PROTECT THE PILE
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EPISODE 23 | The Five Follies Investors Can’t Ignore
August 7, 2026 On this episode of Protect the Pile, R. Patrick Kent, Sam Rahman, Brooks Cutright and David Salem reunite for a wide-ranging market roundtable built around David’s “five follies” framework. With U.S. markets near all-time highs and the domestic setup still broadly bullish, the group debates the risks investors may be underestimating beneath the surface.
Topics include the Iran conflict, energy positioning, resource nationalism, global supply-chain fragility, dollar weakness, Fed credibility and the limits of trying to control inflation with blunt tools. The conversation then shifts to AI, where the team digs into open versus closed models, hyperscaler CapEx, cloud economics, compute capacity, security risks and whether today’s spending boom will earn returns above its rising cost of capital. It’s a thoughtful look at markets, geopolitics and technology through a risk-first lens.
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