Lagniappe

Today, Doug and Greg speak with Phil Huber, the Head of Portfolio Solutions at Cliffwater. In this timely discussion, they’ll touch on the evolution, current state, and future outlook of private credit, including its origins, growth, and how it compares to other asset classes. Key Takeaways [00:17] - Introduction to private credit and Phil Huber [10:18] - Why has there been so much growth in private credit? [14:13] - Understanding liquidity/redemption and the AI impact [32:10] - Private credit fundamentals & the Cliffwater Direct Lending Index [41:19] - Business development corporations View Transcript Connect with our hosts Doug Stokes Greg Stokes Stokes Family Office Subscribe and stay in touch Apple Podcasts Spotify lagniappe.stokesfamilyoffice.com Disclosure The information in this podcast is educational and general in nature and does not take into consideration the listener's personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate, qualified professional prior to making a final decision. Different types of investments involve varying degrees of risk. Therefore, it should not be assumed that future performance of any specific investment or investment strategy (including the investments and/or investment strategies referenced in our blogs/podcasts) or any other investment and/or non-investment-related content or services will be profitable, equal any historical performance level(s), be suitable or appropriate for a reader/listener’s individual situation, or prove successful. Moreover, no portion of the blog/podcast content should be construed as a substitute for individual advice or services from the financial professional(s) of a reader/listener’s choosing, including Stokes Family, LLC, a registered investment adviser with the SEC, with which the blogger/podcasters are affiliated.

Somehow, three months have already come and gone, and what a quarter it was. Doug and Greg give updates on the market’s turbulent reaction to the Iran conflict with a hopeful outlook for Q2. They also touch on getting back to business as usual, discussing the SpaceX IPO, interest rate expectations, and corporate efficiency movements. Key Takeaways [00:17] - Market turbulence since the Iran conflict began [03:34] - What to expect from the Trump administration [08:51] - Fixed income and rate cut expectations [10:10] - Getting back to business as usual, plus the SpaceX IPO [13:58] - Q2 outlook View Transcript Links Oracle cutting thousands in latest layoff round as company continues to ramp AI spending SpaceX Has Filed Confidentially for IPO Ahead of AI Rivals Connect with our hosts Doug Stokes Greg Stokes Stokes Family Office Subscribe and stay in touch Apple Podcasts Spotify lagniappe.stokesfamilyoffice.com Disclosure The information in this podcast is educational and general in nature and does not take into consideration the listener's personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate, qualified professional prior to making a final decision. Different types of investments involve varying degrees of risk. Therefore, it should not be assumed that future performance of any specific investment or investment strategy (including the investments and/or investment strategies referenced in our blogs/podcasts) or any other investment and/or non-investment-related content or services will be profitable, equal any historical performance level(s), be suitable or appropriate for a reader/listener’s individual situation, or prove successful. Moreover, no portion of the blog/podcast content should be construed as a substitute for individual advice or services from the financial professional(s) of a reader/listener’s choosing, including Stokes Family, LLC, a registered investment adviser with the SEC, with which the blogger/podcasters are affiliated.

This week, Greg and Doug Stokes discuss how the market is reacting to nearly a month of the Iran conflict and the potential for an impending diplomatic solution. They also analyze timing the stock market’s worst and best days, gold’s safe-haven status, the long-term inflation outlook, and investment strategies for navigating volatility. Key Takeaways [00:17] - US-Iran negotiation and diplomatic signs [03:27] - Thoughts on the best/worst market days debate [10:31] - The asset class that’s been surprisingly down the past month [16:29] - Long-term inflation outlook View Transcript Links You Can Beat the Stock Market by Avoiding Its Worst Days. But You Won’t. The Golden Paradox Connect with our hosts Doug Stokes Greg Stokes Stokes Family Office Subscribe and stay in touch Apple Podcasts Spotify lagniappe.stokesfamilyoffice.com Disclosure The information in this podcast is educational and general in nature and does not take into consideration the listener's personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate, qualified professional prior to making a final decision. Different types of investments involve varying degrees of risk. Therefore, it should not be assumed that future performance of any specific investment or investment strategy (including the investments and/or investment strategies referenced in our blogs/podcasts) or any other investment and/or non-investment-related content or services will be profitable, equal any historical performance level(s), be suitable or appropriate for a reader/listener’s individual situation, or prove successful. Moreover, no portion of the blog/podcast content should be construed as a substitute for individual advice or services from the financial professional(s) of a reader/listener’s choosing, including Stokes Family, LLC, a registered investment adviser with the SEC, with which the blogger/podcasters are affiliated.

