The Transcript

Broad Range of Neutral

Fed: We are well positioned to determine the extent and timing of additional adjustments

Dec 15 • The Transcript

1

Sticky Inflation

Lower income consumers are feeling the weight of persistent inflation

Dec 8 • The Transcript

1

November 2025

Bubble Talk

$NVDA: From our vantage point, we see something very different

Nov 24 • The Transcript

2

Are We Going Too Far?

Is the risk is bigger if you don’t invest?

Nov 17 • The Transcript

4

K-Shaped Recovery

There's significant stability and growth in the high end and some moderate signs of stress in the low end

Nov 10 • The Transcript

4

Unprecedented Scale

Microsoft to increase its total AI capacity by over 80% this year

Nov 3 • The Transcript

2

October 2025

Robot Army

Elon: I don't feel comfortable building that robot army if I don't have at least a strong influence

Oct 27 • The Transcript

11

1

Still Humming

While growth is cooling somewhat, America’s economic engine is indeed still humming

Oct 20 • The Transcript

9

The Transcript Q3 2025 Letter

Reviewing the key themes from Q3 2025 through C-suite quotes

Oct 14 • The Transcript

22

2

4

Just a Blip

Hopefully, the US government shutdown is short-lived

Oct 6 • The Transcript

12

1

4

September 2025

Doing Pretty Well

The American economy is doing pretty well at this time

Sep 29 • The Transcript

3

1

Lower Rates

Jerome Powell: I feel like our policy has been doing the right thing so far this year

Sep 23 • The Transcript

8

1