The Unphiltered Take

Philip Bahoshy
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Everyone tells you what the markets did. Almost no one tells you what it means, or what the consensus is about to get wrong. Every Monday, The Unphiltered Take gives you one unfiltered read on the week that moved global markets, the private capital moving quietly through the Middle East and emerging markets, and the geopolitics tying them together. Hosted by Philip Bahoshy, founder of MAGNiTT: markets, money, and geopolitics from an operator inside the market, not an observer on the sidelines. Strong views, backed by data. New episodes every Monday. Follow now.

Episodes

  1. 5d ago

    MENA's two-speed venture market: $2.98B in, deals down 33%

    MENA startups raised $2.98 billion in the first nine months of 2026, down 7%. But deal count fell 33% and early-stage deals fell 45%. Is the headline hiding a pipeline problem?In this bonus episode, Philip Bahoshy is joined by Farah El Nahlawi, Research Manager at MAGNiTT, to unpack MAGNiTT's Q3 2026 MENA venture report.We cover: Why $1.5 billion in mega-rounds, already above the full-year 2025 total, makes the headline look healthier than the marketThe UAE and Saudi Arabia moving in different directionsWho is writing the cheques: local investors at 55% of active investors, US investors down to 16%Higher for longer rates, exits and the IPO windowBull or bear: rapid-fire calls and one prediction for 2027Chapters00:00 Welcome: the first guest on the show02:04 The headline vs the story: $2.98B and a 45% early-stage drop05:51 What today's slowdown means for growth capital in 202808:18 What the media is asking: conflict, rates or concentration09:09 Secondaries and venture debt inside the headline number10:21 Two speeds: the UAE vs Saudi Arabia13:51 Who is writing the cheques: local vs international investors17:18 The Fed hike and higher for longer20:25 Nine months that changed the story22:19 Exits and the liquidity gap27:10 Bull or bear: rapid fire30:08 One prediction for 202731:48 Farah's prediction and closeSourcesMAGNiTT, MENA Venture Capital: The Q3 2026 Update. 9M 2026 (Jan to Sep) vs 9M 2025.Global deal volumes: CB Insights, same period.US Federal Reserve rate decision, 16 September 2026.LinksFull report: magnitt.com/researchPhilip Bahoshy on LinkedIn: linkFarah El Nahlawi on LinkedIn: link#unphiltered newsletter: linkEveryone tells you what the markets did. Almost no one tells you what it means, or what the consensus is about to get wrong.Every Monday, The Unphiltered Take gives you one unfiltered read on the week that moved global markets, the private capital moving quietly through the Middle East and emerging markets, and the geopolitics tying them together.Hosted by Philip Bahoshy, founder of MAGNiTT: markets, money, and geopolitics from an operator inside the market, not an observer on the sidelines. Strong views, backed by data.New episodes every Monday. Follow now.

  2. Oct 12

    Q3 data: record 51% to MENA mega deals. Healthy or fragile?

    MENA startups raised $2.98B in the first nine months of 2026, but a record 51% went to mega deals while deal count fell 33%. Healthy or fragile? In this episode of The Unphiltered Take, Philip Bahoshy unpacks MAGNiTT's Q3 2026 Update: why concentration at the late stage masks the underlying ecosystem, why bigger deals bring murkier detail, and what a volatile week in the region, $100+ oil and swinging yields mean for private capital. He also reflects on Jada Fund of Funds' Saudi Arabia Private Capital Executive Roundtable in Riyadh, and why governments and fund-of-funds need to act like startups and talk to their customers. Bonus episode this Thursday: Philip and MAGNiTT research manager Farah El Nahlawi on what came out of the Q3 webinar. Follow the show so it reaches you first. Who should I invite on the show? Tell me in the comments. Chapters 00:00 51% to mega deals: healthy or fragile? 01:25 Thank you, the Q3 webinar and Thursday's bonus episode 01:55 The Tape: the region, a week of two halves, oil above $100 04:35 Deep Dive: MAGNiTT Q3 data, concentration and the base underneath 10:00 Riyadh: governments need to act like startups 12:10 What I'm watching: US CPI, bank earnings, the webinar 13:15 Why now is a time to invest 14:20 Your take Register for the Q3 webinar (Wednesday 2pm GST): REGISTER HERE Q3 2026 MENA VC Update: HERE Read the #unphiltered Insights newsletter on LinkedIn. Sources: MAGNiTT, MENA Venture Capital: The Q3 2026 Update (Jan to Sep 2026 vs Jan to Sep 2025, like for like). New episodes every Monday. Follow now.

