Cents of Security by Interactive Brokers
Cents of Security by Interactive Brokers explores foundational economic concepts and personal finance. It covers topics such as retirement saving, IPOs, buying a home, and more. The podcast is aimed at those starting out in finance or wanting to understand how their finances work.
Episodes
CapEx Crunch: Are AI Infrastructure Bets Creating the Next Tech Bubble?
AI spending is exploding, but are the returns keeping pace? Mary MacNamara sits down with James Yendrey of InvestMentorSM to explore hyperscaler CapEx, rising debt loads, shrinking free cash flow, GPU utilization concerns, and whether today's AI infrastructure boom resembles the telecom buildout of the 1990s or the setup for a costly correction.
The Hidden Price Tags Behind Your Burrito, Sneakers, iPhone, and Gas Tank
Most people never think about commodities until prices go up. But from the beef in your burrito bowl to the copper in your iPhone, the rubber in your sneakers, and the gas in your car, commodity markets influence nearly every purchase you make. In this episode, Mary MacNamara sits down with Ryan Gorman, Manager of Retail Education at CME Group, to uncover how futures markets, tariffs, freight cost
Who's Actually Winning This Economy?
Stocks are soaring, earnings are up 25%, and yet Americans keep saying the economy feels broken. Jose Torres explains why — a shrinking workforce, a Fed playing catch-up, and an AI-fueled market that's leaving regular paychecks behind.
Labor Market Reality Check: The Story Behind the Participation Rate
The unemployment rate grabs headlines, but is it telling the whole story? James Yendrey of InvestMentorSM joins Drew Tunstall to explain why labor force participation may be one of the most important and overlooked indicators of economic health. From retiring Baby Boomers and Gen Z's delayed workforce entry to labor shortages and long-term growth, they unpack what the numbers really reveal about A
Why We Borrow, Save, and Invest: The Psychology of Consumption Smoothing and Building Wealth for Life
Why do people take on student loans, buy homes, and invest decades before retirement? James Yendrey of InvestMentor breaks down consumption smoothing—the economic theory that explains how people spread resources across their lifetime—and explores how behavioral biases, debt, investing, and future expectations shape our financial decisions.
Single Stock Futures: Leverage, 24/7 Access, and the Risks Retail Traders Can’t Ignore
Ryan Gorman from CME Group breaks down single stock futures, how they work, why they’re gaining traction, and the critical risks every trader needs to understand before diving in.
AI, Inflation, and Jobs: What's Driving the Economy?
Despite growing fears around AI replacing workers, job growth remains surprisingly strong. Mary MacNamara and Jose Torres break down the latest data on hiring, inflation, and markets—and what it all means for investors navigating an AI-driven economy.
Why Losses Hurt Twice as Much as Gains Feel Good?
Why do losses feel twice as painful as gains feel good? In this episode, Mary MacNamara and James Yendrey unpack the psychology of loss aversion—and how it may drive panic selling and missed recoveries.
From First Trade to Risk Management: Retail Futures with Ryan Gorman of CME Group
CME Group’s Retail Education Manager Ryan Gorman breaks down how he got into futures, the “aha” moment when trading finally clicked, and why futures can be a powerful tool for access, leverage, and risk management—not just speculation. They also tackle the biggest misconceptions (including physical delivery fears), how liquidity varies by contract/month, and the best first steps for curious trader
Markets Rally, Inflation Pressures Build: Energy, Rates, and What Comes Next
Interactive Brokers Senior Economist Jose Torres joins the Cents of Security Podcast to break down the recent market rally, rising energy-driven inflation, and why strong labor data and fiscal stimulus may not be enough to fuel another big equity year. From CPI risks to sector winners and losers, Jose shares a sober take on what investors should watch next.
FOMO vs. Fundamentals: When Hype Meets Reality in Investing
FOMO is powerful—and expensive. In this episode, we explore how fear of missing out shapes perception, fuels mispricing, and distracts from the real issue: who captures the value, and at what price?
