In this week's episode of WSJ’s Take On the Week, co-hosts Telis Demos and Miriam Gottfried examine the shifting power dynamics at the Federal Reserve as Kevin Warsh’s chair nomination moves toward confirmation. Then, they break down some of the biggest earnings reports from this week, including private markets giants Apollo Management, KKR, and Sixth Street Specialty Lending. Plus, they look ahead to Disney and McDonald’s earnings, and talk about how these companies are keeping up with consumers. Josh Brown, CEO of Ritholtz Wealth Management and co-host of The Compound and Friends podcast, explains his "HALO" framework—Heavy Assets, Low Obsolescence—and why the era of "capital light" software dominance is facing an existential threat from AI. Brown details why physical incumbents like Caterpillar, McDonalds, and Walmart are emerging as the preferred AI trades, as investors seek refuge in companies with physical moats that cannot be replicated by large language models. Chapters: 0:00 Fed Update: Kevin Walsh & Rate Debate 2:44 What to Watch: Fed Speeches & Jobs Report 3:42 Private Credit: Flows & Fears 9:35 Earnings Preview: Disney & McDonald's 11:54 Introducing the ‘HALO’ Trade 12:57 Josh Brown: What Is ‘HALO’? 16:05 Capital Light to Capital Heavy 19:56 Is the HALO Trade Played Out? 21:43 HALO Within Sectors: Same Industry, Different Outlook 23:25 HALO as a Risk Framework 28:38 McDonald's: A HALO Case Study 33:32 How to Apply HALO to Your Portfolio This is WSJ’s Take On the Week where co-hosts Telis Demos, Heard on the Street’s banking and money columnist, and Miriam Gottfried, WSJ’s investing and wealth management reporter, cut through the noise and dive into markets, the economy and finance—the big trades, key players and business news ahead. Have an idea for a future guest or episode? How can we better help you take on the week? We’d love to hear from you. Email the show at takeontheweek@wsj.com.