Upside Capture

About Upside Capture

Upside Capture is a finance and investing podcast dedicated to making institutional investment strategy accessible to a broader audience. Hosted by Dr. David Stubbs, Chief Investment Strategist at AlphaCore Wealth Advisory the show draws on decades of experience across global capital markets to explore how economies evolve, how market cycles evolve, and how disciplined allocation decisions are made. Each episode features conversations with investors and capital allocators, discussing the most important trends in macroeconomics and investing today. Website: https://alphacore.com/podcast/

Publisher

AlphaCore Wealth Advisory

Category

business

Language

en

Explicit

No

First episode

14 Apr 2026

Latest episode

21 Oct 2026

Latest episodes

17 episodes in the feed.

1. 

   21 Oct 2026

   Cash Flow, Patents, and the Case for Going Global

   U.S. stocks have dominated global markets for more than a decade, and many portfolios have drifted out of balance as a result. Sean O'Hara, president of Pacer ETFs, argues that the standard fix of buying a broad, market-cap-weighted international index brings exposures investors may not intend to own, from a heavy weight in banks to sectors with little growth behind them. Host David Stubbs sits down with O'Hara to unpack two alternative lenses on international equities, one built on free cash flow yield and the other on patent value as a measure of innovation. They discuss why free cash flow is difficult to shape through accounting, how patent value is assessed across jurisdictions, where each approach can sit alongside traditional international exposure, and where O'Hara believes the ETF industry may be going too far. Learn more about Pacer ETFs at pacerets.com (http://pacerets.com). Learn more about AlphaCore Wealth Advisory at alphacore.com (http://alphacore.com). Disclaimer: This podcast is being provided for informational purposes only and does not constitute an offer or solicitation, and should not be considered tax, legal, or accounting advice. The information represents the current views and opinions of the speakers as of the date of this podcast, and there is no guarantee that any opinions will prove to be accurate, or any forecasts made will come to pass. No obligation is undertaken to update any information, data, or material contained herein. This communication is not recommending the purchase, sale or hold of any security. This presentation and the information contained herein may not be reproduced, in whole or in part, in any format without AlphaCore’s express prior written consent. Certain information contained herein has been obtained from published and non-published sources prepared by third parties. While such information is believed to be reliable, AlphaCore does not assume any responsibility for the accuracy or completeness of the information, which is based on matters as they exist as of the date of this podcast and not as of any future date. Before embarking on any investment program, you should carefully consider the risks and suitability of a strategy based on your own investment objectives and financial position.

2. 

   5 Oct 2026

   One Shipping Lane Just Flipped Global Interest Rates

   At the start of the year, markets were preparing for central banks to cut rates. Instead, the Fed, the European Central Bank, and the Bank of Japan are all raising them, and much of that reversal traces back to the war in Iran and the disruption of shipping through the Strait of Hormuz. Host David Stubbs is joined by Stephanie Flanders, Head of Economics and Government at Bloomberg, host of the Trumponomics podcast, and former BBC economics editor, to unpack how a single supply shock reshaped the outlook for inflation and interest rates, and why she believes the steady backdrop of the 2010s has given way to a world defined by recurring shocks from geopolitics and climate change. They also discuss the "many-lateral" alliances forming in place of old trade relationships, why AI's productivity gains may arrive more gradually than many expect, the uneasy status quo between the US and China, and the UK's tight fiscal position ahead of its budget. The conversation closes on a question more governments may soon face: how to fund public spending if AI erodes the labor-based tax revenue they depend on. Visit Us:  https://alphacore.com/ (https://alphacore.com/) Stephanie Flanders at Bloomberg: https://www.bloomberg.com/ (https://www.bloomberg.com/) Trumponomics Podcast: https://www.bloomberg.com/stephanomics (https://www.bloomberg.com/stephanomics) Disclaimer: This podcast is being provided for informational purposes only and does not constitute an offer or solicitation, and should not be considered tax, legal, or accounting advice. The information represents the current views and opinions of the speakers as of the date of this podcast, and there is no guarantee that any opinions will prove to be accurate, or any forecasts made will come to pass. No obligation is undertaken to update any information, data, or material contained herein. This communication is not recommending the purchase, sale or hold of any security. This presentation and the information contained herein may not be reproduced, in whole or in part, in any format without AlphaCore’s express prior written consent. Certain information contained herein has been obtained from published and non-published sources prepared by third parties. While such information is believed to be reliable, AlphaCore does not assume any responsibility for the accuracy or completeness of the information, which is based on matters as they exist as of the date of this podcast and not as of any future date. Before embarking on any investment program, you should carefully consider the risks and suitability of a strategy based on your own investment objectives and financial position.

