Podcasts about global financial crisis

As market murmurs about an AI bubble, our Head of Corporate Credit Research Andrew Sheets offers some perspective on the impacts of the increasing demand for debt.Read more insights from Morgan Stanley.----- Transcript -----Andrew Sheets: Welcome to Thoughts on the Market. I'm Andrew Sheets, Head of Corporate Credit Research at Morgan Stanley. Today, a look at a very different type of challenge for credit markets. It's Friday, November 21st at 6pm in Singapore. It has now been well over 15 years since the Global Financial Crisis shook the credit markets to its very core. It's hard to state just how extreme that period was. How many usual relationships and valuation approaches broke. It saw the worst credit losses in 80 years; I think, and hope, that this record will hold for the next 80. This shock, however, did have a silver lining for the credit market. After a crisis that was driven by bank balance sheets being too large and complex, they shrank and simplified. After companies saw capital markets suddenly shut, they increased their cash levels and often managed themselves more conservatively. The housing market long, the engine of debt growth in the U.S. saw much tighter lending standards and less overall borrowing. And so, all these trends had a common theme. Less bond supply. The credit market has seen numerous bouts of volatility in the years since. But these have generally been driven by concerns around the macro economy, like the eurozone crisis or COVID. Or they've been driven by companies' specific issues such as weakness around the oil sector in the mid 2010s or the collapse of Silicon Valley Bank in 2023. The idea that there would be too much borrowing for the level of demand and that this causes market weakness, well, it just hasn't been an issue. Until – that is – now. As we've discussed on this program, there is an enormous increase underway in the amount of capital expenditure by technology companies as they look to build out the infrastructure that supports their cloud and AI ambitions. Morgan Stanley Equity Research estimates that the largest spenders will commit about $470 billion of spending this year and [$]620 billion of spending next year. That's over $1 trillion of spending in just a two-year period. And it's still growing. We see a lot of momentum behind this spending, as the companies doing it have both enormous financial resources and see it as central to their future ambitions. But all this spending, however, will need to come from somewhere. These are often very profitable companies and so we think about half will be funded from their cash flows. The other half, well, debt markets will play a big role, especially as these companies are often highly rated and so have significant capacity to borrow more. And over the last few weeks, those spigots have now turned on. Several large technology hyperscalers have been borrowing tens of billions at a clip, and they've been doing this in short succession. There is some good news here. This new borrowing has been coming at a discount, with the issuers willing to pay investors a bit more than their existing debt to take it on. Demand in turn has been very high for this debt. And in most cases, this borrowing is still well below anything that could feasibly trigger rating agency action. But it is raising a very different type of issue after a long period where, generally speaking, investors have rarely worried about excessive supply – these are very large deals coming at very large discounts, and they are moving the market. If a AA rated company is in the market willing to pay the same as a current single A, well, that existing single A credit just simply looks less attractive. As far as problems go, we think this is a generally less scary one for the market to face but is a new challenge – something we haven't encountered for some time. And based on the aforementioned spending plans, it may be with us for some time to come. Thank you as always, for your time. If you find Thoughts on the Market useful, let us know by leaving a review wherever you listen, and also tell a friend or colleague about us today.

Since the Global Financial Crisis, central banks have made significant changes to their monetary policy operating frameworks. Notably, the Federal Reserve and other central banks have expanded their balance sheets, altered their reserves regimes, and adopted new tools to set their policy rates. President and CEO of the Federal Reserve Bank of San Francisco, Mary C. Daly, discusses the costs and benefits of conducting policy under different regimes. About the Speaker: As President of the San Francisco Fed, Ms. Daly serves the Twelfth Federal Reserve District in setting monetary policy. Prior to her current role, she was the executive vice president and director of research at the San Francisco Fed, which she joined in 1996. Ms. Daly has served as an advisor to the Congressional Budget Office, the Social Security Administration, the Institute of Medicine and the Library of Congress. She has also been a visiting professor at Cornell University and the University of California, Davis. Ms. Daly holds a Ph.D. in economics from Syracuse University, an M.S. degree from the University of Illinois at Urbana-Champaign, and a B.A. from the University of Missouri-Kansas City.