$100 Oil, Rising Yields, and a “Single Variable” Market
Oil is no longer just a commodity headline — it’s the market’s master switch. Senior Economist Jose Torres breaks down the chain reaction he’s watching in real time: crude, rates, stocks, plus what it means for inflation, the Fed, and recession risk.
How Debit-Based FinTech Turns Everyday Spending (and Rent) Into Credit History
Building credit can feel like a catch‑22—especially if you’re starting from scratch, rebuilding, or living debt‑free. In this episode we sit down with James Yendrey of InvestMentorSM to unpack the new wave of “credit‑adjacent” products that can report debit spending, rent, and utilities to the credit bureaus—plus the risks to watch for, like fees, incomplete bureau reporting, and transaction rever
Buy Now, Pay Later: How “Pay in 4” Rewires Spending
Buy Now, Pay Later (BNPL)—how it works, why it’s exploded with younger consumers, and the psychology that makes spending feel way easier than paying up front.
Earnings Calls Decoded: Earnings Whispers, Revenue Trends, Cash Flow and Guidance
Earnings reports are a company’s financial report card — but the real signal often shows up on the call. Economist James Yendrey of InvestMentor breaks down what investors should listen for: revenue trends, margins, cash flow, guidance, “earnings whispers,” and why the Q&A can reveal management’s true confidence.
Markets, the Fed’s “Data Dependence,” and What to Watch Next
In this episode of the Cents of Security Podcast, host Mary MacNamara sits down with Interactive Brokers Senior Economist Jose Torres to break down what’s moving markets right now—and which economic releases matter most for newer investors.
Skill Up: Understanding the 3 Core Financial Statements
In this episode of Cents of Security, Mary MacNamara sits down with James Yendrey of InvestMentorSM to break down the income, balance sheet, and cash flow statements. Let's revisit this during earnings season to better understand how companies measure performance, stability, and real cash health.
Markets, AI Momentum & Demographic Shifts
On the latest episode of Cents of Security, Senior Economist Jose Torres from Interactive Brokers breaks down the Fed’s recent decision, shifting market dynamics, the tech sector’s volatility, record-breaking commodities, demographic pressures, and what investors should watch heading into February.
International Forces are Redrawing the Risk–Reward Balance
A fast tour of 2025’s global market surprises—from tariff whipsaws and a precious‑metals surge to international outperformance—and what they might mean for 2026.
The IPO market isn’t dead — it’s just getting smarter.
A candid conversation with Jeffrey Fidelman, CEO of Fidelman & Co., on why 2026 isn’t a broad market resurgence but a period of hyper‑selective capital deployment. From Series A pressure points to liquidity bottlenecks, niche fund strategies, and the real winners in the AI investment wave, this episode breaks down what’s actually driving investor behavior right now.
Is the U.S. economy re‑accelerating into 2026?
Latest Cents of Security pod, Senior Economist Jose Torres breaks down three pivotal indicators:
Labor pulse: Challenger Gray & Christmas showed December job cuts at multi‑year lows alongside firmer hiring intentions—dampening slowdown worries.
Productivity pop: One of the strongest readings in the last decade, helping wage growth coexist with tamer inflation by lifting output per worker.
Tra
IPO Pulse: Why Fundraising Needs Humans
In this Cents of Security podcast, I’m joined by Jeffrey Fidelman, CEO of Fidelman & Company, to unpack what’s really driving today’s IPO pipeline—and how founders should think about fundraising in an AI‑first world.
Disaster Risk: Hazard × Exposure × Vulnerability
Cents of Security host Mary MacNamara digs into why disaster losses keep breaking records—even when many hazards aren’t skyrocketing—with Patrick Brown, Head of Climate Analytics, at Interactive Brokers. They break down the disaster-risk equation (hazard × exposure × vulnerability), the “expanding bullseye” effect, why mortality from extreme events has fallen, and where adaptation and smarter zoni
The Fed blinked—and liquidity blinked back.
Jose Torres explains why the Fed’s short‑end move and easing mortgage rates set up small caps and homebuyers for a more broad‑based 2026.
