Episodes
How Oil Giants Are Winning While the Market Slips
On this episode of The Quarterly Review, Lucas and Luna dig into the surprising energy-sector resilience during an otherwise soft week for stocks. With the S&P 500 down 0.6% and the Dow off 0.7% over five days, ExxonMobil and Chevron have climbed 3.8% and 4.2% respectively, driven by rising crude prices and geopolitical tension in the Strait of Hormuz. Lucas explains why this divergence is more than a knee-jerk reaction—it's a structural shift in how energy companies are managing cash flows…
How Buybacks Are Quietly Outperforming in 2026
This episode of The Quarterly Review digs into a counterintuitive trend from the latest earnings season: while many investors chase AI-driven growth, the real winners this summer have been companies executing steady, well-timed share buybacks. Lucas and Luna break down why buyback announcements are beating earnings beats, how the current yield curve and regulatory shifts are reshaping the strategy, and why Berkshire Hathaway's recent pullback might be a signal. They look at specific…
How Earnings Season Is Quietly Favoring Dividend Payers
Amid a mixed market in August 2026, dividend-focused stocks are quietly outperforming their growth-heavy counterparts. Lucas and Luna explore why the yield curve, cautious Fed policy, and a slowdown in real GDP growth are driving investors toward companies that return cash. They look at how the S&P 500's rise masks a rotation into value, as seen in the Russell 2000's recent strength, and discuss what this means for earnings season. With real GDP growth down to 1.5 percent, they argue that…
How Nvidia's SpaceX Stake Reshapes the Earnings Narrative
This episode of The Quarterly Review dives into Nvidia's newly disclosed $21 billion stake in SpaceX, announced at the end of the second quarter. Lucas and Luna unpack what this investment means for Nvidia's earnings quality, its cash deployment strategy, and the broader signal it sends about the convergence of AI and space technology. They discuss how a chip maker becoming a major investor in a private space company changes the conventional 'earnings beat' story, and what it says about the…
How Disney's Parks Surprise Is Reshaping Earnings Season
Disney CEO Josh D'Amaro called the parks division a 'big surprise' in the latest quarter. In this episode, Lucas and Luna dig into what that actually means for earnings season and the broader market. They unpack the numbers: the S&P 500 is up 0.4% over five days while the Dow is down 0.4%, and small caps are leading with a 1.5% gain. They discuss why Disney's parks resilience stands out in a consumer spending environment that's showing cracks, and how that fits into a market where energy and…
How Dividends Are Quietly Winning the Second Half
As AI hype cools and the S&P 500 drifts sideways, a quieter story is emerging from this earnings season: dividends are doing the heavy lifting. In this episode, Lucas and Luna dig into the data behind the yield-curve signal, the surprising strength of value stocks like Chevron and JPMorgan, and why the 'dividend aristocrats' are quietly outperforming in a market that can't stop talking about AI. They also unpack the latest wholesale price report and what it means for Fed Chair Warsh's next…
How Buybacks Are Boosting Earnings Per Share
This episode of The Quarterly Review explores how the current buyback boom is quietly boosting earnings per share for companies in the S&P 500, even as revenue growth stays modest. Lucas and Luna break down the mechanics, using recent data showing a record pace of buybacks, and discuss why this is a key signal for investors. They also touch on the latest inflation report and what it means for the Fed's next move. If you've ever wondered why stock prices can rise even when earnings growth is…
How Oil Spikes Are Reshaping Energy Earnings
With US crude climbing above $83 a barrel and Iran's Strait of Hormuz threat hanging over markets, energy companies are posting some of the biggest earnings surprises of the season. In this episode, Lucas and Luna drill into what's driving the recent 5% jump in Exxon and Chevron shares, how the SPR drawdown is tightening supply, and why analysts are split on whether this is a durable repricing or a short-term geopolitical blip. They also touch on what the move means for inflation, the Fed's…
How the SPR Crunch Is Shaping Energy Earnings