  3. Oct 5

    MENA early-stage deals down 46%. Is the pipeline drying up?

    MENA early-stage deals fell 46% to 171 from January to September, the lowest in five years. If the bottom of the funnel shrinks, who becomes the Series A of 2028? At events across the region, Philip Bahoshy is hearing something new from investors: a slowdown in deal flow. MAGNiTT's data backs it up. Philip unpacks the global backdrop, from Europe's bond rout to the White House AI accord, explores three drivers behind the slowdown, takes on the pushback from lawyers and brokers, and sets out five actions to keep the early stage moving. Chapters: 00:00 Pipeline drying up? 171 deals 00:35 Welcome and this week's show01:45 The Tape: bond rout, Fed odds, AI accord 03:30 The data: early stage down 46% 06:00 Three drivers behind the slowdown 08:00 Two things can be true 09:00 What I'm watching 10:30 From alarm to action: five solutions1 2:30 Your turn SourcesMAGNiTT, MENA early-stage deals and funding, Jan to Sep 2026 vs 2025, like for like, excl. mega deals Polymarket, Fed hike odds, as of 3 Oct 2026 Yahoo Finance and market reports, bond yields, week to 2 Oct 2026 Axios and CNBC, White House AI luncheon All-In podcast: Jensen Huang, as relayed by Chamath Palihapitiya Read the full argument and charts in #unphiltered

  4. Sep 27

    Is MENA VC broken? $14.6B in. What came back?

    $14.6B of venture capital went into MENA from 2021 to 2025. How much came back to investors? Nobody can say, and that is the real problem. A founder of a well-established MENA startup told Philip Bahoshy that venture capital in the region is broken, and suggested ripping up the playbook. Philip refuses to answer until the region can measure it. He covers a world where every major central bank is tightening at once, a Gulf caught between a rejected peace plan and record infrastructure investment, and what MAGNiTT's new MENA Ecosystem Benchmarking Index shows: three markets holding 91% of capital and every active unicorn. Then the four things the region needs to measure (DPI, exits, the funnel and the funding gap), why unicorns are the wrong measure of success, and what governments, VCs, founders and corporates can do now. Vote in the poll: which dataset do you want first? Tell us why in the comments. Chapters 00:00 $14.6B in. What came back? 01:45 The whole world is tightening 03:30 The Gulf paradox 04:45 What the Benchmarking Index shows 06:45 The ecosystem as a startup 07:45 Four things MENA needs to measure 10:15 The right metrics of success 11:50 Time to act Data: MAGNiTT MENA Ecosystem Benchmarking Index 2021-2025, published 22 Sep 2026. Markets: Yahoo Finance, Reuters, CNBC, Bloomberg; WSJ via The Hill. New episodes every Monday. Follow The Unphiltered Take.

    Is MENA VC broken? $14.6B in. What came back?

  5. Sep 21

    A 5% world just changed MENA's capital math

    The US 10-year is pressing 5%. In a 5% world, what happens to MENA capital, and where should the region's money actually go? Even the world's most disciplined capital now looks at the region and stays home. Not a snub. Arithmetic. In this episode: the Fed's 25bp hike into a supply shock, and why higher-for-longer is the biggest headwind emerging markets face. What two weeks in Silicon Valley and New York revealed about US appetite for the region. The proof in MAGNiTT's H1 2026 data, 617 million dollars across 57 MENA fintech deals, funding down 9 percent, deals down 50 percent, and not one US fund leading a round. And the durable move, keep courting US capital, and build closer to home at the same time. New episodes every Monday. Follow the show, and tell me in the comments: are you still waiting on a one-way cheque, or building the east and Europe corridors? 0:00 A 5% world 1:15 Thank you and the ask 1:40 The Tape: a hike into a supply shock 3:10 Why 5% hits hardest here 5:40 Two cities, one conclusion 9:40 Build closer to home 11:40 Early, not behind 12:40 The question

