The Most Interesting Macro Moment of My Lifetime with Jens Nordvig
The Compound and Friends
September 11, 2026
On episode 259 of The Compound and Friends, Downtown Josh Brown and Michael Batnick are joined by Jens Nordvig to discuss: rising Treasury yields and the risk of something breaking in the bond market, Scott Bessent’s intervention in the yen and Treasury markets, the massive AI capex and hyperscaler...
Speakers Josh Brown, Michael Batnick, Jens Nordvig
TopicsInvestingBusinessNewsBusiness News
Josh Brown (0:00)
Do you have any friends in your life who you call and they say like sarcastically, like you say, how's it going? And they go, live in the dream.
Michael Batnick (0:09)
Hey, this is my shtick.
Josh Brown (0:10)
No, do you? Somebody, because somebody did that with me, but they meant it.
Like they were like, live in the dream, bro.
Jens Nordvig (0:20)
I'm living the dream.
Josh Brown (0:21)
Oh, you're living the dream.
Michael Batnick (0:22)
No, that's sincere, that's nice. I like that.
Josh Brown (0:24)
No, they meant it, like they are living the dream.
Michael Batnick (0:26)
I love that.
Josh Brown (0:27)
No, because I go to a dark place. I'm like, really, that's your dream? I see how you live it.
Michael Batnick (0:32)
You're sick.
Josh Brown (0:33)
Is that the wrong response?
Michael Batnick (0:35)
No.
Josh Brown (0:37)
Is it a douchey, though? To be like, I'm living the dream?
Michael Batnick (0:40)
I hear what you're saying, but usually when people say that, it's like, all right, I'm not talking to you, dude. It's like, the conversation is over. If somebody says, how do you live in the dream? It means like, all right, walk away. Like, I have nothing to talk to you about.
Josh Brown (0:49)
Well, that's my point. It's a friend of mine. He's dead serious. I'm living the dream.
Michael Batnick (0:54)
But if that's your friend, I'm happy for your, I'm happy for my friends.
Josh Brown (0:57)
Or sometimes people.
Michael Batnick (0:58)
But it's a weird response to literally say, dude, I'm living the dream. I just got this. I'm going to Greece. Like, I am killing it.
Jens Nordvig (1:06)
It is, it's weird.
Josh Brown (1:06)
I hear what you're saying. I just think it's very douchey because if you feel that you are living the dream, you should have the emotional awareness to know that other people don't want to hear that.
Michael Batnick (1:15)
All right, but you're doing okay. He's not like talking to a guy in the street.
Jens Nordvig (1:20)
But to be honest, you never know who will feel that they are living the dream, right? Like everybody thinks, okay, the ultimate thing is to have like an exit when you've like done something, right?
Josh Brown (1:29)
Yeah.
Michael Batnick (1:29)
Are you about to break? I mean, you just had an exit.
Jens Nordvig (1:31)
Yeah, but it's like a... But the next day... I will not swear. It's like a roller coaster. So it's like...
Josh Brown (1:38)
But then the next day after the exit isn't as good as the day before.
Jens Nordvig (1:43)
Yeah, and also you've spent so much energy into this exit that you forgot about doing all kinds of other important things while you were doing it.
Michael Batnick (1:50)
Okay.
Josh Brown (1:51)
So we're going to get the story on your exit.
Michael Batnick (1:53)
So in conclusion, Josh wants his friends as miserable as he is.
Josh Brown (1:55)
No, I just... I was taken aback. I thought... Because you know what the other thing people say is, oh, another day in paradise.
Like, say that.
Michael Batnick (2:04)
Boy, this doesn't sound like a true friend. There's an acquaintance.
Josh Brown (2:07)
Oh, you know who it is. Actually, I don't want you to guess it because you probably could guess it within two guesses.
Michael Batnick (2:15)
Is it a home friend or a work friend?
Jens Nordvig (2:17)
No, it's not work-related.
Josh Brown (2:18)
You definitely know who it is. And you could picture him saying it.
Jens Nordvig (2:20)
It's one of your colleagues.
Josh Brown (2:22)
No, it's not somebody that works here.
Another day in paradise would suffice. We would take that.
Michael Batnick (2:29)
What do you think about the iPhone Duo?
Jens Nordvig (2:32)
I think I need to get it because the last iPhone I got was really bad, so I needed an upgrade very soon, but I like to have a lot of real estate.
Michael Batnick (2:39)
I was very on the fence going into the announcement of like, I don't know, I could see it going either way. And 30 seconds in, I'm blown away.
I am all the way in. I think it's so spectacular.
Jens Nordvig (2:50)
Yeah.
Michael Batnick (2:51)
Have you been feeling it?
Josh Brown (2:53)
I think it's going to be a slam dunk. The iPhone Duo, I think they'll sell out however many they can make, which will not be a lot.
Jens Nordvig (3:00)
Probably go and order one before they sell out.
Michael Batnick (3:02)
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