Web3 Breakdowns is a series of conversations exploring innovation in the decentralized internet. Each episode will focus on a different topic - we will cover NFT projects, crypto assets, blockchain-based protocols, and businesses being built with Web3 architecture. We will talk to founders, artists, investors and influencers to understand this emerging ecosystem. Visit joincolossus.com to find more episodes, transcripts and a library of content to continue your learning.
The Web3 Breakdowns podcast is an exceptional find in the blockchain and crypto space. It stands out from other podcasts by delving deep into the subject matter and consolidating vast amounts of information, making it easily accessible for listeners. One aspect that sets this podcast apart is its focus on sovereign ID in web3 and the importance of intentional creation within this space. It highlights the need for equal representation beyond just those who possess the intelligence and wealth to create blockchain technology. With these topics, the podcast manages to address significant issues while still providing a valuable and enjoyable listening experience.
The best aspect of The Web3 Breakdowns podcast is its ability to cater to listeners of all experience levels. The host skillfully strikes a balance between asking questions that benefit both novice and experienced individuals in the field. This inclusive approach ensures that no matter your level of understanding, you will gain value from each episode. By creating content that appeals to a wide audience, the podcast effectively educates and engages listeners at different stages in their web3 journey.
While this podcast is undoubtedly insightful, it may have some flaws worth mentioning. One aspect that could be improved upon is the frequency of episodes released. As a listener eager for more content, it can be frustrating when new episodes are not consistently available. However, it's important to recognize that quality takes time, and releasing episodes less frequently allows for thorough research and preparation. Despite this minor setback, the overall quality of The Web3 Breakdowns remains top-notch.
In conclusion, The Web3 Breakdowns podcast stands out as an excellent resource within the blockchain and crypto space. Its emphasis on sovereign ID in web3 brings attention to an important topic often overlooked by other podcasts in the industry. By fostering intentional creation within this space, it strives for equal representation beyond just those with influence or resources. Furthermore, its ability to cater to listeners at all levels sets it apart from competitors, offering value to beginners and experts alike. While episode frequency may be a minor drawback, the podcast's overall quality and informative content make it a must-listen for anyone interested in the web3 world.
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My guest today is Daniel Dicker, a seasoned oil trader, former floor broker at the NYMEX, and well-known expert on energy markets. Over a three-decade career, Daniel has seen the full arc of oil's role in financial markets—from a bellwether commodity to a sidelined input. In this conversation, we explore why oil has fallen off the radar for many investors, and what signs might bring it roaring back. We also discuss why renewables aren't ready, how nuclear fits in, and the unexpected reasons he might start buying oil again. Please enjoy this conversation with Daniel Dicker. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:00:43) The Changing Role of Oil in the Economy (00:01:56) Financialization and Speculation in Oil Markets (00:04:55) Impact of Renewables and ESG on Oil (00:07:01) Government Policies and Oil Prices (00:14:45) Strategic Petroleum Reserve and Market Manipulation (00:17:38) Recession Risks and Corporate Earnings (00:23:35) Media Coverage of Commodities (00:24:36) Investment Strategies in Energy (00:25:19) Oil Market Dynamics and Bankruptcies (00:26:46) Buffett's Investment in Occidental (00:28:28) Renewable Energy and Carbon Capture (00:30:37) Nuclear Energy Investments (00:37:27) Geopolitics and Oil Supply (00:39:47) OPEC's Challenges and Strategies (00:42:46) Future of Oil Prices Learn more about your ad choices. Visit megaphone.fm/adchoices
In this quarterly market recap, Matt Reustle turns the mic on Eric to analyze the tumultuous market environment of Q1 2025. They discuss the significant market downturn following the implementation of unexpected tariff policies, with the S&P down over 8% and Nasdaq down 12.5% by mid-April. Eric provides insights into how surprisingly high tariff announcements completely upended market expectations, the bond market's volatile reaction, and potential implications for corporate earnings and economic growth. The conversation explores the complex relationship between the US and China, concerns about capital flight, the Fed's challenging position between inflation and growth concerns, and how political decisions are creating unprecedented uncertainty in global markets. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:01:04) First Quarter 2025 Market Recap (00:02:10) Market Reactions and Expectations (00:07:09) Tariffs and Trade Tensions (00:08:51) Impact on Global Trade and Economy (00:21:14) China's Role and Market Dynamics (00:24:31) The US-China Economic Strategy (00:25:10) Trump's Tariff Tactics (00:26:50) The Federal Reserve's Focus (00:28:11) Impact of Tariffs on Inflation (00:29:53) Negotiation Strategies and Global Trade (00:32:52) Market Reactions and Investor Strategies (00:41:32) Private Credit and Equity Concerns (00:43:14) Political Shifts and Tariff Policies (00:44:16) Future Outlook Learn more about your ad choices. Visit megaphone.fm/adchoices
My guest today for the second time is Mark Dow. Mark is one of my favourite thinkers on Macro, and his experience at the IMF, the US Treasury, and Wall Street gives him a truly unique perspective for the current moment. As we went through one of the biggest market and policy upheavals of my career, I reached out to Mark to help us make sense of this situation. We recorded this episode on Thursday, the 10th of April, and talked about the general principle behind tariffs, the global trading system, the goals of President Trump, and the market reaction. Please enjoy this conversation with Mark Dow. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Invest Like the Best (00:00:07) Understanding Tariffs: Historical Context and Rationale (00:01:05) China's Role in Global Trade (00:01:54) Impact of Automation on Jobs (00:03:07) Trump's Trade Policies and Their Implications (00:04:20) Challenges with Current Tariff Approaches (00:05:37) Global Trade Imbalances and Misconceptions (00:06:07) Market Reactions and Economic Consequences (00:21:35) Political Shifts and Economic Policies (00:25:56) Trump's Economic Policies and Wage Stagnation (00:26:42) Tariffs and Their Impact on Small Businesses (00:27:20) Market Reactions and Economic Surprises (00:28:41) Equity and Credit Market Dynamics (00:30:59) China's Strategic Moves and Market Implications (00:33:49) The Fed's Role in Economic Stability (00:39:00) Global Trade Relations and Soft Power (00:49:08) Negotiating with Trump: Strategies and Challenges Learn more about your ad choices. Visit megaphone.fm/adchoices
My guest today is Barry Ritholtz. As the founder & CIO of Ritholtz Wealth Management Barry manages assets of over $5B. He is also a famous author and commentator, fondly known as the 'Prickly Prophet of Wall Street' for his contrarian views. In this conversation, Barry shares the origin story and the ideas behind his latest book, "How Not to Invest." We also talk about how he's remained a force in the industry while calling out powerful people, advice for curating the right information diet, and some of his biggest misses. Please enjoy this conversation with Barry Ritholtz. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Introduction: Why Write a Book on How Not to Invest? (00:00:46) The Genesis of the Book: From Old Notes to New Ideas (00:01:23) Debunking Financial Myths: The Core Concept (00:02:01) The Writing Process: From Mind Maps to Manuscripts (00:03:20) The Influence of Morgan Housel and the Final Push (00:04:42) The Importance of Keeping Track: A Modern Phenomenon (00:05:15) Early Career Lessons and Organizational Skills (00:06:15) The Evolution of Financial Commentary (00:07:24) The Impact of Bailout Nation and Market Predictions (00:12:12) Debating Financial Titans: Respectful Disagreements (00:16:25) Changing Perspectives: High-Frequency Trading and Hedge Funds (00:23:17) The Halo Effect and Epistemic Trespass (00:30:44) Billionaire Advice: Why It Doesn't Apply to You (00:33:34) The Intersection of Media and Investing (00:34:09) Handling Media Questions on Market Predictions (00:35:06) Unpredictable Events and Market Reactions (00:36:47) The Influence of Information and Propaganda (00:38:19) Decision Making and Epistemology in Investing (00:39:25) Curating a News Diet for Investors (00:47:36) Behavioral Insights and Market Patterns (00:49:43) Personal Investment Regrets and Lessons (00:54:07) Technological Advancements in Investing (00:59:07) Balancing Risk and Reward in Investments (01:02:57) Concluding Thoughts and Future Plans Learn more about your ad choices. Visit megaphone.fm/adchoices
