Cents of Security by Interactive Brokers

On the latest episode of Cents of Security, Senior Economist Jose Torres from Interactive Brokers breaks down the Fed’s recent decision, shifting market dynamics, the tech sector’s volatility, record-breaking commodities, demographic pressures, and what investors should watch heading into February.

A fast tour of 2025’s global market surprises—from tariff whipsaws and a precious‑metals surge to international outperformance—and what they might mean for 2026.

A candid conversation with Jeffrey Fidelman, CEO of Fidelman & Co., on why 2026 isn’t a broad market resurgence but a period of hyper‑selective capital deployment. From Series A pressure points to liquidity bottlenecks, niche fund strategies, and the real winners in the AI investment wave, this episode breaks down what’s actually driving investor behavior right now.

Latest Cents of Security pod, Senior Economist Jose Torres breaks down three pivotal indicators:

Labor pulse: Challenger Gray & Christmas showed December job cuts at multi‑year lows alongside firmer hiring intentions—dampening slowdown worries.

Productivity pop: One of the strongest readings in the last decade, helping wage growth coexist with tamer inflation by lifting output per worker.

Trade picture: The deficit narrowed to its lowest since 2009—with caveats around front‑loaded pharma imports and ongoing onshoring dynamics.

Market leadership: Rotation days where Dow/Russell outpace S&P/Nasdaq, and why small caps can benefit from faster growth + rate cuts.

Policy watch: How upcoming tariff decisions could sway rates, the fiscal backdrop, and near‑term margins without materially changing the broader inflation trend.

In this Cents of Security podcast, I’m joined by Jeffrey Fidelman, CEO of Fidelman & Company, to unpack what’s really driving today’s IPO pipeline—and how founders should think about fundraising in an AI‑first world.