The Strategic Petroleum Reserve just fell below 300 million barrels for the first time since 1983, and oil giants are quietly cashing in. In this episode, Lucas and Luna break down how the SPR drawdown is reshaping energy earnings, from ExxonMobil's recent run to the geopolitical pressures around the Strait of Hormuz. They connect the dots between shrinking government stockpiles, sticky oil prices, and what it means for energy stocks and the broader market. Plus, a closer look at why Pfizer's…
How Berkshire's Cash Hoard Is Finally Going to Work
Berkshire Hathaway has long been a fortress of cash, but in 2026 the tide is turning. With the S&P 500 up 2.1% in the last five days and the Dow crossing 54,000, the market is humming—yet Berkshire's stock has lagged the broader rally, up just 1.7%. The real story: Greg Abel, Buffett's successor, is finally putting the company's massive cash pile to work, deploying it in ways that could reshape the conglomerate for decades. From buybacks to big-ticket acquisitions, this episode drills into the…
How Berkshire Is Starting to Spend Buffett's Cash Hoard
Berkshire Hathaway has piled up a record cash reserve for years, and investors have been waiting for the moment CEO Greg Abel starts putting it to work. That moment may finally be here. In this episode, Lucas and Luna break down the latest earnings report, the surprising move in Berkshire's stock, and what Abel's early capital-allocation decisions signal for the company's future. They dig into the tension between preserving Buffett's legacy and adapting to a market where buybacks and big…
How the Jobs Report Is Driving This Week's Market Rally
On this episode, Lucas and Luna dig into the surprising market reaction to the July jobs report. Instead of the usual doom-and-gloom, stocks rallied hard — the S&P 500 is up nearly 2 percent for the week, and even the small-cap Russell 2000 is catching a bid. The hosts break down why a weak labor market can actually be good news for investors, focusing on the yield curve and what it signals for Fed policy. They also touch on how dividend aristocrats are quietly outperforming, and why companies…
How Dividend Aristocrats Are Quietly Outperforming in 2026
In this episode of The Quarterly Review, Lucas and Luna dig into an earnings-season pattern that's easy to miss: dividend aristocrats are quietly beating the market. With the S&P 500 up nearly 3% in five days and the NASDAQ surging 3.8%, the usual tech narrative dominates, but a closer look at the numbers shows a different story. They discuss how a 1.5% real GDP growth reading—down from 2.1%—is pushing investors toward stability, and why dividend payers like Pfizer, up 3.5% this week, are…
Earnings Season's Hidden Signal in the Buyback Boom
As August 2026 earnings season wraps up, the S&P 500 has jumped 4.1% in five days, but Lucas and Luna dig into a quieter driver: corporate buybacks. With companies like JPMorgan and Bank of America up 3% on the week, they explore how buyback announcements are moving markets beyond the headline earnings beats. They break down the $100 billion tariff refunds and what they mean for buyback capacity, and question whether the buyback boom is masking weaker underlying growth. Tune in for a fresh take…
How SpaceX First Earnings Reshape Private Market Valuations
SpaceX just reported its first earnings since going public, and the numbers are wild. But the real story isn't the headline revenue—it's what those numbers mean for every private company trying to raise money. Lucas and Luna break down the key metrics, the massive share unlock looming, and why this could reset how investors think about growth versus profitability. They also look at the broader market rally, with the S&P 500 hitting a record 7,752, and what it means for companies like Amazon…
How SpaceXs First Earnings Could Test Its High-Flying Stock
SpaceX's post-IPO plunge has set a tense backdrop for its first earnings report. As the company prepares to report as a public company for the first time, Lucas and Luna dissect what investors should watch: revenue growth from Starlink, margins on launch services, and how the company's valuation stacks up against the broader market. With the S&P 500 up 2.1% this week and tech stocks leading the charge, can SpaceX justify its premium? The hosts also explore the challenge of valuing a company…
How Earnings Season Is Rewiring Buyback Strategies
In Episode 147 of The Quarterly Review, Lucas and Luna dig into a quiet shift in corporate behavior: companies are changing how they deploy buybacks as earnings season unfolds. With the S&P 500 at 7,490 and the yield curve flashing signals, they examine why some firms are holding back cash while others accelerate repurchases. They look at specific examples like Berkshire Hathaway's recent move, and how banks like JPMorgan are navigating the landscape. The conversation zeroes in on how a 1.5%…
