Macro risk is taking over and it's time to reduce equity risk... @WarrenPies argues on @opmpod that the time to be overweight stocks was before strong earnings, not after, especially with looming macro risk from the Fed, cracks in the AI thesis, and poor seasonality. 00:00 Intro 01:21 Why Macro Takes Over 03:19 Earnings Season Structure 05:43 Upcoming Macro Catalysts 08:24 Fed Hike Odds Mispriced 10:37 Political Pressure on Fed 15:29 Sponsor Break HFGM 17:45 Coin Flip Meeting Dynamics 19:42 Rates Curve and Term Premium 24:54 How to Position in September 26:53 Tech Breadth and AI Cracks 30:17 Lab ARR Reality Check 34:40 Tech Leadership Needed 38:17 Data Center ROI Debate 40:36 Election and Policy Risk 43:44 AI Issuance Scapegoats 47:35 Energy as Diversifier 51:48 Anthropic IPO Impact 55:01 Software Versus Semis 58:28 Pair Trades and Correlations 01:01:19 Fade Macro Risk Playbook 01:02:55 Conclusion Check out the full interview YouTube: Apple: Spotify: