Andrew Horowitz of The Disciplined Investor and DH Unplugged stepped into the guest co-host chair for Episode 1908 of the No Agenda Show, titled 'Chivatican,' joining host Adam Curry for a three-hour media deconstruction. The episode, released October 1, 2026, finds Curry broadcasting from the Texas Hill Country with Horowitz, a friend of roughly 15 years who shares a long history with the late John C. Dvorak. The result is one of the most finance-forward No Agenda episodes in recent memory, bringing a markets lens to the show's trademark narrative dissection.
The pair unpacked the $15 billion Mesabi Metallics / SR steel plant deal in Iowa, dubbed 'Patriot Pellets,' and the Section 232 tariffs that enabled it. Horowitz 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.
Economic data also came under scrutiny. The hosts examined Kevin Hassett's shifting commentary on BLS jobs reports, PCE methodology changes, and ShadowStats founder John Williams. They also discussed Scott Bessent's bond-buying 'blunder,' private credit refinancing walls, and commercial real estate losses. These segments underscored the show's focus on the gap between official narratives and market realities.
On technology, Curry championed Meta's Muse assistant, predicted the collapse of traditional podcast apps, and recounted building a prototype 'while watching West Wing.' The hosts also analyzed Trump's rebrand of AI as 'SI' (super intelligence) and Anthropic's reported $2 trillion IPO prospectus. AOC, Bill Gates, Jensen Huang, Sam Altman's 'Dots' launch, Pope Leo's Chicago-accented AI remarks, and Pete Hegseth's Pentagon purge all got run through the deconstruction machine.
A hijacking mystery over Saudi airspace provided a dramatic thread. Curry hammered the shifting official story on the FlyDubai 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. The segment highlighted the show's commitment to questioning inconsistent reporting.
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,' he said. The metaphor encapsulated the episode's blend of financial insight and narrative skepticism.
For listeners, the episode offers a deep dive into the forces shaping politics, markets, and technology, driven by specificity and alternative perspectives. No Agenda remains a listener-supported value-for-value podcast, powered entirely by its audience of producers, knights and dames, and available wherever podcasts are heard.
