In the latest episode of DH Unplugged, hosts Andrew Horowitz and JC Dvorak deliver a blunt assessment of what they call the five dumbest moves rattling financial markets. Titled 'Stupid Does Stupid,' the episode, released August 25, 2026, comes just before NVIDIA's earnings report and the Jackson Hole symposium, setting the stage for a week of market turbulence.
The hosts zero in on Treasury Secretary Scott Bessent's expanded long-bond buybacks, dubbing it 'Bessent's Big Bond Blunder.' Horowitz argues that the move is not quantitative easing, despite market perceptions. 'The dollar is down, but not that much. The fact is that everybody just wants to buy it. This is an excuse,' he says. Dvorak counters that if retail buyers believe the debasement narrative, then the messaging is working, even if rates snapped back after Bessent hinted at increasing the monthly buyback pace to $4 billion. They also point to unusual inflows into TLT on August 18, the day before the announcement, as evidence of information leakage.
Other moves under fire include Trump's tariff cut on imported beef, which raises questions about who actually pays tariffs. The hosts also discuss new Iran sanctions under 'Operation Economic Outcast,' targeting roughly 60 individuals, companies, and vessels. Bitcoin's surge past $80,000 and gold's rise on a softer dollar are also scrutinized, but Horowitz and Dvorak argue that the debasement trade is overblown.
Dvorak brings insider perspective from his consulting work with Walmart's data science team, arguing that the retailer's consumer warning is credible, not corporate spin. Walmart's U.S. comparable sales rose just 2.6% against roughly 3% inflation, a sign of consumer strain. He also notes Costco's warning about shoppers switching from chicken to tuna as a recession tell.
On NVIDIA, the hosts highlight Kingslide Works, a Taiwanese maker of data center rack slides, which is up about 400% in a year, as an early indicator ahead of the Ultra Rubin chip cycle. They also delve into Venezuelan oil refining bottlenecks, strategic petroleum reserves near 1983 levels, salt-cavern integrity risks in Texas and Louisiana, and China's 90% share of Iranian oil imports.
The episode underscores the interconnectedness of these issues and the potential for missteps to have far-reaching consequences. Horowitz and Dvorak's skeptical, humorous style provides a refreshing take on market news, urging investors to look beyond the headlines.
