Bizarro World Podcast,
with Nick and Gerardo
March 16, 2026
The free version of the 356th episode of Investing in Bizarro World is now published.
Here’s what was covered:
Macro Musings - Markets continue to trade in an environment defined by elevated volatility across multiple asset classes. Gold has pulled back below the $5,100 level, silver slipped down to $81, and copper traded around the mid-$5 range, all still comfortably within bullish ranges despite short-term swings.
The bigger story remains volatility caused by the war on, in, and around Iran. Price swings in commodities have widened dramatically, with gold capable of moving several hundred dollars and oil experiencing some of the most extreme volatility seen since the early days of COVID. Oil volatility recently pushed above 120 — a level rarely seen outside major market disruptions.
In environments like this, the temptation is to react to headlines or chase moves. But historically, those are the moments that punish investors the most. When volatility rises across asset classes — equities, bonds, commodities, and energy — the best strategy is often patience. For long-term investors, that means focusing on process and portfolio construction rather than trying to predict the next geopolitical headline.
Market Takes - Much of the current volatility stems from the escalating bombing campaign in the Middle East, the closure of the Strait of Hormuz, and the market’s attempt to price the potential duration of conflict. Brent oil briefly spiked to near $120 before governments coordinated a release of roughly 400 million barrels from strategic reserves in an attempt to stabilize prices.
The market initially responded with a sharp pullback, but prices quickly rebounded — a signal that traders remain skeptical that supply releases can offset the structural pressures driving energy markets higher.
At the same time, inflation pressures are beginning to re-emerge. Rising energy prices are already pushing up fertilizer costs and fuel prices across the United States, with knock-on effects likely to show up in consumer inflation readings over the coming months.
That macro backdrop — slower growth combined with rising costs — reinforces the broader commodity thesis we’ve been discussing for years. Energy, metals, and critical minerals remain essential inputs to the global economy, and geopolitical instability only highlights how fragile supply chains remain.
Bizarro Banter - Beyond markets, the conversation once again turned to the increasingly surreal political and institutional environment shaping the modern economy.
We discussed rising taxes and fiscal pressures at both the national and local levels, including the recent passage of a new income tax in Washington State aimed at high earners. While marketed as a “millionaire’s tax,” concerns remain that such policies rarely stay limited to their original targets and often expand over time as governments search for new revenue sources.
The broader theme is one we’ve talked about frequently: governments facing mounting debt burdens inevitably look for new ways to extract revenue. Rising taxes, new levies, and regulatory expansions are becoming increasingly common as fiscal pressures mount.
The conversation also touched on the continued fallout from the Epstein network and the broader question of institutional accountability. A recent conviction of the Alexander brothers — real estate investors convicted of drugging and sexually assaulting dozens of women — reignited discussion about the broader culture of impunity that often surrounds powerful elites.
According to testimony and reporting surrounding the case, many people in the real estate and social circles involved were aware of the behavior for years. The case echoes a pattern seen repeatedly in recent scandals: wrongdoing often remains an “open secret” until public scrutiny finally forces accountability.
Whether meaningful accountability expands beyond individual cases remains an open question, but the discussion reflects a growing public frustration with institutions that appear unwilling or unable to police themselves.
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0:00 Introduction
5:00 Macro Musings: Commodity Bull Market Pullback. Gold, Silver and Copper Still Bullish. Volatility Spikes Across Assets. Oil Shock and Geopolitical Risk.
11:44 Market Takes: Oil Volatility Explodes. Strategic Reserve Intervention. Strait of Hormuz Risk. Fertilizer and Inflation Pressures Build.
21:05 Bizarro Banter: Washington State Income Tax Fight. Fourth Turning Taxation Warning. Government Spending and Property Tax Creep. Alexander Brothers Conviction. Epstein Network Echoes.
44:21 Premium Portfolio Picks: (You need to subscribe to Bizarro World Live to get this section)
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