Investor and Fox News contributor Jonathan Hoenig, founding member of the Capitalist Pig Hedge Fund, joined Chicago’s Morning Answer to discuss Walmart’s Thanksgiving price rollback, the strength of Wall Street during the government shutdown, and potential trouble ahead in commercial real estate.
Hoenig praised Walmart’s effort to lower Thanksgiving basket costs by 25% compared to last year, calling it “a smart move to get ahead of inflation fatigue.” Still, he noted that households are paying roughly $1,300 more annually due to tariffs and lingering inflation. “Companies are trying to hold the line, but they’re still paying higher prices for imports,” he said.
Despite political gridlock in Washington, Hoenig said Wall Street remains resilient. “The economy grows from Wall Street, not Washington. As long as great American companies are running, the markets will hold up,” he explained, while cautioning that stock valuations are historically high. He warned that falling commercial real estate values could ripple through the financial sector, advising investors to diversify into bonds, commodities, and cash.
Hoenig also pointed to shifting market trends, saying the artificial intelligence boom may be entering its “seventh or eighth inning.” He recommended investors remain cautious and look to precious metals — including platinum, which he believes remains undervalued — as a hedge against volatility.
Turning to Illinois politics, Hoenig applauded Governor J.B. Pritzker’s opposition to Chicago’s proposed corporate head tax but said broader tax reform is needed to make the state competitive again. “It’s tragic how unfriendly Illinois has become to business,” he said. “If Pritzker really wants growth, he needs to make the state hospitable to employers — because businesses, not government, create jobs and wealth.”