Greg and Doug Stokes analyze the recent escalation in the Middle East, the impact on global markets, how oil could affect inflation, and what lessons we’ve learned so far. They also dig into the role that finance media and social media play in promoting fear when the market is barely off all-time highs. Key Takeaways [00:17] - An update on the Iran conflict [05:32] - Normal volatility and the media’s yearning for a blow-up [08:28] - Why the market is the ultimate BS detector [13:43] - What we’ve learned so far in Iran [18:09] - Inflation dynamics influenced by oil prices View Transcript Links CNN Fear & Greed Index Truflation Connect with our hosts Doug Stokes Greg Stokes Stokes Family Office Subscribe and stay in touch Apple Podcasts Spotify lagniappe.stokesfamilyoffice.com Disclosure The information in this podcast is educational and general in nature and does not take into consideration the listener's personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate, qualified professional prior to making a final decision. Different types of investments involve varying degrees of risk. Therefore, it should not be assumed that future performance of any specific investment or investment strategy (including the investments and/or investment strategies referenced in our blogs/podcasts) or any other investment and/or non-investment-related content or services will be profitable, equal any historical performance level(s), be suitable or appropriate for a reader/listener’s individual situation, or prove successful. Moreover, no portion of the blog/podcast content should be construed as a substitute for individual advice or services from the financial professional(s) of a reader/listener’s choosing, including Stokes Family, LLC, a registered investment adviser with the SEC, with which the blogger/podcasters are affiliated.

After ten days of conflict involving Iran and the broader Middle East, the Stokes brothers break down the impact on global oil markets, where prices surged and then retreated during a volatile week. They also explore the political ramifications abroad and at home, along with how the unfolding events may influence consumer sentiment and economic outlook. Key Takeaways [00:17] - The oil effect of the military operation in Iran [06:33] - Regime changes and what happens next [10:04] - Political ramifications, consumer sentiment, and upcoming midterms View Transcript Links Is Iran on the Brink of Another Revolution? Connect with our hosts Doug Stokes Greg Stokes Stokes Family Office Subscribe and stay in touch Apple Podcasts Spotify lagniappe.stokesfamilyoffice.com Disclosure The information in this podcast is educational and general in nature and does not take into consideration the listener's personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate, qualified professional prior to making a final decision. Different types of investments involve varying degrees of risk. Therefore, it should not be assumed that future performance of any specific investment or investment strategy (including the investments and/or investment strategies referenced in our blogs/podcasts) or any other investment and/or non-investment-related content or services will be profitable, equal any historical performance level(s), be suitable or appropriate for a reader/listener’s individual situation, or prove successful. Moreover, no portion of the blog/podcast content should be construed as a substitute for individual advice or services from the financial professional(s) of a reader/listener’s choosing, including Stokes Family, LLC, a registered investment adviser with the SEC, with which the blogger/podcasters are affiliated.

Greg and Doug analyze the recent escalation in Iran-US-Israel tensions, discussing modern military actions, market reactions, and future implications. They also break down how geopolitical shocks affect asset classes and the potential long-term outcomes of this conflict. Key Takeaways [00:17] - Reactions to the military operations in Iran [05:30] - Breaking down asset class performance [10:16] - Oil prices, the Strait of Hormuz, and long-term supply chain/inflation risks [17:41 - Modern military tactics and what comes next View Transcript Links Military Conflicts Mostly Haven't Held Up Long-Term Stock Growth Connect with our hosts Doug Stokes Greg Stokes Stokes Family Office Subscribe and stay in touch Apple Podcasts Spotify lagniappe.stokesfamilyoffice.com Disclosure The information in this podcast is educational and general in nature and does not take into consideration the listener's personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate, qualified professional prior to making a final decision. Different types of investments involve varying degrees of risk. Therefore, it should not be assumed that future performance of any specific investment or investment strategy (including the investments and/or investment strategies referenced in our blogs/podcasts) or any other investment and/or non-investment-related content or services will be profitable, equal any historical performance level(s), be suitable or appropriate for a reader/listener’s individual situation, or prove successful. Moreover, no portion of the blog/podcast content should be construed as a substitute for individual advice or services from the financial professional(s) of a reader/listener’s choosing, including Stokes Family, LLC, a registered investment adviser with the SEC, with which the blogger/podcasters are affiliated.