3. 

   24 Sept 2026

   Why This Is a Goldilocks Economy

   Bond yields are climbing, headlines are warning of a bubble, and inflation fear is everywhere. Chris Watling, founder and chief market strategist of Longview Economics, sees a different story underneath it, an economy that's stronger and broader than the panic suggests, where rising yields track improving growth rather than looming crisis. Host David Stubbs sits down with Watling for a wide-ranging conversation on U.S. growth and the AI capex cycle, why he reads the current backdrop as a disinflationary boom, the corporate sector's unusual strength, and the historical framework from Charles Kindleberger for what actually ends a bull market. They also cover Europe and Japan, the dollar, gold versus industrial metals, and the hidden risks worth watching. Chris Watling's research is available at longvieweconomics.com (http://longvieweconomics.com). Learn more about AlphaCore Wealth Advisory at alphacore.com (http://alphacore.com). Disclaimer: This podcast is being provided for informational purposes only and does not constitute an offer or solicitation, and should not be considered tax, legal, or accounting advice. The information represents the current views and opinions of the speakers as of the date of this podcast, and there is no guarantee that any opinions will prove to be accurate, or any forecasts made will come to pass. No obligation is undertaken to update any information, data, or material contained herein. This communication is not recommending the purchase, sale or hold of any security. This presentation and the information contained herein may not be reproduced, in whole or in part, in any format without AlphaCore’s express prior written consent. Certain information contained herein has been obtained from published and non-published sources prepared by third parties. While such information is believed to be reliable, AlphaCore does not assume any responsibility for the accuracy or completeness of the information, which is based on matters as they exist as of the date of this podcast and not as of any future date. Before embarking on any investment program, you should carefully consider the risks and suitability of a strategy based on your own investment objectives and financial position.

4. 

   9 Sept 2026

   It's the Who Not the What in Private Equity

   Private equity's reputation was built on leverage. Alisa Wood, co-CEO of KKR's evergreen private equity business, argues the returns now come from something much harder to copy — running better companies. She joins host David Stubbs to explain why the wide performance gap between managers makes selection "the who, not the what," and where she sees operational value creation today. All views and figures are Wood's own and are not a recommendation or an offer to invest. In this episode, we discuss: - Wood's "the who, not the what" case for manager selection - KKR's global investing approach and where Wood sees opportunity - Germany and Japan examples in operational value creation - How to frame AI, exits, and evergreen structures Disclaimer: This podcast is being provided for informational purposes only and does not constitute an offer or solicitation, and should not be considered tax, legal, or accounting advice. The information represents the current views and opinions of the speakers as of the date of this podcast, and there is no guarantee that any opinions will prove to be accurate, or any forecasts made will come to pass. No obligation is undertaken to update any information, data, or material contained herein. This communication is not recommending the purchase, sale or hold of any security. This presentation and the information contained herein may not be reproduced, in whole or in part, in any format without AlphaCore’s express prior written consent.Certain information contained herein has been obtained from published and non-published sources prepared by third parties. While such information is believed to be reliable, AlphaCore does not assume any responsibility for the accuracy or completeness of the information, which is based on matters as they exist as of the date of this podcast and not as of any future date. Before embarking on any investment program, you should carefully consider the risks and suitability of a strategy based on your own investment objectives and financial position.

5. 

