Halftime Report – Future Proof Miami Beach

Date: March 10, 2026
Host: Scott Wapner
Investment Committee: Josh Brown, Bill Baruch, Malcolm Etheridge, Rob Seachen
Special Guest: Jason Wenk (Founder & CEO, Altruist)
Location: Live from Future Proof Citywide Conference, Miami Beach

Episode Overview

Broadcasting live from the bustling Future Proof conference in Miami Beach, CNBC’s “Halftime Report” dives into the current volatility rocking global markets, with a particular emphasis on the intertwined influences of geopolitical tension, surging energy prices, AI-driven disruption, and pivotal moves within the private credit sector. Scott Wapner leads the investment committee in dissecting opportunities and risks, with keen on-the-ground insight from wealth advisors and a high-profile interview with Jason Wenk, whose company Altruist is shaking up wealth management through AI innovation.

Key Discussion Points & Insights

Market Volatility, Energy, and Geopolitics

• Recent Whipsaw Action

  • The last 20 hours saw a "sizable sell-off," presidential remarks before the close, and a strong reversal, with hopes riding on continued declines in oil prices (01:18).

• Crude Oil as the Central Variable

  • WTI crude down nearly 11% in one day is described as the “most important thing to watch” for market stability (Wapner, 01:18).
  • Josh Brown: "I think you trust the equity market here... more so than you trust the oil price or the commodity market. There's a lot more volatility on the commodity side." (02:25)

• Institutional Perspective on Volatility

  • Rob Seachen advises three investor categories:
    • New Money: Stay patient—wait for technical support levels.
    • Capital Needs: Take advantage of the current moment to raise cash.
    • Rebalancing: It’s tricky; consider selective hedging to avoid triggering taxes (03:50).

• "Don't Fight the White House" / "Trump Put" Market Dynamic

  • Scott raises the idea, referencing Tom Lee, that the White House's intolerance for a major stock market drop creates a sense of a government “put” underneath equities (05:18).
  • Malcolm Etheridge cautions that investor complacency may be setting in: "We're acting a little too complacent right now as investors... [this] could go on a little longer than we've already assumed." (06:13)
  • The ongoing energy crisis is described as the worst since the 1970s (07:44).

• The Cyclical Context and Stagflation Concerns

  • Bill Baruch: "It is year two of a presidential cycle. There was expected to be some volatility... it's more stagflationary. So a lot of this is getting flushed out." (08:22)
  • Recalls earlier warnings about consumer weakness, private credit fears, and slowing growth.

AI, Software, and Sector Rotation

• Software Stocks and AI Disruption

  • Deutsche Bank upgrades tech to “neutral” and software to “overweight” as valuations reach multi-decade lows (09:20).
  • However, Josh Brown notes price action contradicts the call: "These stocks are down... on no news." (10:25)
  • Brown adds: "You can't prove a negative... the pessimists will say, well not yet, pal." (11:17).

• Valuation Compression—AI Disruption is Priced In?

  • Scott Wapner: "Wells Fargo says that software stocks are now priced at... department stores." (13:15)
  • Malcolm Etheridge draws parallels to “the internet was supposed to kill the mall”—the incumbents adapt and survive (13:44).

• Case Study: Oracle

  • Despite a steep YTD drop, Bill Baruch remains constructive: “We bought more on Friday... I want to hear about Cloud and CapEx.” (14:41).
  • Rob Seachen asserts: “If you’re underspending, you’re going to find yourself playing defense very aggressively.” (17:13)

• Capital Discipline and Course Correction

  • Discussion of Meta's "fail fast" approach: companies must quickly redirect investments in AI and innovation (17:45).
  • Josh Brown: "It’s not just over and underspending, it’s what are you spending on and what is the point?" (17:27)

Private Credit Under the Microscope

• Boaz Weinstein: “It’s Bad, It’s Bad”

  • Tom Lee and Boaz Weinstein express private credit sector concerns. Weinstein, however, remains "surprisingly bullish" on top public managers (Apollo, Ares, Blackstone, Blue Owl), having bid for shares at deep discounts (20:29).

• Cliffwater Turducken Analogy

  • Weinstein likens Cliffwater’s fund structure to a “turducken” (fund of funds of funds): "You can't redeem from the chicken unless you first cut through the turkey and the duck." (21:05)

• Redemption Risk and Growth Outlook

  • Josh Brown warns that growing retail redemptions threaten the long-term “growth story” for private credit and PE players, as fund flows guide valuations (22:36):

    "If you thought that these companies were going to get ... 0% allocated to private equity and private credit to 5% by 2030, ... [redemption requests] darkens the outlook for the potential growth of these stocks." (22:36)

Live Interview: Jason Wenk (Altruist CEO) & AI Disruption in Wealth Management

• Market Reaction to Altruist’s AI Platform

  • Wenk: "A 10% sell off [in Schwab, LPL, etc.] in a day is pretty irrational... but it's kind of a harbinger of what's coming in the next 10, 20 years." (29:07)

• Altruist’s Unique Position

  • Competes as both a custodian and a platform, with the AI tool “Hazel” poised to directly affect revenue margins and market share (29:46).
  • Wenk draws parallels to Schwab’s rise from “discount broker” to dominant institution, hinting that AI could be the driver for similar disruption.

• Advisor and Tech Adoption Impacts

  • Josh Brown (client & investor): "If you're a young up-and-coming firm or you're an advisor ... and you're not talking to Altruist, you're not seeing the cutting edge." (31:56)
  • Wenk explains infrastructure + AI is the “magic recipe” for a “Vanguard moment”—lower cost, wider access, better outcomes for individual investors (34:22).

