The AI Shaped Economy | Big Money but Big Problems with Hardika Singh

In this episode of the Market Misbehavior podcast, Dave is joined by Hardika Singh, Economic Strategist at Fundstrat Global Advisors. Recorded September 1st 2026.

Hardika discusses her fascinating career transition from a skeptical Wall Street Journal reporter to a data-driven, optimistic strategist working alongside Tom Lee. We dig into why the 10-year Treasury yield acts as the "god" of the economy, the stark realities of the K-shaped economic divide where older demographics thrive while younger workers are crushed by interest rates, and why the recent inflation data might actually be a massive measurement error stemming from recreational software costs. The conversation also explores the psychology behind the "debasement trade" (and why Gold has more staying power than Bitcoin), and the eerie cultural divide between San Francisco's AI obsession and the looming threat of white-collar job destruction.

Hardika's research on Fundstrat Direct: https://fundstratdirect.com/

📈 Topics Covered
• Hardika's transition from the inherent skepticism of financial journalism (at the WSJ) to the data-driven optimism required of an economic strategist
• Why the 10-year Treasury yield is the "god" of the economy, and why crossing the 5% threshold is the ultimate red flag for equity valuations
• The harsh realities of the K-shaped economy: How high interest rates disproportionately reward older, asset-heavy demographics while crushing younger consumers
• Deconstructing the latest core PCE inflation data: Why a spike in "recreational goods" (driven by a measurement error in computer software CPI) is artificially inflating the numbers
• The "Debasement Trade" explained: Why Gold remains a more practical safe-haven asset than Bitcoin as deficit and dollar worries mount
• The eerie AI culture shock: Comparing the ubiquitous, billboard-heavy AI euphoria of San Francisco with the looming threat of mass white-collar job destruction
• The generational AI divide: Why younger workers face the risk of becoming a "permanent underclass" if they rely on generative AI instead of developing critical thinking skills
• Why the Federal Reserve's "Beige Book" remains the ultimate, underappreciated treasure trove of anecdotal economic data

🎓 Take Dave’s FREE course on behavioral investing: https://www.marketmisbehavior.com/freecourse
📘 Check out Dave’s recommended reading list: https://www.marketmisbehavior.com/readinglist

👉  Follow Dave on X: https://x.com/DKellerCMT
👉  Follow Dave on Bluesky: https://bsky.app/profile/dkellercmt.bsky.social
👉  Follow Dave on Facebook: https://www.facebook.com/marketmisbehavior
👉  Follow Dave on Instagram: https://www.instagram.com/marketmisbehavior

The content in this presentation should not be considered as a recommendation to buy or sell any security. All information is intended for educational purposes only and in no way should be considered as investment advice.