Facts vs Feelings with Ryan Detrick & Sonu Varghese

Recorded live from the beach at Future Proof in Miami, this special episode of Facts vs Feelings brings Ryan Detrick, Chief Market Strategist at Carson Group, and Sonu Varghese, Chief Macro Strategist at Carson Group, to the main stage for a wide-ranging conversation on markets, macro, and the forces driving today’s volatility.
Against the backdrop of a rapidly shifting news cycle, Ryan and Sonu break down the dramatic swings in oil prices, the implications of geopolitical tensions for global markets, and what it all means for investors navigating an environment of inflationary growth. They also discuss why they remain constructive on equities despite recent volatility, how global market breadth is expanding beyond the U.S., and the portfolio positioning they believe makes sense in the current environment.
From Fed policy and inflation trends to the strength of the labor market and signals from credit markets, the discussion highlights the difference between headline-driven fears and the underlying data shaping the economic outlook. Ryan and Sonu also explore where their outlook could be wrong, including risks tied to gold, small caps, and shifts in monetary policy.
Key Takeaways
Oil volatility matters: Large swings in energy prices can ripple through inflation, global trade, and market sentiment
Inflation may remain sticky: Core inflation near 3 percent could limit how aggressively the Federal Reserve cuts rates
Global markets are broadening: International equities have been contributing meaningfully to returns alongside U.S. stocks
Labor markets remain resilient: Low layoffs and steady income growth continue supporting the economy
Portfolio diversification still matters: Exposure across global equities, gold, and selective sector positioning may help navigate uncertainty

Jump to:
0:00 — Opening and Live Show Setup
1:18 — Live from Miami!
3:20 — Oil Market Whiplash and Why It Matters
6:25 — Portfolio Positioning: Stocks, Gold, and Bonds
9:05 — Signs of a Global Bull Market
11:20 — Midterm Year Volatility and Market Corrections
13:55 — The Fed, Inflation, and the Labor Market
17:40 — How Carson Research Supports Advisors
19:40 — Where Our Outlook Could Be Wrong
23:20 — Signals from Tech, Staples, Credit, and Crypto
28:40 — CPI, PCE, and Final Thoughts

Connect with Ryan:
• LinkedIn: https://www.linkedin.com/in/ryandetrick/
• X: https://x.com/RyanDetrick

Connect with Sonu:
• LinkedIn: https://www.linkedin.com/in/sonu-varghese-phd/
• X: https://x.com/sonusvarghese?lang=en

Questions about the show? We’d love to hear from you! [email protected]

Artificial intelligence continues to dominate headlines and investment flows, but understanding the technology behind it requires looking beyond the hype and into the structure of the ecosystem itself. In this episode of Facts vs Feelings, Ryan Detrick, Chief Market Strategist at Carson Group, and Sonu Varghese, Chief Macro Strategist at Carson Group, sit down with Steve Hou of Bloomberg and Kai Wu of Sparkline Capital to explore how the AI economy actually works, from the infrastructure powering it to the applications beginning to reshape industries.
The conversation moves through the full AI stack, including semiconductors, computing power, models, and software layers, while also examining how competition, innovation, and investment are shaping the next phase of the technology cycle. 
Key Takeaways
• The AI stack matters: Chips, infrastructure, models, and applications each play a distinct role in the ecosystem
• Compute demand keeps expanding: AI adoption continues to drive demand for semiconductors and data infrastructure
• Competition is accelerating: Innovation across companies may push AI models toward commoditization
• Productivity gains will vary: Some sectors may see faster AI-driven improvements than others
• Markets are pricing the shift: Investor expectations around AI continue shaping technology and equity markets

Steve Hou and Kai Wu are not affiliated with CWM, LLC. Opinions expressed by this individual may not be representative of CWM, LLC.