How has the rise of P3s in major infrastructure programmes impacted Canada since their adoption? In the past 30 years, the country has seen a significant transformation in the industry, from the rise of public-private partnerships, to the creation of governance like the Infrastructure Ontario Act, to the more recent implementation of alliance and collaborative models. Riccardo's guest, Damian Joy, has seen this development from its early stages. Damien's journey through what he calls his three careers—working with contractors on mega projects around the world, settling in Canada as a director at Balfour, and consulting with Ernst & Young—offers an excellent vantage point. With his wide-ranging knowledge and eagerness to continue growing his expertise, Damian is perfectly positioned to provide a well-rounded SWOT analysis.In this episode, the two civil engineers identify and break down the strengths, weaknesses, and opportunities of past and future social infrastructure projects in Canada. Their insightful and unfiltered exploration highlights the external impacts and internal sticking points that are carrying the country through its burgeoning building renaissance.Key TakeawaysThe origin and development of P3 across Canada;The importance of strong leadership and proactive governance in the success of mega projects;How P3 and UK knowledge transfer benefited contractors in Canada;The factors that affect a programme's success above and beyond the delivery format;The impact technology is having on infrastructure data management.Quote:“[P3s and alliance models] both have a role to play. I think there's benefits of both and the problem is not the model, it's when the model is used in the wrong place at the wrong time.”- Damian JoyThe conversation doesn't stop here—connect and converse with our community via LinkedIn:Follow Navigating Major Programmes: https://www.linkedin.com/company/navigating-major-programmes/Follow Riccardo Cosentino on LinkedIn: https://www.linkedin.com/in/cosentinoriccardo/Read Riccardo's latest at https://riccardocosentino.com/Follow Damian Joy on LinkedIn: https://www.linkedin.com/in/damian-joy-8174a3b/ Music: "A New Tomorrow" by Chordial Music. Licensed through PremiumBeat.

This week on Swimming with Allocators, Vivek Jindal, CIO at Caprock, shares his journey from risk manager to leading allocator, offering valuable insights into building all-weather, customized portfolios for ultra-high-net-worth families. The conversation covers the evolution of venture investing, the art and science of risk management, the growing role of secondary markets, manager selection, and the importance of diversification and due diligence. Listeners will gain key takeaways on how to compound capital over decades, adapt to market changes, and identify fund managers' unique superpowers for long-term success. Also, don't miss our insider segment as Shane Goudey highlights Sidley's expansive, practical expertise in representing venture firms and emerging companies, emphasizing the firm's holistic, relationship-driven approach and ability to offer clients sophisticated legal and strategic support across the entire investment and startup ecosystem.Highlights from this week's conversation include:Welcoming Vivek Jindal to the Show (0:22)Lessons from Starting on the Risk Side and the Global Financial Crisis (1:44)Approaching Risk in Venture & Asset Allocation (5:30)Evolution of Portfolio Construction and Blurring Asset Class Lines (10:01)Strategies for Identifying Manager “Superpowers” (10:38)Caprock's Venture Investing Approach and Its Evolution (13:42)Sectors Out of Favor and Long-term Perspective (16:36)Selecting and Accessing Fund Managers (18:36)Word of Mouth, Networking, and New Venture Managers (19:06)Discussion with Sponsor Sidley's Shane Goudey (21:52)Ideal Client Profiles for Caprock (27:06)Why Alternatives—and Why Venture? (29:21)Opportunities in the Secondary Market (31:45)Trends to Watch in Venture and Growth Equity (35:22)What Makes a Good Fund Manager and Reference Checking (38:36)Final Thoughts and Takeaways (41:52)Caprock is a leading multifamily office providing independent, fiduciary advice to ultra-high-net-worth families and institutions. With a multi-asset class approach spanning traditional and alternative investments, Caprock creates fully customized portfolios designed to preserve, compound, and align wealth across generations. Learn more at www.caprock.com.Sidley Austin LLP is a premier global law firm with a dedicated Venture Funds practice, advising top venture capital firms, institutional investors, and private equity sponsors on fund formation, investment structuring, and regulatory compliance. With deep expertise across private markets, Sidley provides strategic legal counsel to help funds scale effectively. Learn more at sidley.com.Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies. The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

After a lost decade following the Global Financial Crisis, the Singapore market is finally reflecting the city-state’s economic dynamism and embrace of new technologies. Could the STI hit 10,000 by 2040 as suggested by DBS? Senior correspondent Ben Paul explains what the changing narrative on Singapore means for investors. Highlights of the podcast: 00:54 DBS paints alluring picture of local market 05:19 Big investments, AI among drivers of STI 10:08 STI’s composition may change as it climbs 15:48 Tread carefully with small, less liquid Reits --- Send your questions, thoughts, story ideas, and feedback to btpodcasts@sph.com.sg. --- Written and hosted by: Ben Paul (benpaul@sph.com.sg) Edited by: Howie Lim & Claressa Monteiro Produced by: Ben Paul, Howie Lim & Chai Pei Chieh A podcast by BT Podcasts, The Business Times, SPH Media Follow BT Correspondents: Channel: bt.sg/btcobt Amazon: bt.sg/btcoam Apple Podcasts: bt.sg/btcoap Spotify: bt.sg/btcosp YouTube Music: bt.sg/btcoyt Website: bt.sg/btcorresp Do note: This podcast is meant to provide general information only. SPH Media accepts no liability for loss arising from any reliance on the podcast or use of third party’s products and services. Please consult professional advisors for independent advice. --- Discover more BT podcast series: BT Money Hacks: bt.sg/btmoneyhacks BT Podcasts: bt.sg/pcOM BT Market Focus: bt.sg/btmktfocus BT Lens On: bt.sg/btlensonSee omnystudio.com/listener for privacy information.