Investing from Your 20s to Your 60s: Gen Z’s Edge & the Future of Retirement
Compounding favors the early starters. In this Cents of Security episode, Mary MacNamara sits down with James Yendrey—one of the creators of the InvestMentor app—to unpack starter portfolios, why Gen Z is learning faster via short-form content, and how strategies evolve through peak-earning years into decumulation, RMDs, and healthcare planning.
The End of an Era for Value Investing?
Stefano Grasso, Portfolio Manager at Enhanced Value Fund, joins Guillaume Roux-Chabert to unpack Warren Buffett’s historic farewell letter, the legacy of value investing, and what Berkshire’s future means for investors. From humility and luck to executive pay and dry powder challenges—this episode is a masterclass in perspective.
Buy the Rumor, Sell the News: What’s Driving Market Moves?
Jose Torres, Senior Economist at Interactive Brokers, joins Mary MacNamara to unpack market volatility, Fed rate cut probabilities, repos and what delayed economic data means for risk appetite.
What happens when Jobs Data Collides with Layoffs and a Shutdown?
Mary MacNamara and Jose Torres unpack a volatile week: strong ADP jobs data, Challenger cuts, and shutdown uncertainty. Plus, gold’s technical signals and what they mean for investors.
Exploring Climate Change’s Impact on Global Agriculture and Food Security
In this week’s Cents of Security, I sit down with Patrick Brown, Head of Climate Analytics at Interactive Brokers, to discuss:
-How rising CO₂, temperature shifts, and precipitation patterns affect crop yields
-Why corn faces a “double whammy”
-Adaptation strategies and tech innovations shaping the future of farming
-The role of prediction markets in climate analytics
Gold in a Fiat World
Gold isn’t just a relic—it’s a hedge, a reserve, and a statement. I sat down with Nitesh Shah, Head of Commodity Research at WisdomTree, to explore why central banks are stockpiling gold, how interest rate policy shapes metal markets, and what rising global debt means for hard assets.
Election Odds Unplugged
Mary MacNamara and Interactive Brokers’ Jose Torres discuss key mayoral and gubernatorial races, prediction market odds, and what these political shifts could mean for affordability, trade, and economic growth.
Geopolitics Meets Markets
The Fed’s latest rate cut sparks debate on future policy, prediction market surges, and geopolitical developments—from Trump’s Asia trip to AI investment concerns. Jose Torres breaks it all down.
IPO: Pitch, Follow, Close
In this week’s Cents of Security Podcast, explored with Jeffrey Fidelman of Fidelman & Co. how startups can apply sales-style thinking to fundraising.
Highlights:
Why fundraising should mirror a sales funnel
Why phone calls still matter
How to qualify and nurture investor leads
Common mistakes founders make—and how to avoid them
Why asking for money is the point
If you're raising capital o
Inflation Hits a Curve
In this week’s Cents of Security Podcast, I spoke with Jose Torres, Senior Economist at Interactive Brokers, about the latest CPI report and its ripple effects across the economy.
Why inflation came in below expectations
How housing costs drove the miss
Why core inflation matters more than headline
What it means for rate cuts and market momentum
How Social Security and geopolitics factor in
Jose’s
The Smaller Nuclear Comeback
Mary MacNamara speaks with Mobeen Tahir of WisdomTree about the global comeback of nuclear energy, its role in powering AI infrastructure, and how investors can tap into the nuclear value chain.
How AI’s energy demands are reshaping the future of power
The rise of small modular reactors and their role in data centers
Which countries are leading the nuclear revival
How investors can access the nucl
Data Without Government
Interactive Broker’s Mary MacNamara and Jose Torres unpack the U.S. government shutdown, AI-fueled market highs, and gold’s surge as investors weigh optimism against economic uncertainty.
Shutdowns, Signals & Jolts
Mary MacNamara and Jose Torres break down the rising odds of a U.S. government shutdown, what the JOLTS report reveals about worker confidence, and how missing data could leave markets flying blind.
AI Industrial Revival
Jose Torres, Senior Economist at Interactive Brokers, joins Mary MacNamara to explore how AI infrastructure is reshaping GDP, energy demand, and the future of U.S. industrialization.
