From MAGA ETF to Nuclear Power: Hal Lambert’s Market Playbook

The latest episode of Capital & Power features a conversation that investors won’t want to miss. Adam Shapiro sits down with Hal Lambert , founder of Point Bridge Capital, political analyst, and longtime market veteran whose resume spans J.P. Morgan, Credit Suisse, and the creation of ETFs including the MAGA ETF and the Free Markets ETF . Lambert’s unique mix of political connections—he served on President Trump’s Inaugural Committee—and decades of Wall Street experience gives him a front-row view of how policy and markets intersect. In this wide-ranging interview, he offers blunt takes on everything from interest rates and housing policy to nuclear energy and gold, making this one of the most actionable Capital & Power conversations to date.

New York Politics, Housing, and Wall Street’s Next Move

The conversation kicks off with a discussion of New York City politics and the potential election of Zohran Mamdani, a self-described socialist. Lambert warned that younger voters are being pulled by affordability issues, student debt, and housing shortages, but argued that government intervention has fueled many of these problems. “That’s creating a housing shortage. So it’s the very thing they’re voting for that’s actually caused what’s happening in Manhattan right now,” he said.

He linked this debate to Wall Street’s future. Lambert pointed out that firms like Schwab, Fidelity, and Goldman Sachs are already expanding in Texas, with Dallas becoming a new financial hub. While headquarters may remain in Manhattan, he said, “They have the preparation if they need to pull the escape hatch and move.” For investors, that’s a signal that regulation and taxes at the city level can have long-term impacts on where financial jobs and capital flow.

The Fed, Interest Rates, and Private Credit

Lambert didn’t hold back when discussing monetary policy. He argued that inflation is driven by government spending and money creation, not tariffs: “Tariffs don’t cause inflation. Printing money causes inflation.” He criticized Fed Chair Jerome Powell for politicizing policy and predicted that under Trump, “we end up with 2% federal fund rates by the end of next summer.”

For markets, Lambert sees a rate cut cycle lowering credit card rates, spurring multifamily housing construction, and saving the federal government up to $1 trillion in interest costs—money that could help narrow the deficit. He also highlighted distortions in lending: “You’ve got to get banks back in the business of lending. It’s why the private credit markets are so large now.” Investors in private credit, he suggested, are taking on risk that once lived on bank balance sheets, creating both opportunity and volatility.

Inflation, Energy, and AI’s Power Demand

On inflation, Lambert suggested that a “real world target ought to be probably about two and a half percent for PCE,” noting the last read was 2.9%. He tied inflation pressures to energy, saying, “If they could drop [oil] a little bit further into the 50s, I think you could see inflation come down some and hit that target again. But again, we can’t have $80, $90, $100 oil.” He also pointed to the coming wave of energy demand from AI data centers, warning that nuclear power must play a larger role: “We’ve got to get our grid better. We need nuclear power more than anything.”

For investors, that means watching uranium and nuclear power plays as a long-term growth story. Lambert’s Free Markets ETF, he noted, includes uranium as one of its largest holdings.

Nuclear, Rare Earths, and Energy Strategy

Lambert underscored his case for nuclear with urgency: “We haven’t built a nuclear power plant in this country in I think 35, 40 years. That’s insane.” He was skeptical of relying heavily on wind and solar, noting their dependence on mining and rare earths. Instead, he argued that the U.S. should expand mining at home, especially in resource-rich regions like Nevada. For tech investors, his comments tie energy security directly to the AI build-out, where data centers will consume unprecedented levels of power.

The MAGA ETF and Market Risks

Turning to his own products, Lambert explained that the MAGA ETF is equally weighted with 150 stocks and heavily tilted toward industrials, financials, oil & gas, and utilities. “Equally weighted versus the S&P, it does very well. It’s outperformed it certainly over the last five years substantially,” he said. He positioned the fund as a diversification tool for investors who are overexposed to tech.

Lambert also warned about the risks of passive flows: “You run a risk that if fund flows reverse, you’re going to get an outsized pullback in those names.” He sees opportunity in utilities, industrials, and financials, especially if deregulation and a steepening yield curve boost bank profitability.

AI and Gold: The Final Word

Lambert closed with two hot-button topics: AI and gold. On AI, he noted, “It’ll certainly affect certain jobs, but I think it’ll help in other ways… The AI could affect more high-end jobs actually than certainly the average working job.” On gold, he reframed the narrative: “People think gold is there as an inflation hedge. It’s really not… gold does poorly when you have high real interest rates.” With real rates likely to decline as the Fed cuts, Lambert argued, “I think gold continues to go higher.”

Why You Should Watch

Hal Lambert is no ordinary guest. With decades of market experience and political connections that give him insight into policy risks, his views tie together the forces shaping markets right now—interest rates, energy, inflation, and the role of AI. Whether you agree with him or not, his perspective challenges consensus thinking and highlights where investors should be paying attention.

Watch the full Capital & Power interview to hear Lambert in his own words and get an inside view of how policy, politics, and markets collide in 2025.