After a lost decade following the Global Financial Crisis, the Singapore market is finally reflecting the city-state’s economic dynamism and embrace of new technologies. Could the STI hit 10,000 by 2040 as suggested by DBS? Senior correspondent Ben Paul explains what the changing narrative on Singapore means for investors. Highlights of the podcast: 00:54 DBS paints alluring picture of local market 05:19 Big investments, AI among drivers of STI 10:08 STI’s composition may change as it climbs 15:48 Tread carefully with small, less liquid Reits --- Send your questions, thoughts, story ideas, and feedback to btpodcasts@sph.com.sg. --- Written and hosted by: Ben Paul (benpaul@sph.com.sg) Edited by: Howie Lim & Claressa Monteiro Produced by: Ben Paul, Howie Lim & Chai Pei Chieh A podcast by BT Podcasts, The Business Times, SPH Media Follow BT Correspondents: Channel: bt.sg/btcobt Amazon: bt.sg/btcoam Apple Podcasts: bt.sg/btcoap Spotify: bt.sg/btcosp YouTube Music: bt.sg/btcoyt Website: bt.sg/btcorresp Do note: This podcast is meant to provide general information only. SPH Media accepts no liability for loss arising from any reliance on the podcast or use of third party’s products and services. Please consult professional advisors for independent advice. --- Discover more BT podcast series: BT Money Hacks: bt.sg/btmoneyhacks BT Podcasts: bt.sg/pcOM BT Market Focus: bt.sg/btmktfocus BT Lens On: bt.sg/btlensonSee omnystudio.com/listener for privacy information.

Prof. Steve Keen talks with Class Unity about the Global Financial Crisis of 2007-8, the problems with mainstream understandings of it, and the contemporary situation. He is the author of:The New Economics. A manifesto. Polity. (2021)Can We Avoid Another Financial Crisis? Polity. (2017)Developing an economics for the post-crisis world. World Economics Association and College Publications. […]

Comments/ideas: theasiaclimatecapitalpodcast@gmail.com Discover how nature itself is becoming the new infrastructure shaping our future. In this episode, experts from the Asian Infrastructure Investment Bank reveal how wetlands, mangroves, and forests are not just scenery but powerful tools for climate resilience and sustainable economic growth. We discuss innovative finance solutions mobilising private capital, the challenges of valuing natural assets, and why protecting nature is critical for survival, economics, and smart planning.REF: INVESTING IN NATURE AS INFRASTRUCTUREABOUT ERIK: Erik Berglof is the Bank's inaugural Chief Economist. He sets the vision and strategy for the Economics Department and leads the planning, implementation and supervision of its work plan in support of the Bank's mandate. Prior to joining AIIB in September 2020, he was Director of the Institute of Global Affairs, London School of Economics, and Chief Economist of the European Bank for Reconstruction and Development from 2006 to 2015, where he was part of creating, and co-led, the Vienna Initiative, a European crisis response team credited with mitigating the impact of the 2008 Global Financial Crisis. He is an expert in transition economics and institutional transformation through private sector development. He holds a PhD in Financial Economics and an MA in Business and Economics, both from the Stockholm School of Economics. Berglof is from Sweden.ABOUT JP: Jang Ping Thia joined the AIIB in 2016 and is currently the Lead Economist and the Manager of the Economics Department. The department is responsible for economic analysis at AIIB, covering country macroeconomics, debt sustainability analysis, review of project economics, to support investment operations. The department is also responsible for AIIB's flagship publication, the Asian Infrastructure Finance report, which highlights infrastructure development and financing issues. He was previously with the Singapore Ministry of Finance, covering expenditures on security, sports, community and telecommunication infrastructure. With a PhD from the London School of Economics, he also held a stint as the Economics Director at the Ministry of Trade and Industry, overseeing economic forecasting, research and the development of the Economist Service. Working on trade and geography, infrastructure development and finance related issues, his research has been published in various journals.FEEDBACK: Email Host | HOST, PRODUCTION, ARTWORK: Joseph Jacobelli | MUSIC: Ep0-29 The Open Goldberg Variations, Kimiko Ishizaka Ep30-50 Orchestra Gli Armonici – Tomaso Albinoni, Op.07, Concerto 04 per archi in Sol - III. Allegro. | Ep51 – Brandenburg Concerto No. 4 in G, Movement I (Allegro), BWV 1049 Kevin MacLeod. Licensed under Creative Commons: By Attribution 4.0 License