After an AI doomsday report shook Wall Street, Doug and Greg Stokes break down how they see the future of work and AI playing out and why a diversified portfolio is the measured response to charlatan predictions. They also examine private credit trends and the real estate market as mortgage rates continue to fall, as well as the potential of corresponding headwinds to disinflation. Key Takeaways [00:17] - Tariff ruling + an AI doomsday report [06:13] - Private credit sector concerns amidst market volatility [08:38] - Combating charlatan predictions with a diversified portfolio [15:22] - Mortgage rates are following interest rates [20:05] - Headwinds to disinflation are coming View Transcript Links Viral Doomsday Report Lays Bare Wall Street’s Deep Anxiety About AI Future Robert Kiyosaki: The Boy Who Cried Crash Once America’s Most Affordable Rental City, Austin Is About to Get More Expensive Connect with our hosts Doug Stokes Greg Stokes Stokes Family Office Subscribe and stay in touch Apple Podcasts Spotify lagniappe.stokesfamilyoffice.com Disclosure The information in this podcast is educational and general in nature and does not take into consideration the listener's personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate, qualified professional prior to making a final decision. Different types of investments involve varying degrees of risk. Therefore, it should not be assumed that future performance of any specific investment or investment strategy (including the investments and/or investment strategies referenced in our blogs/podcasts) or any other investment and/or non-investment-related content or services will be profitable, equal any historical performance level(s), be suitable or appropriate for a reader/listener’s individual situation, or prove successful. Moreover, no portion of the blog/podcast content should be construed as a substitute for individual advice or services from the financial professional(s) of a reader/listener’s choosing, including Stokes Family, LLC, a registered investment adviser with the SEC, with which the blogger/podcasters are affiliated.

On Muses Thursday in New Orleans, Doug and Greg Stokes look at declining rental prices and forward-looking real estate value, and make predictions for what this data means for rate cuts. The guys also discuss human behavior with prediction markets, the current and future outlook for cryptocurrency, and the contrasting performance of old-world versus new-world companies. Key Takeaways [00:17] - Rent rates are down for the 32nd consecutive month [05:05] - Forward-looking value in real estate [09:00] - Prediction markets and human nature [13:01] - What’s going on with crypto/Bitcoin [18:46] - Old vs New World market dynamics View Transcript Links US rents down 1.4% over the last year, the 32nd consecutive month with a YoY decline. Israeli Soldiers Accused of Using Polymarket to Bet on Strikes Connect with our hosts Doug Stokes Greg Stokes Stokes Family Office Subscribe and stay in touch Apple Podcasts Spotify lagniappe.stokesfamilyoffice.com Disclosure The information in this podcast is educational and general in nature and does not take into consideration the listener's personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate, qualified professional prior to making a final decision. Different types of investments involve varying degrees of risk. Therefore, it should not be assumed that future performance of any specific investment or investment strategy (including the investments and/or investment strategies referenced in our blogs/podcasts) or any other investment and/or non-investment-related content or services will be profitable, equal any historical performance level(s), be suitable or appropriate for a reader/listener’s individual situation, or prove successful. Moreover, no portion of the blog/podcast content should be construed as a substitute for individual advice or services from the financial professional(s) of a reader/listener’s choosing, including Stokes Family, LLC, a registered investment adviser with the SEC, with which the blogger/podcasters are affiliated.

This week, we’re celebrating Family Gras weekend in New Orleans and our 200th episode! Doug and Greg delve into the recent volatility in the stock market, particularly concerning technology companies, and how AI efficiency is benefiting old-school industries. Key Takeaways [00:17] - Kicking off Family Gras weekend in New Orleans [01:25] - Market volatility and a sentiment shift [05:09] - How AI efficiency benefits old-school businesses [09:05] - The narrative around AI-related companies [13:50] - Monitoring the potential for military movement in Iran View Transcript Links Zaccardi: OBBBA effectively juiced what was already a capex bubble Connect with our hosts Doug Stokes Greg Stokes Stokes Family Office Subscribe and stay in touch Apple Podcasts Spotify lagniappe.stokesfamilyoffice.com Disclosure The information in this podcast is educational and general in nature and does not take into consideration the listener's personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate, qualified professional prior to making a final decision. Different types of investments involve varying degrees of risk. Therefore, it should not be assumed that future performance of any specific investment or investment strategy (including the investments and/or investment strategies referenced in our blogs/podcasts) or any other investment and/or non-investment-related content or services will be profitable, equal any historical performance level(s), be suitable or appropriate for a reader/listener’s individual situation, or prove successful. Moreover, no portion of the blog/podcast content should be construed as a substitute for individual advice or services from the financial professional(s) of a reader/listener’s choosing, including Stokes Family, LLC, a registered investment adviser with the SEC, with which the blogger/podcasters are affiliated.

