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The Dividend Cafe
Author: The Bahnsen Group
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Description
The Dividend Cafe is your portal for market perspective that is virtually conflict-free, rooted in deep philosophical commitments about how capital should be managed, and understandable for all sorts of investors. Host David L. Bahnsen is a frequent guest on CNBC, Bloomberg, and Fox Business. He is the author of the books, Crisis of Responsibility: Our Cultural Addiction to Blame and How You Can Cure It (Post Hill Press), The Case for Dividend Growth: Investing in a Post-Crisis World (Post Hill Press), and Full-Time: Work and the Meaning of Life (Post Hill Press).
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Today's Post - https://bahnsen.co/491vGxa
Thanksgiving Special: Index Investing and Its Impact
In this episode of The Dividend Cafe, David Bahnsen, Managing Partner at The Bahnsen Group, discusses the implications of index investing on non-index investors, especially those following a philosophy of active investment focusing on dividend growth stocks. Bahnsen explores the mathematical realities of index investing, how its growing concentration affects market volatility and liquidity, and why it poses both challenges and opportunities for active managers. Additionally, he touches on current economic updates, the rationale behind Gen Z's financial perspectives, and the latest from the Trump administration regarding economic cabinet roles.
00:00 Introduction and Thanksgiving Plans
00:54 Election Aftermath and Policy Expectations
01:50 Index Investing and Its Impact
04:21 Liquidity and Volatility in Markets
11:25 Understanding Investment Spreads
15:10 Economic Sentiments and Housing
17:56 Administration's Economic Plans
20:37 Conclusion and Final Thoughts
Links mentioned in this episode:
DividendCafe.com
TheBahnsenGroup.com
Market Recap and Economic Insights - November 21 Edition
In this episode of Dividend Cafe, Brian Szytel discusses the positive performance of the equity markets on November 21st, highlighting a 461-point rise in the Dow, a modest increase in the S&P, and a flat Nasdaq. He covers the economic side, including better-than-expected initial unemployment claims, a contraction in the Philly Fed manufacturing index, and strong existing home sales. Szytel also provides insights into future market expectations, emphasizing realistic expectations for index returns and a focus on dividend income given current valuations. The episode concludes with a preview of upcoming content for the holiday week.
00:00 Introduction and Market Overview
00:44 Economic Indicators and Labor Market Insights
01:17 Manufacturing and Housing Market Update
01:47 Market Expectations and Valuation Analysis
03:32 Conclusion and Upcoming Content
Links mentioned in this episode:
DividendCafe.com
TheBahnsenGroup.com
Market Recap and Insights: November 20th Edition
In this episode of Dividend Cafe, Brian Szytel discusses the mixed market performance for Wednesday, November 20th, with the Dow down 120 points, S&P down 0.1%, and Nasdaq down 0.25%. He provides updates on the 10-year yield, which increased by 2 basis points, resulting in a slightly positive yield curve. Brian also touches on large-cap tech earnings, potential U.S. Treasury Secretary candidate Mark Rowan, and the market's response to previous and potential future Trump administration policies. He highlights upcoming economic data releases, including initial claims, Philly Fed manufacturing data, existing home sales, and University of Michigan Consumer Sentiment PMI data. Lastly, comments from Fed Governors Cook and Bowman on interest rates and inflation are mentioned.
00:00 Introduction and Market Overview
00:47 Economic Data and Earnings Reports
01:06 Political Developments and Market Implications
02:35 Interest Rates and Economic Cycles
03:25 Corporate Tax Rates and Future Outlook
04:25 Upcoming Economic Data
04:42 Conclusion and Sign-Off
Links mentioned in this episode:
DividendCafe.com
TheBahnsenGroup.com
Market Update: Positive Earnings Amid Geopolitical Tensions - November 19
In today's episode of Dividend Cafe, Brian Szytel recaps a generally positive day in the market despite geopolitical tensions involving Ukraine and Russia. The bond market saw slight increases, with the 10-year yield closing at 4.40%. The Dow ended down 120 points but recovered significantly from a 500-point drop earlier in the day, driven by positive earnings reports from major companies. Economic news highlighted disappointing new housing starts and building permits, likely affected by hurricanes and rising interest rates. The episode also touches on the ongoing selection of Trump's administrative team. Overall, it was a relatively quiet day with low volatility and no major economic announcements expected in the immediate future.