Earnings Season's Real Story Is the Yield Curve
Lucas and Luna dig into the quiet signal hiding inside this earnings season: the yield curve is uninverting, and it's reshaping how investors read results. With the S&P 500 at 7,490 and the Dow near 52,485, the hosts explain why a steeper curve is boosting value and financial stocks like Chevron and Berkshire Hathaway, while pressuring growth names. They trace the shift from July's oil-driven rallies to August's rate-sensitive landscape, and what the Treasury's yen intervention and Fed Chair…
AI Investor Blow-Up Reveals Earnings Season Risks
Leopold Aschenbrenner, a prominent AI-focused investor, was forced to unwind all public stock positions after steep losses, sources say. This episode examines how a concentrated, leveraged bet on AI backfired during a volatile earnings season and what it means for market sentiment. We connect the blow-up to today's market data: the Nasdaq rallied 2% while GDP growth slowed to 1.5% and core inflation stayed at 3.3%. Is the AI trade losing its magic? We discuss leverage, concentration risk, and…
How Geopolitical Risk Is Testing Fed Chair Warsh's Credibility
The S&P 500 dropped 1.2% last week and the Nasdaq fell nearly 3%, but Berkshire Hathaway gained 3.7%. The divergence reflects a market scrambling for safety after the U.S. struck Iran and the Fed left rates unchanged. In this episode, we examine how Chair Kevin Warsh's strategy is being tested by the sudden geopolitical shock. With GDP growth still at 2.1% annualized, the Fed's decision to hold steady is under scrutiny. We look at Berkshire's defensive rally, the sell-off in JPMorgan, and what…
How Vertiv Is Riding the AI Infrastructure Boom
Vertiv reported blockbuster earnings this week, with revenue up over 20% year-over-year and full-year guidance raised, even as the Dow plunged 700 points on oil and geopolitical fears. Lucas and Luna break down what the data center power and cooling company's results reveal about the real pace of AI buildout, and why infrastructure plays are beating pure tech stocks this earnings season. They also examine how this fits into the broader rotation from growth to value, citing Berkshire Hathaway's…
How SK Hynix's Earnings Beat Became a Market Sell-Off
SK Hynix reported staggering quarterly results: revenue up 68% year-over-year, operating profit more than doubling. Yet shares fell 10% as expectations had priced in even more. Lucas and Luna unpack what this says about the current earnings season, where geopolitical turmoil from Iran's attack sends oil soaring and Asian markets into a tailspin. They examine the disconnect between corporate performance and market reaction, and what investors should watch next in an environment where perfection…
How AI Efficiency Is Widening the Dow-NASDAQ Divide
The Dow is up 1.3% in the past week while the NASDAQ has dropped 2.8%. Lucas and Luna break down the divergence, using Visa's 7% workforce cut as a case study in how AI-driven efficiency is boosting margins for industrial and financial stocks while weighing on high-growth tech. They cite live data: Berkshire Hathaway up 3.9%, JPMorgan up 2.4%, and the sharp rise in real GDP growth to 2.1%. Tune in for a grounded look at earnings season's hidden trend. #Visa #AI #Efficiency #DowJones #NASDAQ…
How Apple's Earnings Stability Beat Nvidia's AI Hype
On July 27, Apple overtook Nvidia as the world's most valuable company, capping a week where the Nasdaq shed 3.5% while the Dow held flat. Lucas and Luna explore what this market cap reversal says about investor priorities during earnings season: predictable cash flows vs. AI-fueled growth. They examine Apple's steady services revenue and Nvidia's exposure to a volatile AI supply chain, and discuss how the broader rotation into value and defensive stocks is reshaping portfolio strategy. With…
How South Korea's Tech Rout Is Reshaping US Earnings Season
South Korea's Kospi just plunged over 8% in a single day, with chip giant SK Hynix tanking 13%. Lucas and Luna examine how this sell-off echoes through US earnings season—from Nasdaq's 3.5% weekly drop to the divergence between Apple and Nvidia. They discuss the tightening correlation between Korean and American tech stocks, what it means for AI-driven earnings expectations, and why the NYSE Composite is actually up while growth stocks get hammered. A focused look at one cross-border signal…
Why Value Stocks Are Crushing Tech in July 2026
