What you'll learn

• 1 (02:06) **Introduction & Guest** - Ed introduces Josh Brown, co-founder of Ritholtz Wealth Management and creator of the term "Halo stocks," to discuss the market's reaction to geopolitical events and the AI trade.
• 2 (04:40) **Why Individual Investors Shouldn't Trade Geopolitics** - Josh argues that trying to predict Trump's next move on Iran is a fool's errand for most investors, who have no edge and no performance mandate from clients.
• 3 (11:03) **Has the World Structurally Changed?** - Ed pushes back, asking if events like the Iran conflict have structurally changed the long-term risk premium for energy or global stability, requiring a strategic adjustment.
• 4 (16:53) **The Case for a Global Portfolio** - Josh presents data showing that international stocks are dramatically outperforming US stocks on a one-year basis, making a global portfolio look fantastic despite the "crisis" headlines.
• 5 (25:04) **Insider Trading & The Sideshow** - Ed raises concerns about suspicious oil futures trades and prediction market bets placed just before the Trump ceasefire announcement, questioning the integrity of the market.
• 6 (33:31) **The Tech Bifurcation: Software is Getting Killed, Tech is Thriving** - Josh corrects the narrative that all tech is down, explaining that software stocks are in a bear market while physical tech companies with heavy assets are at all-time highs.
• 7 (39:31) **The Overdone Narrative on Software Destruction** - Josh explains why he bought the IGV software ETF on a trading basis, arguing that the panic over AI disruption of public software companies has become absurd.

+ Full timestamped outline available in the app