My guest today is Evan Tindell. Evan graduated from MIT and became a professional poker player before entering the investing world. He's now the co-founder and CIO of Bireme Capital, where he's delivered over 19% annualized returns since 2016 by sticking to classic, old-school value investing. In this conversation, we talk about how Evan developed his philosophy, why he stuck with value through challenging cycles, and how he thinks about shorting meme stocks in a market dominated by narratives and momentum. We also dive into his views on the Mag 7, Tesla, Japan, and how he's using AI tools for his research. Please enjoy this conversation with Evan Tindell For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:00:29) The Cyclical Nature of Value Investing (00:01:21) Challenges and Opportunities in Value Investing (00:04:53) Short Selling Strategies and Risks (00:09:39) Tesla and the Impact of Politics on Stocks (00:15:40) The MAG Seven and Market Concentration (00:25:44) Investment Opportunities in Japan (00:32:13) The Role of AI in Modern Investing (00:35:44) Market Outlook Learn more about your ad choices. Visit megaphone.fm/adchoices
My guest today is Jonathan Birnbaum, the Founder and CEO of OpenYield. After over a decade in finance, Jon set out to tackle a challenge close to my heart—bringing a modern trading experience to the world of Fixed Income. Today, he breaks down how market structure, technology, and regulation have shaped the evolution of trading platforms. We also cover the challenges of modernizing bond trading, the role of liquidity providers, and the cold start problem. Please enjoy this conversation with Jon Birnbaum. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:01:31) Technological Advancements in Bond Markets (00:02:19) Catalysts for Innovation in Equity vs. Fixed Income (00:04:41) Impact of ETFs on Fixed Income Trading (00:05:06) Emergence of New Market Participants (00:07:33) Subsectors of Fixed Income and Technology Adoption (00:08:45) Challenges in Electrifying the Bond Market (00:10:59) OpenYield's Role in the Fixed Income Market (00:15:16) Strategies for Building a Trading Venue (00:18:00) Pricing Models in Bond Trading (00:23:05) Future of Fixed Income Market Structure (00:39:17) Future Outlook Learn more about your ad choices. Visit megaphone.fm/adchoices
Today we are replaying my conversation with Phil Huber, the Head of Portfolio Solutions at Cliffwater. The private credit market has exploded recently, with Assets under management reaching a staggering $1.2T last year. I've been a little skeptical of this asset class, so I asked Phil to come on and convince me otherwise. We talk about the demand side of the equation, whether we are in a bubble, downside protection, due diligence, volatility and more. Phil also covers his backstory and his unique role at Cliffwater. Please enjoy this discussion with Phil Huber. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:01:04) Meet Phil Huber: Private Credit Expert (00:01:39) Phil Huber's Career Journey (00:05:34) The Evolution of Alternative Investments (00:10:32) The Growth and Demand for Private Credit (00:17:23) Private Credit Performance and Risks (00:22:36) Due Diligence in Alternative Investments (00:23:50) Emerging Trends in RIA Distribution (00:24:28) The Role of Intellectual Honesty in Investment Decisions (00:25:12) Understanding the Game of Access and Manager Selection (00:26:47) Volatility Laundering in Private Assets (00:28:47) The Journey of Writing and Sharing Knowledge (00:32:58) The Role and Responsibilities at Cliffwater (00:34:40) Exploring Interval Funds and Private Credit (00:40:43) The Importance of Secondaries in Private Equity (00:42:50) Current Sentiment in Private Credit (00:43:33) Conclusion and Resources Learn more about your ad choices. Visit megaphone.fm/adchoices
My guest today is SEC commissioner Hester Peirce, also known as the Crypto mom for her strong support of the industry. Commissioner Peirce was recently appointed as the head of the SEC's new Crypto Task Force, and here, she lays out her overall, vision, key goals, and her thoughts on the Howie test and the tension between free markets and protecting investors. This is a short but very important episode just as web3 is on the cusp of a new beginning in America. Please enjoy this conversation with Commissioner Peirce. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Introduction and Previous Interviews Recap (00:01:06) The Creation of the Crypto Task Force (00:01:28) Goals and Challenges of the Task Force (00:03:30) Engagement and Regulatory Adjustments (00:06:18) Interagency Coordination and Legislative Efforts (00:07:57) Sandbox and Howie Test Discussion (00:12:55) Investor Protection and Autonomy (00:14:57) Future Vision Learn more about your ad choices. Visit megaphone.fm/adchoices
My guest today is Meb Faber, the co-founder and CIO of Cambria Investments, an RIA that manages over $2B in assets. Meb is also one of the biggest investing nerds I know, and today, we dive into a wide variety of topics, from taxation to portfolio construction to various asset classes. We start by diving into the 351 exchange, its mechanics, and the problems it solves for investors. Meb then shares his broad view of the market, how Cambria combines value investing with trends, and the impact of concentration. We close by talking about fixed income, public and private markets, and a few hot takes. Please enjoy this conversation with Meb Faber. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:00:27) Understanding the 351 Exchange (00:01:26) Tax Efficiency and Investment Strategies (00:02:23) Practical Applications and Examples (00:04:07) Launching and Managing ETFs (00:05:13) Investor Use Cases and Benefits (00:09:25) Tax Implications and Compliance (00:15:03) Future Innovations and Market Trends (00:27:03) Value and Trend Investing Insights (00:27:44) Valuation Warnings and Market Trends (00:28:35) Historical Market Comparisons (00:30:16) Trend Following Strategies (00:34:18) Concentration in Major Stocks (00:38:33) Product Development and Market Cycles (00:40:33) Fixed Income Market Dynamics (00:51:39) Private Equity and Public Markets Learn more about your ad choices. Visit megaphone.fm/adchoices
In this Q4 2024 recap episode of Making Markets, Eric and Matt examine how markets defied bearish expectations, with the S&P 500 up 23% and Bitcoin surging 150%. Eric provides insight into Bitcoin's growing institutional adoption, particularly focusing on BlackRock's record-breaking Bitcoin ETF launch and its implications for the broader crypto market. He analyzes the impact of AI on markets and businesses, suggesting that while the technology is transformative, current valuations may be getting ahead of reality. The conversation explores changes in the regulatory landscape, particularly examining how tech industry leaders are increasingly taking on government roles. Eric wraps with observations about the evolving venture capital environment and startup culture, reflecting on how remote work has transformed the business landscape. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:01:04) Fourth Quarter and Full Year Recap (00:04:49) Market Predictions for 2025 (00:09:34) Volatility and Market Dynamics (00:12:31) Crypto Market Insights (00:18:13) Bitcoin's Institutionalization (00:22:25) The Momentum of Major Players in Crypto (00:22:56) Challenges in Overhauling Archaic Systems (00:24:05) The Role of Incumbents in Crypto Disruption (00:25:25) Regulatory Changes and Their Impact (00:25:52) Elon Musk's Influence and Style (00:27:24) The Intersection of Technology and Regulation (00:33:30) AI's Role and Future in Business (00:37:08) The Reality of Being a Founder Today (00:40:49) The Future of Work and Mental Health Learn more about your ad choices. Visit megaphone.fm/adchoices