   27 Aug 2026

   Tariffs, the Fed, and the Midterms Reshaping Markets with Jason Cole

   Policy used to be background noise. Now it's the thing moving markets. On today’s episode our host David Stubbs is joined by Jason Cole, Head of Government Affairs at Future Standard (https://www.futurestandard.com/) and a veteran of more than a decade on Capitol Hill, to unpack why executive action has eclipsed the legislative process. It starts with tariffs, where razor-thin majorities have made presidential authority the tool of choice. From there the conversation moves through strategic competition with China, the market risk of politicized favoritism, energy shocks out of Ukraine and the Middle East, and new Fed chair Kevin Warsh's push for price stability. Cole closes on a $38 trillion debt, why divided government after the midterms likely means gridlock over reform, and the three things — a rebuilding tariff wall, a quieter Fed, and fast-moving AI policy — he's watching most closely. Why the tariff wall is being rebuilt through new legal authorities even after the Supreme Court struck it down — and what that means for trade, inflation, and supply chains How industrial policy and government ownership stakes distort markets, and why the risk of favoritism could cut both ways after the midterms Why divided government may be the only path to a $38 trillion debt problem — and why gridlock pushes even more policy through executive action Disclaimer: This podcast is being provided for informational purposes only and does not constitute an offer or solicitation, and should not be considered tax, legal, or accounting advice. The information represents the current views and opinions of the speakers as of the date of this podcast, and there is no guarantee that any opinions will prove to be accurate, or any forecasts made will come to pass. No obligation is undertaken to update any information, data, or material contained herein. This communication is not recommending the purchase, sale or hold of any security. This presentation and the information contained herein may not be reproduced, in whole or in part, in any format without AlphaCore’s express prior written consent. Certain information contained herein has been obtained from published and non-published sources prepared by third parties. While such information is believed to be reliable, AlphaCore does not assume any responsibility for the accuracy or completeness of the information, which is based on matters as they exist as of the date of this podcast and not as of any future date. Before embarking on any investment program, you should carefully consider the risks and suitability of a strategy based on your own investment objectives and financial position.

6. 

   19 Aug 2026

   VC Series Pt. 4: Every Milestone in Biotech — Court Turner

   Biotech is the only venture category where the regulator, not the market, decides which products win. That single fact reshapes everything about how capital gets deployed into the sector. In the final episode of a four-part Upside Capture mini-series on venture capital, host David Stubbs and co-host Dave Engel are joined by Court Turner, partner at Liz Capital and one of San Diego's most respected life sciences investors. Turner has spent twenty-five years refusing to choose between investing and operating, founding and leading multiple biotech companies through acquisition — Synthorx to Sanofi, Rodeo Therapeutics to Amgen, and RQx Pharmaceuticals to Genentech — while investing across the sector and teaching drug discovery at SDSU. The conversation covers where biotech sits after a brutal five-year cycle, why the early stage market still has not recovered even as capital returns, what AI can and cannot actually do inside drug development, and how the coming patent cliff creates the opening that early stage biotech exists to fill. Why the FDA, not the market, is the arbiter of value in biotech — and how that changes risk at every milestone Where AI genuinely moves the needle in drug development, and why it struggles at the discovery stage Turner's prediction that institutional LPs will retreat from venture, and private wealth will take their place Disclaimer: This podcast is being provided for informational purposes only and does not constitute an offer or solicitation, and should not be considered tax, legal, or accounting advice. The information represents the current views and opinions of the speakers as of the date of this podcast, and there is no guarantee that any opinions will prove to be accurate, or any forecasts made will come to pass. No obligation is undertaken to update any information, data, or material contained herein. This communication is not recommending the purchase, sale or hold of any security. This presentation and the information contained herein may not be reproduced, in whole or in part, in any format without AlphaCore’s express prior written consent. Certain information contained herein has been obtained from published and non-published sources prepared by third parties. While such information is believed to be reliable, AlphaCore does not assume any responsibility for the accuracy or completeness of the information, which is based on matters as they exist as of the date of this podcast and not as of any future date. Before embarking on any investment program, you should carefully consider the risks and suitability of a strategy based on your own investment objectives and financial position.

7. 

   14 Aug 2026

   VC Series Pt. 3: Pricing Risk Before the Market Does with Adam Draper

   What does it take to write the first check into nuclear energy, de-extinction science, or orbital manufacturing years before anyone else sees the opportunity? In this episode Adam Draper joins David Stubbs and Dave Engel to share his playbook for investing in deep tech before the market catches on. As the founder and managing partner of Boost VC, Adam explains Boost VC's "first check into deep tech" strategy, how he evaluates founders on character and ambition, and why founder empathy shapes his investment approach. Draper also shares stories behind investments like Radiant Nuclear and Colossal Biosciences, discusses his optimism-driven philosophy, emerging opportunities in longevity and ocean tech, and offers practical advice for founders navigating the pressures of building transformative companies. Disclaimer: This podcast is being provided for informational purposes only and does not constitute an offer or solicitation, and should not be considered tax, legal, or accounting advice. The information represents the current views and opinions of the speakers as of the date of this podcast, and there is no guarantee that any opinions will prove to be accurate, or any forecasts made will come to pass. No obligation is undertaken to update any information, data, or material contained herein. This communication is not recommending the purchase, sale or hold of any security. This presentation and the information contained herein may not be reproduced, in whole or in part, in any format without AlphaCore’s express prior written consent. Certain information contained herein has been obtained from published and non-published sources prepared by third parties. While such information is believed to be reliable, AlphaCore does not assume any responsibility for the accuracy or completeness of the information, which is based on matters as they exist as of the date of this podcast and not as of any future date. Before embarking on any investment program, you should carefully consider the risks and suitability of a strategy based on your own investment objectives and financial position.