Bestselling author Michael Lewis joins the show to talk about how bubbles happen, the legacy of 'The Big Short' and the global financial crisis, 'Moneyball' and how the data analytics revolution conquered sports and entertainment, the difference between being a good investor and being a good investigative journalist, and the craft of writing. Listen to the new audiobook of Michael's hit 'The Big Short' ⁠HERE⁠! If you have questions, observations, or ideas for future episodes, email us at PlainEnglish@Spotify.com. Host: Derek Thompson Guest: Michael Lewis Producers: Devon Baroldi and Kaya McMullen Learn more about your ad choices. Visit podcastchoices.com/adchoices

Jim Clouse is a veteran of the Federal Reserve System and is currently a fellow at the Andersen Institute. In Jim's first appearance on the show, he discusses the evolution of monetary rules at the Fed, what happened at the Fed during Y2K, 9/11, the Great Financial Crisis, and the COVID Pandemic, the ever changing stigma of the discount window, Ted Cruz's calls to end interest on reserves, and much more. Check out the transcript for this week's episode, now with links. Recorded on September 11th, 2025 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow the show on X: @Macro_Musings Check out our Macro Musings merch! Subscribe to David's new BTS YouTube Channel  Timestamps 00:00:00 - Intro 00:03:16 - Jim's Career 00:05:38 - Monetary Rules at the Fed 00:09:12 - Increasing Transparency at the Fed 00:17:25 - Y2K and the Fed 00:26:19 - Discount Window 00:32:21 - Global Financial Crisis 00:39:10 - Covid Pandemic 00:46:10 - Jim's Current Research 01:00:31 - Outro

Costas Lapavitsas Joined Class Unity for a discussion about the 2007-9 Global Financial Crisis. We recently reviewed his works, which you can find here in our study group here: https://classunity.org/2024/04/25/the-2008-financial-crisis/ You can find him and his work here: https://www.soas.ac.uk/about/costas-lapavitsas And you can find us here: https://classunity.org Like, subscribe, join, and make a donation for class […]

#239Our WhatsApp  groupProperty Engine discounts (Code: EXPAT)Starter: 30 day trialPro: 30 day trial/3 mths 1/2 price, Ultimate: 1/2 price 3 mthsGoalsettingLeave a review 37 Q DD Checklist / Auction GuideJamie Barnsley has been involved in property for nearly 20 years.After graduating with a degree in building surveying and a masters in construction project management, Jamie Barnsley moved to Glasgow from his native Newcastle, where he met his wife.After ten years in Scotland, and with a young family in tow, the pair moved initially to Abu Dhabi for a couple of years before making the short switch to Dubai in 2011. In that time, they've invested in Scotland, London, the North East, the North West and Sri Lanka.But it's been far from plain sailing.Their success has come despite massive challenges such as the Global Financial Crisis and losing £50,000 in an off-plan new build nightmare.Listen now for the full story.We discuss:Jamie's Costly Off-Plan Property MistakeImpact on Confidence & RecoveryTaking High-Stakes Risks in Sri LankaProperty Portfolio DiversificationLessons in ResilienceLeveraging Local ExpertiseBuy-to-Let and Holiday Lets StrategyRemote Property Management TechniquesJamie's two-year family sabbatical traversing the AmericasAdvice for Expat Property InvestorsKeywordsUK property podcast, Expat property investing, Buy to let UK, Property investment strategies UK, New build property UK, Off-plan property investment, UK expat property tips, UK property investment for expats, Property sourcing UK, Investing in North East England property, Investing in North West England property, Manchester property investment, Newcastle property investment, Glasgow property market, Burnley buy to let, Property conveyancing UK, Holiday lets UK, Overseas property investment, Sri Lanka property investment, International property investing, Diversifying property portfolio UK, Risk management property investment, UK mortgage for expats, Rental property management UK, Airbnb holiday lets UK, Dynamic pricing for holiday lets, Property sourcing agents UK, Hands-off property investment, Property refurbishment UK, Leveraged property investing, Passive income from UK property, Property investment mindset, Property investment failures and lessons, Building surveying UK, Construction project management UK, Conveyancing process UK property, Renters Rights Act UK, Guaranteed rent schemes UK, Property sources and agents UK, Property ROI UK, Buy refurbish refinance UK, Expat property WhatsApp group, UK property portfolio diversification, UK property exit strategy, UK expat property podcast community

