Signal over Noise
New episodes available on Mondays before 6:00 a.m. ET
13 Jul 2026
Signal over Noise : Beyond the IPO: Five signals of long-term success
This episode explores what drives the variation in IPO performance. Drawing on 45 years of post-IPO data, it examines what separates the small group of major wealth-creating IPOs from the average new listing, which often disappoints. It highlights five signals that have historically helped identify stronger performers and considers how these characteristics can help investors assess where long-term value is most likely to emerge.
29 Jun 2026
Signal over Noise: What US history tells us about AI capex
This episode explores what historical US innovation can teach us about the trajectory of AI CapEx. Drawing on the 250 years of US innovation series, it looks at three key lessons from past capital cycles, from railroads to electrification to the internet. It highlights how innovation cycles tend to follow a similar pattern, how competition drives investment dynamics, and where value ultimately emerges in the application layer.
22 Jun 2026
Signal over Noise: A new Fed framework
This episode explores the signals in the most consequential Fed debut in nearly two decades: what happened, how markets reacted, and where to go from here. The Fed held rates steady for a fourth consecutive meeting, while Warsh was more hawkish than expected, emphasizing price stability and the Fed’s institutional credibility alongside a shift away from the easing bias. It also examines how he opted for a more concise statement and the decision not to submit a forecast to the Fed’s dot plot.
14 Jun 2026
Signal over Noise: Model disabled: What government restrictions of frontier models mean for the equity markets
A US policy restricting access to a cutting edge AI model led to a sudden shutdown for all users last week, raising questions about what AI regulation means for markets. This episode explores how concerns around misuse, including jailbreaking and cyberattacks, could affect model development, access, and competition across regions, and what this means for markets in the near term.
07 Jun 2026
Signal over Noise: Playing offense and defense through healthcare
Health care has not seen the same stock market traction as AI and power and resources over the past year, but continues to serve as a key ingredient to a diversified portfolio and a source of stability. This episode explores how the sector is not just a defensive play, with the pharma industry moving toward innovation-driven growth led by GLP-1 drugs. At the same time, advances in artificial intelligence and genomics are transforming how drugs are discovered, while an aging global population provides a powerful structural tailwind for demand.
What’s the signal, and what’s just noise? It’s the question I hear most often from clients and colleagues alike. With headlines multiplying by the minute, staying focused on what moves markets has never been more important.
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