The Laffer Tengler Take

Laffer Tengler Investments
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The Laffer Tengler Take delivers sharp market insights and investment wisdom from Nancy Tengler and Arthur B. Laffer Jr., leaders of Laffer Tengler Investments. Each week, Nancy and Arthur cut through the noise with real-time market commentary, concentrated portfolio strategies, and proprietary research that challenges conventional thinking. Whether you're a sophisticated investor or financial advisor, expect bold takes on investing, high-conviction ideas, and the kind of straight talk you'd get over a beer with the pros. This isn't your typical investment podcast—it's where relationships meet returns, and where decades of market experience translate into actionable insights you can trust.

  1. 12/08/2025

    The Consumer, Labor, and Smarter Investing

    In this episode, Nancy Tengler and Arthur Laffer Jr. offer their timely perspective on the state of the consumer, unpacking the crucial differences between retail sales and consumer spending data. The discussion explores current dynamics in the U.S. labor market, the impact of automation across major retailers, and the realities behind headline economic numbers. Listeners will gain nuanced insight into portfolio strategy, professional investing discipline, and the importance of research-driven decisions—along with a review of Nancy's “Five for '25” and a tease of "Six for '26". Connect with us Website: https://laffertengler.com/LinkedIn: https://www.linkedin.com/company/laffer-investments/Facebook: https://www.facebook.com/laffertenglerinvestmentsInstagram: https://www.instagram.com/laffertenglerinvestmentsX: https://x.com/LaftenginvestChapters(00:01) Comparing retail sales and consumer spending(05:21) Assessing consumer health and spending dynamics(06:39) Labor market shifts and automation(10:36) Macroeconomic indicators and policy outlook(12:50) Federal Reserve leadership and decision-making(16:23) Portfolio concentration versus diversification(23:48) Research-driven investing and performance

    26 min

  2. 11/21/2025

    The "Bubble" in Bubble Talk

    Nancy and Arthur are back to tackle the growing chorus of bubble warnings on Wall Street. Nancy breaks down why comparing today's AI-driven market to the dot-com era is fundamentally flawed—spoiler alert: these companies actually have earnings, cash flow, and fortress balance sheets, not just "eyeballs on websites." Drawing on her experience managing money through the 1990s, Nancy explains why this time really is different. While growth stock earnings were contracting from 1996-2000 even as valuations soared, today's leaders are posting 20% earnings growth. The MAG7 may dominate the S&P, but they're earning that position—and Nancy isn't apologizing for concentration in the best companies. Arthur dives into the Fed's crossroads moment: with Powell's chairmanship ending in May and the FOMC divided on December rate cuts, what does monetary policy actually look like from here? The duo debates whether the economy running at 4% GDP growth even needs rate cuts, and why Trump's real estate background might explain his "maniacal focus" on lower rates. Plus: a fascinating look at the eight-fold explosion in driverless taxi usage in California, why Tesla's robo-taxi economics crush Waymo's model, and Nancy's hilarious encounter with a confused Waymo while walking her mini horse (yes, really). If you're tired of the "bubble" noise and want a clear look at the markets today, this episode is for you. Connect with us Website: https://laffertengler.com/LinkedIn: https://www.linkedin.com/company/laffer-investments/Facebook: https://www.facebook.com/laffertenglerinvestmentsInstagram: https://www.instagram.com/laffertenglerinvestmentsX: https://x.com/LaftenginvestChapters(00:00) Why this is not a bubble(03:55) Comparing today’s growth to the 1990s(06:02) Strength of leading tech companies(09:20) Broad adoption and impact of AI(12:33) Federal Reserve uncertainty and leadership(18:24) Rate policy, housing, and political dynamics(24:40) Fun factoid: Driverless taxis and EVs

