The Data You Trust Is Broken | What Aggregate Economic Numbers Hide
From Click Beta by Excess Returns
February 17, 2026 · 57 min · Season 1 · Episode 12
About this episode
The episode discusses the distortions in economic data and their impact on investor behavior and market trends.
In this episode of Click Beta, Matt Zeigler sits down with Cameron Dawson of NewEdge Wealth and Dave Nadig of ETF.com for a wide-ranging conversation on markets, macro data, positioning, tokenization, AI productivity, and the narratives driving investor behavior. The discussion dives into consensus forecasts, the K-shaped economy, international equity performance, dollar positioning, AI capex, and whether the biggest market moves are driven by fundamentals or liquidity shifts. Along the way, they explore tokenization in financial markets, stablecoins, Fed balance sheet dynamics, and how AI is quietly reshaping productivity for small businesses and individuals. This episode is a deep dive into stock market trends, economic data distortions, asset allocation shifts, and the structural forces shaping the investing landscape in 2026. Main topics covered: • Why consensus forecasts are average and why that creates risks for investors • Cyclical reacceleration narrative versus liquidity-driven market rotation • The K-shaped economy and distortions in US jobs data • Healthcare hiring versus cyclical employment weakness • AI capex spending and who actually benefits • Energy, industrials…
People in this episode
Host: Matt Zeigler
Guests: Cameron Dawson, Dave Nadig
Topics covered
- market trends
- economic data
- investor behavior
- tokenization
- AI productivity
- asset allocation
Keywords
- consensus forecasts
- K-shaped economy
- AI capex
- international equities
- US dollar positioning
- tokenization
- liquidity shifts
Mentioned in this episode
Organizations: NewEdge Wealth, ETF.com
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