Andrew Horowitz Guest-Hosts No Agenda: Patriot Pellets, 'SI' Rebrand and a FlyDubai Mystery
Adam Curry welcomes Disciplined Investor host Andrew Horowitz to Episode 1908 'Chivatican' for a deep dive on Trump's steel tariff deals, the rebranding of AI as 'super intelligence,' a bizarre FlyDubai hijacking story, GLP-1 fallout and McDonald's AI pricing.
Fredericksburg, TX (Newsworthy.ai) Tuesday Oct 6, 2026 @ 5:20 PM CDT
Show Open — Andrew Horowitz Sits In
Photo: Adam Curry & John C. Dvorak
“The horse doesn't want to fall off the mountain just as badly as you don't want to fall off the mountain. Hang on to the horse. It's the same thing with these markets.”
Released October 1, 2026, Episode 1908 of the No Agenda Show, titled 'Chivatican,' finds host Adam Curry broadcasting from the Texas Hill Country with a brand-new guest co-host in the chair: Andrew Horowitz of The Disciplined Investor and DH Unplugged. The pair, who have known each other for roughly 15 years and share a long history with the late John C. Dvorak, deliver a three-hour media deconstruction built around tariffs, jobs numbers, artificial intelligence hype, and a hijacking mystery over Saudi airspace. It is one of the most finance-forward No Agenda episodes in recent memory.
Horowitz brings a markets lens to the show's trademark narrative dissection. Among the threads unpacked:
Show Open — Andrew Horowitz Sits In
Photo: Adam Curry & John C. Dvorak
“The horse doesn't want to fall off the mountain just as badly as you don't want to fall off the mountain. Hang on to the horse. It's the same thing with these markets.”
- The $15 billion Mesabi Metallics / SR steel plant deal in Iowa, 'Patriot Pellets,' and the Section 232 tariffs that enabled it.
- Kevin Hassett's shifting commentary on BLS jobs reports, PCE methodology changes, and ShadowStats founder John Williams.
- Scott Bessent's bond-buying 'blunder,' private credit refinancing walls, and commercial real estate losses.
- Trump's rebrand of AI as 'SI' (super intelligence) and Anthropic's reported $2 trillion IPO prospectus.
- The FlyDubai cockpit stabbing incident and Netanyahu's pre-election messaging.
Horowitz's investing philosophy gets its own set piece when he recounts a horseback ride in Costa Rica with his wife Jill.
'The horse doesn't want to fall off the mountain just as badly as you don't want to fall off the mountain. Hang on to the horse. It's the same thing with these markets.'
Curry, for his part, hammers the shifting official story on FlyDubai Flight to Tel Aviv, noting conflicting ABC, BBC and Netanyahu accounts of whether the plane dropped from 34,000 to 16,000 feet in two or three minutes, whether a knife or crash axe was used, and the now-famous Israeli plumber who allegedly leveled the aircraft.
The episode's depth comes from its specificity. Horowitz dissects Commerce Secretary Howard Lutnick's Oval Office pitch alongside Iowa TV6 reporting that no permits have been filed and no major Lee County land has been purchased for the plant. He contrasts Cleveland-Cliffs' North American pellet dominance with Brazil's Vale, flags the Indian ownership of SR Technologies, and connects the timing to the midterms. On AI, Curry champions Meta's Muse assistant, predicts the collapse of traditional podcast apps, and recounts building a prototype 'while watching West Wing.' AOC, Bill Gates, Jensen Huang, Sam Altman's 'Dots' launch, Pope Leo's Chicago-accented AI remarks, and Pete Hegseth's Pentagon purge all get run through the deconstruction machine.
About No Agenda Show
No Agenda is the long-running, listener-supported value-for-value podcast hosted by Adam Curry and the late John C. Dvorak, known for its skeptical, humor-laced media deconstruction of politics, culture, technology, and the forces shaping the daily news cycle. The show offers an irreverent alternative to mainstream analysis, powered entirely by its audience of producers, knights and dames. Episode 1908 'Chivatican' is available now wherever podcasts are heard, and at noagendashow.net.
Frequently Asked Questions
- Who is Andrew Horowitz and what's his connection to No Agenda?
- Andrew Horowitz is a Fort Lauderdale-based money manager, author of 'The Disciplined Investor: Essential Strategies for Success,' and host of The Disciplined Investor podcast (launched March 2007) and DH Unplugged, which he co-hosted with John C. Dvorak for nearly 18 years. He's known Adam Curry roughly 15-16 years and now continues DH Unplugged with Dvorak's son, JC.
- What are 'Patriot Pellets' and why does the episode focus on them?
- Patriot Pellets are high-quality iron ore pellets to be produced by Mesabi Metallics at a new $2.5 billion Minnesota mine, feeding a $15 billion SR Technologies steel plant in Lee County, Iowa. Curry argues the Section 232 steel tariffs made the project viable, though Iowa's TV6 Investigates found no permits filed and no major land purchases, contradicting Lutnick's 'done deal' claim.
- What is the 'SI' rebrand Trump announced?
- At a White House event, Trump announced that AI has been officially renamed 'SI' for super intelligence, framing it as a morally binding accord signed by major tech leaders. Curry calls it marketing for upcoming IPOs and notes there are no actual guardrails or enforcement, while Horowitz agrees the entire push is IPO positioning to prevent the AI-driven market trade from unwinding.
- What happened on the FlyDubai flight and why are the accounts conflicting?
- A co-pilot allegedly stabbed or axed the other pilot on a Dubai-to-Tel Aviv flight, causing a rapid descent over Saudi airspace before landing in Tabuk. Accounts vary wildly: BBC said two minutes from 34,000 to 16,500 feet, ABC said three minutes, and Netanyahu claims an Israeli plumber in row 18 rushed the cockpit and leveled the plane—a story Curry says is riddled with technical implausibilities.
- Why does Horowitz distrust the official jobs and inflation numbers?
- Horowitz points to the PCE being revised using a new methodology going back to 2021, references ShadowStats' John Williams who maintains 1980-era methodology showing roughly 10% inflation, and criticizes BLS reliance on outdated birth-death models. He notes Kevin Hassett pivots his explanations based on whether numbers are good or bad, dismissing a weak July report while celebrating an August number four standard deviations above the mean.
- What's the significance of the John C. Dvorak Challenge Coin?
- The commemorative challenge coin, designed with help from Sir Paul Couture, features Dvorak's iconic salute on the front and symbols including a Bakelite phone on the back. The magic donation number is $388.83—incorporating the show's 33s and a palindrome chosen by the Dvorak family. Unlike the Order of the Ant pins, the coin will remain available ongoing at noagendarings.com.
- What is Meta's Muse and why is Curry so enthusiastic about it?
- Muse is Meta's AI assistant that Curry has been using for weeks, giving it broad access to his systems. He built a prototype podcast-discovery agent on it one night while watching West Wing, and used it to tunnel through his browser to arbitrage Amazon pricing. He predicts it will cannibalize traditional apps, websites, and social platforms, giving consumers negotiating power against dynamic pricing.
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