Jump to:
0:02 — Opening And Guest Intros
1:46 — Kai And Steve’s Quant Backgrounds
6:56 — Two ChatGPT Moments And AI Agents
10:45 — Compute Demand And Industrial Tailwinds
17:03 — Models Commoditize, Orchestration Rises
23:39 — AI, Inflation, And Energy As Constraint
31:17 — Europe, Korea, And Defense Capacity
38:02 — Software’s Reset And Duration Risk
46:30 — Timelines, Diffusion, And S-Curves
53:05 — Active Selection Across Regions
59:15 — Building Firms With AI Force Multipliers
1:03:49 — Mentors, Simplicity, And Implicit Knowledge
1:05:44 — Closing And Disclaimers

Connect with Ryan:
• LinkedIn: https://www.linkedin.com/in/ryandetrick/
• X: https://x.com/RyanDetrick

Connect with Sonu:
• LinkedIn: https://www.linkedin.com/in/sonu-varghese-phd/
• X: https://x.com/sonusvarghese?lang=en

Questions about the show? We’d love to hear from you! [email protected]

Oil spikes. Gas jumps above $3. Inflation expectations shift in a matter of days. Suddenly the market isn’t debating disinflation or AI productivity. It’s asking whether we’re entering a new inflation shock.
In Episode 177 of Facts vs. Feelings, Ryan Detrick, Chief Market Strategist at Carson Group, and Sonu Varghese, Chief Macro Strategist at Carson Group, walk through what’s happening beneath the headlines. They explain how the Strait of Hormuz disruption is impacting oil flows, why gasoline prices move markets faster than geopolitics, and how rate-cut expectations shifted dramatically in just one week. The conversation moves from energy markets to ISM prices paid, AI-driven infrastructure demand, memory chip shortages, and what this means for inflation volatility in the years ahead.
Key Takeaways:
• Oil shock hits fast: Disruptions near the Strait of Hormuz pushed crude and gas prices sharply higher, immediately shifting inflation expectations
• Rate cuts repriced: Markets quickly reduced expectations for multiple Fed cuts as inflation data and energy pressures mounted
• Inflation volatility regime: Elevated base inflation combined with external shocks increases the risk of short-term price spikes
• AI demand adds pressure: Infrastructure buildout and memory chip shortages are contributing to near-term pricing strength
• Economic backdrop still stable: Leading indicators suggest the economy entered this period near trend, not in recession territory
• Portfolio construction matters: We believe diversifying beyond traditional bonds remains critical in a more inflation-sensitive world.

Jump to:
0:02 — Setting The Stage: Problems Pile Up
1:08 — Gas Price Surge Hits Home
2:46 — Markets Sell Off And Tech’s Role
3:43 — Oil Jumps And Strait Of Hormuz Risk
6:15 — Energy, Diesel, And Food Cost Pressures
8:38 — Firsthand Gulf Perspective And LNG Shock
12:35 — Portfolios For 3% Inflation World
16:24 — Gold, Bonds, And Risk-Off Mechanics
20:07 — Fewer Fed Cuts And PCE vs CPI
24:55 — Small Caps, Rates, And Risk Appetite
28:40 — Fed Independence And Politics Reality
32:48 — Inflation-Volatility Regime, Not The 1970s
36:48 — Diversify Your Diversifiers Strategy
40:25 — VIX Spike And Geopolitics Playbook
45:10 — Trend vs Recession: Leading Indicators
49:22 — ISM PMI: Expansion But Price Pressure

Connect with Ryan:
• LinkedIn: https://www.linkedin.com/in/ryandetrick/
• X: https://x.com/RyanDetrick

Connect with Sonu:
• LinkedIn: https://www.linkedin.com/in/sonu-varghese-phd/
• X: https://x.com/sonusvarghese?lang=en

Questions about the show? We’d love to hear from you! [email protected]

