Today’s podcast guest is Ben Kelleran, Investor, speculator, and occasional degenerate gambler in the markets. CPA and recovering Big 4 auditor.
AUDIO IS AVAILABLE HERE
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NB - Recorded on 20th October 2026 PM U.S. Time
10 Key Points from this conversation:
* AI CapEx cycle exceeds past infrastructure booms and relies on opaque, illiquid funding that risks a sharp dry-up.
* Circular financing (e.g., Nvidia-CoreWeave ties) and growth-at-all-costs incentives create a potential financial train wreck.
* AI tools are genuinely useful but heavily subsidized; true unsubsidized prices would be far higher.
* Gold, silver and commodities are likely higher over 10 years as inflation hedges; AI persists after a major washout.
* Real inflation runs 7–15%; fiat debasement favors physical metals over current bond yields.
* Expect yield-curve control and experimentation before bonds become attractive at much higher rates.
* Western governments appear at odds with native populations via mass immigration patterns.
* France (and similar) unrest stems from non-assimilating inflows prioritizing handouts over host interests.
* US midterms risk low Republican turnout if Trump-era promises go unmet; focus shifts to local politics.
* Prioritize local impact, side businesses and mental breaks from social media over federal-level fixes.
Contact Information & Previous Recordings
Please connect with Ben Kelleran at Kontrarian Korner on Substack.
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