Last Call | A Different Kind of Market Wrap

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Last Call is a monthly market briefing for investors who want perspective, not headlines. Each episode, Matt Zeigler and Jack Forehand look back on what actually mattered in markets over the past month, then look ahead to what they’re watching next. Along the way, they’re joined by leading thinkers across macro, options and positioning, narratives, research, technology, ETF flows, and policy. No hot takes - just clear thinking about what’s changing and why it matters.

Episodes

  1. MAY 1

    We Asked Four Experts Why Bad News Can't Break This Market — And Whether It Will

    This episode of Last Call breaks down one of the most confusing market environments in recent memory: why stocks continue to rise despite war, oil shocks, and growing macro risks. Through conversations with Jim Paulsen, Ben Hunt, Kevin Muir, and Brent Kochuba, we explore the tension between strong earnings, hidden risks in private credit and global growth, and the powerful role of flows and positioning in driving markets higher. Topics Covered Why markets are ignoring war, oil shocks, and geopolitical risk The “supernova” risk in private credit and why it hasn’t hit markets yet How supply-driven inflation differs from 1970s-style demand inflation Why pessimistic sentiment may actually be supporting markets The role of earnings growth and valuation resets in fueling the rally Bull vs bear case for markets based on macro, earnings, and positioning Why free cash flow trends may be more concerning than earnings How options flows and dealer positioning are suppressing volatility The AI capex boom and its impact on market leadership and breadth The growing divide between Mag 7 earnings and the rest of the market Timestamps 00:00 Intro and market overview 01:37 Why markets are not falling despite negative news 03:00 Buy-the-dip behavior and earnings resilience 06:11 Ben Hunt on “supernova” risks in private credit 08:00 Hidden credit crunch in middle market companies 10:24 Why private credit matters for economic growth 14:10 Oil supply shocks and global growth risks 17:00 Why markets can ignore risks before they appear 18:48 Jim Paulsen on market resilience and sentiment 20:00 Why pessimism may reduce downside risk 22:24 Inflation vs labor force growth framework 24:00 Why current inflation is supply-driven, not demand-driven 26:00 Potential shift from inflation focus to growth focus 29:11 Kevin Muir on bull vs bear market setup 31:00 War impact on rates, oil, and positioning 33:00 Fed reaction and shifting rate expectations 35:00 Why earnings remain the dominant market driver 37:00 Why geopolitics often doesn’t move markets 40:00 Bear case: weak free cash flow and employment risk 44:26 Brent Kochuba on options flows and positioning 47:00 Why markets ignore rising rates and oil 49:00 Call buying, dispersion, and tech leadership 51:00 Energy as both hedge and AI-driven opportunity 54:00 Correlation, volatility, and market structure 56:00 Dealer positioning and suppressed volatility 58:00 Earnings strength and narrow market leadership 01:01:00 Free cash flow vs earnings debate 01:01:55 AI capex and long-term market implications

    1h 7m

  2. MAR 28

    The Moment Everyone Knew What Everyone Knew | The War That Rewrote the Rules

    This episode of Last Call breaks down the biggest forces currently driving markets, focusing on the intersection of geopolitics, oil prices, volatility, and economic data. With a potential oil supply shock tied to global conflict, the discussion explores how rising energy prices could ripple through inflation, equity markets, and investor positioning—and why traditional signals like the unemployment rate may be giving a misleading picture of the economy. Jack and Matt are joined by Andy Constan, Ben Hunt, Brent Kochuba, and Eric Pachman to analyze how oil prices above key levels could trigger major market moves, why volatility is behaving differently in this cycle, how narratives become “common knowledge” in markets, and what labor force data reveals about structural changes happening beneath the surface of the US economy. Andy Constan Twitterhttps://x.com/dampedspring Ben Hunt Twitterhttps://x.com/EpsilonTheory Brent Kochuba Twitterhttps://x.com/spotgamma Eric Pachman Twitterhttps://x.com/epachman Topics covered: Why oil above $100 could trigger a major equity selloff and volatility spike How oil acts as a tax on consumers and impacts GDP growth The relationship between oil prices, inflation, and interest rates Why supply-driven oil shocks are more dangerous than demand shocks How geopolitical conflict changes correlations between oil and volatility Why VIX can become tightly linked to the underlying crisis driver The key levels in oil that determine bullish vs bearish market outcomes Why markets may be underpricing the risks of prolonged conflict Ben Hunt’s “common knowledge” framework and narrative shifts in markets How investor behavior changes once risks become widely understood Why “buy the dip” psychology may not work in this environment How options positioning and dealer hedging flows drive short-term market moves The JP Morgan collar trade and its potential impact on market direction Why volatility may be rising faster than fundamentals justify The disconnect between market pricing and underlying macro risks Why the unemployment rate can be misleading as an economic indicator The difference between unemployment and labor force participation Structural decline in rural economies and migration to urban centers How labor force trends impact economic growth and local economies Why aggregate economic data fails to capture real-world conditions Timestamps:00:00 Oil as a tax on the economy and growth slowdown dynamics00:18 Strait of Hormuz risk and global oil supply vulnerability00:32 Why $100 oil becomes the key market breaking level00:45 Oil vs equities: why rising energy prices pressure all assets01:12 How this episode breaks down macro, narrative, and flows02:41 Andy Constan on oil shocks, inflation, and policy constraints06:08 Why higher oil prices reduce discretionary spending07:22 Oil driven inflation and limits of central bank response09:51 Scenario analysis: oil below 90 vs above 10013:05 Is the market actually pricing in geopolitical risk?17:42 Ben Hunt on “common knowledge” and narrative shifts23:18 When risks go from ignored to fully understood27:44 Why consensus narratives can drive market turning points31:56 Brent Kochuba on oil and VIX correlation in crisis periods36:14 Why volatility may be underreacting to oil moves39:02 The VIX premium and signs something is breaking42:37 JP Morgan collar trade and dealer positioning impact50:58 Eric Pachman on unemployment vs labor force reality58:47 Structural decline in labor force across US counties

