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Former Blackstone Chief Strategist Joe Zidle on Why AI Spending Is Inflationary, Not Deflationary In the Harbor | Episode 32 featuring Joe Zidle Joe Zidle spent nearly eight years as Chief Investment Strategist at Blackstone's Private Wealth Solutions business, working alongside Byron Wien before succeeding him. Before that: Richard Bernstein Advisors, Merrill Lynch, Ned Davis Research, and a start in U.S. Army military intelligence. Now he runs Zidle Macro Strategy Group, his own independent investment strategy firm, built with a team of AI agents doing the work his old research desks used to do. What we cover: His non-linear path from the Army Reserves to Blackstone's boardrooms, and the career advice he'd give anyone trying to get a seat at the table Why the AI buildout is proving inflationary instead of deflationary, and what that means for Fed policy in 2026 Three left-tail risks for the AI trade: labor-intensive CapEx, the fallout from Anthropic's export restrictions, and Elon Musk's data-centers-in-space timeline The shift from AI "builders" to AI "adopters," and why the SaaS pullback is only getting started Why he thinks "this time is different" almost never holds up historically, and where AI might be the exception What happens to 125 million production and services workers if Optimus-style robots scale Private credit, the most overrated economic indicator, and his biggest market call gone wrong  Joe also breaks down the three pillars of his new firm: senior advisory for GPs, outsourced CIO work for RIAs and multifamily offices, and his subscription macro research newsletter.

Paul Karger on What Actually Destroys Generational Wealth In the Harbor | Episode 31 featuring Paul Karger Most people assume bad investments are what wipe out family fortunes. They're wrong. In this episode of In the Harbor, we sit down with Paul Karger, co-founder of Twin Focus Capital Partners, a firm he launched 20 years ago with his twin brother to serve ultra-high-net-worth families. Paul has spent two decades watching generational wealth get built, preserved, and destroyed from within. What we cover: Why family dysfunction, not market crashes, is the #1 killer of generational wealth The tax and policy dynamics driving wealthy families out of Massachusetts Why Paul is skeptical of private equity and private credit in today's market How training Muay Thai and jiu-jitsu shaped his approach to running a firm What he's building and hiring for as AI reshapes wealth management Paul Karger is the co-founder and Managing Partner of Twin Focus Capital Partners, a boutique wealth management firm serving ultra-high-net-worth families.