My guest today is Eric Johnson, the Senior Technology Editor at the Journal of Commerce. With over 20 years of experience covering the intersection of logistics and technology, Eric brings a wealth of knowledge to the table. In our conversation, we explore the complex and fascinating world of logistics—how goods move from point A to point B, the myriad players involved, and the role of technology. We also discuss the challenges posed by pandemics and other crises, the strike of the longshoremen, the availability of data, and more. Please enjoy this insightful discussion with Eric Johnson. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:01:43) Understanding Freight and Logistics (00:03:10) The Journey of Goods: Point A to Point B (00:06:46) Tracking and Technology in Logistics (00:09:53) Pricing and Market Dynamics (00:16:15) Impact of the Pandemic on Logistics (00:24:03) Technological Advancements in Logistics (00:27:40) Fragmentation and Data in the Logistics Industry (00:31:15) The Russian Nesting Doll of Visibility Data (00:31:54) VCs in Logistics: Successes and Failures (00:33:44) Understanding Digital Freight Forwarders (00:36:03) Flexport: The Kleenex of Logistics (00:38:10) AI's Impact on Logistics (00:41:28) Automation and Labor in Ports (00:45:00) Economic Disruptions and Strikes (00:50:48) Insurance and Contingency Planning in Logistics (00:52:37) The Role of Data in Logistics (00:57:48) Current Trends and Predictions in Logistics Learn more about your ad choices. Visit megaphone.fm/adchoices
My guest today is Charlie Shrem. Charlie was a founding member of the Bitcoin Foundation and BitInstant - one of the earliest Bitcoin exchanges. In this episode, he takes us through his incredible life story-starting with how an Orthodox Jew from Brooklyn got into the wild world of Bitcoin. He then talks about how Bitcoin went from a toy to a real store of value, the wild success of BitInstant, his time in prison, and how he met Justin Trudeau through a robot. The story of Charlie's adult life is in many ways mirrors the story of Bitcoin, and I hope you enjoy this episode with Charlie Shrem. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:01:51) Charlie's Early Life and Bitcoin Discovery (00:05:23) The Rise of BitInstant and Legal Troubles (00:08:12) Life After Arrest and Bitcoin's Early Community (00:13:59) Bitcoin's Value and Early Transactions (00:18:20) Libertarian Influence and Political Connections (00:24:38) Gavin Andresen and the CIA Meeting (00:25:53) The Birth of the Bitcoin Foundation (00:26:19) Early Bitcoin Community Gathering in Austria (00:27:03) Forming the Bitcoin Foundation (00:28:09) Libertarian Movement and Porkfest (00:29:19) Bitcoin's Early Adoption and Challenges (00:31:06) BitInstant and the Rise of Bitcoin Transactions (00:37:47) Legal Troubles and the Silk Road Connection (00:44:18) Life After Prison and Bitcoin's Evolution (00:47:25) Reflections on Bitcoin's Impact and Future Learn more about your ad choices. Visit megaphone.fm/adchoices
My guest today is Adam Abbas, Portfolio Manager and Head of Fixed Income at Oakmark. After recording over a hundred podcasts, I was thrilled to finally chat with another Fixed Income manager. We start with some valuable lessons from investing in the TMT sector, the impact of zero interest rates, and the role of monetary policy in the credit markets. We then explore today's opportunities in fixed income, the growing influence of private credit, and the thinking behind launching a fund at Oakmark. Please enjoy this conversation with Adam Abbas. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:00:24) The Apple 401k Anecdote (00:00:45) Early Career and Investment Strategies (00:01:39) BlackBerry vs. Apple: A Case Study (00:03:54) Lessons from Lehman Brothers (00:04:35) Navigating the TMT Sector (00:10:40) High Yield Credit Market Insights (00:10:59) Impact of Low Interest Rates (00:12:29) Monetary Policy and Market Reactions (00:14:15) The Role of the Federal Reserve (00:17:49) Global Economic Considerations (00:20:18) Inflation and Deficit Concerns (00:23:40) Market Signaling and Investment Strategies (00:27:21) Credit Market Analysis (00:28:34) Underwriting and Credit Strategies (00:29:07) Investment Opportunities in High Yield and Investment Grade (00:29:40) Leveraged Loans and Floating Rate Instruments (00:31:25) MBS Agency Paper vs. Corporates (00:36:29) Private Credit Market Impact (00:40:28) Oakmark's Fixed Income Strategy (00:48:23) Boeing: A Case Study in Credit Risk (00:53:33) Corporate Credit Cycle Sentiment Learn more about your ad choices. Visit megaphone.fm/adchoices
My guest this week is Eric Seufert. In the words of Ben Thompson from Stratecherry, Eric is arguably the best writer and commentator on digital advertising, and today, he gives us a masterclass on the subject. We start by talking about Apple's ATT framework, Meta's recovery, and what the current ecosystem looks like. We also talk about X, advertising on the open web, and clearing many common misconceptions about targetted advertising. Please enjoy this conversation with Eric Seufert. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:00:32) Historical Paradigms in Digital Advertising (00:01:01) Impact of Apple's ATT Policy (00:02:01) The Hub and Spoke Model (00:04:35) Post-ATT Advertising Landscape (00:07:35) Apple's Competitive Strategy (00:12:48) Meta's Adaptation and Recovery (00:19:17) Rise of Retail Media Networks (00:23:56) Twitter's Advertising Challenges (00:26:47) Customer Base and Engagement Models (00:27:44) Meta's Resilience to Advertiser Boycotts (00:28:18) Understanding Cookies and Their Role in Advertising (00:31:23) Apple's Impact on Third-Party Cookies (00:33:44) Google's Approach to Cookie Deprecation (00:38:06) The Future of Digital Advertising (00:49:28) The Role of AI in Ad Creative Production Learn more about your ad choices. Visit megaphone.fm/adchoices
My guest this week is Sam Rines, economist, author and managing director of Corbu LLC. Sam was the first guest on Making Markets one year ago, where a lot of his takes proved to be highly accurate. So we decided to record part II one week before the election. We start with his base case for the election, the potential scenarios, and what has and hasn't been priced in. We then move onto a wider discussion on the economy, including the fed, the strength of the US consumer, AI and Sam's portfolio positioning. Please enjoy this conversation with Sam Rines. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:00:09) Election Predictions and Market Reactions (00:01:13) Potential Shocks to the System (00:02:14) Implications of a Split Congress (00:06:06) Tax Policy and Economic Impact (00:14:34) The Fed's Influence on the Market (00:23:09) Consumer Sentiment and Market Behavior (00:23:40) The Resilient U.S. Consumer (00:24:48) Cruise Industry Comeback (00:26:15) Spending Trends and Economic Insights (00:28:18) Income vs. Credit Driven Expansion (00:29:08) Work-from-Anywhere Revolution (00:30:48) Advertising and AI in Business (00:37:26) Global Market Positioning (00:41:37) Investment Surprises and Strategies (00:43:10) Market Outlook: Hope Learn more about your ad choices. Visit megaphone.fm/adchoices
This week again, I'm again on the other side of the mic, as I'm interviewed by Joe Magyer, the founder of Seaplane Ventures. This is a wide-ranging conversation where we talk about the Fed rate cut, cover different asset classes including VC, PE, Fixed Income, and Public Equities, and my journey in building Canopy Capital. This episode first appeared on the Investing in Startups podcast hosted by Joe, which I highly recommend you check out. Please enjoy this conversation with Joe Magyer. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:00:19) Overview of Canopy Capital (00:00:44) The Evolution of Asset Management (00:01:54) The Importance of Tax Individualized Investing (00:02:44) Starting the Podcast Journey (00:03:16) Crypto: From Skepticism to Interest (00:04:18) Exploring Various Asset Classes (00:06:08) Challenges and Rewards of Podcasting (00:11:12) Competitiveness in Different Asset Classes (00:16:38) Insights on Venture Capital (00:22:59) Building a Venture-Backed Company (00:24:18) The Founder's Dilemma: Risk and Innovation (00:25:17) A Career at Fidelity: Reflections and Decisions (00:27:17) The Transition: From Intrapreneur to Entrepreneur (00:30:21) Market Insights: The Fed and Economic Cycles (00:36:27) Investment Strategies: Observing and Predicting (00:39:40) Web3 and Crypto: Future Prospects Learn more about your ad choices. Visit megaphone.fm/adchoices