00:00 Introduction and Market Overview
00:22 Geopolitical Tensions and Market Reactions
01:00 Economic Data: Housing Starts and Permits
01:41 Upcoming Economic News and Market Sentiment
02:04 Political Updates and Conclusion
Links mentioned in this episode:
DividendCafe.com
TheBahnsenGroup.com
Today's Post - https://bahnsen.co/4fUvrpK
Monday Market Recap and Current Economic Updates
In this Monday edition of Dividend Cafe, David Bahnsen delivers a comprehensive summary of the market's current state, noting that the Dow closed the day down by 55 points while the S&P and NASDAQ saw slight gains. The segment highlights the top-performing energy sector and provides details on bond yields, including the noteworthy un-inversion of the yield curve for the first time in two years. David touches on the financial influence of the 'Magnificent Seven' companies on the S&P 500, and discusses disparities within the semiconductor sector. Additionally, various political updates are given, including the Pennsylvania State Supreme Court's ruling on illegal ballots and President Biden's decision regarding Ukraine's use of long-range missiles. The episode also covers Trump transition team appointments, particularly in economic and energy sectors. Industrial production stats, retail sales data, and Fed rate expectations are reviewed, along with a resilience in midstream energy assets despite fluctuating oil prices. David concludes by pointing to further reading and engagement through Dividend Cafe and anticipates additional updates throughout the week.
00:00 Introduction and Market Summary
00:48 Market Performance and Sector Highlights
01:23 Bond Yields and Yield Curve Inversion
02:10 MAG 7 and Semiconductor Sector Analysis
03:42 Electoral News and Ukraine Update
04:38 Trump Transition and Key Appointments
07:41 Economic Indicators and Fed Expectations
09:59 Energy Sector and Midstream Performance
12:18 Conclusion and Final Thoughts
Links mentioned in this episode:
DividendCafe.com
TheBahnsenGroup.com
Today's Post - https://bahnsen.co/3CrSyd5
A Comprehensive Post-Election Analysis and Market Implications
In this special episode of Dividend Cafe, David Bahnsen, Managing Partner at The Bahnsen Group, delivers an in-depth post-election recap and its market implications. David analyzes the recent election results, focusing on the anti-incumbency trend, significant political appointments, and their potential impacts on various sectors, including energy and pharmaceuticals. He discusses key expected legislative priorities, such as tax reforms and regulatory changes, and evaluates their probable effects on the market. The episode concludes with insights into the economic backdrop and valuation realities for investors.
00:00 Introduction and Post-Election Recap
03:09 Analyzing the Election Results
05:47 Impact of Personnel on Policy
09:38 Key Appointments and Market Implications
12:10 Government Efficiency and Deregulation
14:44 Legislative Priorities and Tax Reforms
19:07 Social Security and Healthcare
22:02 Market Outlook and Conclusion
Links mentioned in this episode:
DividendCafe.com
TheBahnsenGroup.com
Market Recap and Economic Insights: November 14th Edition
In this episode of Dividend Cafe, Brian Szytel provides a market recap for Thursday, November 14th. Stocks had a generally negative day with the Dow down 207 points and the S&P and Nasdaq down around six-tenths of a percent. The bond market remained flat. Comments from Jay Powell suggesting a cautious approach to cutting rates contributed to some late-day selling pressure. Economic updates included inflation figures with the PPI showing a 2.4% year-over-year increase and initial jobless claims at 217,000. The episode also discusses the impact of shelter costs on CPI and touches on property tax assessment issues relevant to California residents. Tune in for more insights and stay informed about the economic landscape.
