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Rational Dissent

Bianco Research 2 Episodes Aug 21, 2026

Rational Dissent is a podcast by Bianco Research, a firm providing objective research and insights into financial markets for over 20 years. It combines cutting-edge analytics with a highly visual approach to deliver clear, data-driven conclusions. The podcast likely discusses market trends, economic analysis, and investment strategies.

Episodes

Episode 005. Is Bessent Helping? Aug 21, 2026 00:31:34 The Treasury secretary is hoping to lower yields by increasing buybacks but the effectiveness of such tools has diminished in a high inflation era.Chapters00:00 - Teaser & Introduction01:09 - The Treasury's Rough Week03:13 - Opening the Toolbox: Fed vs. Treasury08:00 - The TBAC and the Optimal Issuance Mix11:39 - The Core Issue: Unchecked Inflation20:43 - Washington's Reluctance to Fix

Episode 004. The State of the Labor Market Aug 14, 2026 00:38:54 Shifting dynamics in the U.S. Labor Market have everyone from the Fed to recent graduates playing on their heels.Chapters00:00 - Introduction & Labor Market Equilibrium03:30 - Demographics, Immigration, and Breakeven Rates13:00 - Data Quality & Measuring Labor Market Speed Limits17:55 - Youth Unemployment, Demographics, and Degree Selection28:37 - AI's Real Impact on White-Collar Jobs

Episode 003. Valuations in An Earnings Explosion Aug 7, 2026 00:39:28 Is the juice worth the squeeze? Earnings keep rising, valuations are questionable, and investors are uncertain. What should you make of earnings these days?Chapters00:00 - Hot Open & Intro00:51 - Why Earnings Confuse03:54 - The Anthropic Effect07:10 - Include Other Income09:36 - OpenAI Next Wave12:32 - Valuations vs Earnings18:05 - Data Sources Diverge22:42 - Quant Models in Trouble26:05 - Ven

Episode 002. This Is Not Your Father's Fed Jul 31, 2026 00:34:09 Two meetings have passed under Warsh and the pattern emerging is more reserved communication, some family infighting, and an uncertain market.Chapters00:00 - The Fed Put & Market Expectation00:51 - Introduction & "Rational Dissent" Overview01:22 - FOMC Meeting Recap & Warsh's Agenda02:30 - Removing Forward Guidance: History & Impact06:18 - The Risks and Moral Hazard o

Episode 001. Why Do Investors Expect So Much? Jul 24, 2026 00:33:17 Investors have become accustomed to stocks returning double digits year after year. Is that the new normal? What should investors expect?Chapters00:00 - Introduction to Rational Dissent00:32 - Welcome & Market Returns Overview02:22 - CapEx vs. Cash Flow: The 3-in-1 Tech Supercycle06:43 - S&P Concentration: A Two-Asset Class Market09:16 - Valuation Breakdown: The Shiller CAPE Ratio11:38 - E

Rational Dissent Introduction Jul 24, 2026 00:00:31 Hello everyone welcome to the Rational Dissent Podcast where we discuss everything from markets and the economy to the Fed and AI, and we stress test conventional wisdom and consensus views.

Rational Dissent

Episodes

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