Is It Too Good? AI Capex Explodes Higher, Pre-Revenue Stock Boom, Will Falling Mortgage Rates Save Us With Telis Demos (WSJ)

The Compound and Friends

Josh Brown

Investing, Business News, News, Business

4.7 • 2.2K Ratings

🗓️ 23 September 2025

⏱️ 107 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

On this TCAF Tuesday, Josh Brown welcomes Telis Demos, writer for Heard on the Street and co-host of The Wall Street Journal’s Take on the Week podcast to discuss: mortgage rates falling, the TikTok deal, record margin debt, JPMorgan credit card spending, the new threat facing active fund managers, Private market investments coming into 401(k)’s, and much more! Then at 43:22 hear an all-new episode of What Are Your Thoughts with ⁠⁠⁠⁠⁠⁠⁠Downtown Josh Brown⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠Michael Batnick⁠⁠⁠⁠⁠⁠⁠! This episode is sponsored by Betterment Advisor Solutions. Grow your RIA, your way by visiting: https://Betterment.com/advisors Sign up for ⁠⁠⁠⁠⁠⁠⁠The Compound Newsletter⁠⁠⁠⁠⁠⁠⁠ and never miss out! Instagram: ⁠⁠⁠⁠⁠⁠⁠https://instagram.com/thecompoundnews⁠⁠⁠⁠⁠⁠⁠ Twitter: ⁠⁠⁠⁠⁠⁠⁠https://twitter.com/thecompoundnews⁠⁠⁠⁠⁠⁠⁠ LinkedIn: ⁠⁠⁠⁠⁠⁠⁠https://www.linkedin.com/company/the-compound-media/⁠⁠⁠⁠⁠⁠⁠ TikTok: ⁠⁠⁠⁠⁠⁠⁠https://www.tiktok.com/@thecompoundnews⁠⁠⁠⁠⁠⁠⁠ Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Josh Brown are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management. The Compound Media, Incorporated, an affiliate of ⁠⁠⁠⁠⁠⁠⁠Ritholtz Wealth Management⁠⁠⁠⁠⁠⁠⁠, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. For additional advertisement disclaimers see here ⁠⁠⁠⁠⁠⁠⁠https://ritholtzwealth.com/advertising-disclaimers⁠⁠⁠⁠⁠⁠⁠. Investments in securities involve the risk of loss. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. The information provided on this website (including any information that may be accessed through this website) is not directed at any investor or category of investors and is provided solely as general information. Obviously nothing on this channel should be considered as personalized financial advice or a solicitation to buy or sell any securities. See our disclosures here: ⁠⁠⁠⁠⁠⁠⁠https://ritholtzwealth.com/podcast-youtube-disclosures/⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0	Ladies and gentlemen, welcome to the compound and friends.
0:03.4	Tonight's show is brought to you by our friends at Betterment, Advisor Solutions.
0:09.0	More on Betterment in just a moment.
0:11.1	We're going to start off with Tellis Demos, who is a writer for the Wall Street Journal's
0:16.3	heard on the street.
0:18.0	Tellis covers finance, investing, banks, interest rates, mortgages, you name it.
0:24.0	And, uh, we had like some breaking news where, um, there is now a deal for a consortium
0:30.3	of U.S. investors to take control of a new U.S. version of TikTok.
0:35.1	So we'll get into that.
0:36.3	We took a look at what really drives mortgage
0:39.1	rates. It was a fascinating conversation. It's not the Fed. It's not what you think. It's really a
0:44.5	phenomenon where investors on Wall Street are bidding for portfolios of mortgages of a certain
0:51.6	interest rate. And that drives what lenders are able to create new
0:57.1	loans at. So you don't want to miss that. And then it's an all new addition of what are your
1:01.4	thoughts? It's Michael Batnik and I. We asked a very simple question, is it too good? Is it too
1:07.1	easy to make money right now? And should this concern you?
1:12.2	And what do you do about it, more importantly?
1:14.3	So we take a look at some of the areas of the market where things have just gone absolutely
1:18.8	crazy to the upside.
1:20.7	We talk AI, open AI, more importantly, partnering up with Nvidia and Oracle, some massive KAP-X spending deals
1:29.4	being announced. There's a lot happening there. We asked the question, is there even a bare
1:34.5	market case to be made? And it's harder to come up with one than you think. We, I don't know,
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Josh Brown, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Josh Brown and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.