00:00 Introduction and Market Recap
00:30 Federal Reserve and Interest Rates
01:02 Economic Indicators and Inflation
01:43 Job Market and Economic Growth
02:05 Shelter Costs and CPI Calculation
03:32 California Property Tax Assessment
04:11 Conclusion and Upcoming Content
Links mentioned in this episode:
DividendCafe.com
TheBahnsenGroup.com
Market Insights and Investment Strategies on Dividend Cafe
In this November 13th episode of Dividend Cafe, Brian Szytel from The Bahnsen Group provides a comprehensive update on the current market dynamics from their Newport Beach headquarters. He discusses the relatively flat market performance with slight gains in the Dow, S&P, and minimal change in NASDAQ, alongside a decrease in volatility and an uptick in the 10-year yield. The episode covers the alignment of CPI with expectations, easing inflation concerns, improved third-quarter earnings, and fiscal and monetary policy's impact on market conditions. Brian emphasizes the importance of revisiting asset allocation, advocating for selective investment strategies over momentum chasing, and incorporating bonds and alternative assets into the portfolio. Ultimately, he reassures listeners about the potential value in the current market and encourages them to stay engaged with thoughtful and diversified investment choices.
00:00 Introduction and Market Overview
00:27 Inflation and Market Reactions
01:31 Market Performance and Bond Yields
03:36 Investment Strategies and Recommendations
05:08 Conclusion and Viewer Engagement
Links mentioned in this episode:
DividendCafe.com
TheBahnsenGroup.com
Market Update and Economic Insights - November 12th
In this episode of Dividend Cafe, Brian Szytel from The Bahnsen Group provides a comprehensive market update from their Newport Beach office. The Dow Jones fell 382 points, the S&P 500 dropped 0.3%, and Nasdaq remained flat. Key points discussed include the recent fluctuations in the market following the post-election rally, the notable rise in interest rates with the 10-year Treasury yield closing at 4.43%, and the impact of better-than-expected growth numbers. Brian also touches on the strengthening dollar, the shifting political landscape in Congress, and upcoming economic data releases, including the anticipated CPI report. Federal Reserve comments on restrictive Fed funds and inflation are also highlighted. The session concludes with an acknowledgment of the market as a discounting mechanism and a reminder to consider the difference between policy announcements and actual implementations.
00:00 Welcome to Dividend Cafe
00:14 Market Overview: A Day in Stocks
00:51 Interest Rates and Treasury Yields
01:27 Political Landscape and Market Impact
02:39 Economic Data and Surveys
03:32 Federal Reserve Insights
03:46 Inflation Expectations and Market Predictions
05:26 Conclusion and Upcoming Events
Links mentioned in this episode:
DividendCafe.com
TheBahnsenGroup.com
Today's Post - https://bahnsen.co/3YHm5qE
Market Insights on Veterans Day: Stock Movements, Credit Confidence, and Policy Updates
In this Monday edition of Dividend Cafe, recorded at the New York office, David discusses the unique market conditions on Veterans Day, where stock markets are open, but bond markets and banks are closed. Key topics include the stock market performance, with the Dow rising by over 300 points while big tech sectors fell. The conversation touches on the ongoing market breadth, low volatility as indicated by the VIX, and tightening credit spreads, suggesting both bullish indicators and potential market complacency. Additionally, upcoming policy changes under the new administration are reviewed, along with oil price fluctuations and potential long-term debt issuance by the Treasury. The episode concludes with a note on upcoming meetings between Presidents Biden and Trump and encourages the audience to send their questions to be addressed in future episodes.
