In episode 44 of the Risk On Podcast, Arbitrage Andy is joined once again by Adam Kobeissi, founder and editor-in-chief of The Kobeissi Letter—one of the most closely watched macro research publications on X and across global markets.
Since 2020, Adam’s trade calls have delivered compound returns nearly triple the S&P 500, and in this conversation we dig into how he’s thinking about late-2025 and the road into 2026.
Andy and Adam cover the “two economies” emerging in America (asset owners vs everyone else), the coming shift from QT to renewed liquidity, and why Adam still sees a path to 7,000 on the S&P into year end. They get into tariffs, Trump 2.0, rate cuts, Nvidia and the AI “bubble” debate, gold vs Bitcoin, rare earths and uranium, small caps, regional banks, and what might actually matter for the next macro regime.
They then wrap with how The Kobeissi Letter filters noise, blends technicals with fundamentals, and where Adam sees the biggest opportunities and risks heading into 2026.
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