Intelligent Investor Insights

Intelligent Investor Insights We think of ourselves as the Benjamin Graham disciples, with nearly 100 years of collective experience helping clients with their financial future.

Ancora West Advisors, LLC dba Universal Value Advisors (“UVA”) is an investment advisor firm registered with the Securities and Exchange Commission. Savvy Advisors, Inc. (“Savvy Advisors”) is also an investment advisor firm registered with the SEC. UVA and Savvy are not affiliated or related.

12/16/2025

The current narrative surrounding the AI market is fundamentally flawed. While the financial headlines cheer the performance of a few semiconductor names, a data-driven economic assessment reveals a structural descent into irrational capital allocation.

In my latest macro commentary, "The Silicon Inferno: Dante, Gluttony, and the Seven Sins of AI Capital," I deconstruct the true forces driving the current mania.

This is not a story of perpetual efficiency; it is a manifestation of classic economic sins:

Sloth: The curse of Wirth's Law—software inefficiency—is now negating the dividend from hardware gains. We are betting trillions on compute that will be consumed by unoptimized models.

Gluttony: The shift to "Agentic AI" has created a Digital Jevons Paradox. Our demand for complexity has driven a year-over-year surge in token consumption by over 3,800%, wiping out cost savings.

Greed: Massive off-balance sheet financing deals for infrastructure are securing debt with assets (GPUs) that depreciate like bananas, signaling that creditors are already pricing in the risk of technological obsolescence.

The reckoning for this sector will not be financial alone; it will be physical. When power grid connection wait times stretch to seven years in data center hubs, hubris has collided with
reality.

The soft landing for this concentration of capital is a low probability. Disciplined investors must distinguish between true efficiency and systemic excess.

Read the full analysis: https://www.savvywealth.com/blog-posts/the-silicon-inferno-dante-gluttony-and-the-seven-sins-of-ai-capital

Disclosure: Josh Barone is an investment adviser representative with Savvy Advisors, Inc. (“Savvy Advisors”). Savvy Advisors is an SEC registered investment advisor. The views and opinions expressed herein are those of the speakers and authors and do not necessarily reflect the views or positions of Savvy Advisors. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy.

12/02/2025

🪙 Tokenized ETFs are the next shiny object in finance—but what problem are they actually solving?

Yes, they promise faster settlement and broader access. But let’s not ignore the cost of liquidity mirages. Wrapping illiquid assets in blockchain wrappers doesn’t change their nature—especially when redemptions depend on centralized players and off-chain collateral.

At best, tokenized ETFs offer operational convenience. At worst, they shift risk around like a shell game.

We should be asking: who really benefits—and who’s left holding the bag?

Full breakdown here 👇
📖 https://www.savvywealth.com/blog-posts/tokenized-etfs-robbing-peter-to-pay-paul

Disclosure: Josh Barone is an investment adviser representative with Savvy Advisors, Inc. (“Savvy Advisors”). Savvy Advisors is an SEC registered investment advisor. The views and opinions expressed herein are those of the speakers and authors and do not necessarily reflect the views or positions of Savvy Advisors. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy.

11/11/2025

I’ve seen markets soar on AI-driven optimism, but are we overlooking critical economic signals?

In my latest article, I explore the reality behind the AI boom, from Nvidia’s rise to accounting challenges that could shift the narrative.

Read more: https://www.savvywealth.com/blog-posts/ai-euphoria-meets-economic-reality-what-the-markets-might-be-missing

Disclosure: All advisory services are offered through Savvy Advisors, Inc. (“Savvy Advisors”), an investment advisor registered with the Securities and Exchange Commission (“SEC”). Savvy Wealth Inc. (“Savvy Wealth”) is a technology company and the parent company of Savvy Advisors. Savvy Wealth and Savvy Advisors are often collectively referred to as “Savvy”.

11/06/2025

Central banks are quietly rewriting the rules of global finance.

Over the past two years, we’ve witnessed a historic realignment: a shift away from U.S. Treasuries and fiat-backed debt toward physical gold.

This isn’t just an inflation hedge. It’s a deeper, structural response to rising fiscal imbalances, mounting geopolitical risk, and the strategic weaponization of the U.S. dollar.

From BRICS to emerging markets, the global South is charting a new monetary path—one that challenges the dollar’s dominance and repositions gold as the reserve asset of choice.

In my latest blog, I explore what this pivot means for the future of reserve management, capital flows, and monetary credibility.

Full analysis here: https://www.savvywealth.com/blog-posts/structural-gold-accumulation

Disclosure: Josh Barone is an investment adviser representative with Savvy Advisors, Inc. (“Savvy Advisors”). Savvy Advisors is an SEC registered investment advisor. The views and opinions expressed herein are those of the speakers and authors and do not necessarily reflect the views or positions of Savvy Advisors. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy.

11/03/2025

The yield curve has long been a reliable recession signal—but today’s distortion isn’t just about economic expectations. It’s about supply.