00:00 Introduction and Market Overview
01:04 Stock Market Performance on Veterans Day
01:28 Sector Analysis and Market Breadth
03:00 Credit Markets and Economic Indicators
04:42 Valuations and Investment Strategies
06:56 Public Policy and Election Ramifications
09:19 Federal Reserve and Interest Rate Policy
12:32 Conclusion and Upcoming Topics
Links mentioned in this episode:
DividendCafe.com
TheBahnsenGroup.com
Today's Post - https://bahnsen.co/3NZ3m4H
Post-Election Analysis: Market Implications and Policy Expectations
In this post-election edition of Dividend Cafe, host David Bahnsen, managing partner at The Bahnsen Group, delves into the election results and their potential impacts on markets and policies. Bahnsen discusses the anticipated appointments in the Trump administration, the importance of personnel in shaping policy, and the likely economic outcomes such as tax policies, deregulation, and energy sector changes. He also touches on foreign policy issues like Ukraine, the stability of financial markets, and the role of regulatory bodies. Throughout, Bahnsen maintains a focus on objective analysis, despite recognizing the polarizing political landscape.
00:00 Introduction and Post-Election Overview
00:30 Election Results and Market Implications
01:33 Personnel Announcements and Policy Expectations
03:29 Political Beliefs and Market Objectivity
07:06 Market Reactions and Economic Growth
13:24 Energy Policies and Production Insights
15:42 Foreign Policy and Rebuilding Ukraine
17:22 Federal Reserve and Key Appointments
19:10 Odds and Ends: TikTok, Crypto, and More
19:40 Conclusion and Final Thoughts
Links mentioned in this episode:
DividendCafe.com
TheBahnsenGroup.com
Market Follow-Through and FOMC Rate Cut Analysis
In this episode of Dividend Cafe, hosted by Brian Szytel on November 7, key financial market movements are discussed, including a flat Dow after the previous day's significant 3.5% rise, and modest gains in the S&P and NASDAQ. The podcast details the Federal Reserve's latest FOMC meeting, which resulted in a 25 basis point interest rate cut, bringing the range to 4.5%-4.75%. The host highlights the day's market dynamics, with previously leading sectors falling back and tech companies rebounding, driven by changes in bond yields. Employment data remained consistent with expectations, and the volatility index (VIX) saw a substantial drop, signaling market optimism. Listeners are encouraged to stay tuned for more in-depth analysis in the upcoming long-form episode.
00:00 Introduction and Market Recap
00:28 Sector Performance Analysis
00:55 Federal Reserve Meeting Insights
02:09 Employment Data and Market Sentiment
02:31 Volatility and Market Outlook
02:54 Conclusion and Upcoming Content
Links mentioned in this episode:
DividendCafe.com
TheBahnsenGroup.com
Market Surge Post-Election: Analyzing a Historic Day
In this episode of Dividend Cafe, Brian Szytel reports on a significant market surge following the presidential election on November 6th. The Dow rose by 1,508 points, while the S&P and Nasdaq also saw considerable gains. This increase occurred due to a strong turnout on the Republican side, with Donald Trump winning the Electoral College and potentially securing the 47th presidency. The market saw sectors like financials and industrials flourish, whereas interest-rate-sensitive sectors lagged. Brian also previews upcoming economic data and FOMC meeting outcomes expected to influence the market.
00:00 Introduction and Market Overview
00:23 Election Results Impact on Markets
01:41 Sector Performance Analysis
02:17 Upcoming Economic Events
02:59 Conclusion and Sign Off
Links mentioned in this episode:
DividendCafe.com
TheBahnsenGroup.com
Election Day Market Update: Positive Movements and Economic Insights
On Tuesday, November 5th, Brian Szytel provides a market update from West Palm Beach, Florida. Despite the busyness of election day, the markets showed positive movement, with the Dow rising 427 points, the S&P up 1.25%, and the Nasdaq up 1.4%. Bond yields also saw a slight drop. An anecdote features a sighting of Trump's motorcade. Economic highlights include a strong ISM services number for October, the highest in two years, and a notable increase in the trade deficit for September. The mix of higher growth and lower inflation figures contributed to the day's market optimism.
