First Principles with Andy Constan examines the biggest developments in markets and the economy through the foundational frameworks that drive them. Each month, Andy breaks down the mechanics behind inflation, interest rates, liquidity, growth, and market structure to help investors understand not just what is happening, but how the underlying forces behind markets actually work.
Latest episodes
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1 h 05
Andy Constan on Who’s Funding the AI Boom, CoreWeave Contagion Risk and the Treasury’s Next Move
On this episode of First Principles, Andy Constan explains why strong AI demand can coexist with financing pressure and falling stock prices. The key distinction: a difficult fundi…
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59 min
Inflation Falls When Stocks Do | Andy Constan on the Fed Hike, AI Capex and Why He Likes Bonds Again
On this episode of First Principles, we break down the Fed's inflation challenge, what drives Treasury yields, and why bonds may deserve a place in a diversified portfolio again. W…
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1 h 00
The AI Boom's Next Test Isn't ROI | Andy Constan on Whether Markets Can Fund $1 Trillion
Andy Constan joins First Principles to explain why record stock prices, rising long-term Treasury yields and sticky inflation can all coexist, and why the next major market risk ma…
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57 min
It Only Happens at Bottoms | The Options Extreme That Showed Up at the Highs
On the Latest First Principles, Andy Constan explains what the options market is signaling about the AI and semiconductor boom, why he believes earnings expectations have outrun th…
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59 min
The $700 Billion Shift | What Happens When Buybacks Turn into Issuance
In this episode of First Principles, we break down the changing structure of markets as the IPO window reopens, AI CapEx accelerates, and corporate buybacks shift toward new equity…
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56 min
How to Invest During a Bubble Regime - Practical Lessons from Market History
In this episode of First Principles, Andy Constan explains how investors should think about portfolio construction, risk management and alpha during a bubble regime. We discuss why…
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1 h 04
Root Conditions. Escalation. Peak | Andy Constan on What Investing Through Five Bubbles Taught Him About AI
First Principles with Andy Constan launches with a deep dive into market bubbles, AI, semiconductor stocks, and the financial conditions that can turn powerful technological change…