Rich Habits Podcast Episode Summary

Episode: Special Guest: Bob Pisani, Market Meltdown, & Walmart's New $100K Customers
Date: November 21, 2025
Hosts: Austin Hankwitz & Robert Croak
Special Guest: Bob Pisani, former CNBC Senior Markets Correspondent

Episode Overview

This episode of the Rich Habits Podcast centers on three top financial headlines—Nvidia’s earnings and market volatility, Walmart’s surprising new customer trends, and the latest jobs report—culminating in an insightful interview with legendary financial journalist Bob Pisani. The hosts break down macro-economic uncertainty, investing mindsets during turbulent times, and share practical wisdom for building wealth. Pisani gives behind-the-scenes stories from his 35-year tenure at the NYSE, and shares timeless investing advice rooted in experience and the rise of index funds.

1. Key Headlines on the Rich Habits Radar

Nvidia Earnings & the Market's Rebound-Then-Selloff

• Nvidia’s Q3 earnings delivered “off the charts” (01:38)
  • Data center revenue: $51.5B (+25% QoQ, +66% YoY)
  • Q4 guidance: $65B (beats Wall St. expectations)
  • Stock surged 5% after-hours, but gains quickly disappeared amid broader market selloff
• Takeaway:
  • Macro uncertainty is overriding micro-level earnings.
  • "AI is the most transformative technology of our lifetimes... Invest in companies building the infrastructure for the next industrial revolution.” — Robert (03:23)
  • Stay focused on long-term conviction; volatility is expected.

Walmart’s Surge & Higher-Income Shoppers

• Walmart reports strong quarter (04:08):
  • Comparable sales +4.5%
  • Raises annual outlook by $300M
  • Stock up 6% despite overall market slump
• CEO Doug McMillon comments (04:31):
  • Upper-income households (>$100K) now making up the majority of new sales
  • “Upper income households accounted for the majority of share gains in the quarter.”
• Implications:
  • High earners are hunting for deals, reflecting financial pressures at all levels.
  • Despite robust performance from some mega-cap techs, S&P lagged—“their customers are not data centers and AI chips. Their customers are the average American.” — Austin (05:27)

The Jobs Report: Surprising Numbers and Skepticism

• September payrolls up by 119,000 (05:41):
  • Far above the ~50,000 expected
  • Prior months revised down by 33,000—a reminder to be skeptical of headline numbers.
  • Unemployment ticked up to 4.4%, the highest in four years; harder for laid-off workers to find new jobs.
• Interest Rate Outlook (06:56):
  • Odds of a December Fed rate cut fall from 90% to 30%.
  • "Now you’ve got lower GDP, a blind Jerome Powell, and a volatile stock market—a recipe for disaster. But this too shall pass.” — Austin (07:39)
  • Reminders to focus on the long term and avoid reacting emotionally.

2. ETF Market Movers

• Top Performers (09:07):

  • Volatility ETFs: +best performing
  • Healthcare Tech: +4.5%
  • Niche Commodities: +3.5%

• Worst Performers (09:55):

  • Blockchain: -12.5%
  • Cryptocurrency: -12.75%
  • Cannabis & Psychedelics: -27%

• Analysis:

  • Healthcare and consumer staples are resilient in volatile markets.
  • Blockchain and crypto weakness signal risk-off sentiment.
  • “Now is a good time to consider diversification away from big tech, AI stocks, and cryptos.” — Robert (11:10)

3. Interview: Bob Pisani’s Market Wisdom

Introduction

• Bob Pisani, CNBC senior markets correspondent for 35+ years, has witnessed every major market event—from the dot-com boom to the global financial crisis.
• Author of Shut Up and Keep Talking: Lessons on Life and Investing from the Floor of the New York Stock Exchange.

On Meeting Heroes and Longevity (14:12)

• Pisani recalls the joy of 14,000 bell ringings at the NYSE—meeting everyone from Aretha Franklin to CEOs.
• Barry Manilow anecdote (16:06):
  • Manilow’s advice: stay with what you love, keep working, and eventually become a “legend.”
  • "After a while, people notice and say, look, he's still here. And people start writing articles about you being a legend.” — Pisani (16:06)
• Pisani related this to his own career and to investing: “Just stick to it.” — Robert (17:31)

Bob Pisani's Core Investing Lessons (17:55)

• Take the long view:

  • “Three out of four years, the S&P has gone up... Declines of 20% or more in the S&P in any given year are very uncommon.”
  • Drops of 20%+ are typically made whole within a year or two.