00:00 Introduction and Market Overview
00:40 Election Day Anecdote
01:14 Economic Data Highlights
01:51 Trade Deficit Insights
02:23 Conclusion and Sign Off
Links mentioned in this episode:
DividendCafe.com
TheBahnsenGroup.com
Today's Post - https://bahnsen.co/3Ao6vbh
Market Insights & Election Uncertainty: Navigating the Week Ahead
In this episode of Monday's Dividend Cafe, David Bahnsen, Chief Investment Officer and Managing Partner at The Bahnsen Group, discusses market activity, public policy, the Federal Reserve, housing, and economic data ahead of the upcoming election. He highlights market volatility and the uncertainty surrounding closely contested elections, with battleground states showing tight polling results. He addresses current economic indicators such as job creation, bond yields, and the performance of different market sectors. Bahnsen also comments on China’s housing market, the expected Fed rate cut, and the contrasting perspectives in economic growth between the U.S. and Europe. The episode concludes with an invitation for listener questions and a note on potential election-related updates later in the week.
00:00 Introduction and Overview
00:38 Election Impact on Markets
02:06 Market Volatility and Polling Analysis
08:20 Jobs Report and Economic Indicators
09:35 Federal Reserve and Energy Sector Update
10:17 GDP Growth and International Exposure
11:09 Conclusion and Final Thoughts
Links mentioned in this episode:
DividendCafe.com
TheBahnsenGroup.com
Today's Post - https://bahnsen.co/3UxOxda
Election and Economic Insights: November Dividend Cafe with David Bahnsen
In this episode of Dividend Cafe, David Bahnsen, Managing Partner at The Bahnsen Group, discusses key topics as the U.S. approaches the 2024 election. From his New York City office, David addresses the outlook of the election, the future role of tariffs, and the influence of the Federal Trade Commission and its Commissioner, Lina Khan. He explores potential impacts on monetary policy and the Federal Reserve's actions, commercial real estate loans, and the implications of a Trump or Harris administration on market dynamics. David also touches on the volatility of the yen and concludes with insights on the proportion of the S&P 500 represented by a small number of companies. Stay tuned for Monday's Dividend Cafe episode on economic data and housing updates.
00:00 Introduction and Setting the Scene
00:30 Election and Tariff Talk
04:04 Federal Trade Commission and Regulatory Insights
06:47 Federal Reserve and Monetary Policy Speculations
10:35 Commercial Real Estate and Corporate Credit Outlook
15:28 Currency Dynamics and Market Volatility
18:24 Conclusion and Final Thoughts
Links mentioned in this episode:
DividendCafe.com
TheBahnsenGroup.com
Market Recap and Investment Strategies - October 31st Edition
In this Halloween edition of Dividend Cafe, Brian Szytel discusses the down day in the markets, highlighting a 2.76% drop in the NASDAQ and a 378 point drop in the Dow. Key economic updates include a flat interest rate, PCE inflation numbers aligning with the Fed's targets, and lower than expected jobless claims. Brian also elaborates on the investment methodology, focusing on a blend of quantitative screens and in-depth fundamental analysis. Additionally, he emphasizes the undervalued utility sector, which is poised for growth due to increased electricity demands from data centers. He concludes with a personal note on Halloween festivities.
00:00 Market Recap: Halloween Edition
00:45 Economic Indicators and Inflation Insights
01:18 Employment and Wage Trends
02:12 Investment Methodology Explained
03:55 Utilities: The Underappreciated Sector
05:06 Closing Thoughts and Halloween Wishes
Links mentioned in this episode:
DividendCafe.com
TheBahnsenGroup.com
Market Recap: Earnings, Payrolls, and Economic Data
In today's Dividend Cafe episode from October 30th, Brian Szytel provides an overview of the current market trends from West Palm Beach, Florida. The day saw a slight market downturn despite positive data on earnings and economic indicators. The ADP private payroll report exceeded expectations, with new private payroll gains at 233 compared to the expected 113. Interest rates slightly increased, closing up three basis points on the 10-year note. There was also better-than-expected preliminary third-quarter GDP growth at 2.8%, driven by consumer spending. Brian discussed market sensitivity to interest rates and the upcoming PCE inflation read and non-farm payroll report. The episode also addressed the complexities of trading around the election and a question on energy rig counts and productivity. Looking ahead, Brian will return to discuss the implications of the PCE data on the economy and markets.
