Cents of Security by Interactive Brokers

International Forces are Redrawing the Risk–Reward Balance

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.

The IPO market isn’t dead — it’s just getting smarter.

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.
 

Is the U.S. economy re‑accelerating into 2026?

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.

IPO Pulse: Why Fundraising Needs Humans

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.

Disaster Risk: Hazard × Exposure × Vulnerability

Cents of Security host Mary MacNamara digs into why disaster losses keep breaking records—even when many hazards aren’t skyrocketing—with Patrick Brown, Head of Climate Analytics, at Interactive Brokers. They break down the disaster-risk equation (hazard × exposure × vulnerability), the “expanding bullseye” effect, why mortality from extreme events has fallen, and where adaptation and smarter zoning can move the needle.

2025 Holiday Spending Trends and Smart Moves

This episode drills into holiday spending trends, sector winners and losers, and explains the “January effect. Plus, practical tips for smarter budgeting and investing as we head into the new year.

The Fed blinked—and liquidity blinked back.

Jose Torres explains why the Fed’s short‑end move and easing mortgage rates set up small caps and homebuyers for a more broad‑based 2026.

Investing from Your 20s to Your 60s: Gen Z’s Edge & the Future of Retirement

Compounding favors the early starters. In this Cents of Security episode, Mary MacNamara sits down with James Yendrey—one of the creators of the InvestMentor app—to unpack starter portfolios, why Gen Z is learning faster via short-form content, and how strategies evolve through peak-earning years into decumulation, RMDs, and healthcare planning.