8. 

   7 Aug 2026

   Bet Early, Bet Concentrated, Chase the 100X - Carter Reum (Pt. 2)

   Venture returns have never been more concentrated, and the gap between the top funds and everyone else keeps widening. In the second episode of a four-part Upside Capture mini-series on venture capital, host David Stubbs and co-host Dave Engel are joined by guest Carter Reum, co-founder of M13, a roughly $1.3 billion venture firm built around an operator-led model that pairs capital with hands-on support for founders. Reum explains how his own operating background shaped M13's approach, why the democratization of company-building is forcing ventures to evolve, and how the firm's Propulsion platform puts experienced operators alongside portfolio companies at the moments that matter most. The conversation also covers M13's shift from consumer and app-layer bets toward infrastructure and AI, including regulated areas like healthcare, and why fund size, dilution, and concentration shape long-term returns more than many investors realize. How an operator-led "value add" model works in practice — and where it can create tension with founders Why fund size, dilution, and concentration matter more to venture returns than most investors realize Reum's framework for liquidity in an illiquid asset class, and his three guiding principles: invest early, invest concentrated, and seek 10% chances at 100X Disclaimer: This podcast is being provided for informational purposes only and does not constitute an offer or solicitation, and should not be considered tax, legal, or accounting advice. The information represents the current views and opinions of the speakers as of the date of this podcast, and there is no guarantee that any opinions will prove to be accurate, or any forecasts made will come to pass. No obligation is undertaken to update any information, data, or material contained herein. This communication is not recommending the purchase, sale or hold of any security. This presentation and the information contained herein may not be reproduced, in whole or in part, in any format without AlphaCore's express prior written consent. Certain information contained herein has been obtained from published and non-published sources prepared by third parties. While such information is believed to be reliable, AlphaCore does not assume any responsibility for the accuracy or completeness of the information, which is based on matters as they exist as of the date of this podcast and not as of any future date. Before embarking on any investment program, you should carefully consider the risks and suitability of a strategy based on your own investment objectives and financial position.

9. 

   27 Jul 2026

   Why the Best Deals Never Reach You — Samir Kaji (Pt. 1)

   Venture capital can be one of the most powerful asset classes in a portfolio, and one of the easiest to get wrong. In this first episode of a four-part Upside Capture mini-series on venture capital, host David Stubbs, Chief Investment Strategist at AlphaCore Wealth Advisory, is joined by co-host Dave Engel, AlphaCore's Head of Venture Capital, and guest Samir Kaji, who spent two decades at Silicon Valley Bank and First Republic advising more than 700 venture firms before founding Allocate, the private markets investment platform. Samir explains how the market has split into a barbell of roughly twenty large multi-stage platforms and thousands of emerging seed managers, why companies are staying private far longer, and how secondaries have become a permanent feature of private markets. The conversation also covers how AI is reshaping both portfolios and the infrastructure behind private investing, and what individual investors should weigh before entering the asset class. Join us as we discuss: Why roughly 80% of venture investments return little to nothing — and what separates an investable approach from a costly one How the venture market has bifurcated, why firms stay private longer, and what that means for liquidity and the rise of secondaries A practical framework for individual investors: pace across vintages, understand your liquidity needs, and always ask why a deal has reached you Article Referenced in Episode: LINK (https://citywire.com/pro-buyer/news/opinion-do-the-3-mega-ipos-of-2026-signal-a-new-era-in-private-markets/a2492564?utm_medium=website&utm_source=citywire_usa_pb&utm_campaign=list-page&utm_content=1e6ae8a2-41d9-4a36-88d8-029c7c1ede59&utm_pos=1&utm_page=1) Disclaimer: This podcast is being provided for informational purposes only and does not constitute an offer or solicitation, and should not be considered tax, legal, or accounting advice. The information represents the current views and opinions of the speakers as of the date of this podcast, and there is no guarantee that any opinions will prove to be accurate, or any forecasts made will come to pass. No obligation is undertaken to update any information, data, or material contained herein. This communication is not recommending the purchase, sale or hold of any security. This presentation and the information contained herein may not be reproduced, in whole or in part, in any format without AlphaCore's express prior written consent. Certain information contained herein has been obtained from published and non-published sources prepared by third parties. While such information is believed to be reliable, AlphaCore does not assume any responsibility for the accuracy or completeness of the information, which is based on matters as they exist as of the date of this podcast and not as of any future date. Before embarking on any investment program, you should carefully consider the risks and suitability of a strategy based on your own investment objectives and financial position.