• Advisors’ Tech Expectations

  • Brown: "You can't be taken seriously [by younger clients] if your technology looks like it’s from 10 years ago." (35:14)

Committee Portfolio Moves: Rotations and Watch Lists

• Uber (UBER)

  • Bill Baruch sold UBER in his concentrated portfolio but keeps a 2% weighting in the broader one: “I like it... but... it's sort of getting repriced.” (39:26; 40:20)
  • Josh Brown: “Still as bullish as ever... 16 times earnings. It's just gotten absurd at this point.” (41:09; 49:47)

• Tesla (TSLA)

  • Baruch rotated cash into Tesla: “This is a pure AI play... humanoid robots... you want to see investment perform this year.” (41:11)

• Best Stocks: Biotech Picks

  • Amgen (AMGN) & AbbVie (ABBV)
    • Josh: "Ignore the lost decade... these are growth stocks where you don't have to worry about disruption... none of that can be disrupted and all of it will be helped by AI." (42:27)
    • Rob & Bill: Both own significant stakes in biotech, see sector outperformance and continued AI-enabled growth. (43:55; 44:49)

Notable Quotes & Memorable Moments

• Josh Brown on AI Disruption:

  “Time is going to dictate what happens to a lot of these software companies. The answers are... frustratingly unknown.” (11:51)

• Malcolm Etheridge on Software’s "Moment":

  "This whole moment in software is reminding me a lot of how the Internet was supposed to kill the mall... the incumbents are going to figure it out. Microsoft isn’t going anywhere." (13:44)

• Rob Seachen on Private Credit:

  "Selective hedging... will allow them to get to the position they want without seeing selling into what could end up being a don't fight the White House environment." (03:50)

• Boaz Weinstein (via Leslie Picker):

  "[Cliffwater's business] is akin to a turducken—a chicken stuffed inside a duck stuffed inside a turkey. Essentially, you can't redeem from the chicken unless you first cut through the turkey and the duck." (21:05; relayed by Jennifer and Malcolm)

• Jason Wenk (Altruist CEO):

  "If your infrastructure is limiting... the benefits [of AI] are pretty minimal. So I think this is why you have to have infrastructure plus the AI layer. If you do those two things together, we really should see another Vanguard effect..." (34:22)

Conference Scene and Industry Buzz

• Future Proof Miami Beach:
  • Over 3,600 attendees, predominately advisors and asset/wealth tech professionals.
  • "Three conversations happening: AI, AI, and AI." (Josh, 46:07)
  • Incumbent titans (Goldman Sachs, BlackRock, Schwab) and startups mingling side by side.

Key Timestamps for Reference

| Timestamp | Segment | |-----------|------------------------------------------------------------| | 01:18 | Opening market commentary, intro to investment committee | | 02:25 | Josh Brown on market signals vs. oil volatility | | 03:50 | Rob Seachen on investor categories amid volatility | | 05:18 | The "Trump Put"/White House market intervention debate | | 06:13 | Malcolm: caution against complacency | | 08:22 | Bill Baruch: presidential cycle volatility & stagflation | | 09:20 | Deutsche Bank tech/software call | | 13:44 | Malcolm compares AI anxiety to e-commerce vs. malls | | 14:41 | Oracle: risk/reward buy rationale (Bill Baruch) | | 17:27 | Brown & Seachen debate capital discipline and AI spending | | 20:29 | Leslie Picker on Boaz Weinstein’s latest private credit take| | 21:05 | Weinstein’s “turducken” analogy for Cliffwater | | 22:36 | Josh Brown on private credit/PE inflows and redemptions | | 29:07 | Jason Wenk starts interview: Altruist, AI & wealth | | 34:22 | Wenk: infrastructure + AI for client outcomes | | 39:26 | Uber/Tesla portfolio moves | | 42:27 | Best biotechs: Amgen, AbbVie (Josh, Rob, Bill) | | 46:07 | Conference themes: “AI, AI, and AI” | | 47:18 | Notable analyst calls: Spotify, Rocket, AT&T | | 49:47 | Finals: Broadcom, Spotify, AppLovin, Uber |

Tone and Participant Style

• Conversation is highly pragmatic—speakers weigh near-term risk and long-term opportunity, often focusing on technical analysis, valuation, and sector rotation.
• Banter is collegial and sometimes self-deprecating; notably, participants are careful to draw distinctions between short- and long-term thinking.
• Consistent emphasis on the value of not overreacting, tax efficiency, capital discipline, and the need for infrastructure to fully harness new technology.

Summary

Throughout a jam-packed hour, “Halftime Report” from Miami Beach expertly navigates market turbulence and shifting sector dynamics. Major themes arise: oil prices and geopolitical risk dictate daily volatility, while longer-term, the software and AI disruption narrative is increasingly nuanced and, in some cases, already priced in. Private credit, once a quiet engine of returns, now sits under the microscope as redemption risk grows. Meanwhile, the wealth management industry is on the cusp of dramatic transformation through next-gen digital platforms, as showcased in the lively discussion with Altruist’s CEO. By episode end, the panel’s conviction in sectors like biotech and pragmatic optimism on select tech names, even amidst volatility, shines through. The conference backdrop cements AI as the defining investment meta-theme for 2026 and beyond.

For further details, notable quotes, and key timestamps, see the breakdown above.