Barack Obama was the greatest Republican president of my lifetime—a statement sure to fire up establishment liberals and conservatives alike. But for progressives in the United States, this is what the Obama years felt like. Today’s episode examines the seminal policy achievements of the Obama years from the Affordable Care Act and wars in Iraq and Afghanistan to DACA and the response to the Global Financial Crisis. We offer the liberal and conservative views of the same issues, then finish with the progressive perspective on all. Resources Migration Policy Institute: The Obama Record on Deportations: Deporter in Chief or Not? TBIJ: Obama’s covert drone war in numbers: ten times more strikes… NPR: Pledging To End Two Wars, Obama Finds Himself Entangled In Three Video: Cornel West's Note to Obama Obama Library UNFTR Resources Video: Barack Obama: The BEST REPUBLICAN President Ever -- If you like #UNFTR, please leave us a rating and review on Apple Podcasts and Spotify: unftr.com/rate and follow us on Facebook, Bluesky, TikTok and Instagram at @UNFTRpod. Visit us online at unftr.com. Join our Discord at unftr.com/discord. Become a member at unftr.com/memberships. Buy yourself some Unf*cking Coffee at shop.unftr.com. Visit our bookshop.org page at bookshop.org/shop/UNFTRpod to find the full UNFTR book list, and find book recommendations from our Unf*ckers at bookshop.org/lists/unf-cker-book-recommendations. Access the UNFTR Musicless feed by following the instructions at unftr.com/accessibility. Unf*cking the Republic is produced by 99 and engineered by Manny Faces Media (mannyfacesmedia.com). Original music is by Tom McGovern (tommcgovern.com). The show is hosted by Max and distributed by 99.Support the show: https://www.unftr.com/membershipsSee omnystudio.com/listener for privacy information.

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Featuring Melinda Cooper on Counterrevolution: Extravagance and Austerity in Public Finance. Balanced budget conservatism and supply side populism engineered a politics of austerity and budget deficits. Deep cuts to the social wage like welfare reform disciplined labor so severely that Fed Chair Alan Greenspan opened the floodgates of easy money confident it would juice the price of assets alone. Assets like homes, the value of which spiraled ever upward until the Global Financial Crisis. The crash made the politics of revolutionary conservatism that dominate us today with MAGA. But the crisis also revealed powerful monetary tools that we could wield to make socialism—if only we organize the power necessary to seize them. The SECOND in a two-part series. Call in to leave a question for The Dig's mailbag episode: speakpipe.com/ListenerMailbag Support The Dig at Patreon.com/TheDig Get your first month free at OVID.tv using promo code DIG25 Visit dropsitenews.com/DIG20 for 20% off an annual Drop Site subscription

Prof. L. Randall Wray joined Class Unity to talk about the 2007-9 GFC and politics. Prof. Wray is a professor of Economics at Bard College and Senior Scholar at the Levy Economics Institute. Previously, he was a professor at the University of Missouri–Kansas City in Kansas City. You can find Prof. Wray's papers on the […]

Beijing may be making an example of mining giant BHP in a bid to get better prices for iron ore, but our expert says China’s reported ban could be short-lived. You can read more about this episode, plus see photos, videos and additional reporting, on the website or on The Australian’s app. This episode of The Front is presented and produced by Kristen Amiet and edited by Lia Tsamoglou. Our regular host is Claire Harvey and original music is composed by Jasper Leak.See omnystudio.com/listener for privacy information.

Manish Gudka | Baptism of Fire to £1bn Deals | People Property Place Podcast Subscribe To My Channel For More Videos: https://www.youtube.com/channel/UCLeY7xnoJ08uYlGb-Y0j96A For many, real estate careers are about steady growth, one sector, one model. But Manish Gudka's story at Aprirose shows what it takes to adapt, survive, and thrive across cycles. From the family soap business in Kenya seeding property investments in the UK, to steering Aprirose through the Global Financial Crisis and beyond, this is a journey about resilience, reinvention, and family values. In this episode, Manish reflects on his baptism of fire managing 14 tenants in Manchester, the hard lessons from 2007–09, and what it's like building a £1bn platform side-by-side with his 84-year-old father, who still takes the Tube into the office. We talk candidly about capital raising, investor trust, and why Aprirose has deliberately resisted the blind-pool fund model in favour of long-term deal-by-deal partnerships. This is a rare, wide-ranging conversation with a CEO who rarely speaks publicly — packed with insights on markets, leadership, and the realities of running a family-backed platform. Key Topics Covered In This Episode: ✅ Baptism of Fire – What a 14-tenant Manchester property taught him early in his career ✅ Cycles & Crises – How the 2007–09 crash reshaped Aprirose's strategy ✅ Investor Trust – Why transparency and alignment matter more than structures ✅ Family & Leadership – What it's really like working with his father every day ✅ Capital Raising – The deal-by-deal approach and why Aprirose never launched a blind pool fund ✅ Resilience – The mindset needed to firefight tenants, banks, and downturns ✅ Growth Vision – Where Aprirose sees opportunity in the next decade Oh, and one last thing… In every episode, I ask each guest: Who are the People, what Property, and which Place they would invest in if they had £500m at their disposal? Don't miss Manish's answer in this episode! Got any thoughts or questions about this podcast? Feel free to share them in the comments, I'm always up for a chat! And if you're enjoying what I'm putting out, don't forget to hit subscribe and turn on the notification bell so you'll never miss out on the next podcast.