    1h 9m

  3. FEB 28

    A Doomsday AI Article Sparked a Panic | We Break Down What It Means for Markets

    In this episode of Last Call, Jack Forehand and Matt Zeigler look past the headlines to unpack what really moved markets this month. From the viral AI end of times scenario that sparked responses from Citadel, Fed Governor Waller, and Jeremy Siegel, to the growing stress in private credit and the rotation out of US mega cap stocks, this is a different kind of market wrap. Instead of recapping what the S and P 500 did, we explore what investors are actually doing with their money, how narratives shape positioning, and what the data says about whether this time is different. Featuring Brent Kochuba of SpotGamma, Ben Hunt of Epsilon Theory, Rupert Mitchell of Blind Squirrel Macro, and Meb Faber of The Idea Farm, this episode dives into AI, software stocks, options flows, credit cycles, global equity markets, gold, and the power of base rates in investing. Main topics covered: The viral AI bear case scenario and why a fictional narrative moved real markets How investors should think in probabilities, bull cases, base cases, and bear cases What options pricing and put call ratios reveal about real fear versus social media fear The state of software stocks and whether extreme bearishness may have marked a short term bottom Private credit stress, rising default risks, and why every credit cycle ends when lenders say no more An on the ground anecdote from San Francisco illustrating how refinancing risk is playing out in real time The rotation from US mega caps into international stocks and why fiscal spending matters for equity markets Gold and gold miners as potential beneficiaries of global liquidity and currency shifts Why base rates matter when evaluating explosive AI revenue forecasts Historical lessons from the Nifty Fifty, Japan’s bubble, the dot com era, and other periods when investors believed this time is different Portfolio construction tools including diversification, rebalancing, and trend following in bubble environments Timestamps: 00:00 Introduction and the AI end of times narrative 02:16 Why investors are responding to fiction and what we can learn from it 08:00 Brent Kochuba on options flows and software stock positioning 13:00 Has extreme bearishness in software marked a bottom 19:55 Ben Hunt on private credit and the boom bust cycle 27:00 A San Francisco refinancing story and when lenders say no 33:08 Rupert Mitchell on global markets, fiscal spending, and gold 44:22 Meb Faber on base rates, bubbles, and this time is different 01:00:16 How to track AI’s real world impact in corporate data

    1h 10m

  4. JAN 31

    Last Call: January 2026 | AI Capex, Private Credit Problems and the Unstable Market

    Join Jack Forehand and Matt Zeigler for the premiere episode of Last Call, a new monthly market wrap show where we go beyond the headlines to deliver actionable investment insights — and have a little fun along the way. Instead of focusing on index performance or short-term moves, we step back and connect the dots between macro instability, narrative shifts, options market signals, private credit risk, AI capital spending, and the changing nature of the Magnificent Seven. Featuring conversations with Brent Kochuba from SpotGamma, Ben Hunt from Perscient, Kai Wu from Sparkline Capital, and clips from our recent interviews with Liz Ann Sonders and Aswath Damodaran, the episode blends market structure, behavioral finance, valuation discipline, and long-term investing context to help investors understand what is really driving today’s market environment — and how to think about it going forward. Main Topics: • Why this is not a traditional market recap and how Last Call is designed to be more useful for investors• Instability versus uncertainty — and why today’s market feels different• Loss of trust in institutions, policy, and global systems and its impact on markets• What options market flows reveal about hidden market risks and sudden volatility• How private credit has reached bubble-like conditions and why narrative risk matters• The debate over retail and retirement account exposure to private credit• Why valuation discipline looks different when correlations rise across asset classes• Aswath Damodaran on trimming positions, raising cash, and the difficulty of finding uncorrelated assets• How the Magnificent Seven are changing from asset-light to asset-heavy businesses• AI capital expenditure, historical spending booms, and why infrastructure builders often underperform• Whether this AI cycle is truly different from railroads, telecom, and past technology booms Timestamps 00:00 — Intro and opening clips01:10 — What Last Call is and why this format exists04:30 — Instability versus uncertainty in today’s market09:58 — Loss of trust, gold, and historical parallels13:18 — Brent Kochuba on options flows and hidden market stress25:17 — How options dislocations explain sudden market drops25:40 — Ben Hunt on private credit narrative risk28:00 — Why private credit exposure is everywhere32:32 — Retail access versus restrictions in private credit36:19 — What happens if the private credit bubble breaks39:28 — Aswath Damodaran on raising cash and trimming positions47:08 — The changing nature of the Magnificent Seven47:42 — Kai Wu on AI capex and asset-heavy tech50:48 — Why high capital spending often leads to underperformance56:01 — Historical parallels from railroads to the dot-com boom

    1h 7m
  • 4 Episodes

About

Last Call is a monthly market briefing for investors who want perspective, not headlines. Each episode, Matt Zeigler and Jack Forehand look back on what actually mattered in markets over the past month, then look ahead to what they’re watching next. Along the way, they’re joined by leading thinkers across macro, options and positioning, narratives, research, technology, ETF flows, and policy. No hot takes - just clear thinking about what’s changing and why it matters.

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