<p><strong>🎙️ Guest:</strong> Peter McNally, CFA<strong>🎧 Episode Title:</strong> The Return of Industrial Risk<strong>🗓️ Published:</strong> [Insert Date]<strong>📍 Topics:</strong> Tariffs, Trade Policy, Supply Chains, Energy Markets, CapEx, Nuclear, AI Infrastructure</p><p>🔹 <strong>Episode Summary</strong></p><p>In this conversation, Tom Levine speaks with Peter McNally, CFA of Third Bridge about how the return of tariffs, the hesitancy around long-term capital investment, and the future of energy are reshaping the economy.</p><p>McNally explains why many so-called reshoring announcements may just be “window dressing,” how cheap natural gas, as much as, policy—displaced coal, and why nuclear innovation may take longer than public timelines admit. </p><p>From AI-driven energy demand to restarting Three Mile Island, this episode looks at what happens when old industrial tools become relevant again.</p><p>🧠 <strong>Highlights</strong></p><p>Why companies are absorbing tariffs in the short-run instead of rewiring supply chains</p><p>The silent CapEx pause — and what it means for markets</p><p>LNG, shale, and the fracking technologies that changed U.S. energy</p><p>Small Modular Reactors and the limits of nuclear scale-up</p><p>AI data centers, power shortages, and the real energy bottleneck</p><p>“We’re all going to have to be students again.”</p><p>🔗 <strong>Resources & Mentions</strong></p><p>Guest: Peter McNally – Third Bridge</p><p>Reference: Cheniere Energy (LNG)</p><p>Topics: SMRs, Trade Policy, Data Center Buildouts</p><p>📬 <strong>Subscribe for More</strong></p><p>Smart conversations about policy, power, and real capital in Los Angeles and beyond.<strong>🎧 Full archive: </strong><a target="_blank" href="https://www.1929.live"><strong>https://www.1929.live</strong></a></p><p>----</p><p>00:00 Economic Impact of Tariffs</p><p>02:20 Long-term Capital Expenditure Trends</p><p>04:48 The Role of Third Bridge in Market Analysis</p><p>07:36 Tariffs and Global Trade Perspectives</p><p>10:14 The Future of Railroads and Shipping</p><p>12:34 Consolidation in the Rail Industry</p><p>15:14 The Intersection of Rail and Trucking</p><p>17:35 Airlines and Economic Resilience</p><p>24:28 Post-COVID Travel Demand Surge</p><p>25:45 Energy Sector Innovations and LNG Success</p><p>27:19 Technological Advances in Energy Production</p><p>30:14 Natural Gas: The Future of Energy</p><p>30:58 Data Centers and Energy Demand</p><p>34:08 Nuclear Energy: Challenges and Opportunities</p><p>38:55 Investing in Energy: The Case for Natural Gas</p><p>43:33 Market Overview: Corporate Earnings and Valuations</p><p>48:47 Wealth Disparity and Consumer Health</p><p>50:44 Native Angelino Podcast</p> <br/><br/>This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit <a href="https://www.1929.live?utm_medium=podcast&#38;utm_campaign=CTA_1">www.1929.live</a>