Excess Returns

Podbit · Excess Returns

Andy Constan on the SpaceX IPO, AI CapEx, and the End of the Buyback Tailwind

Explore episode Jun 16, 2026

Where this was said

Oil prices, war, and inflation

At 51:20 · chapter starts 50:52

Falling oil prices lower headline inflation but push core higher as spending shifts. The US has been inflationary for 5–6 years; wars like Ukraine and the Middle East barely move the macro needle.

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