Econ Quadruple Beat
Mary MacNamara and Jose Torres, Senior Economist at Interactive Brokers, break down four major economic data surprises—from GDP and durable goods to unemployment claims and home sales. What do these signals mean for the U.S. economy, interest rates, and the housing market?
Fed Cuts, Markets React
In this episode of the Cents of Security Podcast, host Mary MacNamara and Interactive Brokers Senior Economist Jose Torres unpack the Federal Reserve’s September rate cut, its implications for labor markets, inflation, and investor sentiment. They also explore geopolitical developments, tariff dynamics, and the outlook for future monetary policy decisions.
Metals Driving Innovation: Copper and Platinum
In this episode of the Cents Security Podcast, host Mary MacNamara speaks with Nitesh Shah, Head of Commodity Research at WisdomTree UK, about the critical roles copper and platinum play in electrification, clean energy, and portfolio diversification. From EVs and hydrogen fuel cells to inflation hedging and futures markets, this deep dive explores how these metals shape our tech and investment la
IPO Unpacked
A deep dive into IPOs, unicorns, and startup liquidity with Jeffrey Fidelman, CEO of Fidelman & Company. From venture capital to public markets, this episode explores the journey, myths, and mechanics behind going public.
Short Interest Matters
Mary MacNamara from Interactive Brokers speaks with Russell Burns of Finimize about what it means to go long or short in investing, and why short interest matters.
OPEC’s Power and U.S. Energy Markets
How does OPEC move oil markets—and what does it mean for U.S. energy and your heating bills? Mary MacNamara talks with IBKR Senior Economist Jose Torres about supply cuts, political pressures, and the future of fossil fuels in a changing energy landscape.
Holding Companies: Owning a Controlling Interest
When researching a company, you can sometimes be surprised to find that the company is part of a larger group called a holding company. What is the structure of the holding company? What is reason of joining a holding company? We cover all of that and more! Russell Burns, Analyst at Finimize joins Cassidy Clement to discuss.
The US National Debt Explained
The US National Debt is a popular topic, but what makes up that number and more importantly how did we get to such a big number? Nicholas Colas, Co-Founder at DataTrek Research joins Cassidy Clement to discuss.
Alternative Energy Sector: Renewables and Their Growth
In this episode of the Cents of Security podcast, Cassidy Clement speaks with Scott Bauer, CEO of Prosper Trading Academy LLC, about the rise of alternative and renewable energy. From solar and wind to nuclear and biomass, we explore what's driving this sector’s rapid growth—and how investors can gain exposure.
Making Finance Clear and Searchable
Cassidy Clement reflects on the creation and impact of the Cents of Security podcast, which was designed to fill a gap in beginner-friendly financial education. She also shares insights from her work in SEO and content at Interactive Brokers, highlighting the importance of making complex financial topics accessible and searchable.
Central Bank Rates: What Are They and How Do They Get Established?
Central Bank rates are being watched closely these days, leaving people with many questions. What are central bank rates and who sets them? In this episode we discuss all of that and more!
Financial Modeling: Visualizing Investment Decisions
Financial modeling offers insight into a firm’s performance and potential future growth. There are many items to evaluate and several benefits if you have the knowledge on what to look for. In this episode we discuss all of that and more! Ian Schnoor, Executive Director at Financial Modeling Institute joins Cassidy Clement to discuss.
Target Date Funds: Timing is Everything
Target Date Funds look to rebalance overtime without interaction. This offers an almost autopilot experience to the investor. While this may be viewed as a conversative option, there still are advantages and disadvantages to utilizing them in your financial strategies. Robert Crothers, Managing Director, Head of US Retirement for BlackRock joins Cassidy Clement to discuss.
Special Purpose Acquisition Companies (SPACs): The IPO Alternative
Special Purpose Acquisition Companies (SPACs) are looked at as an alternative to IPOs but there are many details associated. How does it work? Can a regular investor gain exposure to them? Do the pros outweigh the cons? In today’s episode discuss all of that in more.
South America & Latin America: Exploring Economics
South America & Latin America contributes to the world economy in terms of natural resources, farming crops, and more. In this episode we explore the impacts and landscapes of the associated countries. Judith Casasampere, Institutional Sales at Interactive Brokers joins Cassidy Clement to discuss.
