Thursday - January 22, 2026
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
4.9 • 569 Ratings
🗓️ 22 January 2026
⏱️ 7 minutes
🧾️ Download transcript
Summary
In this episode of Dividend Cafe, Brian Szytel provides an update on the market's performance over the past few days, discussing the recent rally in the DOW, S&P, and Nasdaq. He highlights the ongoing outperformance of small caps and their strong start to the year. The bond market's stability and yield curve trends are also noted. Brian shares his thoughts on the relevance of gold and silver investments, emphasizing a focus on fundamentals and cash flows. Additionally, he addresses a client's question about index funds, discussing their impact on market bubbles and the role of hedge funds. The episode concludes with economic updates on jobless claims, GDP revision, and PCE data. Brian encourages listeners to reach out with their questions.
00:00 Introduction and Market Update
00:37 Small Caps Performance
01:06 Bond Market Insights
01:42 Gold and Silver Analysis
02:58 Discussion on Index Funds
04:19 Economic Calendar Highlights
05:02 Conclusion and Closing Remarks
Links mentioned in this episode: DividendCafe.com
Transcript
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| 0:00.0 | Welcome to the Dividing Cafe weekly market commentary focused on dividends in your portfolio and dividends in your understanding of economic life. |
| 0:10.0 | Good evening and welcome back to Dividend Cafe this Thursday, January the 22nd. Brian Saitel, back with you here from our Newport Beach, California, headquarters |
| 0:21.7 | at the Bonson Group. Upday in markets today. This is the second day in a row. Remember Monday |
| 0:27.0 | we were closed for MLK, Tuesday, big down day based on geopolitical things in Greenland and tariffs |
| 0:33.5 | in Europe. And then we've got a rally on Tuesday and now, I'm sorry, Wednesday and Thursday. |
| 0:38.9 | So Dow was up 306 points, and S&P was up about a half of a percent. Nasdaq was up nine-tenths. |
| 0:45.6 | So it's a little bit of a change up today. We had a rotation the other way growth outperformed value. |
| 0:50.3 | One thing I would note is the continued outperformance in small caps. We've been talking about them being due for a long time. |
| 0:57.3 | They've just underperformed in a pretty good economic environment and a good market environment. |
| 1:03.2 | Now they're making some catch-up time. |
| 1:05.0 | This is the 14th day or session, sorry, trading session in a row that small caps have outperformed SMP 500, and they're up |
| 1:12.7 | five, almost six percent here on the year versus everything up, call it one, everything else |
| 1:17.8 | up about one. Yields were, didn't move on the day. We've got a tenure now at 425. For all that |
| 1:23.8 | we can talk about different charts and different things going on in the world, the bond market really isn't signaling a whole heck of a lot. The yield curb is steeper, |
| 1:32.2 | absolutely, than it has been, but technically this year it's actually flattened just a little |
| 1:35.8 | bit. And this is going into further easing, like we've talked about, on monetary policy, |
| 1:41.4 | and then a pretty decent amount of fiscal stimulus coming to the economy. So a lot of |
| 1:45.4 | things at play here. At the end of all of those things, we've got earnings per share growth estimated |
| 1:49.8 | at about 14% for this year. And so markets are still looking, glasses have full. What I wrote in there |
| 1:55.8 | today, as far as things on my mind, the topic of gold, silver, these charts that look almost parabolic the last |
| 2:02.2 | couple of years and what they may signal about the future, the dollar, debt and all these things |
| 2:07.2 | that have been very popular. My points are twofold. One, look, the charts that we have seen are not |
... |
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