💡AI has been the market's biggest winner—but Barry Knapp believes the trade is entering a new phase. In this conversation with Maggie Lake, Barry Knapp, Founder and Managing Partner of Ironsides Macroeconomics, explains why he's reduced his exposure to technology stocks, why the pace of AI capital spending is likely to slow, and where he's positioning instead. The discussion also explores why the Federal Reserve's 2% inflation target was a mistake, what a Kevin Warsh-led Fed could mean for markets, why inflation is likely to stabilize around 2.5%, and why fiscal policy—not monetary policy—may be the biggest long-term risk facing investors. In this interview: • Why Barry is underweight technology stocks • Is the AI investment boom entering a new phase? • The Fed's biggest policy mistake • Kevin Warsh and the future of monetary policy • Why inflation may stabilize around 2.5% • Where Barry sees the biggest investment opportunities today • Why he believes a 10% market pullback is possible • The long-term risks of U.S. fiscal policy 💡 Barry Knapp is repositioning his portfolio for what's next. Want a second opinion on your own portfolio? Get a free review with one of Wealthion's trusted fiduciary financial advisors: https://wealthion.com/free 💡 Want more from Barry Knapp? Subscribe to his IronSights Macro Substack for in-depth market analysis and macro insights: https://substack.com/@ironsidesmacro Chapters: 00:00 Cold Open 00:39 Introduction: Barry Knapp of Ironsides Macroeconomics 00:50 Why the U.S. Economy Is Still K-Shaped 04:20 Kevin Warsh's Plan for the Federal Reserve 09:02 Treasury Yields, Bonds & Fed Balance Sheet Risks 13:08 Can Kevin Warsh Restore Confidence in the Fed? 17:08 Why the Fed's 2% Inflation Target Was a Mistake 18:42 Why Inflation Will Likely Settle Around 2.5% 23:37 The Real U.S. Debt & Deficit Problem 28:19 Tech Stocks, AI & Why Barry Knapp Cut Exposure 31:12 Where Barry Knapp Is Investing Instead 33:02 Why a 10% Market Correction Is Possible 33:47 Biggest Blind Spots for Investors Today 35:59 Final Thoughts Connect with us online: Website: https://www.wealthion.com X: https://www.x.com/wealthion Instagram: https://www.instagram.com/wealthionofficial/ LinkedIn: https://www.linkedin.com/company/wealthion/ #Wealthion #BarryKnapp #FederalReserve #TechStocks #AI #Inflation #StockMarket #InterestRates ________________________________________________________________________ IMPORTANT NOTE: The information, opinions, and insights expressed by our guests and our hosts do not necessarily reflect the views of Wealthion or the views of their respective employers. They are intended to provide a diverse perspective on the economy, investing, and other relevant topics to enrich your understanding of these complex fields.   While we value and appreciate the insights shared by our esteemed guests and hosts, they are to be viewed as personal opinions and not as investment advice or recommendations from Wealthion or their respective employers. These opinions should not replace your own due diligence or the advice of a professional financial advisor.   We strongly encourage all of our audience members to seek out the guidance of a financial advisor who can provide advice based on your individual circumstances and financial goals. Wealthion has a distinguished network of advisors who are available to guide you on your financial journey. However, should you choose to seek guidance elsewhere, we respect and support your decision to do so.   The world of finance and investment is intricate and diverse. It's our mission at Wealthion to provide you with a variety of insights and perspectives to help you navigate it more effectively. We thank you for your understanding and your trust.