This is the ultimate lesson in trading psychology in the Australian sharemarket. Want to know how Michelle Coomey transformed her trading struggles into extraordinary success?In this episode of Talking Trading, Michelle reveals how she went from devastating losses during the Global Financial Crisis to mastering Index Trading and achieving open profits in the millions. With the support of the Trading Game Mentor Program, she built resilience, refined her strategy, and created the freedom to live – and trade – on her own terms.Her story is a powerful reminder that setbacks don't define you – perseverance and the right trading education do.If you're interested in the Australian sharemarket, trading psychology, and learning how everyday traders can achieve life-changing results, this episode is for you.Listen in and get inspired.#AustralianSharemarket #IndexTrading #TradingPsychology #TradingMentorProgram #FinancialFreedom--------------------------Louise says: "My Mentor Program Pro course is in full swing, and the special introductory fee is about to end. If you want to lock in this exclusive offer, now is the time. In just 6 weeks, you'll learn a repeatable trading system and start designing the retirement you deserve. Go to tradinggame.com.au/mentor today before the deal disappears." How much longer are you willing to let uncertainty rule your trades? Every day without a plan is another day of missed profits.My Trading Made Simple course gives you the structure, the confidence, and the strategies to finally take control. It's free at tradinggame.com.au. Grab it today — don't let the markets keep pushing you around.Trade confidently. Louise Bedford is a best-selling author and founder of www.tradinggame.com.au and www.talkingtrading.com.au.FacebookYouTube TwitterLinkedIn

In this eye-opening episode of the Paisa Vaisa podcast, host Anupam Gupta sits down with the legendary Roopa Kudva, former MD of Crisil and author of Leadership Beyond the Playbook. Roopa shares her extraordinary journey from growing up in Assam and Meghalaya with almost no exposure to the business world to becoming a veteran business leader and a formidable force in Indian finance. She provides a rare, honest look at what it was like to be a CEO during the 2008 Global Financial Crisis and how she navigated its challenges. This conversation is packed with invaluable insights for everyone, from young professionals considering the "100-hour work week" to seasoned founders seeking to build long-term value. Roopa also discusses her transition into impact investing and reveals the most common blind spots she sees in startups. From a small town to the boardroom: Roopa Kudva's journey to becoming a finance pioneer. The woman who built Crisil: How she led the company to grow its revenue and market cap by multiples. Surviving the GFC: Roopa reveals the crucial lessons she learned about trust and prudence during the 2008 financial crisis. From CEO to startup investor: Why she made the bold leap into tech and impact investing. Startup advice from a veteran: Roopa shares the biggest blind spots founders and investors need to watch for. Work-life integration, not balance: Her powerful take on building a career that gives you meaning. Inside the boardroom: The truth about what makes an effective board and independent director. Her leadership playbook: An introduction to her book and its practical guide to crafting your own career path. See omnystudio.com/listener for privacy information.

It's a high-pressure year for multifamily. Looming maturities, tough capital markets, changing policies, a major shake-up of Fannie Mae and Freddie Mac on the horizon and intensified national attention are all converging to complicate the sector.But multifamily fundamentals are strong, Sharon Karaffa, president of multifamily debt and structured finance at Newmark, said on this week's episode.“Absorption has been very high and vacancies are very low. Most of the supply wave is behind us,” she said. “So we think we're on the upswing.”The ending of the conservatorship of Fannie Mae and Freddie Mac could disrupt the market, depending on how exactly it happens.Karaffa said it is critical that the privatized organizations have a line to the Treasury to maintain affordability, that a strict regulatory framework is put in place to avoid the mess of the Global Financial Crisis and that the agencies are not combined — the market needs both to keep competition alive.