10. 

    2 Jul 2026

    The 2028 Wall No One Sees Coming with Anastasia Amoroso

    Markets braced for a crisis. The data told a different story. Host David Stubbs is joined by Anastasia Amoroso, Chief Investment Strategist at Partners Group (https://www.partnersgroup.com/), to walk through the firm's latest Private Markets Chartbook — starting with why oil inventories may buffer the Middle East supply shock, with an estimated 20–25 bps impact to US core PCE, slower growth, and a Fed more likely to hold than hike. From there, the conversation turns to a rebound in M&A and IPO activity, the shift from conversational to agentic AI, and hyperscaler CapEx that could approach $1 trillion by 2028. Anastasia closes with why she calls private credit a "golden age of selection" — where widening spreads, a 2028 maturity wall, and a wave of managers who haven't navigated a full credit cycle make experience the differentiator. Why a supply shock may dent inflation and growth without tipping the US into recession — and what that means for Fed policy How agentic AI and trillion-dollar hyperscaler CapEx could reshape software profit pools, business formation, and productivity Why manager selection in private credit matters more than ever heading into the 2028 maturity wall Disclaimer: This podcast is being provided for informational purposes only and does not constitute an offer or solicitation, and should not be considered tax, legal, or accounting advice. The information represents the current views and opinions of the speakers as of the date of this podcast, and there is no guarantee that any opinions will prove to be accurate, or any forecasts made will come to pass. No obligation is undertaken to update any information, data, or material contained herein. This communication is not recommending the purchase, sale or hold of any security. This presentation and the information contained herein may not be reproduced, in whole or in part, in any format without AlphaCore’s express prior written consent. Certain information contained herein has been obtained from published and non-published sources prepared by third parties. While such information is believed to be reliable, AlphaCore does not assume any responsibility for the accuracy or completeness of the information, which is based on matters as they exist as of the date of this podcast and not as of any future date. Before embarking on any investment program, you should carefully consider the risks and suitability of a strategy based on your own investment objectives and financial position.

11. 

    23 Jun 2026

    The $5 Trillion Backlog: Private Markets, AI, and the Liquidity Question with Sonali Basak

    Private markets are more complex and more opportunity-rich than headlines suggest, and the firms with the best intelligence are the ones closest to the data. Host David Stubbs is joined by Sonali Basak of iCapital (https://icapital.com/) to unpack what's actually moving in private markets today. From AI's uneven impact on mega-cap free cash flow to a $5 trillion private equity backlog, Basak draws on iCapital's vantage point connecting thousands of GPs and wealth management firms to assess where the real opportunities and the real risks are emerging. They discuss the resilience of US growth amid fading liquidity tailwinds, the IPO pipeline building around SpaceX, Anthropic, and OpenAI, and why liquidity management has become the defining skill in private credit where evergreen fund dynamics, redemption pressures, and greater dispersion are reshaping how managers compete. Disclaimer: This podcast is being provided for informational purposes only and does not constitute an offer or solicitation, and should not be considered tax, legal, or accounting advice. The information represents the current views and opinions of the speakers as of the date of this podcast, and there is no guarantee that any opinions will prove to be accurate, or any forecasts made will come to pass. No obligation is undertaken to update any information, data, or material contained herein. This communication is not recommending the purchase, sale or hold of any security. This presentation and the information contained herein may not be reproduced, in whole or in part, in any format without AlphaCore’s express prior written consent. Certain information contained herein has been obtained from published and non-published sources prepared by third parties. While such information is believed to be reliable, AlphaCore does not assume any responsibility for the accuracy or completeness of the information, which is based on matters as they exist as of the date of this podcast and not as of any future date. Before embarking on any investment program, you should carefully consider the risks and suitability of a strategy based on your own investment objectives and financial position.