The Social Hour format loosens things up, and this time Ryan Detrick, Chief Market Strategist at Carson Group, and Sonu Varghese, Chief Macro Strategist at Carson Group, are joined by Cullen Roche, founder of Discipline Funds and author of Pragmatic Capitalism and Your Perfect Portfolio.
What makes this conversation different is Cullen’s dual lens. He thinks like a macro investor, but he builds portfolios like a financial planner. That combination leads to a deeper discussion around matching assets to liabilities, duration, inflation realities, and how advisors should think through long-term construction instead of reacting to headlines.
Key Takeaways:
• Narrative vs. numbers: Headlines move quickly, but underlying data often tells a steadier story
 • Sentiment remains dynamic: Investor positioning continues to shift alongside economic signals
 • Leadership rotation continues: Sector performance reveals subtle changes beneath the surface
 • Macro themes persist: Growth, inflation, and policy remain central drivers of direction
 • Perspective matters: Long-term discipline still anchors sound decision-making
Cullen Roche is not affiliated with CWM, LLC. Opinions expressed by this individual may not be representative of CWM, LLC.
Jump to:
0:00 - Live Kickoff And Colin’s Books
2:50 - First Principles Over Financial Noise
6:10 - Origins Of Pragmatic Capitalism And QE
11:30 - From Anonymous Blogger To Public Voice
13:40 - We’re Savers, Not Stock Pickers
17:53 - Inflation Jitters And Market Divergences
23:30 - Diversification Vs Diversification
28:20 - Simplicity, Costs, And Portfolio Design
32:40 - Behavioral Bias: You Are The Risk
38:00 - Macro Claims And What Doesn’t Compute
44:00 - AI’s Disruptive Decentralization
50:10 - Labor, Layoffs, And Data You Can Trust
55:20 - Small Caps, International, And Factors

Connect with Ryan:
• LinkedIn: https://www.linkedin.com/in/ryandetrick/
• X: https://x.com/RyanDetrick 

Connect with Sonu:
• LinkedIn: https://www.linkedin.com/in/sonu-varghese-phd/
• X: https://x.com/sonusvarghese?lang=en

Connect with Cullen:
• LinkedIn: https://www.linkedin.com/in/cullenroche/ 
• X: https://x.com/cullenroche 

Questions about the show? We’d love to hear from you! [email protected]

A Supreme Court decision wipes out a major tariff mechanism, GDP comes in softer than expected, and AI fears collide with an AI spending boom. On the surface, it feels like three separate stories. In Episode 176 of Facts vs Feelings, Ryan Detrick, Chief Market Strategist, and Sonu Varghese, Chief Macro Strategist at Carson Group, connect the dots and ask a bigger question: what actually changed, and what simply made headlines?
They break down the Court’s ruling on IEEPA tariffs, what it means for policy going into a midterm year, and why markets barely flinched. From there, the conversation shifts to fourth-quarter GDP, where a weak headline number masked far stronger private demand beneath the surface. The episode then moves into the AI debate, examining the surge in hardware and software investment, the role of energy and power demand, and the viral “AI crash” scenario that sparked fears of a white-collar doom loop. Along the way, they explore global market leadership, sector dispersion, and why human behavior still sits at the center of economic outcomes even in a world shaped by algorithms.
Key Takeaways:
• Tariff authority reset: The Supreme Court’s ruling removed a major executive tariff tool, reinforcing checks and balances while reducing policy uncertainty
• GDP weakness needs context: A government shutdown distorted headline growth, while private demand remained solid
• AI spending is real: Hardware and software investment tied to AI contributed meaningfully to 2025 growth
• Scenario vs. reality: Extreme AI displacement models raise important questions, but macro consistency and demand dynamics matter
• Market dispersion is widening: Software weakness, industrial strength, and global outperformance highlight a split beneath the surface

Jump to:
0:00 — Tariff Shock And Supreme Court Ruling
5:30 — Market Reaction, Odds And Policy Limits
9:40 — Tariff Refunds And Who Ultimately Paid
13:50 — China, Trade Winners And Political Timelines
22:00 — GDP Miss Explained And Core Demand Strength
31:00 — AI Capex Surge: Chips, Software And Scale
35:00 — Power Demand, Energy And Inflation Pressures
38:30 — The AI Doom Loop Scenario Debate
47:40 — Market Split: Semis, Software And Global Leaders
55:00 — Portfolio Implications And The Human Edge

Connect with Ryan:
• LinkedIn: https://www.linkedin.com/in/ryandetrick/
• X: https://x.com/RyanDetrick

Connect with Sonu:
• LinkedIn: https://www.linkedin.com/in/sonu-varghese-phd/
• X: https://x.com/sonusvarghese?lang=en

Questions about the show? We’d love to hear from you! [email protected]