Eric and Matt share insights on the market's performance through the third quarter of 2024, highlighting the S&P rising by 6% and a significant 50 basis point rate cut by the Federal Reserve, the first since the pandemic. Eric reflects on market sentiment and the complexities of predicting Fed actions, addressing the contrasts between past and present credit cycles, and emphasizing the importance of leverage awareness. They also delve into the impact of fiscal stimulus, wage inflation, and private market trends, while considering potential risks like inflation resurgence and government debt levels. Lastly, the conversation touches on the private markets, their growth, and the role of corporate credit and gives perspective on potential election volatility for next quarter. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:00:23) Fed Rate Cuts and Market Reactions (00:01:32) Leverage and Market Dynamics (00:03:07) Fiscal Stimulus and Wage Inflation (00:06:14) Global Economic Trends and Risks (00:11:04) Fed Policies and Historical Perspectives (00:16:06) Inflation Concerns and Market Implications (00:19:34) Investor Strategies and Fed Data Analysis (00:23:17) Fed's Easing Cycle: Market Reactions (00:23:33) Election Volatility and Market Expectations (00:24:08) Split Government and Market Stability (00:27:45) Corporate Credit Spreads and Economic Indicators (00:34:17) Private Markets and Investment Trends (00:41:01) Sports Betting and Market Regulation (00:44:02) Predictions Learn more about your ad choices. Visit megaphone.fm/adchoices
My guest this week is Robbie Cannon. Robbie founded Horizon Investments in 1999 and grew the company to $7B in AUM before selling in 2021. Today, he takes us on a tour of the asset management industry. We cover many fascinating topics, such as the industry's evolution over 25 years, the blurring of lines between wealth and asset management, oligopolies in finance, the impact of private equity, the role of technology and AI, and more. Please enjoy this conversation with Robbie Cannon. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:01:06) Evolution of Wealth and Asset Management (00:04:18) Blurred Lines in Financial Services (00:14:18) Private Equity and Financial Advisors (00:17:05) Robo Advisors and Technological Integration (00:26:07) Evaluating Compatibility and Money in Motion (00:27:06) Peer Collaboration and Industry Insights (00:29:05) Strategic Asset Allocation for 2024 (00:29:46) Challenges for Emerging Managers (00:32:16) AI in Asset Management (00:45:27) Digital Solutions and Future Trends (00:49:36) The Evolution of Financial Advice Learn more about your ad choices. Visit megaphone.fm/adchoices
My guest today is Jerry Derevyanny, a partner at Bengal Capital, a cannabis investing firm. Jerry has been a part of the regulated Cannabis industry since 2014, and today he shares the nuances of investing in this growing and unique industry. I enjoyed listening to Jerry's frameworks for the industry, such as Ants versus Locusts, the similarities and differences between Alcohol and Cannabis, capital allocation, and valuation. We also cover politics, the farm bill, and what the future of the Cannabis industry may look like. Please enjoy this conversation with Jerry Derevyanny. Bengal Capital's substack here. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Introduction to Cannabis Investing (00:00:30) Changing Investment Strategies (00:01:10) Highlighting Grown Rogue (00:02:33) Cannabis Market Dynamics (00:05:28) State-by-State Market Analysis (00:11:15) Capital Cycles in Cannabis (00:18:24) Federal Legalization and Its Impacts (00:29:56) Hemp-Derived THC and Market Trends (00:34:47) Conclusion and Future Outlook Learn more about your ad choices. Visit megaphone.fm/adchoices
My guest this week is David Nadig. David is the Financial Futurist for ETF Trends and ETF Database and has had over 25 years of ETF experience. We start off by acknowledging the debate over active and passive investing. David and I discuss the potential dangers of passive funds on market discovery, the inelastic markets hypothesis, and the effects of massive inflows into index funds. This episode explores how leverage and options trading interact with these market dynamics and the broader implications on capitalism and market structures. Please enjoy my conversation with David Nadig. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:01:25) The Passive vs Active Debate (00:03:02) Impact of Passive Investing on Market Pricing (00:04:02) Flow and Market Cap Multiplier Effect (00:07:20) Daily Leverage and Market Volatility (00:10:35) Uninformed vs Informed Traders (00:19:19) Opportunities and Risks in Passive Investing (00:21:52) Opportunities in Forced Selling and Crisis (00:22:17) The Shift from Public to Private Markets (00:24:46) Challenges in Private Equity Liquidity (00:29:46) The Broken System of Capitalism (00:35:30) Insurance Problems and Government Role (00:37:02) Thoughts on Capitalism's Future Learn more about your ad choices. Visit megaphone.fm/adchoices
My guest today is Nir Kaissar. Nir is the founder and portfolio manager at Unison Advisors and one of my favorite economic commentators/columnists at Bloomberg. Today, he joins us for a wide-ranging discussion on the US economy. We start with the disconnect between the strong economic numbers and the sentiment amongst the population. We then cover indicators of recessions, the potential for a systemic crisis in Private Equity, the magnificent seven, and more. Please enjoy this excellent conversation with Nir Kaissar. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) - Welcome to Making Markets (00:02:07) - Exploring Economic Disparities Amidst a Booming Economy (00:02:53) - The Living Wage Crisis in the U.S. (00:04:30) - Unpacking the Wage Stagnation Puzzle (00:07:12) - The Transparency and Productivity Dilemma (00:09:18) - Innovative Solutions for Economic Inequality (00:12:41) - Government's Role in Redistributing Wealth (00:18:31) - Addressing the Retirement Savings Gap (00:19:26) - Debunking Recession Predictions and Economic Indicators (00:29:10) - The Potential Risks in Private Equity and Real Estate (00:32:55) - The Growing Influence of Private Equity (00:34:55) - The Unprecedented Scale of Private Capital (00:36:28) - The Need for Transparency in Private Equity (00:38:06) - Exploring Systemic Risks and Distribution Concerns (00:40:37) - The Changing Landscape of Commercial Real Estate (00:43:03) - Rethinking Bailouts and Sovereign Wealth Funds (00:46:29) - The Debate on Government Intervention and Economic Stability (00:56:08) - Public Securities and the Magnificent Seven Learn more about your ad choices. Visit megaphone.fm/adchoices
