Market Mondays #275: Gold vs Bitcoin, Economic Breakdown, & 5 Generation Construction Empire with Cheryl McKissick

Podcast: Market Mondays (EYL Network)
Date: September 9, 2025
Hosts: Rashad Bilal, Troy Millings, Ian Dunlap
Guest: Cheryl McKissick (CEO, McKissick & McKissick)

EPISODE OVERVIEW

This episode dives into the evolving landscape of tech investments, infrastructure, AI, gold vs. bitcoin, and economic shifts in the labor market. The hosts analyze high-level strategies for navigating today’s tumultuous economic climates before sitting down with Cheryl McKissick, fifth-generation CEO of the country’s oldest Black-owned construction firm. Cheryl shares powerful insights into generational wealth, entrepreneurship, and her family's 230-year legacy building much of America's critical infrastructure.

KEY DISCUSSION POINTS AND INSIGHTS

1. The Power Shift: Tech, Policy & Economic Winners (10:05—19:57)

• Trump’s Tech CEO Summit:

  • Leaders from Meta, Apple, Microsoft, OpenAI, Google, Oracle, AMD, and Scale AI attended, but notably absent were Elon Musk (Tesla/X), Jeff Bezos (Amazon), and Jensen Huang (Nvidia).
  • Big public investment commitments: $600bn each from Apple and Microsoft, $80bn/year from Microsoft, $500bn into Oracle’s Stargate.
  • Quote (Rashad, 13:08): “Nvidia will be moving the market... The part that is interesting is the omission.”
  • The focus: Building out American AI/data center infrastructure—requiring collaboration between tech titans and government.

• Infrastructure and Power Grid Constraints:

  • Growth in quantum computing and AI is bottlenecked by insufficient city and state energy infrastructure.
  • Quote (Troy, 14:52): “This isn’t just a GPU conversation… this is about large-scale infrastructure.”

• Corporate-Government Dynamics:

  • The private sector, not the government, truly wields power—mistakes mean losing your seat at the table.
  • Quote (Ian, 16:46): “I don’t think anybody’s more powerful than Donald Trump...more power than any other person.”

2. Company Focus: Broadcom & Playing the Tech ‘Kingmaker’ (20:03—29:12)

• Broadcom’s Strategic Moves:

  • Transitioned from competing to enabling as the ‘connective tissue’ of the industry (coining “XPU” to support GPUs, CPUs, FPGAs, TPUs, etc.).

  • “Stacking” option calls generated significant returns for investors.

  • Secret $10bn customer likely not OpenAI—hints of other major hyperscalers.

  • Quote (Troy, 23:15): “If you’re not a king, be a kingmaker...they allow themselves to rise as well.”

• Brand Strategy:

  • Companies must carve out a unique identity—not mimic giants like Nvidia or AMD.
  • Quote (Rashad, 25:27): “You gotta hit a market that no one else is hitting...Broadcom reminds me a lot of Tim Duncan...fundamentally sound, not the most exciting, but they just put up numbers every quarter.”

3. US Economy & Labor Market Breakdown (29:40—41:39)

• Alarming Statistics:

  • More unemployed people (7.2m) than job openings (7.1m) for the first time since April 2021.
  • Job market set for multi-year weakness due to debt, AI, and shifting economic paradigms.
  • Quote (Rashad, 32:17): “I want to be very clear, the job market will not be good for the next three or four years.”

• The Necessity of Entrepreneurship:

  • Classic pathways (“just get a job”) are nearly obsolete for many—alternative income (gig work, investing, real estate, entrepreneurship) now a necessity.
  • Racial disparities hit Black women hardest; sub-$100K earners face ‘recession,’ while top earners are in a ‘boom.’
  • Quote (Ian, 34:55): “Entrepreneurship on a certain level is not a luxury, it’s a necessity.”

• Wages and Fed Policy:

  • Rate cuts expected to help those already investing—furthering wealth disparities.
  • Quote (Rashad, 38:31): “There’s a tale of two economies… The people I know who are doing well are having blockbuster quarters—the rest, it’s the worst years since 2009.”

4. Gold vs. Bitcoin: The Great Hedge Debate (45:39—52:10)

• Market Movements:

  • Gold up 36% YTD, nearly tracking Bitcoin’s performance—both seen as hedges against inflation and US dollar devaluation.
  • Quote (Rashad, 48:13): "For the first time in my life you have Ray Dalio, Vlad Tennov, Sam Altman, Bezos…giving the public an exit strategy or investment strategy. That is a sign of the times.”

• Correlation/Coincidence:

  • Kilo of gold and one bitcoin priced nearly equally—hosts debate if this is intentional financial engineering or “there are no accidents.”

• Investment Philosophy:

  • Diversified hedging: Both gold & bitcoin are advised.
  • Quote (Rashad, 48:22): “Do both. Half and half if I have to allocate accordingly.”

5. Robin Hood’s Dramatic Comeback (52:10—57:01)

• Stock Rise & Platform Shifts:

  • Robin Hood stock up 500% in 12 months.
  • Company innovated by listening to users, making access to markets and crypto seamless for retail investors.
  • Quote (Troy, 55:17): “They listened to their audience… retail investors want these features. Let’s put assets on it that they can trade.”