00:00 Introduction and Market Overview
00:18 Economic Data Highlights
00:40 Interest Rates and Market Reactions
01:11 Upcoming Economic Reports
01:24 GDP and Consumer Spending Insights
01:58 Election Trading Strategies
02:43 Energy Sector Update
03:05 Conclusion and Upcoming Topics
Links mentioned in this episode:
DividendCafe.com
TheBahnsenGroup.com
Market Update and Earnings Insights: October 29 Edition
In this episode of Dividend Cafe, Brian Szytel presents an overview of the market conditions on October 29, 2023, reporting mixed results with the Dow down 154 points, the S&P slightly positive, and the NASDAQ up by 0.7%. Key topics include the impact of earnings reports from major companies, the movement in 10-year bond yields, and job openings data. Brian also addresses a viewer question on the merits of index ETFs versus actively managed funds in the municipal bond space, emphasizing the importance of active management. The episode concludes with a preview of upcoming economic data releases.
00:00 Introduction and Market Overview
00:47 Bond Yields and Job Market Insights
01:43 Upcoming Economic Events and Market Impact
02:06 Investment Strategies: Active vs. Passive Management
03:30 Conclusion and Upcoming Reports
Links mentioned in this episode:
DividendCafe.com
TheBahnsenGroup.com
Today's Post - https://bahnsen.co/4hkQJOZ
In this episode, David Bahnsen, Chief Investment Officer at The Bahnsen Group, provides a detailed market recap, highlighting the recent rise in the Dow, S&P, and NASDAQ, and increases in bond yields. He mentions NVIDIA's impressive market cap and sector performances, noting financials' gains amid declines in energy. Bahnsen also shares insights into the upcoming U.S. election, drawing parallels with Japan's parliamentary changes, and discusses global public policy, economic data, and energy production. Additionally, the episode covers significant health advancements, including malaria eradication in Egypt, and discusses the broader economic implications of past budget deficits, especially during Ronald Reagan's presidency. The episode concludes by touching on the current earnings season and hinting at a forthcoming significant event.1
00:00 Welcome to Monday Dividend Cafe
01:03 Market Overview and Key Highlights
01:43 Tech Sector Insights and Trivia
02:15 Bond Yields and Market Reactions
03:31 Sector Performance and Oil Price Dynamics
04:18 U.S. Election and Voter Sentiments
04:51 Turnout vs. Persuasion in Elections
05:12 Japan's Political Shift
05:45 Election Polls and Predictions
06:42 Economic Indicators and Market Trends
07:18 Energy Production Insights
07:55 Electricity Demand and Data Centers
09:06 Global Health Milestones
09:35 Historical Budget Deficits
10:22 Final Thoughts
Links mentioned in this episode:
DividendCafe.com
TheBahnsenGroup.com
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After hearing David on The World and Everything In It, I decided to Google him and came across some great additional sources to hear him... including this gem of a podcast!
David's logical brillance makes all of his afternoon missives easy to listen to and understand. On a personal note David's commentary gives me confidence as a client of the Bahnsen Group.
great breakdown of the situation in simple layman terms. always come out feeling better about things after listening to David.
came to this podcast via Radio Free California. awesome commentary, makes complicated stuff seem simple.
Best podcast on economic and financial matters that I have yet discovered.
Amazing podcast. I suggest you market this podcast more. Ive been looking for a informative podcast on the markets and found this podcast on my last try.