12. 

    10 Jun 2026

    AI Needs Power. Power Needs Infrastructure. Who's Funding It? with Keith Derman

    The gap between what the world needs and what governments can build is widening fast and private capital is moving in. Host David Stubbs is joined by Keith Derman, Head of Infrastructure Opportunities at Ares Management (https://www.ares.com/), to discuss why infrastructure may be the most consequential investment opportunity of the next decade. Three forces are hitting simultaneously: AI and data centers driving unprecedented electricity demand, a global energy transition reshaping power grids, and geopolitical shifts accelerating U.S. energy production and exports. They cover how most portfolios remain significantly under-allocated to an asset class that offers income, inflation protection, low correlation to public markets, and meaningful downside protection and why renewables, after years of market exuberance, may now offer the most attractive entry point in the sector. Disclaimer: This podcast is being provided for informational purposes only and does not constitute an offer or solicitation, and should not be considered tax, legal, or accounting advice. The information represents the current views and opinions of the speakers as of the date of this podcast, and there is no guarantee that any opinions will prove to be accurate, or any forecasts made will come to pass. No obligation is undertaken to update any information, data, or material contained herein. This communication is not recommending the purchase, sale or hold of any security. This presentation and the information contained herein may not be reproduced, in whole or in part, in any format without AlphaCore’s express prior written consent. Certain information contained herein has been obtained from published and non-published sources prepared by third parties. While such information is believed to be reliable, AlphaCore does not assume any responsibility for the accuracy or completeness of the information, which is based on matters as they exist as of the date of this podcast and not as of any future date. Before embarking on any investment program, you should carefully consider the risks and suitability of a strategy based on your own investment objectives and financial position.

13. 

    15 May 2026

    Evergreen Funds, Redemption Waves & Private Credit Conditions with Philip Hasbrouck

    How should investors think about private markets and private credit in today’s portfolio environment? In this episode of Upside Capture, host David Stubbs speaks with Philip Hasbrouck , co-head of Cliffwater’s asset management business, about the role of private markets in long-term portfolio construction and current conditions in private credit. Phil shares Cliffwater’s 10-year capital market assumptions across public equities, real estate, bonds, bank loans, private equity, and private credit, while emphasizing the importance of manager selection, patience, and long-term allocation decisions. The conversation explores how Cliffwater defines direct lending, including loans to sizable private companies with lower loan-to-value characteristics, as well as how evergreen fund structures manage liquidity through quarterly repurchase programs, repurchase limits, proration, loan payoffs, bank revolvers, and potential secondary sales. David and Phil also discuss current private credit conditions, including default levels, PIK usage, spread widening, the potential impact of AI across borrowers and infrastructure, and why future returns and risks may differ from recent experience. Disclaimer: This podcast is being provided for informational purposes only and does not constitute an offer or solicitation, and should not be considered tax, legal, or accounting advice. The information represents the current views and opinions of the speakers as of the date of this podcast, and there is no guarantee that any opinions will prove to be accurate, or any forecasts made will come to pass. No obligation is undertaken to update any information, data, or material contained herein. This communication is not recommending the purchase, sale or hold of any security.This presentation and the information contained herein may not be reproduced, in whole or in part, in any format without AlphaCore’s express prior written consent.Certain information contained herein has been obtained from published and non-published sources prepared by third parties. While such information is believed to be reliable, AlphaCore does not assume any responsibility for the accuracy or completeness of the information, which is based on matters as they exist as of the date of this podcast and not as of any future date. Before embarking on any investment program, you should carefully consider the risks and suitability of a strategy based on your own investment objectives and financial position.

14. 

    21 Apr 2026

    Economic Resilience Amid Uncertainty? The Iran Conflict, AI Disruption & Market Themes with Stephanie Roth