• Don’t try to time the market:

  • “You're going to live a lot longer than you think. A 35-year old may have 60+ years of investing ahead—why fuss over this year's performance?” — Pisani (18:43)
  • Pisani’s personal story: Jack Bogle (Vanguard founder) coached him to focus on index funds, leading to lifelong outperformance.

• The problem with stock picking and market timing:

  • 90% of active fund managers fail to outperform their benchmarks over 10 years. “The 10% that did outperform in the last 10 years are not the same people who outperform in the next 10 years... Much of the outperformance is luck, not skill.” — Pisani (22:42)
  • Overconfidence and incomplete information plague both pros and individual investors.

• You can’t predict the future:

  • “We have an army of brilliant people at the Federal Reserve... and they can't figure out the future.” (24:02)
  • Even professional analysts are consistently wrong; biases and unforeseen variables dominate.
  • “Don't go changing the plan. That's another classic behavioral bias.” (27:24)

• Formula for Building Wealth:

  • “Intentionality plus consistency equals inevitable wealth building.” — Austin (27:24)
  • Dollar-cost averaging, long-term index investing, and resisting the urge to tinker.

• On Financial Media:

  • Pisani critiques the obsession with short-term predictions: “We're not in the crystal ball business. We are in the education and the preparation business.” — Robert (28:11)
  • The American capitalist system, despite its flaws, remains the best bet for long-term investors.

Notable Quotes & Moments

• “Give me more of that Amazon, that Google, that Microsoft—give me those companies at a discount, baby.” – Austin on buying quality in downturns (03:50)
• “High income earners are... willing to change their shopping habits to create savings and keep more money in their pockets.” – Austin (05:02)
• “Just stick to it.” – Robert, echoing Pisani & Manilow’s advice for career and investing (17:31)
• “The long term trend is up. The short term downtrends usually reverse within a few years. Keep a long view.” – Bob Pisani (18:38)
• “Market timing does not work because, by the way, you gotta be right going in and going out... Nobody can do that consistently.” – Bob Pisani (24:02)
• “If someone is telling you what a stock price is going to be in six months or a year… run, because nobody has a crystal ball.” – Robert (28:11)
• “Introducing as many people as possible to the investor class is the only way we’re ever going to shrink the wealth gap in this country.” – Austin (29:16)

4. Rapid-Fire Headlines

Austin’s Picks (31:18)

• Google releases Gemini 3: Advanced model for multimodal AI; integrates with Adobe’s creative suite.
• Eli Lilly nears $1T market cap: Driven by new weight-loss drug; the obesity drug market boom is still in early stages.
• Coco Robotics expands partnerships: Self-driving food delivery bots with DoorDash, Uber Eats, and Shake Shack.

Robert’s Picks (34:51)

• Bitcoin plunges: Hits lowest in 7 months; $1T wiped from crypto due to rate uncertainty and fear.
• Constellation Energy gets $1B DOE loan: To reopen Three Mile Island nuclear plant, major supplier to Microsoft data centers.
• Berkshire Hathaway buys $4.3B of Alphabet: Signals new direction and continued confidence in Google/Alphabet.

5. Actionable Takeaways

• Long-term, diversified investing outperforms attempts at market timing or stock picking. Focus on low-cost index funds for core holdings.
• Be aware of financial media hype and bias—nobody can consistently predict the market.
• Embrace volatility as normal, and consider using downturns to accumulate quality assets.
• Building wealth is about intentionality and consistency—stick to your plan, and let compounding do its work.

Suggested Further Learning

• Bob Pisani’s book: Shut Up and Keep Talking (link in show notes)
• Follow the Rich Habits Newsletter/Network for ongoing actionable financial education.

For anyone who wants a blend of actionable financial wisdom and real storytelling from Wall Street’s front lines, this episode is a must-listen.