In this livestream recorded July 15, 2026, David gives his quarterly check-in on AI, including what it does well, where it still falls short, and what its massive capital spending means for jobs, stocks, and the economy. He then answers listener questions on the dollar, crypto, central bank digital currencies, and managing the model portfolios.
Topics covered include:
- Why AI is polished but average, and how the Lindy Effect suggests it is here to stay
- Why AI models and humans struggle to pick stocks, and what to do instead
- How the $700 billion hyperscalers will spend on AI in 2026 compares to total S&P 500 capital expenditures
- Whether the dollar will keep strengthening and the two narratives driving it
- How the MFTROU model portfolios are already underweight the mega-cap AI names
- Ether after the Ethereum Foundation resignations, and whether Bitcoin and Ether are speculations, stores of value, or safe holdings
- Why the U.S. chose not to launch a central bank digital currency while China and Europe move ahead
- Whether indexed annuities deserve a place in a portfolio
- How often to rebalance, and whether hiring a manager can reduce the tax drag
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