The economic landscape is shifting beneath our feet, and this episode of Marks on the Markets delivers the clarity you need to navigate what's ahead.

Richard Cunningham and John Coleman sits down with Matt Monson, Partner of Public Equity at Sovereign's Capital, to dissect the most pressing issues facing investors today. The conversation begins with Moody's recent downgrade of US creditworthiness and what it signals about America's unsustainable fiscal trajectory—a $36 trillion debt problem that's finally getting the attention it deserves.

Market Concentration and Hidden Risks The hosts dive deep into the Magnificent Seven phenomenon, revealing why having 30% of the S&P 500 concentrated in seven companies creates more portfolio risk than most investors realize. Monson shares his framework for analyzing tariff impacts across revenue and supply chains, while Coleman explains why this isn't just about stock picking—it's about understanding correlated risk factors that could catch investors off guard.

Tariffs: Beyond the Headlines Moving past the political rhetoric, the discussion explores the real-world impact of trade policy on American businesses. From the company sourcing 100% of its goods from China to the complex web of global supply chains, listeners get an inside look at how tariff uncertainty is forcing businesses to stockpile cash and delay investment decisions. The hosts examine whether the current 90-day pause with China signals a path toward resolution or deeper economic disruption.

Middle East Partnerships and AI Infrastructure The episode takes a strategic turn as Coleman and Monson analyze Trump's Middle East tour and the massive foreign direct investment commitments in AI infrastructure. They discuss why these partnerships matter for America's technological competitiveness and how they fit into the broader geopolitical and economic picture.

Federal Reserve in an Impossible Position With inflation pressures from tariffs and a still-strong labor market, the Fed faces an unprecedented challenge. The hosts explain why rate cuts seem unlikely despite market volatility, and what this means for mortgage rates, business investment, and the broader economy.

Faith-Driven Investing Insights The conversation concludes with practical insights for faith-driven investors, including Monson's compelling math on why your investment balance sheet—often 100 times larger than annual giving—represents an enormous opportunity for kingdom impact. The hosts share how the movement is evolving beyond traditional ESG frameworks toward employee flourishing and cultural excellence.

Key Topics Covered:

• US credit downgrade implications and fiscal sustainability
• Magnificent Seven concentration risks and portfolio diversification
• Tariff impact analysis and business uncertainty
• Federal Reserve policy constraints and rate outlook
• Middle East AI partnerships and foreign investment
• Small vs. large cap performance cycles
• Faith-driven investing trends and cultural impact

This episode offers both macro-economic analysis and practical investment insights for anyone seeking to understand how current events will shape markets and investment opportunities in the months ahead.

In this special episode recorded at SXSW in Austin, Texas, hosts Justin Forman and Richard Cunningham sit down with Brent Beshore, founder and CEO of Permanent Equity, to discuss what it means to take a long-term, cathedral-like perspective in business and investing.

Brent shares his transformation from an achievement-driven atheist to a faith-focused entrepreneur, highlighting how his approach to private equity challenges industry norms with long-term capital, zero debt, and transparent fee structures. Throughout the conversation, Brent reveals how vulnerability and authentic relationships have been crucial both in his personal faith journey and in building a successful investment firm.

• Brent's journey from atheism to faith and how it transformed his perspective on business, family, and achievement
• The dangers of "acceptable sin" that starts small but eventually leads to devastating consequences
• Why living in the light through authentic relationships is essential for both personal healing and business success
• How Permanent Equity's unique model of 30-year capital and no debt creates true alignment with business owners
• The concept of "cathedral thinking" - building something that may take generations to complete
• The importance of community and authentic relationships in combating isolation, especially for successful entrepreneurs
• Why achievement, control, and self-reliance can be more dangerous addictions than substances

In this May 2025 episode of Faith Driven Investor, hosts Richard Cunningham and John Coleman welcome Deirdre Gibson, ETF Specialist and National Sales Director at Praxis Investment Management, for a wide-ranging discussion on faith-driven investing and current market conditions.

Episode Highlights:

Understanding ETFs vs. Mutual Funds (2:31-4:42)

• Gibson explains the structural differences between ETFs and mutual funds
• Key advantages of ETFs: tax benefits, liquidity, transparency, and lower minimum investments
• How ETF structure makes diversified investing more accessible to everyday people

Jesus as a Model for Engagement (7:39-12:03)

• Gibson shares insights from her Kingdom Advisors conference presentation
• Examines how Jesus engaged with sinners rather than avoiding them
• Applies this model to faith-driven investing: avoid, seek, engage framework
• Makes the case for strategic engagement with companies rather than only screening them out

The "Sullivan Principles" and Christian Influence (12:03-15:19)

• Coleman discusses how the Episcopal Church's 1971 engagement with GM over apartheid led to industry-wide change
• How Christians can use capital ownership to influence corporate behavior
• The missed opportunity when Christians only avoid rather than engage

Research on Faith-Aligned Investing (20:50-24:24)

• Praxis research reveals significant gap between investor desires and advisor actions
• 70-85% of investors want values-aligned options while only 9% of advisors initiate these conversations
• Evidence that clients are making investments outside advisor relationships when values-alignment isn't offered

Tariffs and Market Analysis (29:01-41:42)

• Comprehensive breakdown of the Trump administration's tariff strategy and goals
• Analysis of four key administration objectives: reducing trade deficits, leveling playing fields, securing critical supply chains, and changing allies' position toward China
• Coleman's five-point framework for achieving a "soft landing" through modest and reciprocal tariffs

Market Outlook and Behavioral Finance (42:11-47:05)

• Disconnect between resilient economic data and fearful consumer/investor sentiment
• The phenomenon of "home bias" in investment portfolios
• The importance of maintaining business confidence to avoid recession despite uncertainty

Closing Thoughts on Human Dignity in Economics (48:33-53:19)

• Discussion of valuing human contributions beyond productive capacity
• Faith perspective on economic disruption from AI and technology advancement
• Biblical frameworks for approaching economic uncertainty with confidence