This week, Doug and Greg Stokes look at the year-over-year shift in market dynamics, from large-cap US stocks to commodities and consumer staples. They also discuss earnings news, particularly involving Microsoft, Meta, and AI spend. And as international stocks and emerging markets have success, they continue to beat the drum for long-term diversification. Key Takeaways [00:17] - Asset class shifts from 2025 to 2026 [04:13] - Predicting if/when the Fed cuts rates [08:03] - What do parabolic commodity prices mean? [09:09] - Big earnings season news from Microsoft and Meta [13:00] - The effect of regulation on Financials [16:26] - International and emerging markets View Transcript Links This Is Not What a Healthy Bull Market Looks Like Microsoft shares dive as data center spending overshadows earnings surge Connect with our hosts Doug Stokes Greg Stokes Stokes Family Office Subscribe and stay in touch Apple Podcasts Spotify lagniappe.stokesfamilyoffice.com Disclosure The information in this podcast is educational and general in nature and does not take into consideration the listener's personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate, qualified professional prior to making a final decision. Different types of investments involve varying degrees of risk. Therefore, it should not be assumed that future performance of any specific investment or investment strategy (including the investments and/or investment strategies referenced in our blogs/podcasts) or any other investment and/or non-investment-related content or services will be profitable, equal any historical performance level(s), be suitable or appropriate for a reader/listener’s individual situation, or prove successful. Moreover, no portion of the blog/podcast content should be construed as a substitute for individual advice or services from the financial professional(s) of a reader/listener’s choosing, including Stokes Family, LLC, a registered investment adviser with the SEC, with which the blogger/podcasters are affiliated.

Greg and Doug Stokes discuss the most recent news surrounding Greenland, tariffs, and whether or not it’s all a smoke screen for acquiring rare earths. They also delve into the rise of Chinese automotive companies, the performance of small caps, the dynamics of interest rates and inflation, and the Federal Reserve's future and its impact on the economy. Key Takeaways [00:17] - Greenland’s rare earths and ongoing geopolitical tensions [08:27] - The rise of the Chinese automotive industry [10:40] - Small caps are on the rise in U.S. markets [13:10] - Interest rates follow the path of inflation and GDP [17:09] - Updates on the Fed’s present and future moves View Transcript Links The Arctic Smokescreen Chinese EVs Blow Past Tesla and Tariffs En Route to Global Reign Small-Caps Turn a Corner Connect with our hosts Doug Stokes Greg Stokes Stokes Family Office Subscribe and stay in touch Apple Podcasts Spotify lagniappe.stokesfamilyoffice.com Disclosure The information in this podcast is educational and general in nature and does not take into consideration the listener's personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate, qualified professional prior to making a final decision. Different types of investments involve varying degrees of risk. Therefore, it should not be assumed that future performance of any specific investment or investment strategy (including the investments and/or investment strategies referenced in our blogs/podcasts) or any other investment and/or non-investment-related content or services will be profitable, equal any historical performance level(s), be suitable or appropriate for a reader/listener’s individual situation, or prove successful. Moreover, no portion of the blog/podcast content should be construed as a substitute for individual advice or services from the financial professional(s) of a reader/listener’s choosing, including Stokes Family, LLC, a registered investment adviser with the SEC, with which the blogger/podcasters are affiliated.

