Vanguard’s Joe Davis on AI vs Debt, NVDA $4 Trillion, the US Dollar Plunges, Next Hot IPOs

The Compound and Friends

Josh Brown

News, Business, Business News, Investing

4.8 • 1.9K Ratings

🗓️ 1 July 2025

⏱️ 122 minutes

🔗️ Recording | iTunes | RSS

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Summary

On this TCAF Tuesday, Josh Brown sits down with Joe Davis, Vanguard’s Global Chief Economist and Global Head of the Investment Strategy Group to discuss Vanguard's 50th anniversary, Joe's new book, AI, megatrends, inflation, and more! Then at 48:48, hear an all-new episode of What Are Your Thoughts with ⁠⁠⁠⁠Downtown Josh Brown⁠⁠⁠⁠ and ⁠⁠⁠⁠Michael Batnick⁠⁠⁠⁠ including a special appearance by IPO expert Aaron Dillon! This episode is sponsored by Public and Rocket Money. Fund your account in five minutes or less by visiting: https://public.com/WAYT⁠ Cancel your unwanted subscriptions and reach your financial goals faster with Rocket Money. Visit: https://rocketmoney.com/compound 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 Public disclosure: All investing involves the risk of loss, including loss of principal. Brokerage services for US-listed, registered securities, options and bonds in a self-directed account are offered by Public Investing, Inc., member FINRA & SIPC. Public Investing offers a High-Yield Cash Account where funds from this account are automatically deposited into partner banks where they earn interest and are eligible for FDIC insurance; Public Investing is not a bank. Cryptocurrency trading services are offered by Bakkt Crypto Solutions, LLC (NMLS ID 1890144), which is licensed to engage in virtual currency business activity by the NYSDFS. Cryptocurrency is highly speculative, involves a high degree of risk, and has the potential for loss of the entire amount of an investment. Cryptocurrency holdings are not protected by the FDIC or SIPC. Alpha is an experimental AI tool powered by GPT-4. Its output may be inaccurate and is not investment advice. Public makes no guarantees about its accuracy or reliability—verify independently before use. *Rate as of 6/24/25. APY is variable and subject to change. 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

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0:00.0	Ladies and gentlemen, welcome to the compound and friends. Tonight's show is sponsored by our friends at public.com and the public trading app.
0:09.1	We are also sponsored by Rocket Money. Rocket Money is a personal finance app that helps find and cancel your unwanted subscriptions, monitors your spending, and helps lower your bills so you can grow your savings.
0:22.4	What if there were an app that showed you everything you're subscribed to all in one place,
0:27.3	how much it costs, how much you're spending on it?
0:30.0	And then you could say, you know what?
0:31.9	All right, I got 40 subscriptions.
0:34.6	I'm only using 32.
0:36.3	These eight, let's get rid of them. That's rocket money.
0:39.4	Over 5 million users has saved the total of $500 million in canceled subscriptions, saving
0:45.4	members up to 740 a year when they use all the apps premium features. Cancel those unwanted
0:51.3	subscriptions by going to rocketmoney.com slash compound today.
0:57.7	That's rocketmoney.com slash compound.
1:00.3	All right, tonight's a big show.
1:01.5	We had Joe Davis, who is the chief global economist for Vanguard, come and tell us why he
1:07.6	thinks the future, like the next five to ten years, is a pretty binary situation.
1:13.6	Either debt and deficits and entitlement spending absolutely sink us or AI sparks the biggest
1:22.7	productivity boom since the onset of electricity.
1:27.1	And we find our way out of this mess.
1:30.0	And he thinks, well, I'll let you hear what he thinks.
1:33.7	So we're going to do that.
1:34.5	And then straight from there, it's an all new edition of What Are Your Thoughts?
1:38.2	It's Michael Batnik and I.
	...

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