My guest this week is Mark Dow. Mark started his career as an economist with the US Treasury and the IMF before he joined Wall Street. Today, he is the founder of behavourialmacro.com and runs a fund that combines his skillsets as a trader and an economist. In this discussion, we talk about why economists are usually bad investors, how Mark approaches markets, and we cover some provocative ideas - including how Quantitive Easing and Tightening have little effect and why Mark's not worried about US debt. Please enjoy this great conversation with Mark Dow For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:01:06) Welcome to Making Markets (00:01:53) Starting the Conversation: Economists as Investors (00:03:31) Transition from Economist to Trader: A Personal Journey (00:05:32) Understanding Market Narratives and Trading Patterns (00:08:09) The Role of the Federal Reserve in Market Narratives (00:09:26) The Impact of Monetary Policy on Market Dynamics (00:09:40) The Behavioral, Secular, and Cyclical Factors Influencing Monetary Policy (00:11:52) The Limitations of the Federal Reserve's Control Over Money Creation (00:14:40) The Behavioral Conditioning of Interest Rates (00:16:26) Understanding the Role of Banks in Money Creation (00:17:16) The Misconceptions about Monetary Policy (00:17:50) The Mechanics of Quantitative Easing (00:18:50) The Impact of Quantitative Easing on the Economy (00:19:55) The Role of Risk Appetite in Lending (00:21:25) The Effect of Economic Expectations on Yields (00:22:19) The Role of the Fed in the Financial System (00:26:53) The Impact of Competitive Pressures on Risk Taking (00:27:13) Understanding the Financial Instability Hypothesis (00:31:01) The Role of Demand in Asset Valuation (00:34:05) Understanding the Market Risk Cycle (00:34:13) The New Cycle and Its Differences (00:35:11) Economic Headwinds and Future Predictions (00:35:41) The Role of Banks and Areas of Concern (00:36:46) The Impact of Debt and the Financial System (00:37:15) The Role of Government Debt and Its Implications (00:37:36) The Stability of Treasuries and the Global Financial System (00:38:07) The Future of the Dollar and Government Debt (00:39:14) The Impact of Growth and Productivity on the Economy (00:40:03) The Risk Cycle and the Role of Institutions (00:42:06) The Impact of Fiscal Deficit and Modern Monetary Theory (00:48:55) Understanding Income Inequality and Asset Price Inflation (00:50:28) The Role of Finance and Technology in Income Inequality (00:53:34) The Future of the Housing Market Learn more about your ad choices. Visit megaphone.fm/adchoices
Today, we're replaying my episode with Nik “The Carny” Lentz. It's not every day you talk to a UFC fighter turned trader. And this conversation is both intense and insightful. We start by talking about Nik's journey from a difficult childhood to a UFC career and his philosophy on fighting, parenting, and life. We then cover his move to trading derivatives full-time and his approach to position sizing, risk management, and more. This is a different kind of episode, but one I thoroughly enjoyed listening back to, and I hope you feel the same. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Show Notes (00:01:39) - (First Question) - Nik's childhood and how he got into ultimate fighting (00:08:54) - Nik's mentality when in the cage fighting (00:10:37) - Links between traumatic childhood and becoming a UFC fighter (00:11:48) - How Nik feels about his children potentially fighting in the future (00:13:29) - Nik's earliest UFC fights and the importance of storytelling in the sport (00:21:35) - Insecurity and work ethic, getting the balance right to be able to perform at the top (00:26:35) - The relationship between drive and motivation and the kind of upbringing you have (00:28:52) - How Nik got into finance and his first moves in the market (00:33:00) - Nik's development of his own investment process and how he manages risk (00:36:00) - Determining position sizes, when to get in, when to get out. The ratio between Nik's low-risk trades versus his big swings (00:38:16) - The similarities between gambling and investing, Nik's opinion on the apparent lack of differentiation (00:40:19) - Nik's advice to young people looking to get started in investing (00:41:32) - Comparing the ups and downs of UFC fighting versus trading in the markets (00:43:32) - The process of walking away from fighting and whether Nik thinks he will ever walk away from investing Learn more about your ad choices. Visit megaphone.fm/adchoices
My guest today is Saurabh Mukherjea, the founder and Chief Investment Officer of Marcellus Investment Managers. Saurabh is one of the most articulate fund managers in India, and today, he lays out a compelling case for investing in the country. We start by contrasting India with China and explaining why China receives all the attention despite the much better results from the Indian market. We also cover the bull case for India, the rise of domestic inflows in India, the Indian bond market, and close with a discussion of the risks and the themes Saurabh is excited about over the coming years. Please enjoy this conversation with Saurabh Mukherjea. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Welcome to Making Markets (00:01:05) Meet Saurabh Mukherjee: India's Articulate Fund Manager (00:01:18) India vs. China: A Market Comparison (00:01:26) The Rise of Domestic Inflows in India (00:01:33) Challenges and Risks in Indian Markets (00:02:17) Why India is Oversold to American Investors (00:03:59) The Flow of Capital: India vs. China (00:08:30) The Impact of Political Dynamics on Markets (00:09:55) China vs. India: Private Sector Relations (00:11:19) Foreign Direct Investment (FDI) in China and India (00:13:37) Perceptions of Free Market Democracies (00:15:31) Media Influence and Market Trends (00:18:45) The Role of Domestic Investors in India (00:20:19) Wealth Distribution and Investment Trends (00:21:18) Impact of COVID-19 on Market Participation (00:24:16) Regulatory Perspective on Market Growth (00:24:38) Social Shifts Driving Market Trends (00:27:36) Angel Investing Boom (00:28:18) Debt and Corporate Balance Sheets (00:34:31) The Bull Case for India: Key Themes Learn more about your ad choices. Visit megaphone.fm/adchoices
My guest this week is Herman Narula, the CEO of Improbable. Improbable is an ambitious company that is building the infrastructure for an open metaverse. We dive into his vision for the metaverse, the technical requirements, the economic model, the role of blockchain, and more. We also cover the issues with AI regulations and the gaming industry. Please enjoy this conversation with Herman Narula. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Welcome to Making Markets (00:01:54) Improbable's Journey and Vision (00:03:28) Challenges and Learnings in Tech and Business (00:05:16) The Evolution of Improbable and the Metaverse (00:08:23) Blockchain and Gaming: A New Frontier (00:18:14) Technical Innovations and Future Prospects (00:24:35) Building Your Own Metaverse Ecosystem (00:24:50) Value Accrual and Business Model (00:25:19) Venture Building and Equity Participation (00:26:01) Unique Experiences and Better Economics (00:26:36) Massive Multiplayer Capabilities (00:28:38) Creative and Social Experiments (00:30:57) Governance and IP Protection (00:36:13) Regulation of Technology and AI (00:45:21) AI in Game Development Learn more about your ad choices. Visit megaphone.fm/adchoices
My guest today is Sajith Pai, a VC at Blume Ventures. Sajith is one of the leading thinkers on India, and today he takes us on a journey to understand this massive, fast-growing, and challenging market. We cover many of the unique features that define the country, such as the lack of trust and the low levels of debt. We also talk about segmenting the Indian consumer, the business models that work in India, the incredible rise of the startup ecosystem, and more. If you want to learn more, I recommend you check out the 10-part Colossus series, Return on India. Please enjoy this episode with Sajith Pai. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:01:04) Introduction to Sajith Pai and the Indian Market (00:02:22) Challenges and Opportunities in the Indian Market (00:04:54) Cultural Differences: Trust and Credit in India (00:07:31) The Duopoly Phenomenon in Indian Industries (00:11:01) Comparing India with Other Emerging Markets (00:16:13) The Venture Capital Landscape in India (00:21:24) Indian Consumer Market Dynamics (00:21:54) Built in India for India: Success Stories (00:23:06) Unique Indian Business Models (00:24:48) Built in India for the West: Insights (00:26:49) Government and Regulatory Environment (00:28:56) Investment Landscape and Competition (00:34:29) Exit Opportunities and Challenges (00:37:41) Advice for Indian Founders (00:39:57) Current Market Sentiment Learn more about your ad choices. Visit megaphone.fm/adchoices
In this quarterly recap, Matt turns the mic on Eric to delve into the remarkable performance of Q2, with the S&P up 4% and NASDAQ up 8%. They discuss the ongoing market strength, particularly driven by mega-cap growth companies and AI investment. The conversation covers the complexities active managers face, the unique AI spending cycle, the role of big balance sheets, and significant capital deployment. They also touch on historical market trends, fixed income perspectives, election year influences, and the rise of crypto. Please enjoy this second quarterly recap of 2024. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:00:41) Active Management Challenges (00:02:04) AI Boom and Market Dynamics (00:04:54) Tech Giants and Capital Deployment (00:08:12) Fixed Income Insights (00:18:29) Small Cap and International Performance (00:21:00) Election Year Market Impacts (00:25:26) Future Market Outlook Learn more about your ad choices. Visit megaphone.fm/adchoices
