Wednesday - November 11, 2026
Show notes
On Veterans Day, with the bond market closed, stocks rose (Dow +254, S&P +1.3%, Nasdaq +1.6%) led by a rebound in sold-off AI, semiconductors, and “NeoCloud” names after a CoreWeave update eased fears about funding costs. Oil was little changed (WTI $86, Brent $92) amid limited Middle East news. Despite a hotter-than-expected October CPI (0.4% headline; core 0.3%), markets have been behaving better, with financials and small caps rallying even as rates moved up, and valuations appearing more reasonable; a 25 bp Fed hike in December is expected. In Q&A, Brian argues national debt comparisons to stocks or gold are flawed, preferring debt-to-GDP, noting debt has outpaced GDP since 1940 and interest expense is 19% of tax revenue, with entitlement reforms likely as Social Security faces cuts in 2032.
00:00 Veterans Day Open
00:15 Market Recap
00:28 AI Stocks Bounce
01:11 Oil and Rates Check
01:34 CPI and Fed Outlook
02:45 Valuations and IPO Talk
03:20 Debt Comparison Question
04:17 Debt to GDP Reality
04:42 Interest Costs Warning
05:05 Fixing Entitlements Ahead
06:28 Wrap Up and Thanks
Links mentioned in this episode: DividendCafe.com