Semiconductors Market: The Core to the Modern Economy
The semiconductor market is a major part of the modern economy. Since these chips power our daily activities and make up a large part of financial indices, we discuss some important factors to understand when exploring the sector for investment.
Minerals Markets at Their Core
The mineral market involves many different areas and securities. What makes up this market? What are the pros and cons of investing in this market? We explore those questions and more! Jin Hennig, Managing Director and Global Head of Metals at CME Group joins Cassidy Clement to discuss.
Dollar Cost Averaging: Managing Volatility Systematically
With the recent volatile markets and uncertainty in consumer sentiment, dollar cost averaging has been a popular topic as of late. What makes up this strategy? Is it for all investors or just for certain goals? In this episode we discuss all of that and more! Jon Erlichman, Founder of Ticker Take joins Cassidy Clement to discuss.
Tax Loss Harvesting Explained
Tax loss harvesting is a common topic in investor conversations when looking for tax reductions. Who can utilize this strategy? How does it work? We will cover all those questions and more! Harry Figgie, Partner & Wealth Advisor at Greenwich Wealth Management joins Cassidy Clement to discuss.
Making the Most of Your Tax Refund
Tax refund can be a nice reprieve after going through the tedious task of doing your taxes. If you have a refund, how can you make the most of that refund? What are some financially strategic moves you can make? Sam Taube, NerdWallet Investing Spokesperson and Writer joins Cassidy Clement to discuss.
Debt Consolidation: Does it Pay Off?
Managing debt payment while also looking for the best rates and time frame can be tough. In some circumstances, debt consolidation may be a helpful tool. In today’s episode, we will explore debt consolidation and its associated details. Sara Rathner, NerdWallet Travel and Credit Cards Expert joins Cassidy Clement to discuss.
Macro Trading Explained
Macro factors are often referenced in financial news and commentary. However, one may wonder if you can one create a strategy with these larger economic trends. In this episode, we explore macro trading, and the elements associated with the approach. Caleb Silver, Editor-in-Chief at Investopedia joins Cassidy Clement to discuss.
Tactical Asset Allocation: A Dynamic Investment Strategy
Tactical asset allocation is considered a dynamic investment strategy. In this episode we explore this approach and the certain situations in the marketplace that lead investors to utilize this. Stéphane Renevier, Analyst at Finimize, joins Cassidy Clement to discuss.
Fundamental Analysis: Finding the Real Value
Fundamental analysis is a common phrase in conversations about a company’s value, health, and liquidity. What makes up this analysis style and how do you go about assembling it? Reda Farran, Global Markets Analyst at Finimize joins Cassidy Clement to discuss.
Understanding the Gold Market
The gold market is a common topic, but is it that easy to invest in it? How is the price of gold derived? Where can one go to get access to gold investment products? In this episode we explore all of that and more. Brett Manning, Senior Analyst at Briefing.com joins Cassidy Clement to discuss.
Video Game Stocks: More Than Just a Game
The video game industry is quite large. It incorporates other sector’s elements such as semiconductors, computing, advertising and much more. In this episode we explore the makeup of video game sector and how it impacts financial markets. Sam Martinelli, Staff Editor at The Fly, joins Cassidy Clement to discuss.
The Wide World of Sport Stocks
The sports industry can be considered an economic force. It makes up a lot of consumer spending from equipment, apparel, experiences, and even esports. How do we see this translate to financial markets and strategies? In this episode we explore all that and more! Chris Katje, Benzinga Senior Contributor and Stock Market Reporter, joins Cassidy Clement to discuss.
Consumer Sentiment: How Much Does It Matter?
Consumer sentiment is a popular topic when a company, investment, or economy is being evaluated. How much does it matter when reviewing something’s financial state? Are there certain additional factors? In this episode we explore all of that and more!
Natural Disasters: How They Impact the Economy
Natural disasters can influence many aspects of life, including your financial investment strategies. In this episode we explore how natural disasters impact the economy and your investment portfolio. Scott Bauer, Chief Executive Officer at Prosper Trading Academy LLC, joins Cassidy Clement to discuss.
