Back to the Future: Tariffs and the Return of Old Ideas

🎙️ Guest: Peter McNally, CFA🎧 Episode Title: The Return of Industrial Risk🗓️ Published: [Insert Date]📍 Topics: Tariffs, Trade Policy, Supply Chains, Energy Markets, CapEx, Nuclear, AI Infrastructure

🔹 Episode Summary

In this conversation, Tom Levine speaks with Peter McNally, CFA of Third Bridge about how the return of tariffs, the hesitancy around long-term capital investment, and the future of energy are reshaping the economy.

McNally explains why many so-called reshoring announcements may just be “window dressing,” how cheap natural gas, as much as, policy—displaced coal, and why nuclear innovation may take longer than public timelines admit.

From AI-driven energy demand to restarting Three Mile Island, this episode looks at what happens when old industrial tools become relevant again.

🧠 Highlights

Why companies are absorbing tariffs in the short-run instead of rewiring supply chains

The silent CapEx pause — and what it means for markets

LNG, shale, and the fracking technologies that changed U.S. energy

Small Modular Reactors and the limits of nuclear scale-up

AI data centers, power shortages, and the real energy bottleneck

“We’re all going to have to be students again.”

🔗 Resources & Mentions

Guest: Peter McNally – Third Bridge

Reference: Cheniere Energy (LNG)

Topics: SMRs, Trade Policy, Data Center Buildouts

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Smart conversations about policy, power, and real capital in Los Angeles and beyond.🎧 Full archive: https://www.1929.live

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00:00 Economic Impact of Tariffs

02:20 Long-term Capital Expenditure Trends

04:48 The Role of Third Bridge in Market Analysis

07:36 Tariffs and Global Trade Perspectives

10:14 The Future of Railroads and Shipping

12:34 Consolidation in the Rail Industry

15:14 The Intersection of Rail and Trucking

17:35 Airlines and Economic Resilience

24:28 Post-COVID Travel Demand Surge

25:45 Energy Sector Innovations and LNG Success

27:19 Technological Advances in Energy Production

30:14 Natural Gas: The Future of Energy

30:58 Data Centers and Energy Demand

34:08 Nuclear Energy: Challenges and Opportunities

38:55 Investing in Energy: The Case for Natural Gas

43:33 Market Overview: Corporate Earnings and Valuations

48:47 Wealth Disparity and Consumer Health

50:44 Native Angelino Podcast

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