Peter starts by describing last week's dramatic reversal in the stock market, with particular focus on the technology-heavy Nasdaq index:

Well, you know, when the month of April started out, we were on track for probably one of the worst Aprils in the stock market. Certainly the worst since 2020, the COVID April, but it may have been worse than that. You know, following liberation day on April, April 2nd. But over the past two weeks or so, we've had a complete reversal of that decline. And in fact, the Nasdaq, which I think was down the most other than the Russell 2000, since I think post liberation day during the month of April, the Nasdaq was down more during that month, the Nasdaq actually recovered all of its losses and closed positive on the month.

Despite this rebound, Peter urges listeners to remain cautious. He suggests that investors may want to seek opportunities elsewhere—especially given the false optimism driving recent gains:

But maybe there'll be some selling in May. And if you're smart, you'll go away. Or at least go to foreign markets, go to other investments that have a lot more potential than the stock market. But I think what really powered the gains was the appearance of a de-escalation of the trade war, and some optimism that maybe it's not going to be as bad as we thought. When of course, it's actually going to be worse than they thought. They didn't realize how bad it was going to be. But now they think it's not going to be as bad as they thought because of a lot of the rhetoric coming mostly from the Trump administration.

He then highlights the hypocrisy surrounding the US's stance on currency values—a policy area where double standards seem almost the norm. Peter finds it illogical that US officials simultaneously complain about foreign currency "manipulation" while touting a strong dollar policy at home:

Bessent keeps talking about foreign exchange, which is also one of the hypocrisies, because I saw him interviewed. He specifically said, 'One of the ways that the world is cheating us is by undervaluing their currency, that their currencies are too low.' So in other words, they're helping to make the dollar stronger, and that's how they're cheating. But in the same interview, almost like one sentence away, he was asked about the strong dollar policy, and he said, 'Oh, absolutely, we have a strong dollar policy.' Okay, well, if we have a strong dollar policy, and he not only said that we have a strong dollar policy, he said he wants the strong dollar.