The No Agenda Show, the listener-supported podcast known for its skeptical deconstruction of media narratives, released Episode 1908 on October 1, 2026, featuring a new guest co-host: Andrew Horowitz of The Disciplined Investor and DH Unplugged. Horowitz joined host Adam Curry, broadcasting from the Texas Hill Country, for a three-hour episode titled 'Chivatican.' The pairing marks one of the most finance-forward episodes in recent memory, as Horowitz brought a markets lens to the show's trademark dissection of politics, technology, and current events. The two have known each other for roughly 15 years and share a long history with the late John C. Dvorak, the show's original co-host.
The episode's depth stems from its specificity. Horowitz unpacked the $15 billion Mesabi Metallics / SR steel plant deal in Iowa, dubbed 'Patriot Pellets,' and the Section 232 tariffs that enabled it. He dissected Commerce Secretary Howard Lutnick's Oval Office pitch alongside Iowa TV6 reporting that no permits have been filed and no major Lee County land has been purchased for the plant. He contrasted Cleveland-Cliffs' North American pellet dominance with Brazil's Vale, flagged the Indian ownership of SR Technologies, and connected the timing to the midterms. The segment highlighted how tariff policy and corporate messaging can diverge from on-the-ground reality, a theme that resonates with investors and policy watchers alike.
Horowitz also examined Kevin Hassett's shifting commentary on BLS jobs reports, PCE methodology changes, and ShadowStats founder John Williams. He discussed Scott Bessent's bond-buying 'blunder,' private credit refinancing walls, and commercial real estate losses. On the technology front, Curry championed Meta's Muse assistant, predicted the collapse of traditional podcast apps, and recounted building a prototype 'while watching West Wing.' The pair also explored Trump's rebrand of AI as 'SI' (super intelligence) and Anthropic's reported $2 trillion IPO prospectus, raising questions about the sustainability of AI hype.
A significant portion of the episode focused on the FlyDubai cockpit stabbing incident and Netanyahu's pre-election messaging. Curry hammered the shifting official story on the flight to Tel Aviv, noting conflicting ABC, BBC, and Netanyahu accounts of whether the plane dropped from 34,000 to 16,000 feet in two or three minutes, whether a knife or crash axe was used, and the now-famous Israeli plumber who allegedly leveled the aircraft. This deconstruction exemplifies the show's commitment to questioning official narratives, a practice that has garnered a dedicated audience of 'producers, knights and dames.'
Horowitz's investing philosophy got its own set piece when he recounted a horseback ride in Costa Rica with his wife Jill. 'The horse doesn't want to fall off the mountain just as badly as you don't want to fall off the mountain. Hang on to the horse. It's the same thing with these markets.' The metaphor underscored the episode's blend of financial insight and personal anecdote. Other topics included AOC, Bill Gates, Jensen Huang, Sam Altman's 'Dots' launch, Pope Leo's Chicago-accented AI remarks, and Pete Hegseth's Pentagon purge, all run through the deconstruction machine.
The episode's significance lies in its alternative approach to news analysis. In an era of polarized media, No Agenda's value-for-value model, powered entirely by its audience, allows for unfiltered exploration of complex stories. By featuring a guest like Horowitz, the show bridges the gap between financial markets and media criticism, offering listeners a unique perspective on the forces shaping the daily news cycle. Episode 1908 'Chivatican' is available now wherever podcasts are heard, and at Episode 1908 of the No Agenda Show.
