Brian Stewart

speaker

910 appearances 18 recordings 2 series first heard Feb 2025 last heard 10 Apr

Brian Stewart’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 8 in all, peaking in Feb 2026 with 4.

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Wall Street Breakfast · Wall Street Roundup: Supreme Court Rules · 20 Feb 2026 podcast

sort of nominally positive news.

I mean, Blue Owl wasn't, but Walmart and Carvana are sort of not only positive news, but you have investors approaching them with skepticism.

I think that's part of the situation with valuations being what they are.

You get to a point where just beating expectations isn't enough.

The investors really get under the hood and sort of see what's going on in the smaller metrics.

Yeah, I think back to the financial crisis, and I'm not trying to say this to be dramatic or anything or that I'm predicting something, but hyperbolic Stewart, here we go again.

That's what they always call me.

But, you know, like at that time,

If you were to go like two weeks before the meltdown started, nobody had heard of sort of mortgage backed securities and things like that.

It was like a talking point on Wall Street, but not something that I think a retail investor was relatively aware of.

And so in sort of like Black Swan or the alligator under the water kind of,

idea, there can be these things that are sort of bubbling under the surface that only become relevant when they become relevant.

And when they do so, it becomes relevant very suddenly.

So I think the concerns about Blue Owl is in that

that realm where this high level of economic activity is happening kind of sort of, like I said, off stage, and there's a worry that it'll sort of come on stage in a very dramatic way at some point.

And then you have individual companies, like if we look at the Carvana example, I mean, Carvana is a company that has like a very high sort of capital investment to do its minimal amount of running.

You know, it has the giant car vending machine

The good news is that is like if they have sales increases, you get to leverage that installed expense base.

And so that is more profitable.

When you fall below a certain level, you have all these expenses that you can't get rid of.

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