Basics of Buffered ETFs
Buffered ETFs are sometimes looked at for helping against losses or downsides in an investor portfolio. The topic of buffered ETFs can be complex and there are several pros and cons to consider. Ron Delegge, the founder of ETFguide, joins Cassidy Clement to discuss.
Market Bubbles: The Mechanics of Blowing Up
In this episode we explore market bubbles and what they have taught us in terms of economics and behaviors of financial markets. How do these bubbles form? What do they leave in the aftermath of a popped bubble? Giuseppe Sette, President at Reflexivity, joins Cassidy Clement to discuss.
Leveraged and Inverse ETFs: Are They a Trader's Double Edge Sword?
In this episode we explore leveraged and inverse ETFs. They have many details associated that are a bit different than a standard stock or ETF investment. These include complexity, amplification of investment, and specific risks associated. We hope our listeners can learn more about their qualities and how they could be integrated into achieving financial goals. Edward Egilinsky, Managing Director
Tariff Impacts: Economic and Consumer Perspectives
Tariffs have been a popular topic as of late. There are debates on if they are positive or negative for the economy, and how they can impact the everyday consumer. In this episode we explore details associated with tariffs and their effects on investment strategies. Jose Torres, Interactive Brokers’ Senior Economist joins Cassidy Clement to discuss.
An FYI on CDS (Credit Default Swaps)
Credit default swaps are a complex topic in the derivatives market. They were a hot topic in 2008, as they were usually part of the conversation with mortgage-backed securities. In this episode, we are joined by Caleb Silver, Editor-in-Chief at Investopedia. We explore some of the foundational aspects associated and discuss the part these products play in the market.
Reviewing Finances in the New Year
With the new year upon us, resolutions and reviews of all kinds are taking place. When it comes to your finances, there can be many elements to take into consideration. We are going to explore the common elements and the often forgotten about financial items. Elizabeth Ayoola, Personal Finance Expert at NerdWallet joins us for this episode to discuss.
VC Firms - Who and What Are They?
Well-known companies like Google, Apple, and many others had investors from the venture capital (VC) space. However, you may be asking yourself what exactly is venture capital? Who are venture capital firms and what do they invest in? In this episode we look to answer those foundational questions.
How Do Dividends Work?
In this episode we explore dividends. There are many layers to this topic such as types, distribution, and more. In this conversation explain the foundational concepts for those looking to learn more about dividends and potentially adding them to their investment strategy.
Staying on Theme with Thematic Investing
Thematic investing and the strategies associated are big topics. There are many approaches and details to consider. In this episode, we look to answer foundational questions to help listeners understand the basics of the thematic investment market. Alex Gunz, Equity Fund Manager at Heptagon Capital joins Cassidy Clement to discuss.
Machine Learning in Finance
You may not realize it, but Machine learning is used in the Financial Services industry within features, tools, and decision making. In this episode we break down machine learning and it’s use cases. Ernest Chan, Chief Scientist, Predictnow.ai, and Founder, QTS Capital Management joins Cassidy Clement to discuss.
AI in the Financial Sector
Artificial Intelligence (AI) is a very popular topic, but how does it impact financial services? Are there pros and cons to this? What type of drivers are causing the surge of AI implementation within this sector?
Open an account at Interactive Brokers: https://www.interactivebrokers.com/mkt/?src=TA&url=%2FUniversal%2FApplication
Trading Education at IBKR: Traders’ Academy: https://www.ibk
Markets During Rate Cuts vs Rate Hikes
Market sentiment and activity can change during times of rate hikes and cuts. How do those events differ? What does that mean for investors trying to adapt their trading strategy? Adam Johnson, Portfolio Manager of the Bullseye American Ingenuity Fund joins Cassidy Clement to discuss.
Finances When Starting a Start Up
Starting a business can be fun and exciting, but the financial aspects can seem daunting. There are so many things to establish and keep track of. Elizabeth Ayoola, Personal Finance Expert at NerdWallet joins us for this episode to discuss. We explore some best practices to keeping your start-up business on track financially and key performance indicators to stay well-informed about.
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