My guest today is Nat Eliason, an internet creator and writer of the new book Crypto Confidential. Nat takes us on his wild journey in Crypto, where he made and lost millions, worked on exciting projects, and suffered through hacks and scams. We also talk about the Olympus project, how he's built a career on being early and why he's devoting the next phase to writing. Please enjoy this wide-ranging conversation with Nat Eliason. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:01:27) The Crypto Boom and Personal Journey (00:05:28) Challenges and Setbacks in the Crypto World (00:09:33) Risk Management and Financial Realizations (00:12:33) The Olympus DAO Phenomenon (00:23:51) Marketing and Community in Crypto (00:26:36) The Rome Cult Movement (00:27:11) Personal Note-Taking Journey (00:27:49) The Rise of Rome (00:30:59) Obsessive Interests and Career Challenges (00:33:47) Writing and Career Reflections (00:36:09) Exploring Fiction Writing (00:44:11) The Dark Side of Crypto (00:50:26) Current Crypto Market Insights Learn more about your ad choices. Visit megaphone.fm/adchoices
My guest today is Richard Teng, the CEO of Binance. As a former regulator in Abu Dhabi, Richard was instrumental in making the city one of the world's friendliest places for crypto. Today, he leads the world's largest crypto exchange into the post-CZ era. We talk about the painful lesson of the past year, working with regulators and putting the customer first. We also cover the Nigeria incident, the impact of the ETF, and why he's bullish about the global regulatory outlook for Crypto. Please enjoy this conversation with Richard Teng. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:01:47) The Growth of Binance (00:03:21) Crypto Adoption and Regulation (00:03:50) Binance's Business Model (00:06:52) Compliance and Regulatory Challenges (00:19:11) The Role of Media in Crypto (00:26:13) Global Crypto Adoption Trends (00:29:28) Surprising Moves in Crypto Adoption (00:29:50) Superpowers and Crypto Policies (00:31:01) Emerging Markets and Crypto Challenges (00:31:30) Nigeria's Crypto Struggles (00:34:59) Global Crypto Regulation and Cooperation (00:36:07) US Crypto Market and ETF Impact (00:37:32) Crypto Trading Dynamics and User Insights (00:48:00) Crypto Regulation Across the Globe (00:54:30) Future of Crypto and Binance's Vision Learn more about your ad choices. Visit megaphone.fm/adchoices
My guest this week is Phil Huber, the Head of Portfolio Solutions at Cliffwater. The private credit market has exploded recently, with Assets under management reaching a staggering $1.2T last year. I've been a little skeptical of this asset class, so I asked Phil to come on and convince me otherwise. We talk about the demand side of the equation, whether we are in a bubble, downside protection, due diligence, volatility and more. Phil also covers his backstory and his unique role at Cliffwater. Please enjoy this conversation with Phil Huber. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:01:07) Transition from RIA to Buy Side (00:02:13) Career Journey and Passion for Alternatives (00:04:28) Understanding the Role of a CIO (00:06:55) Evolution of Alternatives in Wealth Management (00:08:23) Phases of Alternative Investments (00:10:53) Growth and Demand for Private Credit (00:15:48) Private Credit Performance and Risks (00:28:08) Writing and Sharing Knowledge (00:32:23) Role at Cliffwater and Fund Management (00:40:07) Phil on The State of the Public and Private Credit Market Learn more about your ad choices. Visit megaphone.fm/adchoices
My guest this week is B.B. Abbott. Over the past 25 years, BB has represented some of the generation's biggest baseball stars, including Chipper Jones, Brian McCann, and past guest Corey Kluber. This was a short but action-packed episode, where we talked about the increasing intensity of childhood athletics, the economics of the player-agent model, and the impact of Name, Image, and Likeness, or NIL on College Baseball. We end up with a fascinating riff on how analytics has enriched scouting. Please enjoy this episode with B.B. Abbott. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:01:04) Meet BB Abbott: Baseball's Top Agent (00:01:48) The Evolution of Youth Sports (00:02:24) Scouting and Specialization in Baseball (00:06:14) The Role of Advisors and Agents (00:08:29) Understanding NIL: Name, Image, and Likeness (00:11:31) The Legal Landscape of NIL (00:17:58) The Transfer Portal and Its Implications (00:20:34) NIL's Impact on Professional Draft Decisions (00:22:03) Evaluating and Valuing Players (00:26:39) The Economics of Being a Sports Agent (00:31:46) The Role of Data and Analytics in Scouting (00:35:44) Competing in the Sports Agency Industry Learn more about your ad choices. Visit megaphone.fm/adchoices
My guest this week is Bob Elliot, the CIO of Unlimited Funds. Before Unlimited, Bob was on the investment committee at Bridgewater and led Ray Dalio's personal research team for a decade. I'm a big fan of Bob's work and his twitter account and was excited to talk to him on all things Macro. We start by diving into the current market cycle and the US deficit, inflation and bond yields. Bob then explains the Fed's reaction function and why he believes they are working with the wrong framework. We end by talking about gold, bitcoin, housing, commercial real estate and private equity. Please enjoy this conversation with Bob Elliot. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:01:50) Understanding the Goldilocks Economy (00:02:55) Comparing Economic Cycles (00:04:02) Income-Driven Expansion Explained (00:08:14) Wage Inflation Dynamics (00:09:43) Impact of Asset Prices on Inflation (00:16:18) Government Deficits and Economic Growth (00:21:24) Federal Reserve's Role and Challenges (00:26:58) The Role of Forward Guidance in Federal Reserve Policy (00:27:44) Volatility and Misleading Predictions (00:28:45) Market Reactions and Fed's Influence (00:30:26) Understanding the Fed's Reaction Function (00:31:53) Stock Market Dynamics and Earnings Growth (00:33:17) The Case for Gold in a Portfolio (00:38:46) Bitcoin vs. Gold: A Comparative Analysis (00:41:34) Monetary Policy and Asset Correlations (00:43:07) Housing Market Trends and Challenges (00:45:12) Commercial Real Estate and Private Equity Concerns (00:50:12) Market Consensus and Hedge Fund Strategies Learn more about your ad choices. Visit megaphone.fm/adchoices
My guest this week is Ben Gordon, the CEO of Fractal. At Fractal, Ben runs a unique strategy, providing farmers with equity capital and investors exposure to a differentiated and uncorrelated asset class. Ben starts by making the case for investing in farmland and explaining why institutional ownership remains low in the category. We then dive into Fractal's business model, what a typical deal looks like and where they fit in the agricultural capital stack. If you're interested in this topic, I also recommend listening to our earlier episode called “Harvesting Alpha through Farmland.” Please enjoy this episode with Ben Gordon. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:01:53) The Appeal of Farmland Investments (00:04:23) Challenges and Opportunities in Farmland (00:10:22) Fractal's Unique Business Model (00:15:58) Investor Insights and Tax Benefits (00:21:48) The Impact of Technology on Agriculture (00:23:50) Farmland and ESG Investing (00:26:23) Fractal's Vision and Strategy (00:28:11) Scaling and Risk Management in Farmland Investments (00:33:17) Historical Performance and Market Dynamics (00:43:27) The Future of The Market for Farmland Learn more about your ad choices. Visit megaphone.fm/adchoices
