The Howard Lindzon Show: SpaceX in Your Index?! The Rule Changes That Could Reshape Retirement Portfolios

Good morning and happy Passover and Easter to all of you.

We’re back with another episode of The Howard Lindzon Show with Michele Steele.

We open with a quick health check: turns out my “The Tale of the Finger” was very popular which is a reminder that people like pain and gore…but we quickly move into the markets.

I lay out my concerns with the “too orderly” selloff. The macro news is nerve wracking: oil spiking toward $130, rising yields, rising mortgage rates, tariffs and de-globalization pressures, private credit stress, and major geopolitical uncertainty. With that mix, I would expect greater panic… and yet the indexes are rather calm. Even Warren Buffett has called this sell off just a blip and he is not ready to deploy his staggering pile of cash.

Then we turn to something bigger than one week’s price action: the blending of private markets into public markets, and how the rules are being rewritten. We discuss the potential push to bring mega-private companies like SpaceX, OpenAI, and Anthropic public.

We wrap with perspective: if you’re young, volatility can be a gift, keep compounding and keep buying, while also learning how to protect yourself if indexing changes (including the rise of direct indexing with FREC.com and the ability to opt out of specific names).

You can see all the topics below and skip around however you like…

JUMP TO THE GOOD STUFF:

• 0:05 - Intro + “Tale of the Finger” post goes viral

• 1:49 - Howard’s finger update: garage mishap recovery check-in

• 6:05 - 911 and the hospital experience: fast emergency care vs the system after

• 8:41 - Nickname brainstorm: “Stubs” vs “Scarfinger”

• 9:23 - Finger story as content: why “train wreck” traffic works

• 9:49 - Markets and geopolitics: the back-and-forth that snapped the rally

• 10:24 - Why the sell-off feels “too orderly”

• 11:49 - Oil, yields, private credit stress: “why haven’t markets crashed?”

• 14:06 - Oil spikes and recession history: what the textbook says

• 15:05 - De-globalization and commodities: aluminum, copper, silver breaking out

• 16:32 - Dangerous mix: rising commodity costs + rising rates

• 17:49 - Why “orderly declines” usually don’t end orderly

• 18:16 - Buffett’s cash pile + Gunlock’s warnings

• 19:58 - Private markets blending into public: “shell games” and opaque pricing

• 20:52 - The stakes: SpaceX/OpenAI/Anthropic IPOs and trillions in demand

• 22:07 - From “kept private too long” to “forced into ETFs day one”

• 23:06 - Direct indexing as a response: opt-outs and tax-aware customization

• 23:59 - SpaceX + Twitter + Grok packaging questions

• 24:48 - Why pros fear shorting: a headline can flip the tape instantly

• 25:18 - Integrity of markets: the real issue under everything

• 26:21 - Retirement accounts and rule changes: who benefits?

• 27:06 - If you’re young: hope the market drops and keep compounding

• 28:00 - “Pay attention, don’t study”: find mentors, protect yourself

• 31:14 - Travel vibes + perception: the “American tourist” question

• 32:20 - Wrap + tease: finger reveal next week + Cash Tag Awards plug