  6. Sep 15

    MENA is fuelling the AI race: reflections from SF

    The fear of missing the next AI breakthrough is bigger than the fear of AI itself. That fear funds the race, and Gulf capital is inside it. Is the region building for this, or just paying to watch? In this episode: Four days inside Silicon Valley, and the fear that funds the AI raceWhy the loudest calls for guardrails come from inside the raceSoftware is not dead, it is commoditised, and where the money moves nextHUMAIN, and the region building for the race instead of just funding itWhy a Softbank partner calls emerging markets under-tapped and premiumWhy NFL opening weekend outranked tankers burning in the Strait of HormuzThe bridge between Silicon Valley and the Middle East, and who builds it New episodes every Monday. Follow the show, and subscribe to the newsletter for the full written version with the numbers.

  7. Sep 6

    Does MENA have an Exit problem?

    MENA raised its biggest AI fund yet last week in Saudi Arabia. While in the last six months, VC M&A exits across the region fell to 16, down from 48 in 2025. So does the region have an exit problem, and where does its liquidity come from now? In this episode: why Friday's jobs shock flipped the Fed from cuts to a possible hike, and why expensive money is now the weather for everything, including exits. Why the Gulf is deploying its biggest checks ever, and doing it outward, with $15B of deals closing at LEAP in a single day. And the payload: the three exit doors, IPO, M&A and secondaries, all jammed at once. The 2,626-to-8 funnel and why chasing unicorns was the wrong target. Why DPI is plumbing, not performance. And three things government can actually do about it. New episodes every Monday. Follow the show, and send your take to the comments. Data: MAGNiTT.

  8. Aug 31

    MENA AI hit $1B for the first time. 10 startups took most of it! Warsh hinted why it matters to markets in Jackson Hole.

    MENA AI crossed $1B for the first time. But ten companies took most of it. Nine raised in the last 18 months. Four in the last three. Here is what that concentration means, why Kevin Warsh made a hinge point out of it at Jackson Hole, and the three Gulf sovereigns quietly sitting inside every frontier AI lab. In this episode: Nvidia Q2 and the ACIE segment: sovereign AI printing on the income statementKevin Warsh at Jackson Hole and the scarce asset list he read outMGX, QIA, PIF/HUMAIN: three sovereigns, three strategies, one tradeMAGNiTT H1 2026 AI Venture Capital data: pure AI at three times what it raised in all of 2022Why this cycle is structurally different from every previous MENA venture cycleThe question I am taking to Silicon Valley next week Send questions to philip@magnitt.com Follow the show for a new episode every Monday.

  9. Aug 24

    Bessent did the Fed's job. 88% of MENA dry powder still sitting. Who fills the gap?

    $1.65B of MENA venture dry powder. 88% still sitting. Fund formation down 63% since the war started. So who fills the gap over the next 18 months? Last week markets looked flat. It really wasn't. Bitcoin's best week in two years, gold up 5%, every safe haven finished green while equities finished red. Treasury Secretary Bessent doubled long-dated buybacks, yields dropped, and Bitcoin, gold and treasuries all rallied at the same time despite being three assets that are supposed to offset each other. That is the debasement trade lighting up in real time. Ray Dalio put his stamp on it Friday. US debt crossed $40 trillion. In this episode, Philip covers: Why last week wasn't flat, and the three questions every fund manager in his network is actually askingThe UAE–Iran trade break after the missile strike, and why the oil response matters more than the price moveThree fiscal responses across Qatar, Saudi Arabia and the UAE, and what each is doing on the LP side through QIA Fund of Funds, SVC and Jada, DFDF and MubadalaMAGNiTT data on regional fund formation over five months since the war versus five months before, and where the $1.65B of dry powder actually sitsA constructive conversation on the four LP channels that could fill the gap over the next 18 months: family offices, corporates, international FDI, and endowments MAGNiTT's Five Months On report dropped last week. Newsletter linked below. Send your questions to philip@magnitt.com. Best answers shape next week's episode.