    What do rising geopolitical tensions mean for growth, inflation, and the future of the U.S. economy? In this episode host David Stubbs speaks with Stephanie Roth (https://www.linkedin.com/in/stephanie-roth-b96ab47/), Chief Economist at Wolfe Research, (https://www.wolferesearch.com/ourvalues/) about the potential economic implications of geopolitical tensions involving Iran. Their conversation explores how higher energy prices could affect U.S. growth and inflation, as well as the Federal Reserve’s policy outlook in a moderating inflation environment. Stephanie also discusses the potential impact of fiscal policy on different income groups, developments in private credit markets, the evolving role of artificial intelligence in driving productivity and investment, and ongoing challenges in the U.S. housing market. Disclaimer: This podcast is being provided for informational purposes only and does not constitute an offer or solicitation, and should not be considered tax, legal, or accounting advice. The information represents the current views and opinions of the speakers as of the date of this podcast, and there is no guarantee that any opinions will prove to be accurate, or any forecasts made will come to pass. No obligation is undertaken to update any information, data, or material contained herein. This communication is not recommending the purchase, sale or hold of any security. This presentation and the information contained herein may not be reproduced, in whole or in part, in any format without AlphaCore’s express prior written consent.Certain information contained herein has been obtained from published and non-published sources prepared by third parties. While such information is believed to be reliable, AlphaCore does not assume any responsibility for the accuracy or completeness of the information, which is based on matters as they exist as of the date of this podcast and not as of any future date. Before embarking on any investment program, you should carefully consider the risks and suitability of a strategy based on your own investment objectives and financial position. Timeline: 0:00 Introduction 0:31 Iran War & Energy Shock 2:59 Fed Reaction Function & Economy 7:46 K-Shaped Economy & Consumer Impact 9:21 Private Credit16:36 AI & Productivity 21:44 AI CapEx & Investment Cycle 28:17 Housing Market & Affordability 34:20 12–18 Month US Macro Outlook 35:54 Closing & Disclosures

15. 

    14 Apr 2026

    Navigating Markets Amid Geopolitical Tensions with Dan Ivascyn

    How are markets responding to geopolitical shocks and where are the risks and opportunities now? In this episode of Upside Capture, host David Stubbs speaks with Dan Ivascyn, Group CIO of PIMCO (https://www.pimco.com/us/en/about-us?gclsrc=aw.ds&&?utm_source=g&fm-gad-id=705979564731~kwd-300200404010~163575735326~pimco&alphix-ledger=15225750485150244948&gad_source=1&gad_campaignid=21470396853&gbraid=0AAAAADef1NsLi9IkIkDMKr_y1n7AAL259&gclid=CjwKCAjwqazPBhALEiwAOuXqdL5DfxSiYI95tGOgs6JnP9t-KeHwozHushp-neA1gFvm27tdGqQnRxoCEaEQAvD_BwE), about how investors are interpreting the market impact of the Iran-related energy shock alongside longer-term forces such as AI, private credit, and housing. Dan shares his perspective that markets have responded in a manner consistent with a supply-driven inflation shock—contributing to higher front-end yields and increased uncertainty around growth and earnings—while noting that de-escalation is a commonly discussed base case, with potential tail risks. The conversation explores PIMCO’s evolving portfolio positioning, including a shift from a short-end steepener to a more balanced yield curve with added exposure to longer maturities, alongside an emphasis on diversification, liquidity, and selectivity in credit. David and Dan also discuss how stock-bond correlations may shift in inflationary environments, how relative valuations across asset classes are being evaluated, and the ways AI may contribute to both productivity gains and disruption, particularly within credit markets, as well as developments in mortgage markets and areas of potential risk in lower-quality private credit and floating-rate lending. Disclaimer: This podcast is being provided for informational purposes only and does not constitute an offer or solicitation, and should not be considered tax, legal, or accounting advice. The information represents the current views and opinions of the speakers as of the date of this podcast, and there is no guarantee that any opinions will prove to be accurate, or any forecasts made will come to pass. No obligation is undertaken to update any information, data, or material contained herein. This communication is not recommending the purchase, sale or hold of any security. This presentation and the information contained herein may not be reproduced, in whole or in part, in any format without AlphaCore’s express prior written consent. Certain information contained herein has been obtained from published and non-published sources prepared by third parties. While such information is believed to be reliable, AlphaCore does not assume any responsibility for the accuracy or completeness of the information, which is based on matters as they exist as of the date of this podcast and not as of any future date. Before embarking on any investment program, you should carefully consider the risks and suitability of a strategy based on your own investment objectives and financial position. PIMCO: https://www.pimco.com/us/en Timestamps:0:00 – Introduction & Disclaimer0:52 – Dan Iverson Introduction & Iran War Impact on Markets2:38 – Bond Yields & Curve Positioning3:07 – Targeting the Belly of the Curve & Duration Strategy9:05 – Global Growth Outlook & Macro Impact of Conflict9:42 – Lowering Growth Forecasts / Recession Risks13:41 – Geopolitical Risk, Fat Tails & Portfolio Resilience17:12 – The Case for Fixed Income & 60/40 Correlation Breakdown20:49 – AI's Two-Sided Impact: Productivity vs. Disruption21:31 – How Quickly AI Disruption Has Grabbed Markets28:08 – Private Credit Overview41:24 – Is AI CapEx at Risk from the Energy Shock?45:24 – Mortgages: Agency MBS & Spread Tightening49:01 – AI Job Disruption & Mortgage Market Resilience48:57 – Wrap-Up & Closing Remarks

16. 