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Mit Shah joins Brandon Sedloff to share the remarkable journey behind Noble Investment Group and its role in reshaping the hospitality investment landscape. From growing up in his family's motel business to building a leading institutional platform, Mit reflects on the sacrifices, lessons, and opportunities that shaped his career. He also dives into the resilience of the hospitality sector through cycles of disruption and the new opportunities emerging at the intersection of travel, living, and branded accommodations. They discuss: Mit's immigrant family story and how early work in his parents' motel instilled the values of hard work and entrepreneurship The founding of Noble Investment Group and its growth through multiple economic downturns, from 9/11 to the Global Financial Crisis to COVID The culture of ownership and trust that has kept his leadership team together for decades The emergence of branded long-term accommodations and how they address today's shifting travel and housing needs Why institutional investors should rethink assumptions about hospitality and recognize the sector's differentiated opportunities This episode is a valuable listen for anyone interested in the future of hospitality, investing, and building resilient businesses. Links: Nobel Investment Group - https://www.nobleinvestment.com/ Mit on LinkedIn - https://www.linkedin.com/in/mitshahnoble/ Brandon on LinkedIn - ⁠https://www.linkedin.com/in/bsedloff/⁠ Juniper Square - ⁠https://www.junipersquare.com/⁠ Topics: (00:00:00) - Intro (00:02:11) - Mit's background and career (00:06:15) - The birth of Noble Investment Group (00:18:21) - Navigating crises and building resilience (00:24:45) - Culture and leadership at Noble (00:30:03) - Reflecting on 9/11 (00:33:51) - Noble's current focus and achievements (00:35:38) - The future of hospitality with branded long-term accommodations (00:45:00) - Understanding the hospitality sector for institutional investors (00:51:58) - The resilience and future of travel (00:57:49) - Closing thoughts The views expressed in this podcast are those of Mit Shah and do not necessarily reflect the views of Noble Investment Group, LLC. This discussion is provided for informational purposes only, and should not be construed as investment advice, an offer to sell, or a solicitation of an offer to buy any securities or investment products. Any reference to specific strategies, asset classes, or markets is for illustrative purposes only and may not be suitable for all investors. Statements or information included in this presentation are made as of 09/02/205, are subject to change and neither Noble nor any of its affiliates will have an obligation to update or otherwise revise such statements or information to reflect information that becomes available or changes after such date. Certain statements may constitute forward-looking statements, which are based on current expectations and are subject to change and uncertainties. Past performance is not indicative of future results. All investments involve risk, including the potential loss of principal. Listeners should consult their own advisors before making any investment decision(s).

While we're told by politicians that the ideas of Karl Marx are foreign and have no place in this country, history proves otherwise. Andrew Hartman shows that Marx and Marxism have had an a significant influence on the United States, from Marx's journalistic writings for the New York Daily Tribune, on the mass politics of the Socialist and Communist Parties and the Wobblies, on the most radical edge of the New Deal and the New Left, and finally with the return to Marx's ideas since the Global Financial Crisis. (Encore presentation.) Andrew Hartman, Karl Marx in America University of Chicago Press, 2025 The post American Marx appeared first on KPFA.

“And he gathered up all the food of these seven years which occurred in the land of Egypt and put the food in the cities. He put in every city the food from the fields around it.” - Genesis 41:48Joseph's story isn't just dramatic—it's a powerful example of godly wisdom in uncertain times. His preparation during years of abundance helped an entire nation weather a famine. Today, Mark Biller joins us to explore what Joseph's legacy teaches us about planning ahead.Mark Biller is Executive Editor and Senior Portfolio Manager at Sound Mind Investing, an underwriter of Faith & Finance. Learning from Joseph's ExampleJoseph's story in the book of Genesis is one of the most dramatic and inspiring accounts in all of Scripture. From his rise and fall—from favored son to slave, from prisoner to ruler of Egypt—Joseph's journey demonstrates God's providence at every turn. His famous words to his brothers in Genesis 50:20 capture the theme: “You intended to harm me, but God intended it for good.”But Joseph's story is also a powerful lesson in financial stewardship. His foresight during years of abundance prepared Egypt—and surrounding nations—to survive years of famine. This biblical principle remains as relevant today as it was thousands of years ago.In Genesis 41, Joseph interprets Pharaoh's dreams, warning that seven years of abundance will be followed by seven years of famine. Pharaoh puts Joseph in charge of preparations, and Joseph sets aside 20% of the harvest during the good years. This disciplined stewardship meant survival when crisis hit.Back in 2006, I wrote an editorial drawing on this lesson, warning that the “years of plenty” could give way to economic trouble. Just two years later, the 2008–2009 Global Financial Crisis proved the point. Many of the underlying issues from that period—such as excessive debt and systemic risk—remain unresolved to this day.The Challenges We Face NowWhile I don't have the same sense of foreboding I felt in 2006, there are signs of stress in the global financial system:Runaway Debt – U.S. debt has risen from $10 trillion in 2008 to over $36 trillion today.Bigger Banks – Post-crisis reforms led to further consolidation, making the largest banks even larger.Central Bank Intervention – Years of near-zero interest rates and quantitative easing have encouraged dependence on stimulus.Political Division – Our political climate makes tackling systemic issues even more challenging.Preparing Personally for the Next StormWe can't control national or global problems, but we can prepare at a personal level. If you are in a “year of plenty,” now is the time to:Pay down debt and reduce obligations.Build an emergency fund to weather personal or economic downturns.Diversify investments, including assets that hold value in inflationary times—such as gold, real estate, commodities, or even small allocations to Bitcoin.Live below your means so you can give generously when needs arise.Financial Preparedness as Spiritual OpportunityPreparedness isn't just about protecting yourself—it's about positioning yourself to help others. Crises, whether national or personal, can open hearts to the gospel. If our finances are in order, we can respond like Joseph—meeting physical needs and sharing the spiritual hope found in Christ.If you're in a season of famine right now, don't lose heart. Trust God as your ultimate provider, take small steps forward, and connect with your church or community for support. Seasons change, and preparation now can mean you'll be ready when the next opportunity to serve—or survive—comes.For more on this topic, read the full editorial Years of Plenty, Years of Famine Revisited at SoundMindInvesting.org.On Today's Program, Rob Answers Listener Questions:I've owned a timeshare for years, but I think it's a bad investment. The maintenance fees are high, and I believe there are better vacation options. It will cost $2,000 to get out of it, but my wife likes it. How can I bring this up without hurting her feelings?In the Old Testament, tithing was clearly defined, but in the New Testament, Paul says giving should be something you decide in your heart. Some people tell me they give as they feel led—sometimes more, sometimes less. What are your thoughts on that approach to giving?Resources Mentioned:Faithful Steward: FaithFi's New Quarterly Magazine (Become a FaithFi Partner)Years of Plenty, Years of Famine Revisited by Mark Biller (Sound Mind Investing Article)Sound Mind Investing (SMI)Wisdom Over Wealth: 12 Lessons from Ecclesiastes on MoneyLook At The Sparrows: A 21-Day Devotional on Financial Fear and AnxietyRich Toward God: A Study on the Parable of the Rich FoolFind a Certified Kingdom Advisor (CKA) or Certified Christian Financial Counselor (CertCFC)FaithFi App Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network and American Family Radio. Visit our website at FaithFi.com where you can join the FaithFi Community and give as we expand our outreach.