We’re kicking off Mardi Gras season here in New Orleans with another episode of the Lagniappe Podcast. Doug and Greg discuss the impact of recent geopolitical events on the markets and the potential for military engagement with Iran. They also explore the implications of Federal Reserve independence on market dynamics and explain why this isn’t an AI bubble, and end with a bearish outlook on American markets and investment opportunities. Key Takeaways [00:17] - Mardi Gras season is here in New Orleans [01:14] - Geopolitical tensions and activity [05:11] - Impending military engagement with Iran? [09:32] - Political gamesmanship of the Fed’s independence [18:21] - This isn’t a bubble View Transcript Links Polymarket Iran predictions What to know about the DOJ's criminal probe into Fed Chair Powell Detrick: No, this Isn’t a bubble Connect with our hosts Doug Stokes Greg Stokes Stokes Family Office Subscribe and stay in touch Apple Podcasts Spotify lagniappe.stokesfamilyoffice.com Disclosure The information in this podcast is educational and general in nature and does not take into consideration the listener's personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate, qualified professional prior to making a final decision. Different types of investments involve varying degrees of risk. Therefore, it should not be assumed that future performance of any specific investment or investment strategy (including the investments and/or investment strategies referenced in our blogs/podcasts) or any other investment and/or non-investment-related content or services will be profitable, equal any historical performance level(s), be suitable or appropriate for a reader/listener’s individual situation, or prove successful. Moreover, no portion of the blog/podcast content should be construed as a substitute for individual advice or services from the financial professional(s) of a reader/listener’s choosing, including Stokes Family, LLC, a registered investment adviser with the SEC, with which the blogger/podcasters are affiliated.

It’s the first episode of the Lagniappe Podcast in 2026, kicking off year 5 of our weekly conversations. This week, Greg and Doug break down the military extraction of Nicolás Maduro from Venezuela, analyzing the operation’s implications on the economy, U.S. foreign policy, and the wider geopolitical landscape. They then turn their attention to what they expect to be coming down the market pike in 2026. Key Takeaways [00:16] - Celebrating 4 years of the Lagniappe Podcast [01:50] - Recapping the Maduro extraction [06:46] - Economic effects of the military confrontation in Venezuela [14:25] - Is there another move on the horizon for the U.S.? [19:36] - 2026 market outlook View Transcript Links Torsten Slok, Apollo Chief Economist - Daily Spark Connect with our hosts Doug Stokes Greg Stokes Stokes Family Office Subscribe and stay in touch Apple Podcasts Spotify lagniappe.stokesfamilyoffice.com Disclosure The information in this podcast is educational and general in nature and does not take into consideration the listener's personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate, qualified professional prior to making a final decision. Different types of investments involve varying degrees of risk. Therefore, it should not be assumed that future performance of any specific investment or investment strategy (including the investments and/or investment strategies referenced in our blogs/podcasts) or any other investment and/or non-investment-related content or services will be profitable, equal any historical performance level(s), be suitable or appropriate for a reader/listener’s individual situation, or prove successful. Moreover, no portion of the blog/podcast content should be construed as a substitute for individual advice or services from the financial professional(s) of a reader/listener’s choosing, including Stokes Family, LLC, a registered investment adviser with the SEC, with which the blogger/podcasters are affiliated.

In this Holiday edition of the Lagnaippe Podcast, Greg and Doug Stokes discuss the biggest economic trends of 2025, including the rally in precious metals, the volatility of Bitcoin, and the resilience of the US economy/consumer. They explore the impact of AI on inflation and productivity, normal market behavior, excitement for the bond market, the importance of keeping an even keel, and what’s coming next. Key Takeaways [00:16] - The biggest surprises/trends of 2025 [03:33] - The resilience of the US economy and consumer [13:17] - AI's impact on jobs, inflation, and productivity [17:22] - Excitement for the bond market [18:09] - Normal market behavior and staying calm/diversified View Transcript Links Bitcoin Miners Thrive Off a New Side Hustle: Retooling Their Data Centers for AI All In Pod: Scott Bessent on Fixing the Fed, Tariffs for National Security, Solving Affordability in 2026 Connect with our hosts Doug Stokes Greg Stokes Stokes Family Office Subscribe and stay in touch Apple Podcasts Spotify lagniappe.stokesfamilyoffice.com Disclosure The information in this podcast is educational and general in nature and does not take into consideration the listener's personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate, qualified professional prior to making a final decision. Different types of investments involve varying degrees of risk. Therefore, it should not be assumed that future performance of any specific investment or investment strategy (including the investments and/or investment strategies referenced in our blogs/podcasts) or any other investment and/or non-investment-related content or services will be profitable, equal any historical performance level(s), be suitable or appropriate for a reader/listener’s individual situation, or prove successful. Moreover, no portion of the blog/podcast content should be construed as a substitute for individual advice or services from the financial professional(s) of a reader/listener’s choosing, including Stokes Family, LLC, a registered investment adviser with the SEC, with which the blogger/podcasters are affiliated.