• Leadership and Adaptability:

  • Founder Vlad Tenev credited for tenacity and vision despite public controversy.

6. Apple iPhone 17 Discussion: Innovation or Fatigue? (60:09—66:18)

• Stagnation in Product Releases:
  • Hosts criticize Apple for lack of true innovation—new features seem incremental, not game-changing.
  • Quote (Rashad, 62:24): “No one wants this stupid ass phone that you keep reselling... if we don’t get a reimagining, I’m going to say who I think the CEO should be.”
  • Discussion of AI hardware moves by OpenAI and others as possible disruptors.

FEATURE INTERVIEW: Cheryl McKissick (71:03—114:48)

Legacy, Lessons, and Leadership:

• Family History & Legacy:

  • 230-year story: Descended from a slave brickmaker (1790), to the first Black licensed architects, to the present day as a national construction powerhouse.
  • Quote (Cheryl, 73:25): “We stand as a mirror for America and a beacon...when perseverance meets purpose.”

• Building a Generational Empire:

  • 5 “Ps” of Success: Perseverance, Preparedness, Persistence, Productivity, Prayer/Purpose.
  • Quote (Cheryl, 80:57): "Perseverance is getting up every day in the face of adversity...productivity means…you’ve actually produced value...prayer, because some days, that’s exactly what I need.”

• Passing Down Wisdom and Wealth:

  • Generational knowledge harder to instill in today’s media-saturated world—modeling ownership, showing value through actions, and emphasizing the importance of real vs. online life.

• Business Challenges & Strategy:

  • Cash flow in large-scale, government-funded projects is managed by building a strong balance sheet.
  • Deciding which sectors and projects to pursue: Chasing trends like data centers and energy infrastructure.
  • Quote (Cheryl, 88:16): "I research where the capital dollars are going. Data centers are huge…we are a part of the new Micron data center, upstate NY—a $100 billion project.”

• Navigating Politics & Diversity:

  • Public vs private sector differences—red tape v. agility; importance of relationship-building and reputation; navigating programs like MWBE sometimes targeted by political agendas.
  • Quote (Cheryl, 94:15): “Ownership is so important…more owners need to look like us, and they will hire us.”

• Top Advice for Entrepreneurs:

  • “Keep your identity. Don’t let anyone define you. And be okay with the journey—it doesn’t happen overnight." (110:49)
  • Relationships and reputation are everything—for client acquisition and building trust.

NOTABLE QUOTES & MEMORABLE MOMENTS

• Tech Power Table:
  • Rashad (13:08): "Nvidia. Nvidia will be moving the market. And we can’t…so the part that is interesting is the omission."
• On Gold vs. Bitcoin:
  • Ian (48:13): “For the first time in my life you have Ray Dalio…giving the public an exit strategy or investment strategy…that is a sign of the times.”
• Entrepreneurship as Necessity:
  • Ian (34:55): “Entrepreneurship on a certain level is not a luxury, it’s a necessity.”
• Legacy and Purpose:
  • Cheryl (81:03): “If you wake up every day with a purpose…a God-given purpose, then you will achieve it. Now, prayer is the one I added, because some days, that’s exactly what I need.”
• Client Relations:
  • Cheryl (103:10): “Acquiring clients is building relationships before you need them…with people who are going to say something good about you when you’re not in the room.”
• The Importance of Excellence:
  • Cheryl (100:17): “Excellence is the loudest protest you can have.”

TIMESTAMPS FOR MAJOR SEGMENTS

• [10:05] Trump’s Tech Dinner: Investment commitments, private v. public sector power
• [20:03] Broadcom Analysis: XPU, partnership strategies, stacking options
• [29:40] US Economy Breakdown: Jobs data, entrepreneurship, wealth disparity
• [45:39] Gold vs. Bitcoin: Safe havens debate, kilo/btc pricing correlation
• [52:10] Robin Hood’s Rise: User focus, stock surge, fintech innovation
• [60:09] Apple iPhone 17: Critique of innovation fatigue, AI hardware competition
• [71:03] Cheryl McKissick Interview begins: Family story, building an empire, wisdom for entrepreneurs
• [100:17] On dealing with discrimination, reputation, and excellence
• [110:49] Advice for entrepreneurs—powerful takeaways on identity and persistence

CONCLUSION

This episode serves as a masterclass in economic adaptation: how to recognize structural shifts (tech, labor, monetary policy), cultivate generational resilience, and build both personal and financial capital. Cheryl McKissick’s interview is a shining highlight, demonstrating how vision, grit, and legacy can uplift whole communities. For those seeking insight on what’s coming in markets, tech, entrepreneurship, and Black generational wealth, this episode is a must-listen.

For more information:

• Book: "The Black Family Who Built America" by Cheryl McKissick – Available at major retailers and Simon & Schuster
• McKissick & McKissick: mckissick.com
• Follow Cheryl McKissick on social media

“Who built this? We did.” – Cheryl McKissick (113:11)