Gold, Market Flows, AI & the Next Investing Regime | Protect the Pile Episode 24

On this episode of Protect the Pile, R. Patrick Kent, Sam Rahman, Brooks Cutright and their guest Jerry Jordan unpack a market increasingly driven by flows, leverage, momentum and corporate buybacks—and what that means for investors trying to separate underlying fundamentals from price action. They discuss the hidden weakness beneath top-heavy indices, record valuations and margins, and the danger of putting peak multiples on peak earnings.
The group also debates the outlook for energy and commodities, inflation, Treasury intervention and a weaker U.S. dollar before diving into the economics of the AI boom: hyperscaler CapEx, Anthropic and OpenAI, model commoditization, and whether the enormous investment cycle can generate sustainable returns.
Finally, Jerry lays out the contrarian theme he believes the market is still underpricing: hard assets. His central call is that continued dollar weakness and eventual policy support for the bond market could create an environment where gold outperforms the stock market over the next three to five years.

Timecode Markers

00:00 – Introducing Jerry Jordan
05:17 – Why Market Flows Matter More Than Ever
10:01 – “Price Is 99 of 100 Factors”
13:24 – The Hidden Carnage Beneath a Top-Heavy Market
16:05 – When Cutting Equity Exposure Makes Sense
20:02 – The Danger of Peak Multiples on Peak Earnings
21:54 – The Bull Case for Energy & Commodities
25:49 – A Different Way to Think About Inflation
27:49 – Treasury Intervention, the Dollar & Hard Assets
29:44 – Could AI Economics Prick the Equity Bubble?
31:19 – The Bull Case for Anthropic & AI Profitability
35:02 – Is AI Becoming a Utility Business?
37:48 – Why AI Models Could Become Commodities
45:59 – What the Market Is Mispricing
47:03 – Why Gold Could Outperform Stocks
50:30 – What Breaks With a 7% 10-Year Yield?
51:30 – Private Equity, Insurance & Hidden Systemic Risk

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