This earnings season is revealing a dramatic rotation: while the Nasdaq has dropped nearly 4% in the past five days, value stocks and financials are quietly hitting new highs. Lucas and Luna dissect the data—from JPMorgan's 2.3% weekly gain to Exxon's 1.9% rise—and explore why investors are fleeing high-multiple tech for steady cyclicals. They also touch on Steve Eisman's recent tech sell-off as a signal of changing sentiment. #EarningsSeason #ValueStocks #TechRotation #JPMorgan #ExxonMobil…
How CXMT's 500% IPO Pop Reveals China's Two-Track Earnings Landscape
China's memory chipmaker CXMT surged 500% on its Shanghai debut, dazzling investors while industrial profits across the country are slowing. Lucas and Luna explore the widening gap between AI-driven semiconductor earnings and traditional manufacturing, using today's data—including a 5% oil slide and sluggish industrial profit growth—to explain how China's two-track economy is reshaping global earnings season. They discuss what the CXMT IPO means for memory chip competitors, the ripple effects…
How Industrial Companies Are Cashing In on the AI Boom
This episode of The Quarterly Review focuses on a surprising earnings trend in July 2026: industrial companies supplying the physical infrastructure for AI data centers are posting revenue growth that rivals tech giants. Lucas and Luna examine how firms like Vertiv and Eaton are benefiting from the surge in data center construction, with specific numbers from recent earnings reports. They place these results in the context of a strengthening GDP growth rate of 2.1% and the S&P 500 trading at…
How AI Distillation Is Reshaping Tech Earnings
A new technique called AI distillation is quietly transforming the economics of large language models. In this episode of The Quarterly Review, Lucas and Luna break down how distillation slashes compute costs and could boost margins for tech giants like Microsoft and Alphabet. They explore why the market is suddenly obsessed with the concept, what it means for NVIDIA's dominance in GPUs, and how upcoming earnings reports may reflect this shift. With the Nasdaq near 25,000 and GDP growth at…
How Caterpillar's Earnings Signal an Economic Turnaround
In this episode of The Quarterly Review, Lucas and Luna examine how the U.S. economy's acceleration to 2.1% annualized GDP growth is reshaping earnings season. They zero in on Caterpillar's July 2026 earnings report, which beat analyst estimates amid rising infrastructure spending and mining demand. The hosts discuss how new tariffs are both a tailwind and a risk, and why the Dow's record above 51,900 reflects a rotation into cyclical value stocks. Listeners will learn one concrete takeaway…
How Intel Is Riding the AI Boom to Its Fastest Revenue Growth in 15 Years
Intel posted its fastest revenue growth in nearly 15 years, driven by a surge in AI chip demand. In this episode, Lucas and Luna break down the numbers: Intel's data center segment grew 40% year-over-year, while its foundry business landed a major customer. They discuss how Intel is positioning itself as a rival to NVIDIA in the AI chip market, and what the broader semiconductor cycle means for investors. With the S&P 500 down 0.7% this week, Intel shares jumped 8% on the news, making it a…
Why Big Oil Stocks Are Surging Past 100 Dollar Crude
In this episode of The Quarterly Review, Lucas and Luna examine why big oil stocks like ExxonMobil and Chevron are surging despite crude topping $100 a barrel. They explore the structural shift in energy earnings: disciplined capital spending, record buybacks, and surprisingly low debt levels. Lucas reveals that ExxonMobil's free cash flow breakeven is now below $45 a barrel, down from $70 a decade ago, and explains how that changes the relationship between oil prices and stock prices. The…
How Oil Surge Is Reshaping Earnings Season in July 2026
With crude surpassing $97 a barrel after Houthi attacks on Saudi tankers, Lucas and Luna examine how the oil surge is reshaping earnings season for energy companies and beyond. They break down ExxonMobil's 5.8% weekly gain, the ripple effects on airline and consumer stocks, and why this rally feels different from past oil shocks. Plus, a realistic look at how long elevated prices might last and what it means for the broader market in Q3. #OilPrices #EarningsSeason #ExxonMobil #Chevron #CrudeOil…
How Rising Oil Prices Are Boosting Energy Stocks in July 2026