    31 min

  3. 10/21/2025

    Gold, Inflation, Jobs and AI

    We're thrilled to announce the launch of our new podcast, The Laffer Tengler Take, featuring, you guessed it, Arthur Laffer and Nancy Tengler. In this first episode Arthur and Nancy shift gears to talk about the sometimes intriguing and oftentimes down-right confusing nuances of inflation measurement, the not-so-obvious correlation between gold and inflation, and the revolutionary impact of AI on jobs and market dynamics. With wit and expertise, they discuss some of the macroeconomic shifts defining our times, offering keen insights into thematic investment opportunities. Speaking of thematic investments, we also announce our new thematic portfolio, Macro Cycle Opportunities, where we'll be investing in all the themes that we think are going to continue to drive this technological revolution, like space and robotics, quantum, nuclear, and ai. If you're interested, please reach out to us on our website. We're also excited to get your questions, so connect with us via the links below as we'd like to tackle your questions in upcoming episodes! Connect with us Website: https://laffertengler.com/LinkedIn: https://www.linkedin.com/company/laffer-investments/Facebook: https://www.facebook.com/laffertenglerinvestmentsInstagram: https://www.instagram.com/laffertenglerinvestmentsX: https://x.com/LaftenginvestChapters(00:01) New format and rebranding(00:56) Defining and measuring inflation(07:35) Data reliability and CPI limitations(10:16) Gold as an inflation hedge(14:27) Shifts in jobs and AI’s impact(19:56) Revenue per employee and AI productivity(23:35) Technology adoption and market concentration(30:05) Macro cycle opportunities and thematic investing

    32 min

  4. 09/17/2025

    Is Powell's 25 bps Cut Too Little, Too Late?

    Jerome Powell's Federal Reserve has announced a 25 bps interest rate cut -- and called for two more cuts later this year. But is the borrowing cost reduction too little, too late? Nancy Tengler and Byron Anderson from Laffer Tengler Investments break down this massive decision and whether the productivity gains driven by AI are being properly accounted for. Macro Micro Moment streams every Wednesday at 5pm ET.

    24 min

  5. 08/27/2025

    Nvidia Earnings Hit the Tape, Trump Fires a Fed Governor

    On this episode of Macro Micro Moment, Nancy Tengler is joined by Arthur Laffer Jr. for a deep dive into the forces moving global markets. Arthur covers developments in France and India, while Nancy breaks down NVIDIA (NVDA) and its impact on tech and investing.

    31 min

  6. 08/20/2025

    SPX Concentration, Fed Uncertainty, and the Manufacturing Strain

    Arthur Laffer and Nancy Tengler dive into today’s market debates: is the S&P 500’s tech concentration a bubble in the making or just history repeating? What to expect from Powell at Jackson Hole and the Fed’s next move. Plus, the technician shortage hindering U.S. manufacturers, America’s earnings edge over the rest of the world, and whether mid-caps or Canadian large caps offer the best opportunities now.

    48 min

  7. 08/13/2025

    Markets in Motion: AI, Tariffs, and the Next Big Investment Wave

    Live from the Macro Micro Moment Podcast, Nancy Tengler and Arthur Laffer Jr. break down the August market landscape—from the OBBA’s corporate cash windfall to the underestimated productivity boom driven by AI. They’ll dissect Q2 earnings surprises, the Fed’s looming rate decisions, and how investors can navigate a slowing economy while capitalizing on technology-led growth. Whether you’re a seasoned investor or just market-curious, this episode will equip you with the insights you need to stay ahead.

    45 min

  8. 07/23/2025

    Is the Stock Market Rally Justified? Where do U.S. Tariffs Go From Here?

    We explore whether the current stock market rally is truly justified. We’ll unpack key economic signals that suggest a recession is not on the horizon, and why corporate profit growth remains resilient despite the usual recession indicators. Learn why the labor market’s strength and tech innovation are propelling productivity, echoing the growth patterns of the 1990s. We’ll also revisit our past predictions — including the one we made during the Deep Seek news on CNBC — and explain why we doubled down on tech stocks through Q1 2025. Plus, get a close look at today's earnings reports, including NOW, CMG, TSLA, and GOOGL, from our 12 Best Ideas Portfolio. Tune in for a comprehensive analysis that combines market history, current economic data, and our personal strategy. Don't miss out on insights that could shape your portfolio for the coming quarters.

    48 min
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About

The Laffer Tengler Take delivers sharp market insights and investment wisdom from Nancy Tengler and Arthur B. Laffer Jr., leaders of Laffer Tengler Investments. Each week, Nancy and Arthur cut through the noise with real-time market commentary, concentrated portfolio strategies, and proprietary research that challenges conventional thinking. Whether you're a sophisticated investor or financial advisor, expect bold takes on investing, high-conviction ideas, and the kind of straight talk you'd get over a beer with the pros. This isn't your typical investment podcast—it's where relationships meet returns, and where decades of market experience translate into actionable insights you can trust.

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  • Creator
    Laffer Tengler Investments
  • Years Active
    2K
  • Episodes
    24
  • Rating
    Clean
  • Copyright
    © 2025 Laffer Tengler Investments
  • Show Website
    The Laffer Tengler Take