Fundamentals Unfiltered

Ep. 25: Why Gold and Silver Absorb Macroeconomic Risk

This week’s episode is a shorter, focused macro explainer on why gold and silver often absorb market uncertainty. Gold and silver have been reaching record highs — but what’s really driving the move? In this episode of Fundamentals Unfiltered, Matt breaks down why precious metals often act as “macroeconomic risk absorbers” during times of uncertainty, inflation concerns, geopolitical stress, and shifting confidence in fiat currencies. We explore the two major forces behind rising gold prices — fundamental risk signals and momentum-driven investor behavior — and why higher prices may eventually bring new supply online. This episode is a fundamentals-based look at what gold and silver may be revealing about today’s market environment. More essays and research at: FundamentalInvestingInstitute.com As always, focus on the fundamentals.

Ep. 24: Federal Reserve Independence — Why It Matters for Inflation and Interest Rates

What actually anchors inflation expectations in a world without the gold standard? In this episode of Fundamentals Unfiltered, Matt examines why Federal Reserve independence is central to economic stability, and why political pressure on monetary policy has repeatedly led to inflation, market instability, and loss of credibility. Using historical examples—from the gold standard and the Great Depression to the 1970s inflation crisis and the Volcker era—the episode explains how today’s monetary system relies on credibility as its nominal anchor, and why that credibility is fragile. This episode also serves as a foundation for a longer companion blog post exploring these themes in depth.

Ep. 23: Warren Buffett – The Berkshire Hathaway Years

Warren Buffett didn’t become Warren Buffett by accident. In Episode 23 of Fundamentals Unfiltered, Matt continues his series on Warren Buffett by focusing on the moment he became the Warren Buffett — when he took control of Berkshire Hathaway and built it into a long-term investment platform. Topics include: Buffett’s early deep value roots and the Berkshire textile acquisition The National Indemnity purchase and the importance of insurance float Why Buffett closed his partnership in 1969 The shift toward higher-quality businesses and economic moats The influence of Charlie Munger Why Berkshire’s structure gave Buffett a lasting edge Long-term compounding, tax efficiency, and capital allocation Time Stamps: 00:00 — Berkshire Hathaway: Buffett’s Turning Point 03:35 — The Berkshire Textile Business & the Stanton Dispute 05:05 — National Indemnity & Insurance Float 06:17 — Why Buffett Closed the Partnership (1969) 07:24 — From Deep Value to Economic Moats 09:49 — Charlie Munger’s Influence on Buffett 12:37 — Permanent Capital & Structural Advantage 13:30 — Lessons for Investors and Business Owners This episode is part of an ongoing Buffett-focused series, with companion blog posts available at fundamentalinvestinginstitute.com.

Ep. 21: Year-End Reflections: Gold, Private Markets, the Fed, and Valuation Discipline

In this year-end episode of Fundamentals Unfiltered, Matt reflects on the major market themes of 2025 — without relying on forecasts or year-ahead predictions. The discussion covers the rally in gold and silver, private market liquidity challenges, the risks of opening private funds to retail investors, Federal Reserve independence, and how to think about valuation discipline amid continued enthusiasm for artificial intelligence. Rather than focusing on short-term outcomes, the episode emphasizes structure, incentives, and long-term fundamentals — the core ideas that guide thoughtful investing. People Discussed I reference the work of Andrew Ross Sorkin and Charlie Munger during the discussion. For those interested in going deeper: Too Big to Fail — Andrew Ross Sorkin https://amzn.to/4n9wgOB Poor Charlie’s Almanack — Charlie Munger https://amzn.to/4pmBpV2 Affiliate disclosure: We may earn a commission from qualifying purchases at no additional cost to you. Companies & Assets Mentioned · Nvidia · Google · Oracle · OpenAI · Gold, Silver, Bitcoin Topics · Commodity momentum and sentiment · Private equity liquidity and valuation · Retail investor risk in private markets · Federal Reserve credibility · Bond yields and inflation expectations · AI valuations vs. late-1990s comparisons Timestamps 00:00 — Why year-ahead predictions miss the point 01:18 — Lessons from 2008 and 2020 02:49 — Gold and silver in 2025 05:23 — Momentum risk and sentiment 05:49 — Bitcoin as a store of value 07:20 — Private markets and retail investor access 11:29 — The Fed, independence, and bond yields 15:24 — AI valuations vs. bubble narratives 20:48 — Venture capital incentives and risk transfer 23:44 — FII plans and learning projects

Ep. 20: Rate Cuts, Fed Politics, and Inflation Expectations

In Episode 20 of Fundamentals Unfiltered, Matt analyzes the Federal Reserve’s recent 25 basis point rate cut, dissent within the FOMC, and why bond markets are signaling skepticism toward further easing. The episode explores Fed Chair succession, market concerns around Kevin Hassett, renewed attention on Kevin Warsh, and the historical precedent for Fed independence. Matt also recommends The Great Inflation and Its Aftermath by Robert Samuelson and explains why inflation expectations remain central to modern monetary policy. 00:00 – Intro 00:25 – Fed rate cut explained (25bp) 01:15 – Bond yields & FOMC 04:01 – Who’s the next pick? 06:54 – Politicized Yields 10:31 – Fed Treasury Accord 11:50 – Will he stay? 13:24 – Why Fed Independence is important 15:35 – Book recommendation 18:47 – What to watch heading into 2026