In this episode of Click Beta on Excess Returns, Cameron Dawson, Dave Nadig, and Matt Zeigler dive into the trust crisis in markets, the implications of AI-driven CapEx, and how small lessons from life translate into investing wisdom. From the reliability of payroll data to the “bubbles all the way down” problem, the conversation blends deep market insights with practical rituals for navigating uncertainty.

Topics Covered

• The decay of institutional trust and unreliable economic data

• Public vs. private data and how investors should interpret it

• “Good news vs. bad news” in markets and earnings reactions

• AI-related CapEx, margin pressure, and the sustainability of Big Tech’s dominance

• Winner-take-all dynamics in AI and parallels to the fiber boom

• Productivity gains: small businesses vs. mega-cap tech

• Investing lessons from technical analysis, rituals, and “last box” routines

• The importance of presence, humility vs. hubris, and team culture

• Democratization of alternatives, fee/tax efficiency, and “hassle efficiency”

Timestamps
00:00 – The challenge of trusting economic data
03:13 – Who do you trust anymore?
05:07 – Public vs. private data and the “Strange Landing” thesis
07:38 – Good news, bad news dynamics
10:20 – Earnings estimates and labor data gaps
12:00 – AI-driven CapEx and narrow growth drivers
15:00 – Valuation multiples and eroding free cash flow margins
18:00 – Winner-take-all risks in AI
22:00 – Small business productivity vs. mega-cap adoption
27:00 – Rituals, technical analysis, and “the flush deck”
31:00 – Always say it out loud: transparency in investing
37:00 – Leadership lessons: presence, colleagues, and culture
45:00 – Democratization of alternatives and “hassle efficiency”
53:40 – Wrapping up: trust, skepticism, and humility