Great investments often start out as underdogs. On Rebellious Allocations, we talk to the experts trying to find them - the contrarian and disciplined capital allocators doing deep, fundamental research in a time when speculation seems more popular than ever. Hosted by the team at Bastion Fiduciary, the podcast will feature in-depth conversations with portfolio managers, specialists and company executives across a broad range of industries. Episodes will highlight the frameworks, risks, and opportunities that define long-term value creation and bring a grounded perspective to today’s market.
Dr. Ed Yardeni shares his thoughts on The Roaring 2020s, the resilience of the U.S. economy, the G-shaped economy, why productivity is fairy dust for the U.S. economy, interest rates, and more.
23 Jun 2026
Nicolas Owens on GE Aerospace (GE)
Bastion Fiduciary portfolio manager John Rotonti and Morningstar analyst Nicolas Owens discuss GE’s corporate history, its large and growing installed base and recurring revenue business model, competitive position in the commercial aircraft (and defense) engine market, its competitive advantages operating in a global oligopoly, management team, growth opportunities, balance sheet, margins, and returns on invested capital, risks, and more.
20 Jun 2026
Cale Smith on Energy Investing, How AI runs on Nat Gas, and Why Nat Gas is America’s Moat
Bastion Fiduciary founder and CEO Cale Smith discusses the Strait of Hormuz, the price of oil, why natural gas is America’s moat, how the AI infrastructure buildout runs on nat gas and additional demand for nat gas driven by reindustrialization, electrification, and LNG exports. Cale also discusses how he analyzes energy businesses, his focus on long-term free cash flow per share growth, how he values energy stocks, and more.This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. We make no representation or warranty as to the accuracy or completeness of the information contained herein including third-party data sources. The views expressed are as of the publication date and subject to change at any me. There is no guarantee that any projection, forecast or opinion will be realized. No part of this material may be reproduced in any form, or referred to in any other publication without express written permission. References to other funds should not to be interpreted as an offer or recommendation of these securities. Past performance does not guarantee future results. Investments include risk including possible loss of principal and are not suitable for all investors. There is no guarantee that investment objectives will be achieved or that return expectations will be met. Learn more about the Bastion Energy ETF (BESF), view standardized performance, expenses, holdings and read about the risks of investing at Bastionetf.com
4 May 2026
Nicholas Lieb on Cintas (CTAS)
Bastion Fiduciary portfolio manager John Rotonti and Morningstar analyst Nicholas Lieb discuss Cinta’s corporate history, business model, competitive position in the uniform rental and related markets, its competitive advantages, management team, growth opportunities and acquisition engine, pricing power, recurring revenue, margins and returns on invested capital, risks, and more.
17 Apr 2026
Will Kerwin on Teradyne (TER)
Bastion Fiduciary portfolio manager John Rotonti and Morningstar senior analyst Will Kerwin discuss Teradyne's corporate history, business model, competitive position in the semiconductor test and robitcs markets, its competitive advantages, management team, growth opportunities, pricing power, margins and returns on invested capital, risks, and more.
26 Mar 2026
Krzysztof Smalec on Linde (LIN)
Bastion Fiduciary portfolio manager John Rotonti and Morningstar analyst Krzysztof Smalec discuss Linde’s corporate history, business model, competitive position in the global industrial gas market, its competitive advantages, management team, backlog (2/3 of which is renewable/decarbonization projects), growth opportunities, long-term take-or-pay contracts, pricing power, margins and returns on invested capital, risks, and more.
2 Mar 2026
John Heins on teaching value investing and publishing a famous value investing newsletter for twenty years
John Heins, Director of the C.T. and Kelley Fitzpatrick Center for Value Investing at the University of Alabama and owner and publisher of Value Investor Insight, discusses teaching value investing, designing a value investing curriculum, hosting an annual value investing conference, and publishing a highly-recognized investing newsletter for the last 20 years.
23 Feb 2026
Brett Castelli on GE Vernova (GEV)
Bastion Fiduciary portfolio manager John Rotonti and Morningstar senior analyst Brett Castelli discuss GE Vernova’s corporate history, business model, competitive position in the power and electrification end markets, its competitive advantages, management team, growth opportunities, pricing power, margins and returns on capital, risks, and more.
15 Jan 2026
Nicholas Lieb on Eaton (ETN)
Bastion Fiduciary portfolio manager John Rotonti and Morningstar analyst Nick Lieb discuss Eaton's corporate history, business model, competitive position in the electrical and aerospace end markets, its competitive advantages, management team, growth opportunities, pricing power, margins and returns on capital, risks, and more.
10 Dec 2025
Nicholas Lieb on Vertiv (VRT)
Bastion Fiduciary portfolio manager John Rotonti and Morningstar analyst Nick Lieb discuss Vertiv’s corporate history, business model, position in the AI infrastructure ecosystem, competitive advantages, management team, growth opportunities, pricing power, margins and returns on capital, risks, and more.
24 Nov 2025
Will Kerwin on Arista Networks (ANET)
Morningstar tech analyst Will Kerwin joins Rebellious Allocations to discuss networking's role (including as a bottleneck) in the AI infrastructure buildout, Arista's networking hardware and software portfolio, the competitive landscape, growth opportunities, and Arista's "wide" moat and "exemplary" management.
13 Oct 2025
Will Kerwin on KLA Corp (KLAC)
Will Kerwin, technology analyst at Morningstar, shares his thoughts on KLA Corp’s business model, competitive landscape, technology transition, chip manufacturing, KLA’s moat, management, corporate culture, and more.
13 Oct 2025
Todd Wenning on Ferguson (FERG)
Todd Wenning (Part 2), founder of KNA Capital, shares his thoughts on what is happening in the plumbing and heating industry, Ferguson’s business model, competitive landscape, moat, management, corporate culture, and more.
13 Oct 2025
Todd Wenning on Old Dominion Freight Line (ODFL)
Todd Wenning (Part 1), founder of KNA Capital, shares his thoughts on trucking and freight industry inflection points, Old Dominion’s business model, competitive landscape, moat trends, management, corporate culture, and more.
13 Oct 2025
Eric Markowitz on the importance of networking and field research in the AI age
Eric Markowitz, Director of Research at Nightview Capital discusses his investing philosophy, the importance of identifying industry change in the quest for value, AI as the new electricity, slowing down the research process, getting comfortable with short-term underperformance, and more.
Inside a recent episode
Macro with Dr. Ed Yardeni
Published 2 Sept 2026 · Transcript excerpt
[…] And I perceived, as everybody did, that there were technologies out there that had the potential to boost productivity. I did mention artificial intelligence. I've also mentioned robotics and automation and autonomous driving vehicles. Little did I know that November 22, 22, uh, we'd see open AI introduced chat GPT. And, uh, as a result, we've had this, uh, uh, AI boom, uh, which, uh, I think is the real deal. I clearly there's, there, there, there, there's hype. There's a likelihood that, uh, some will fail and some will succeed, but on balance, I think it is a huge productivity tool. Um, But I think AI has also forced every company to kind of look at every department, every employee up and down and say, how do we use AI effectively? […]
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