The Shift.
Same voice. Same question. Different answer.
Financial media has no memory, so nobody notices when a call quietly
changes. We keep both versions, dated and sourced, side by side. What changed in
between is yours to judge; we just kept the receipts.
THE SHIFT · ED YARDENIthe fed
Then · May 18, 2026A quarter-point Fed rate hike is “likely” in July 2026 to appease the bond vigilantes.
Now · 2026-06-18“We thought he was a dove who favored lowering the federal funds rate. Instead, he hammered home a strict orthodox message on inflation with a strong commitment to price stability” (his written note, read on air); “it may be a do nothing Fed for a while”
THE SHIFT · STEPHANIE LINKthe ai trade
Then · 2026-07-06“I think we are in the early stages of the AI boom”
Now · 2026-07-14“it's coming to pass that AI is having an impact on software”
THE SHIFT · LORI CALVASINAthe s&p 500
Then · 2026-07-27“It feels like we're starting to see more evidence of a reason to derisk”
Now · 2026-07-31“our base case has been we're going to be higher over the next 12 months, but it's not going to be in a linear fashion”
THE SHIFT · DAVID SACKSthe ai trade
Then · 2026-07-18“I tweeted that anthropic is running a sophisticated regulatory capture strategy based on fear mongering.”
Now · 2026-08-02Well, I think that is the key question here is this correction in the markets, is it driven by fundamentals or is it driven by momentum? And my view is that I think it's driven by momentum
THE SHIFT · CHAMATHthe s&p 500
Then · 2026-07-14“the multiples of free cash flow of all these public companies are going to come way in”
Now · 2026-08-02I agree with Freiburg about the fact that when you can get 5%, 5.25% from the U.S. government, there's another natural thing that happens, which is that investment grade corporates actually have better credit ratings now than the government of America, which t
THE SHIFT · TOM LEEthe ai trade
Then · 2026-07-02“a lot of these earnings that we're seeing that they hinge on these contracts with these AI companies whose ability to actually pay out on those contracts”
Now · 2026-07-27“I'd be doubtful that there would be the cuts because these companies still have access to the bond market”
THE SHIFT · ADRIAN DAYgold & hard assets
Then · 2026-07-10“if we fail on that retest, we'll be down to 3,600.”
Now · 2026-07-15“The negative sentiment on gold equities among the broader investment public right now is, and I say this literally, the worst sentiment I have ever seen in my 50 years managing money in any sector at any time.”
THE SHIFT · LOBO TIGGREoil & gas
Then · 2026-07-10“But if we're talking second half of 2026, I think we see oil come higher, significantly higher from where we are now.”
Now · 2026-07-15“I do have a very bullish thesis on oil sort of medium to long term.”
THE SHIFT · LORI CALVASINAai winners & chips
Then · 2026-07-13“comm services is a sector that has a lot of tech in it and so we had preferred that area and we're switching it up today.”
Now · 2026-07-15“and semi valuations which had gotten pretty expensive. They're not super cheap yet. They may still have more to go. I want to be clear about that.”
THE SHIFT · JEFF CURRIEoil & gas
Then · 2026-07-13“war machine 1.0, meaning artificial muscle, tanks and, you know, all the oil driven stuff. That stuff can't hold a candle to the AI drone war kit 2.0.”
Now · 2026-07-15“you have diesel, I think in New York, harbors like $130 or $140 a barrel, because we are now witnessing the probability of running into real shortages of products.”
THE SHIFT · SAUL MARTINEZstock picks
Then · 2026-07-15“It is hard to envision, you know, continued growth off of the base we're on.”
Now · 2026-07-16“But again, it is, you look at the backdrop and it doesn't seem like there 's anything that's really going to derail this train at this point.”
THE SHIFT · GARFIELD REYNOLDSthe ai trade
Then · 2026-07-17“Meanwhile, they also still seem so elevated on a historical basis that we 're some way away from capitulation.”
Now · 2026-07-22“in a lot of ways we're reasonably set up for further gains in tech shares, for a realisation that the AI boom is going to boost US economic output”
THE SHIFT · GARY WAGNERgold & hard assets
Then · 2026-07-14“I think that we have, at least on a tentative basis, formed a bottom or a definitive level of support at around $4,000.”
Now · 2026-07-17“I'm going to base my revised support at around 3,900 on the low end”
THE SHIFT · DAN IVESspacex
Then · 2026-07-15“This is a 26-mile marathon. I think we're only in mile one or two.”
Now · 2026-07-18“it's hard to say fourth industrial revolution without SpaceX, but any company like a SpaceX, the valuation support is not there.”
THE SHIFT · SCOTT BESSENTthe dollar
Then · 2026-07-22“Their currency has collapsed. It is at an all-time low versus the dollar. It's in free fall. And we think the inflation rate is upwards of 180 percent.”
Now · 2026-07-31“the market will realize the end is undervalued and should strengthen”
THE SHIFT · JASON FURMANai market
Then · 2026-07-31“I don't think there's any reason to expect that to happen anytime soon”
Now · 2026-08-02I think we're going to find that using a cheap model that is six months old, one month year old, maybe even two years old, will have way, way more enough power for anything that we need in our day to day lives. In some sense, the cutting edge is going to be ab
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