In this episode of The Quarterly Review, Lucas and Luna examine how recent geopolitical tensions — a tanker strike off Saudi Arabia and escalating Iran threats — have pushed oil prices higher, boosting energy stocks like ExxonMobil and Chevron. They dive into the numbers: Exxon up 5.8% in five days, Chevron up 5.0%, while the broader market slips. The hosts discuss how this rally contrasts with the tech selloff (Tesla, Alphabet) and what it means for earnings season. They also explore the…
How Ford Is Winning the EV Price War in July 2026
Episode 129 of The Quarterly Review digs into Ford's surprisingly strong second-quarter 2026 earnings, where the automaker posted a 4.2 percent operating margin in its Model e EV division — a feat Tesla has yet to match in the same period. Lucas and Luna unpack how Ford cut battery costs by 18 percent year-over-year, leveraged its commercial fleet business to offset consumer EV losses, and why legacy Detroit's manufacturing discipline is giving it an edge over pure-play EV rivals. With the S&P…
How Nike Is Cutting Thousands of China Distributors
Nike announced it's cutting off thousands of online distributors in China to restructure its digital footprint. Lucas and Luna drill into the strategy: why Nike is abandoning its historic multi-tier distributor model, what it means for its China business, and how the move echoes broader shifts in global brand strategy. They examine the numbers—Nike's China revenue has grown 8% annually but profit margins are thinning. The hosts also discuss the risk: can Nike recover lost sales from small…
How Small Caps Are Quietly Outperforming in July 2026
The S&P 500 is down 0.8% over the past five days, but the Russell 2000 is up 0.2%. Lucas and Luna dig into why small-cap stocks are suddenly leading the market. They look at the rotation out of mega-cap tech into value and small caps, driven by lower interest rate expectations and a stronger GDP growth outlook. The hosts discuss how companies like regional banks and industrial firms are benefiting, while AI-heavy names like NVIDIA face headwinds. They also touch on the broader economic picture…
How Oil Price Volatility Is Reshaping Earnings Season in July 2026
In this episode of The Quarterly Review, Lucas and Luna examine how surging oil prices tied to Middle East tensions are reshaping corporate earnings season. With Brent crude flirting with $90 per barrel and major indices like the S&P 500 down 1.3% in the past week, they focus on two sectors most impacted: airlines and big oil. Lucas breaks down how ExxonMobil and Chevron are seeing tailwinds from higher crude, while United Airlines warned of fuel cost headwinds. They also discuss what the…
How Samsung Biologics Dollar1.8 Billion Deal Reshapes CDMO Earnings
Lucas and Luna break down Samsung Biologics' $1.8 billion all-cash offer for Switzerland's PolyPeptide Group, announced today. They explore why a South Korean contract manufacturer would pay a 35% premium for a European peptide specialist, how the deal fits into the broader CDMO earnings landscape, and what it signals for biotech manufacturing margins. With the S&P 500 down 0.8% in the past five days and Brent crude above $90 on geopolitical tensions, the hosts also connect the acquisition to…
How American Airlines Plans to Close a 3 Billion Dollar Profit Gap
American Airlines CEO Robert Isom has laid out a detailed plan to close a more than $3 billion profit gap compared to rivals Delta and United. In this episode, Lucas and Luna examine the three pillars of the strategy—fleet simplification, operational reliability, and premium revenue growth—and assess whether the targets are realistic given current industry headwinds. They discuss how American's reliance on older Boeing 737-800s and regional jets limits margins, why the airline is investing in…
How Earnings Season Is Exposing the Fault Lines in July 2026
In this episode of The Quarterly Review, Lucas and Luna drill into the tension between bank earnings and the broader market in July 2026. JPMorgan and Bank of America are reporting record net interest income, while the S&P 500 and Nasdaq have dipped over the past five days. Using fresh data and a specific case — JPMorgan's net interest margin expansion — they examine why financials are surging even as tech and consumer stocks wobble. They also touch on the Russell 2000's small but positive…
How Value Stocks Are Quietly Outperforming Small Caps in July 2026
In this episode of The Quarterly Review, Lucas and Luna take a close look at a quiet market rotation happening in mid-July 2026: value stocks are beating growth, but the Russell 2000's recent outperformance of the S&P 500 tells a more complicated story. They discuss why the Russell has gained 0.3% over the past five days while the S&P 500 lost 0.8%, what's driving the divergence, and whether this is a genuine shift in leadership or just a short-term bounce. Lucas brings in data on the IWD…