    14 Apr 2026

    Is Value Investing Making a Comeback? A Discussion with Tom Cole

    Are U.S. equities overvalued, or are opportunities hiding in plain sight? In this episode of Upside Capture, host David Stubbs speaks with Tom Cole (https://www.linkedin.com/in/thomas-cole-55b5b035/), co-founder of Distillate Capital (https://distillatecapital.com/about/), about how investors are assessing today’s market valuations. Tom shares his perspective on why free cash flow has gained attention as a measure of value, particularly as the economy has become increasingly shaped by intangible investments. The conversation explores the historical context of value investing, comparisons to the dot-com era, and several areas of the market currently drawing investor interest, including small-cap and international equities. David and Tom also discuss concentrated market leadership and approaches such as equal-weight indexing as examples of how market participants are thinking about diversification and portfolio construction in today’s market environment. Disclaimer: This presentation and the information contained herein may not be reproduced, in whole or in part, in any format without AlphaCore’s express prior written consent. Certain information contained herein has been obtained from published and non-published sources prepared by third parties. While such information is believed to be reliable, AlphaCore does not assume any responsibility for the accuracy or completeness of the information, which is based on matters as they exist as of the date of this podcast and not as of any future date. Before embarking on any investment program, you should carefully consider the risks and suitability of a strategy based on your own investment objectives and financial position. Disclaimer: This podcast is being provided for informational purposes only and does not constitute an offer or solicitation, and should not be considered tax, legal, or accounting advice. The information represents the current views and opinions of the speakers as of the date of this podcast, and there is no guarantee that any opinions will prove to be accurate, or any forecasts made will come to pass. No obligation is undertaken to update any information, data, or material contained herein. This communication is not recommending the purchase, sale or hold of any security. This presentation and the information contained herein may not be reproduced, in whole or in part, in any format without AlphaCore’s express prior written consent. Certain information contained herein has been obtained from published and non-published sources prepared by third parties. While such information is believed to be reliable, AlphaCore does not assume any responsibility for the accuracy or completeness of the information, which is based on matters as they exist as of the date of this podcast and not as of any future date. Before embarking on any investment program, you should carefully consider the risks and suitability of a strategy based on your own investment objectives and financial position. Timestamps: 0:00 – Intro & Guest Introduction (Tom Cole, Distillate Capital) 0:31 – Disclaimer & Podcast Overview 0:50 – Welcome Tom / Setting the Stage 1:21 – US Equity Return Expectations & Valuations 1:39 – Role of Free Cash Flow in Returns 3:49 – Why Free Cash Flow vs. Price-to-Book / Price-to-Earnings 4:57 – History of Value Investing (1960–1990) 6:05 – Economy Shift: Tangible to Intangible Assets 8:45 – Free Cash Flow as the New Value Measure 11:03 – Where to Find Opportunity in Today's Market 11:21 – Sector Opportunities: Healthcare, Industrials 15:41 – International Markets & Small Caps 18:20 – Today's Market vs. the Dot-Com Era 18:43 – AI Hype & Valuation Similarities to 2000 19:44 – Comparing Free Cash Flow Yields: Now vs. 2000 21:02 – What Happened 2 Years After the Dot-Com Peak 22:03 – Price vs. Fundamentals: The Eternal Lesson 22:57 – Valuation Always Matters in the Long Run 23:27 – Wrap-Up & Where to Follow Tom / Distillate Capital

17. 

    14 Apr 2026

    Welcome To Upside Capture

    Upside Capture is on a mission to make institutional investment strategy accessible to everyone — not theories, not predictions. Just structure. Markets generate endless commentary. We cut through it. Because economies evolve and cycles repeat across decades. Capital moves in patterns that reward patience and discipline. Each episode features perspectives from people who work inside capital markets every day — discussing the most important trends in macroeconomics and investing today.

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