In this wide-ranging year-end conversation, Cameron Dawson, Dave Nadig, and Matt Zeigler reflect on what worked, what failed, and what the last decade has revealed about markets, diversification, and portfolio construction.

The discussion moves from the collapse of traditional asset allocation assumptions to the realities of concentration risk, gold and crypto as psychological assets, and how investors should think about positioning after two extraordinary market years.

Along the way, the group explores behavioral traps, factor investing disappointments, and what 2026 might demand from investors navigating uncertainty, valuation extremes, and momentum-driven markets.

Main topics covered:

• Why modern portfolio theory and the efficient frontier have struggled over the last 10–15 years
• The “Sell America” trade, what actually worked, and why chasing institutional positioning can be dangerous
• Gold’s breakout, Bitcoin flows, and how investors should think about real assets as psychological hedges
• Why diversification has failed to add value for much of the last decade
• Concentration risk in the S&P 500 and the dominance of the Magnificent Seven
• The challenges of benchmarking in an increasingly concentrated market
• Why most factor and smart beta ETFs struggled in 2025
• Momentum, bubbles, and the risks of recency bias
• Tactical versus strategic asset allocation in a high-valuation environment
• How advisors balance house views with clients’ concentrated positions
• What could drive volatility, rotation, or mean reversion in 2026

Timestamps:

00:00 — Why the efficient frontier and diversification broke down
03:30 — The Sell America trade and why institutional narratives mislead
07:00 — Dollar dynamics, international stocks, and chasing relative performance
10:00 — Gold as a psychological asset and why institutions ignore it
14:00 — Bitcoin, liquidity, and why crypto behaves differently than gold
17:30 — Real assets, real estate, and knowing what you actually own
21:00 — Concentration risk and why the S&P 500 is no longer neutral
24:30 — Why diversification hasn’t added value for over a decade
28:00 — Factor ETFs, smart beta failures, and momentum dominance
31:30 — Bubbles, recency bias, and “knowing the game you’re playing”
34:30 — Rebalancing, leverage, and avoiding self-attribution bias
38:00 — What the last two years mean for 2026 expectations
42:00 — Favorite holiday traditions and family rituals
46:30 — Christmas movies, nostalgia, and comfort rituals
54:30 — Closing reflections, year-end mindset, and sign-off

In this episode of Click Beta, Matt Zeigler, Dave Nadig and Cameron Dawson dive into the concept of financial nihilism, exploring how market behavior, culture, and economic incentives shape decision-making and individual prosperity. We discuss market innovation, the pursuit of supernormal growth, and how these phenomena impact investor psychology, social dynamics, and everyday life. The conversation covers everything from AI-driven trends to personal stories and holiday traditions, drawing connections between larger economic forces and the personal choices people face.

Topics covered
• Robinhood’s new cash delivery feature and what it signals about financial nihilism
• The cultural rise of sports betting, prop betting, and young-generation financial behavior
• Whether monopolistic tech returns are sustainable and what underinvestment means for AI
• The disconnect between economic data, earnings concentration, and lived experience
• Energy constraints, data centers, electricity pricing, and AI’s physical footprint
• Homeownership, meaning, values versus value, and generational economic frustration
• Why innovation has focused on monetization instead of improving products
• Community, novelty, and personal traditions in a world of monoculture
• Halloween costumes, Thanksgiving rituals, and family stories

Timestamps
00:00 Intro, social media innovation, and earnings concentration
01:06 Click Beta cold open and banter
02:54 Robinhood’s cash-delivery service and financial nihilism
06:15 Sports betting, leverage, and the boundaries of market risk
09:13 Gambling culture, social impact, and economic despair
11:00 Monetization vs product improvement in tech innovation
12:45 Meaning, homeownership, and generational disconnect
15:00 Values versus value in modern markets
17:00 Capitalism, monopolies, and return on invested capital
19:00 Underinvestment, complacency, and AI spend
21:00 Grid constraints, compute capacity, and electricity
24:00 Market concentration and four-year S&P doubling
26:00 Consumer sentiment, inequality, and weighted data
28:00 AI, data centers, and public infrastructure strain
33:00 Closing loop on nihilism and novelty
34:00 Halloween costume stories
38:53 Thanksgiving traditions
43:00 Family themes, novelty, and community
52:00 Wrap-up and where to follow the hosts

When politics and markets collide, it’s easy to let emotions take over. In this episode of Click Beta, Matt Zeigler, Dave Nadig, and Cameron Dawson break down the latest government shutdown, how politics really impact markets (if at all), and what investors should pay attention to amid the noise. They also explore whether AI spending could mirror past bubbles, how Fed rate cuts might hurt the very consumers they’re meant to help, and the importance of creative feedback in work and life—all wrapped in the trio’s signature mix of humor, insight, and surprise topics.

Topics covered:
• Should investors let politics influence portfolio decisions
• How government shutdowns historically impact markets and GDP
• The concentration of market gains and “earnings bubbles” in AI-related sectors
• Why the Fed cutting rates could slow high-income consumer spending
• The rise of prediction markets and “casino capitalism”
• Whether the AI boom could lead to one of the biggest wealth redistributions ever
• The difference between valuation bubbles and earnings bubbles
• How overinvestment cycles in railroads and fiber optics mirror today’s AI buildout
• Lessons from editing, feedback, and doing your best creative work
• The case for (and against) shushing during yoga

Timestamps:
00:00 Intro and cold open
02:00 Politics and investing—should they mix?
06:30 The market’s indifference to shutdowns
10:00 How to tell if news events really matter to markets
12:00 Shutdown effects on GDP and employment
14:00 What could make this shutdown different
17:00 How Fed rate cuts might backfire
20:30 Data blackouts, prediction markets, and Calci
25:00 The psychology of betting and “casino capitalism”
26:50 Market concentration and the “data center blob”
28:30 When the market becomes the economy
29:00 Surprise topic: Will the AI bubble burst?
33:00 Over-earning and capital destruction in past bubbles
36:00 The redistribution effect of AI CapEx
40:00 Creative feedback and doing your best work
47:00 Shushing, silence, and respecting quiet spaces
53:00 Closing thoughts and sign-offs