How the Russell 2000 Is Beating the S&P 500 in July 2026
While the S&P 500 and Nasdaq have dipped over the past five trading days, the Russell 2000 is up 0.3%. Lucas and Luna unpack why small-cap stocks are suddenly outperforming their larger peers in mid-2026. They explore the role of falling Treasury yields, a weakening U.S. dollar, and the rotation away from mega-cap tech. The hosts zoom in on regional banks in the Russell 2000, which are benefiting from higher net interest income—JPMorgan and Bank of America are each up 2% to 3% in the same…
How Record Net Interest Income Is Reshaping Bank Earnings
In this episode of The Quarterly Review, Lucas and Luna dissect the surprise surge in bank earnings during summer 2026. With JPMorgan and Bank of America reporting massive net interest income gains, we explore how higher-for-longer rates are reshaping the banking landscape. We dig into the specific numbers—JPMorgan up 2.6 percent in the last five days, Bank of America climbing 3.3 percent—and explain why this rally feels different from previous rate-driven booms. The hosts also examine whether…
Why Bank Stocks Are Surging on Record Net Interest Income
In this episode of The Quarterly Review, Lucas and Luna dive into the surprising strength of bank stocks in July 2026. With JPMorgan and Bank of America both up over 2% and 3% respectively in the past five days, they explore what's driving the rally: record net interest income from higher-for-longer interest rates, strong consumer balance sheets, and a steepening yield curve. They also discuss how regional banks are benefiting from commercial real estate stabilization and why investors are…
Why Grocery Giants Are Feeling the Squeeze in July 2026
Lucas and Luna dig into a surprising earnings season story: the U.S. grocery slowdown. With shoppers buying fewer items, major food companies are under pressure. They examine the numbers behind the trend, including how inflation fatigue and changing consumer habits are hitting the bottom lines of household brands from Kraft Heinz to General Mills. The hosts also look at what this means for the broader market, referencing the S&P 500's dip and the outperformance of defensive stocks like…
How United Airlines Fuel Costs Reshape Earnings Season
United Airlines just posted earnings that topped estimates, but the real story is a $6 billion projected fuel bill that's reshaping how analysts value airlines in mid-2026. Lucas and Luna break down United's results, compare them to Delta and Southwest, and explain why the market is more focused on fuel hedges than passenger revenue. They also look at broader ripple effects across transport stocks and the oil market, with ExxonMobil up 5% in the last five days. If you're trying to make sense of…
How Warren Buffett Is Sitting on Record Cash in July 2026
Warren Buffett's Berkshire Hathaway has built a $325 billion cash fortress, and with the S&P 500 near 7,544, he says it's tough to find values. Lucas and Luna break down what Buffett sees that others might be missing — and why his caution could be a signal for the broader market. They look at Berkshire's recent moves, from selling Apple to piling into Treasury bills, and ask whether the Oracle of Omaha is right to wait or if he's leaving returns on the table. Plus, how the cash pile compares to…
How Dividend Aristocrats Are Beating the Market Rotation
As growth stocks wobble and the S&P 500 hits 7,544, dividend-paying stalwarts are quietly pulling ahead. Lucas and Luna examine why the Dividend Aristocrats index has outperformed the broader market by over three percentage points this quarter, with a focus on consumer staples like Procter & Gamble and Coca-Cola. They dig into the mechanics: steady cash flows in a rising-rate environment, lower volatility, and the compounding edge of 25-plus-year dividend growth streaks. The hosts also explore…
How Utilities Are Becoming the New AI Play in July 2026
Lucas and Luna explore a surprising earnings season story: utilities, the sleepy sector of last decade, have become a battleground for AI-driven electricity demand. With data center power needs surging and grid capacity tightening, companies like NextEra Energy and Southern Company are seeing revenue growth that rivals some tech firms. The hosts unpack how AI model training is reshaping utility earnings calls, why investors are bidding up regulated utilities, and whether the sector's multi-year…
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