  10. Aug 17

    Oil +6%, MENA late-stage: $0. Why the two are connected

    Something happened this weekend that almost nobody in regional venture is watching. The 60-day free-transit clause in the June 17th US-Iran MOU quietly expired. There is no successor deal. Iran is signalling transit fees. The White House says fees are unacceptable. And in 15 days, September arrives and the international community is expected back in the Gulf. This is not a headline that moves the S&P. It is a headline that decides where regional private capital sits for the rest of the year. In episode 2, Philip walks through why sustained high oil is a two-sided compression on MENA private capital, unpacks the five pressure points from the new MAGNiTT Impact of Regional Conflict on VC report, and lands on what regional GPs, founders, and international LPs can actually do in the next 60 days. In this episode Why last week was the quietest of the year on the tape, and why that is not the storyThe June 17th MOU, the 60-day clock, and what expired this weekendTwo-sided compression: why the sovereign oil windfall is not reaching ventureThe five pressure points from the new MAGNiTT report, five months inMGTI at 95.2 while the S&P sets records: the decoupling made visible (report here)Three concrete moves for GPs, founders, and international LPs before September Companion piece to this week's #unphiltered insights newsletter. Subscribe on LinkedIn Send your questions and views to philip@magnitt.com. The best ones get read on next week's show.

  11. Aug 10

    Record highs on a jobs shock. MENA deals −41%: what the headlines miss

    Summer is supposed to be the quiet season. It was anything but... In this first episode: the two weeks where the market broke, got a head-fake on oil, then round-tripped all the way to record highs on the back of a weak jobs report. My read on rates and oil. And the part almost nobody translates, what all of it actually means for MENA. In this episode: - The round trip: the worst Dow day since April 2025, then six straight sessions to records - Why a jobs print of minus 23,000 sent stocks higher, not lower - My call on rates (no hike this year) and the one risk I'm actually watching: oil - MENA's very different market: the MAGNiTT Tech Index down 4.6% in July, with no AI names to ride the trade - H1 venture: funding down 22%, deal count down 41% to a multi-year low, and why the money masks the real story - Regional capital stepped up as international pulled back, and why the UAE's headline number hides real concentration - Three questions I'm carrying into the second half By the numbers: - S&P 500 +3.58% on the week, a record close; Nasdaq +5.19% - Brent crude −7.29% - MENA H1: $1.35B funding (−22% YoY), 214 deals (−41% YoY) - Two mega-deals took 36% of all H1 capital Got a question on markets, venture, or the region? Send it to philip@magnitt.com. I pick two or three every week and answer them on the show. Read the full written edition in the #unphiltered newsletter, and follow the show so it lands in your feed every Monday. Markets, money, and geopolitics. Unphiltered. Venture and index data via MAGNiTT.

  12. Trailer

    Trailer: Global markets, Middle East money, unphiltered

    The trailer for The Unphiltered Take with Philip Bahoshy. Everyone tells you what the markets did. Almost no one tells you what it means for MENA markets. Every Monday, one unfiltered read on global markets, the private capital moving through the Middle East and emerging markets, and the geopolitics tying them together. From an operator inside the market, not an observer on the sidelines. Hit Follow so you don't miss episode one. You can find all MAGNiTT research on our website.

  • 1 Trailer
    11 Episodes

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About

Everyone tells you what the markets did. Almost no one tells you what it means, or what the consensus is about to get wrong. Every Monday, The Unphiltered Take gives you one unfiltered read on the week that moved global markets, the private capital moving quietly through the Middle East and emerging markets, and the geopolitics tying them together. Hosted by Philip Bahoshy, founder of MAGNiTT: markets, money, and geopolitics from an operator inside the market, not an observer on the sidelines. Strong views, backed by data. New episodes every Monday. Follow now.

Information

  • Creator
    Philip Bahoshy
  • Years Active
    2026
  • Episodes
    12
  • Rating
    Clean
  • Copyright
    © Philip Bahoshy
  • Show Website
    The Unphiltered Take

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