Episode summary
Two Cents 5/16 - Rising Inflation Concerns; World's Best Dental Schools; Are DSO Deals Ramping Up?
The Dentist Money Show
· · 41 min · Hosts: Matt Mulcock, Rabih Powell
Summary
The host and a guest open by focusing on a hotter-than-expected inflation print and what it could mean for rates. They argue that headline CPI rose to 3.8% and core inflation to 2.8%, with the biggest pressure showing up in energy-linked categories like apparel and shelter. Their view is that the jump is tied to higher oil prices and could ripple through transport, groceries, clothing, and eventually other costs if it persists.
They also use bond-market pricing to argue that the market is no longer expecting rate cuts. The guest says the two-year Treasury and Fed futures now suggest a higher likelihood of unchanged or even higher rates by December, despite stock indexes hitting highs. Their broader point is that short-term inflation and rate moves matter for the next few months, but long-term investors should focus more on labor supply and productivity.
Later, they highlight dental-school rankings and costs, noting that the University of Michigan is the top U.S. program and that 12 of the world’s top 50 dental schools are in the U.S. They finish with a cautious look at DSO activity, saying deal flow may rise in 2026 but higher financing costs, heavier scrutiny, and Medicaid pressure could keep any rebound limited.
Key takeaways
- The guest says headline CPI rose to 3.8% and core inflation to 2.8%, with oil-driven pressure likely to spread if it lasts.
- Bond markets now imply rates may stay higher, with the two-year Treasury jumping to about 4% and December odds shifting toward hikes.
- The host and guest argue that stock market highs are less important than the bond market signal for near-term rate expectations.
- The University of Michigan is the top-ranked U.S. dental school, and 12 of the world’s top 50 dental schools are in the U.S.
- The host says DSO activity may improve in 2026, but higher interest rates and tighter scrutiny could limit deal volume.
Notable quotes
“did you miss inflation? Number two, how quality are US dental schools? And number three, are DSO deals ramping up in 2026”
“the 2% interest rate was on par with the 3.75 which is the official rate by the Fed, but it has now jumped up to four”
“The true signal is what where the bond market is uh moving and shifting towards”
“the top US program, which has, by the way, been the top US program uh for four consecutive years”
How the episode opens
On today's show, three questions. Number one, did you miss inflation? Number two, how quality are US dental schools? And number three, are DSO deals ramping up in 2026? — Consult an adviser or conduct your own due diligence when making financial decisions. General principles discussed during this program do not constitute personal advice. This program is furnished by Dennis Adviser, a registered investment adviser. Welcome to Dennis Money's Two Cents, where we help dentist navigate all the noise. I'm Matt. And I'm Robbie.
And Rob. Yeah, you are. And Robbie, you're checked out. We already established this. Let's just get it out front right now. You've got the quintessential proverbial senioritis. Tell us why, Robbie. Why are you checked out today? What is happening? We got to be honest with the people of why you're just You may not be here fully mentally. We're going to keep you here, but it's going to be a challenge.
But don't say that because my next topic is pretty technical. So, just heads up. — We're basically giving you a built-in excuse if you say anything that doesn't sound right. Your energy seems low. There's a reason. You want to tell everyone why?
Oh, yeah. I don't mind sharing. Well, I'm I'm I'm uh walking the talk. Everyone knows I'm a big foodie on this channel, right? It's it's other than being a nerd, I'm a I'm a foodie. And I'm actually going next week. So you you're you won't have me here, man. I'm sorry.
I know. I miss you already. — Thank you. Love you. So next week I'm going to be in China for 10 days on not tourism, not like visit to do trade deals, none of that. I'm going there on a food just to eat for 10 days and come back.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- rising inflation concerns
- interest rate expectations
- dental education costs
- world's best dental schools
- dso deals
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Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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The Dentist Money Show, this episode and its artwork belong to Dentist Advisors - Financial Planning and Investment Management. Octagon is not affiliated with the show; this page is an independent summary.
