On this episode of Protect the Pile, R. Patrick Kent, Sam Rahman, Brooks Cutright and David Salem reunite for a wide-ranging market roundtable built around David’s “five follies” framework. With U.S. markets near all-time highs and the domestic setup still broadly bullish, the group debates the risks investors may be underestimating beneath the surface.Topics include the Iran conflict, energy positioning, resource nationalism, global supply-chain fragility, dollar weakness, Fed credibility and the limit...
On this episode of Protect the Pile, R. Patrick Kent, Sam Rahman, Brooks Cutright and David Salem reunite for a wide-ranging market roundtable built around David’s “five follies” framework. With U.S. markets near all-time highs and the domestic setup still broadly bullish, the group debates the risks investors may be underestimating beneath the surface.
Topics include the Iran conflict, energy positioning, resource nationalism, global supply-chain fragility, dollar weakness, Fed credibility and the limits of trying to control inflation with blunt tools. The conversation then shifts to AI, where the team digs into open versus closed models, hyperscaler CapEx, cloud economics, compute capacity, security risks and whether today’s spending boom will earn returns above its rising cost of capital. It’s a thoughtful look at markets, geopolitics and technology through a risk-first lens
00:00 Welcome to Protect the Pile
01:17 Markets Near Highs & the Bullish U.S. Setup
02:58 David Salem’s “Five Follies” Framework
08:46 Energy Positioning & the Iran Conflict
11:06 Resource Wars, Hormuz & the Red Sea
17:24 Dollar Weakness, Allies & a Fragmenting World Order
24:26 The Fed, Inflation & the Limits of Control
29:07 Treasury Intervention, Japan & the Yen Carry Trade
36:59 Open vs. Closed AI Models
38:36 Hyperscaler CapEx, Cloud Economics & Compute Risk
51:55 Cybersecurity, Cost of Capital & AI Folly
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