Markets are relearning that durable wealth comes from disciplined risk management, not chasing momentum or relying on central bank intervention.

This week, we're joined by Jared Dillian, editor of The Daily Dirtnap and author of The Awesome Portfolio, to discuss why markets may be entering a new regime where risk management matters more than maximizing returns.

We explore Warsh's Fed strategy, the case for a steeper yield curve, why the AI trade may be masking economic weakness, how sentiment shifts after crowded trades unwind, and why gold and diversified portfolios could be poised for a comeback. Enjoy!

TIMESTAMPS:

00:00 Intro

01:01 The Awesome Portfolio

04:42 Why Investors Misunderstand Risk

11:15 Warsh’s Intentional Policy Shift

14:17 The Yield Curve Meets Weak Data

17:32 Markets To Do The Heavy Lifting

20:00 Treasury Enters The Currency Fight

22:58 The Bear Market’s Starting Gun

27:57 Defensive Stocks, Oil And Gold

FOLLOW JARED

› X/Twitter – https://x.com/dailydirtnap

› Pre-Order The Awesome Portfolio –https://a.co/d/01yslEpJ

FOLLOW THE SHOW

› Forward Guidance – https://x.com/ForwardGuidance

› Felix – https://x.com/fejau_inc

› Telegram – https://t.me/+CAoZQpC-i6BjYTEx

› Blockworks – https://x.com/Blockworks

EVENTS

› Join us at Digital Asset Summit 2026 Asia October 7th & Digital Asset 2026 London November 10-11th

https://blockworks.com/events

DISCLAIMER

Nothing said on Forward Guidance is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only. Any views expressed are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.