30-Day Field Test
A transformative two-host summary of 'A Month with Muse' (MBI Deep Dives, October 2026; https://www.mbi-deepdives.com/muse-month/). We worked from the full…
- Exponential Learning
The Power Grid Modernization & AI Opportunity
Alex and Jordan on the global grid build-out for AI: record backlogs, pricing power in scarce assets, and the long runway for Eaton, Amphenol, Quanta, Siemens…
- Exponential Learning
Military Modernization — Backlogs, Specialists, and the Stocks to Own
Alex and Jordan on the global defense build-up: prime backlogs vs market caps, drone specialists, and the investment case for LMT, NOC, LHX, BAE, Axon, and…
- Exponential Learning
Kevin Warsh — The New Fed Chief, Up to Speed
Alex and Jordan catch you up on the new Fed chair — his crisis-era past, the most divisive confirmation in Fed history, his reform blitz, the September rate…
- Exponential Learning
Stan Druckenmiller — The Legend, Up to Speed
Alex and Jordan catch up on the legendary investor's 2026 views — short bonds, a rotating AI trade, a huge biotech bet, and a public feud with his own mentee…