My guest this week is Adam Terry, the co-founder and CEO of Cantrip. A few weeks ago, Aaron Edelheit came on the show and made the pitch for investing in Cannabis Beverages. Today, we talk to one of the leading operators in this space. This was a fun conversation where we really got into the weeds, pun intended, into the science of a very complicated plant and an equally complex regulatory landscape. We also talked about the vision for Cantrip and how Adam aims to build a defensible and valuable business. Please enjoy this conversation with Adam Terry. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:01:40) The 2018 Farm Bill and THC Drinks (00:06:38) Understanding Delta 9 and Delta 8 THC (00:10:00) THC vs. CBD: Key Differences (00:13:57) Natural vs. Synthetic Cannabinoids (00:16:42) The Rise of THC Beverages (00:21:25) Regulatory Challenges and Market Growth (00:25:29) Cantrip's Production Process (00:27:17) Challenges in Dispensary Product Regulations (00:28:41) The Complexity of Beverage Production in Dispensaries (00:30:45) Regulation of Alcoholic Beverages vs. THC Drinks (00:34:00) Market Dynamics and Brand Building in THC Beverages (00:40:57) Cantrip's Customer Demographics and Product Strategy (00:46:51) The Future of The Cannabis and Beverage Industry Learn more about your ad choices. Visit megaphone.fm/adchoices
My guest today is Tony Cappell, the Co-founder and Principal at the Chicago Atlantic Group. In 2018, Tony saw an opportunity to do private credit in Cannabis and has since built Chicago Atlantic is the largest lender in the space. We start by talking about the early days of Chicago Atlantic. We then move on to the challenges of underwriting in Cannabis, his views on the industry and on competition from other lenders. We end with a discussion on the overall private credit market. Please enjoy this conversation with Tony Cappell. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:02:31) Entering the Cannabis Private Credit Market (00:04:54) Challenges and Opportunities in Cannabis Lending (00:08:12) Market Segmentation and State Regulations (00:11:51) Credit Risk and Market Dynamics (00:15:12) The Life Cycle of A Cannabis Deal (00:20:12) Diversification Across State Regulations (00:23:47) Brand Power and Regulatory Concerns (00:28:13) Impact of 280E and Rescheduling (00:33:13) Private Credit and Investment Strategies (00:36:44) Challenges and Opportunities in Cannabis Lending (00:45:12) Private Credit Market Outlook (00:50:31) Entering Into an Agreed Asent in Cannabis Investing Learn more about your ad choices. Visit megaphone.fm/adchoices
My guest today is Tom Dunleavy. Tom spent a decade in traditional finance before moving onto Web3. Today he is the Managing Director of the Crypto VC firm MV Global. We start this conversation by exploring the current state of public and private crypto investing. Tom then outlines the process of raising capital, the role of Key Opinion Leaders, the meta-use case of crypto and the implications of on-chain liquidity. We then close on the regulatory environment in the US. Please enjoy this conversation with Tom Dunleavy. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:01:15) Exploring the Dynamics of Public and Private Crypto Investing (00:06:49) Unpacking the Process of Raising Capital in Crypto (00:14:01) The Role of Key Opinion Leaders (KOLs) in Crypto Funding (00:19:49) Evaluating Different Sources of Capital (00:25:31) The Growing Theme of Chain Abstraction (00:29:59) Navigating the Regulatory Landscape and the Future of Crypto (00:33:51) The Political Nature of Crypto (00:27:10) The Next Catalyst For Crypto (00:40:41) Final Thoughts and the Road Ahead for Crypto Learn more about your ad choices. Visit megaphone.fm/adchoices
My guest today is Corey Kluber. For those who don't follow baseball, Corey Kluber was a 3-time MLB all star and one of the great pitchers of the last decade. Today, he takes us on quick tour through his career and what it takes to succeed as an elite athlete. We also talk about the market for athletes, his strong views on childhood athletics, his plans for the future and more. As a Boston resident, it was an honor and privilege to interview a former star from the Boston Red Sox. Please enjoy this episode with Corey Kluber. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:03:16) The Evolution of Youth Sports and Parental Pressure (00:04:06) College Athletics, Scouting, and the Draft Process (00:11:53) Navigating the Professional World: Agents and Contracts (00:16:04) The Impact of NIL on College Sports and Beyond (00:19:25) Economics of Being a Pro Baseball Player (00:22:00) The Mindset of a Professional Athlete (00:24:08) Insights into Player Perspectives and Offseason Dynamics (00:32:02) Transitioning from Professional Sports to Retirement (00:33:33) Media Relations and Athlete Narratives (00:35:04) Improving Baseball's Appeal and Pace of Play (00:40:27) The Future of Baseball and Labor Relations Learn more about your ad choices. Visit megaphone.fm/adchoices
My guest today is Nir Kaissar. Nir is the founder and portfolio manager at Unison Advisors and one of my favorite economic commentators/columnists at Bloomberg. Today, he joins us for a wide-ranging discussion on the US economy. We start with the disconnect between the strong economic numbers and the sentiment amongst the population. We then cover indicators of recessions, the potential for a systemic crisis in Private Equity, the magnificent seven, and more. Please enjoy this excellent conversation with Nir Kaissar. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:02:07) Exploring Economic Disparities Amidst a Booming Economy (00:02:53) The Living Wage Crisis in the U.S. (00:04:30) Unpacking the Wage Stagnation Puzzle (00:07:12) The Transparency and Productivity Dilemma (00:09:18) Innovative Solutions for Economic Inequality (00:12:41) Government's Role in Redistributing Wealth (00:18:31) Addressing the Retirement Savings Gap (00:19:26) Debunking Recession Predictions and Economic Indicators (00:29:10) The Potential Risks in Private Equity and Real Estate (00:32:55) The Growing Influence of Private Equity (00:34:55) The Unprecedented Scale of Private Capital (00:36:28) The Need for Transparency in Private Equity (00:38:06) Exploring Systemic Risks and Distribution Concerns (00:40:37) The Changing Landscape of Commercial Real Estate (00:43:03) Rethinking Bailouts and Sovereign Wealth Funds (00:46:29) The Debate on Government Intervention and Economic Stability (00:56:08) Public Securities and the Magnificent Seven Learn more about your ad choices. Visit megaphone.fm/adchoices
My guest today is Aaron Edelheit, the CEO and Portfolio Manager at Mindset Capital. Aaron has spent his career practicing value investing in overlooked industries, like housing after the 2008 recession or Cannabis today. But we start the conversation by talking about another overlooked topic- burnout and the importance of disengaging from work. We then talk about the Cannabis industry, the myths and opportunities, and why Aaron raised a venture fund to invest in Cannabis beverages. This is a timely conversation, recorded just ahead of the news that the DEA will reschedule Cannabis, providing a massive boost to the industry, particularly around taxation. Please enjoy this conversation with Aaron Edelheit. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:02:26) Aaron's Personal Journey: From Burnout to Balance (00:05:41) The Philosophy Behind Taking Breaks (00:13:23) Aaron's Current Investment Philosophy (00:17:34) Exploring the Cannabis Industry (00:24:50) Comparing Cannabis to Other Industries (00:27:02) The Evolution and Challenges of Cannabis Cultivation (00:31:13) The Venture into Hemp and THC Beverages (00:32:15) The Disruption of the U.S. Alcohol Market by THC Drinks (00:40:14) Investing in Cannabis (00:42:58) The Future of THC Beverages and Cannabis Consumption Learn more about your ad choices. Visit megaphone.fm/adchoices
Matt turns the mic on Eric for the quarterly recap where they reflect on a strong first quarter for 2024, the secular trends in market and investment structures, navigating the IPO market, and the next generation of investors. Please enjoy this episode of Making Markets. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:01:21) Analyzing the Strong First Quarter of 2024 (00:03:57) In-Depth Discussion on Inflation and Economic Trends (00:07:40) Exploring the Power and Influence of the Federal Reserve (00:09:06) The Dynamics of Private Credit and Commercial Real Estate (00:14:56) Navigating the IPO Market and Private vs. Public Conflict (00:16:40) Secular Trends in Market Structure and Investment (00:20:51) Exploring the Allure of Alternative Investments (00:22:05) The Evolution of Wealth Management (00:23:38) The Next Generation: Capturing Gen X and Gen Z Investors (00:25:13) Fee Compression and the Future of Financial Services (00:27:29) Bitcoin's Milestones and Market Dynamics (00:33:34) Reflecting on Making Markets Learn more about your ad choices. Visit megaphone.fm/adchoices