The Treasury is issuing longer-dated paper at a pace that’s warping the natural shape of the curve. Traders aren’t just reacting to macro signals—they’re reacting to issuance math. And the consequences are global.

Markets aren’t behaving irrationally. They're responding to distorted incentives.

I break it down:
👉 https://www.savvywealth.com/blog-posts/the-u-s-treasury-yield-curve-how-issuance-is-warping-global-markets

Disclosure: Josh Barone is an investment adviser representative with Savvy Advisors, Inc. (“Savvy Advisors”). Savvy Advisors is an SEC registered investment advisor. The views and opinions expressed herein are those of the speakers and authors and do not necessarily reflect the views or positions of Savvy Advisors. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy.

10/29/2025

Bitcoin ETFs are surging—and it's not just retail enthusiasm or institutional adoption behind the move.

What’s quietly powering this rally is leverage. From structured products to options volume, derivatives are amplifying flows into the space—and creating upward pressure on price.
It’s a self-reinforcing feedback loop: inflows lift Bitcoin prices → higher prices attract more inflows → leverage magnifies it all.

This doesn’t imply imminent risk. On the contrary—it suggests that price momentum could persist as long as liquidity and speculative structures remain intact.

Leverage is quietly becoming the engine of this market.

Full breakdown on the new mechanics behind the Bitcoin ETF boom: advisorperspectives.com/articles/2025/08/29/bitcoin-etfs-rising-tide-leverage

Disclosure: Josh Barone is an investment adviser representative with Savvy Advisors, Inc. (“Savvy Advisors”). Savvy Advisors is an SEC registered investment advisor. The views and opinions expressed herein are those of the speakers and authors and do not necessarily reflect the views or positions of Savvy Advisors. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy.

10/28/2025

As the world races all around you, we know that time spent with family is everything.

To give you that time, we engineer your wealth to last generations.

Because true wealth can’t be rushed. It’s created with quality in mind.

10/24/2025

When Washington tries to play venture capitalist, history tends to echo louder than markets.

The CHIPS Act has poured billions into domestic semiconductor production, but Intel’s ongoing stumbles reveal a deeper tension: strategic ambition colliding with operational reality.

This piece draws on the Iliad—not just for drama, but as a metaphor for modern industrial policy. Achilles had his heel. State capitalism has its own.

A must-read reflection on tech, hubris, and the limits of state-driven innovation: https://www.savvywealth.com/blog-posts/intel-the-iliad-and-the-hubris-of-state-capitalism

Disclosure: Josh Barone is an investment adviser representative with Savvy Advisors, Inc. (“Savvy Advisors”). Savvy Advisors is an SEC registered investment advisor. The views and opinions expressed herein are those of the speakers and authors and do not necessarily reflect the views or positions of Savvy Advisors. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy.

10/23/2025

Time always seems to fly by, and we know that time spent with family is everything.

To give you that time and ease of mind, we engineer your wealth to last generations.

Because true wealth can’t be rushed. It’s created with quality in mind.

10/22/2025

Why are investors bidding up baseball cards and Birkin bags while macro risks mount?

We’re seeing a growing preference for assets that blend scarcity, cultural cachet, and detachment from traditional markets. From Jordans to first-growth Bordeaux, collectibles are behaving less like quirky hobbies and more like alternative stores of value.

This piece breaks down:
• Why collectibles can outperform in low-trust, high-liquidity regimes
• The psychological overlap between luxury goods and speculative assets
• What happens when rate policy finally pinches the punch bowl

Worth a read if you're trying to understand where capital is really flowing—and why.

Read more: https://www.savvywealth.com/blog-posts/from-birkins-to-baseball-cards-to-bordeaux-to-jordans-the-economics-of-collectibles

Disclosure: Josh Barone is an investment adviser representative with Savvy Advisors, Inc. (“Savvy Advisors”). Savvy Advisors is an SEC registered investment advisor. The views and opinions expressed herein are those of the speakers and authors and do not necessarily reflect the views or positions of Savvy Advisors. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy.

10/21/2025

Just closed on your dream home.

The plumbing immediately fails. The basement floods.

Welcome to the modern housing market—where prices are softening, inventory is rising, and corporate landlords are the fastest-growing "neighborhood."

Between higher-for-longer rates, investor dominance, and affordability illusions, buying a home in 2025 is starting to look less like building equity—and more like walking into a trap.
The foundation isn’t the only thing cracking.

Read the full breakdown: https://www.savvywealth.com/blog-posts/the-housing-markets-reckoning-falling-prices-rising-inventory-and-corporate-ownership-domination

Disclosure: Josh Barone is an investment adviser representative with Savvy Advisors, Inc. (“Savvy Advisors”). Savvy Advisors is an SEC registered investment advisor. The views and opinions expressed herein are those of the speakers and authors and do not necessarily reflect the views or positions of Savvy Advisors. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy.

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