My guest this week is Brutus Clay. Brutus is the Chairman and CEO of Runnymede Farms, the oldest operating thoroughbred farm in Kentucky. He takes us through the fascinating world of breeding and racing thoroughbreds. We talk about the buy side in this industry and the similarity to Venture Capital and Private Equity. We end by talking about the horse racing industry and the beautiful story of the horse called Cody's Wish. Please enjoy this unique conversation with Brutus Clay. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:01:04) Brutus Clay And The Legacy of Runnymede Farms (00:05:55) Kentucky: The Heartland of Horse Racing (00:08:45) The Economics of Breeding Racehorses (00:11:46) The Lucrative World of Stallions and Stud Fees (00:13:47) Understanding the Auction Dynamics and Revenue Sharing (00:16:020) The High Stakes of Horse Sales at Keeneland (00:18:04) Understanding Horse Behavior and Potential (00:21:57) The Business Model Behind Stallion Operations (00:24:46) Investment Insights: Comparing Horse Racing to VC (00:30:32) The Strategy Behind Horse Trading and Breeding (00:33:35) A Real-Life Underdog Story: Qualifying for the Derby (00:38:28) Cody's Wish: A Beacon of Hope and Victory (00:43:03) The Future of Horse Racing Learn more about your ad choices. Visit megaphone.fm/adchoices
Today we are revisiting this great episode with Jim Bianco, the founder and President of Bianco Research. Jim is well-known on Wall Street for providing macro analysis since the nineties. He takes us through his unique perspective on the economy. We start with his contrarian view on interest rates. We then cover the changes to the economy since COVID, such as remote work and the new consumer. We also talk about his new fixed-income ETF, Crypto, the Red Sea crisis, and more. Please enjoy this conversation with Jim Bianco. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) - Welcome to Making Markets (00:03:06) - First Question - Predictions on the Future of Interest Rates (00:07:24) - The Impact of Global Events on Inflation (00:11:03) - The Influence of Housing Inflation on the Economy (00:17:04) - The Impact of Remote Work on the Economy (00:28:45) - Attitude Changes on Spending and Inflation (00:30:48) - The Concept of Revenge Travel (00:31:53) - The Role of Stimulus Checks in the Economy (00:34:04) - The Shift in Investment Strategies (0042:01) - The Creation of the Bianco Research Total Return Index (00:51:32) - The Potential of Cryptocurrency and Blockchain Learn more about your ad choices. Visit megaphone.fm/adchoices
My guest today is Yossi Levi, better known as Car Dealership Guy, who has quickly become one of the most popular voices in the auto industry. Last year, I spoke to CDG about the US Car Market and the business model of car dealerships. Today's conversation covers Yossi's personal story and media business. We start with a quick overview of his fascinating backstory, from a used car dealer to tech entrepreneur to now a media founder. We then dig into his media business, talking about the business model, target audience, and the content treadmill. We end the conversation with a section on the US car market, where we cover demand and supply, the affordability challenge, EVs and hybrids, and more. Please enjoy round two with Car Dealership Guy. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- This episode is brought to you by 10 East. 10 East is a platform where qualified investors can co-invest on a deal-by-deal basis across private equity, private credit, real estate ventures, and other one-off opportunities typically unavailable through traditional channels. It's no surprise that founders, executives, and portfolio managers from leading investment firms are using 10 East to diversify their personal portfolios. Their level of sourcing and diligence is institutional grade. To learn more, check out 10east.com. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:03:41) From Used Car Dealer to Online Auto Retailer (00:07:08) Transitioning from Business Owner to Influencer (00:14:52) The Evolution of CDG's Media Platform (00:17:44) The Strategy Behind Building a Media Empire (00:24:13) The Automotive Industry's Economic Landscape (00:31:00) Challenges and Opportunities in the Used Car Market (00:36:10) - The Impact of EVs and Hybrids on Market Dynamics (00:43:40) Exploring the Future of Affordable Cars (00:48:23) Insights on Car Dealership Operations (00:51:08) Economic Optimism in the Car Industry Learn more about your ad choices. Visit megaphone.fm/adchoices
My guest this week is Bored, the pseudonymous Twitter personality who shot to prominence as Bored Elon. Bored spent over a decade in the video games industry, supporting the launch of 100+ game titles, and today, he takes us on a deep dive through the industry. We start by talking about Crypto Gaming, why it's failed to deliver on its promise, and why Bored is still bullish on the category. We also talk about the overall gaming industry, the impact of AI, his new venture Edison, and more. I first chatted with Bored back in June '22, and his return on the show was as good as his debut. Please enjoy this conversation with Bored. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- This episode is brought to you by 10 East. 10 East is a platform where qualified investors can co-invest on a deal-by-deal basis across private equity, private credit, real estate ventures, and other one-off opportunities typically unavailable through traditional channels. It's no surprise that founders, executives, and portfolio managers from leading investment firms are using 10 East to diversify their personal portfolios. Their level of sourcing and diligence is institutional grade. To learn more, check out 10east.com. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:03:18) Exploring the State of Crypto Gaming (00:05:01) The Complexities of In-Game Economies (00:11:32) Separating Crypto from Traditional Gaming (00:19:24) The Frontier of Event Gaming (00:26:09) Role of Blockchain and Crypto in Gaming (00:36:15) Gaming Distribution and Influencer Models (00:41:34) The Impact of AI on Gaming and the Future of Web3 (00:47:38) Future Directions in Gaming Learn more about your ad choices. Visit megaphone.fm/adchoices
My guest this week is Jannick Malling. At 13, Jannick was getting paid to make websites. 5 years later, he was an early employee at the high growth broker, Saxo Bank. Today, he's a serial fintech entrepreneur and the co-founder and co-CEO of Public.com, an investing platform. In this episode, we dive into the brokerage industry. We talk about how new-age brokerages compete against giants like Fidelity and Schwab, the business models of investing platforms, the impact of AI and more. Please enjoy this conversation with Jannick Malling. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- This episode is brought to you by 10 East. 10 East is a platform where qualified investors can co-invest on a deal-by-deal basis across private equity, private credit, real estate ventures, and other one-off opportunities typically unavailable through traditional channels. It's no surprise that founders, executives, and portfolio managers from leading investment firms are using 10 East to diversify their personal portfolios. Their level of sourcing and diligence is institutional grade. To learn more, check out 10east.com. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:02:59) First Question - The Rise of Mobile Investing and Its Impact (00:03:48) The New Generation's Approach to Investing (00:11:30) Exploring the Revenue Models of Modern Brokerages (00:14:05) The Controversy of Payment for Order Flow (00:23:35) The Revolutionary Impact of Fractional Shares (00:28:57) Venturing into the World of Corporate Bonds (00:29:30) Exploring the Nuances of Fixed Income and Equities (00:30:18) The Evolution of Brokerages (00:32:25) The Rise of AI in Financial Services (00:33:52) Navigating the Trust Landscape in Financial Services (00:42:00) Innovations in Investment: The Case for Music Royalties (00:47:33) The Future of Alternative Investments and Market Trends (00:51:02) Reflecting on Market Cycles and the Path Ahead Learn more about your ad choices. Visit megaphone.fm/adchoices
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