(I am sending this week's commentary early this week due to travel)Dear Chancellor,Me again.I am the author of Bitcoin: The Future of Money? (2014), generally agreed to the first book on bitcoin from a recognised publisher.I write with regard to the proposed sale of the UK's bitcoin. Since bitcoin was first introduced in 2009 - invented in reaction to the loose monetary policies of the Global Financial Crisis - bank bail outs, quantitative easing, zero interest policies etc - and the economic injustices they created, the protocol has grown from nothing to a market cap above $2 trillion. A whole new economy has emerged around the technology where none previously existed, providing countless opportunities for individuals, entrepreneurs and nations alike.Initially the domain of a few coders, it is now finding mass adoption at the corporate and even national level. The US is recognizing the digital asset's importance, as it introduces its Strategic Bitcoin Reserve, while China, according to estimates, holds 190,000 coins.Initially, the UK was at the heart of the Bitcoin story. Satoshi Nakamoto, the pseudonymous inventor, wrote in British English, cited UK media, and many early meetups and conferences took place here. Chancellors George Osborne and Rishi Sunak both expressed their desire for the UK to become a global hub for this emerging technology. But the FCA took an opposing view and made it increasingly difficult for UK citizens to participate, so that we have now fallen behind.Opinion about bitcoin is divided. Those who use the technology regularly believe it is not just likely, but inevitable, that it will become the world's dominant monetary network. Many others – typically the older generation, economists or legacy finance – dismiss it as a bubble, often without having tested the tech in any meaningful way.Whichever side of the debate you fall on, the fact that Bitcoin has become the most desired digital asset in the world is indisputable.Among the many features that make bitcoin unique is that its supply is finite. With its estimated 61,000 confiscated bitcoins, the UK has been gifted an extraordinary opportunity. We now hold roughly 0.3% of total supply.I understand that politics demands a focus on the short term – the next Budget, the next election – but I urge you to approach your decision with long-term vision. Please consult with people who regularly use the technology. Do not make this decision based solely on advice from people who never use bitcoin. Take Bulgaria, for example. In 2017, it sold all of its seized bitcoin to cover a short-term budget gap. Those coins today would be worth enough to eliminate the country's entire national debt. From a strategic perspective, the UK's bitcoin holdings represent a once-in-a-generation opportunity. As fiat currencies decline in purchasing power and the global economy moves toward digital and AI-driven systems, this asset could help Britain re-establish itself as an economic superpower with significant geopolitical leverage and monetary independence.An opportunity of this kind is not to be thrown away lightly.Once those coins are sold, we will never be able to buy them back.If bitcoin becomes a hundred trillion dollar network – as some project – the UK's share could prove transformational. That may sound fanciful today, but every surprise in bitcoin's history has been to the upside.There is also your personal political legacy to consider.You would be the Chancellor who sold Britain's bitcoin.That will be how people remember you – just as Gordon Brown, for all else he did, is remembered primarily for needlessly selling Britain's gold at the bottom of the market. For the rest of your life, every timebBitcoin rises in price, people will look at what you sold our coins for and say: “This is how much she lost us.” You are consigning yourself to that fate.Do you want that to be your legacy?So once again, I implore you: take advice from people who understand this technology and its potential. Don't just listen to nocoiners.If you sell bitcoin for fiat you are swapping a superior asset for an inferior one. It is that simple.The trade might bring short-term benefit, but it does nothing to address the underlying structural issues facing this country. If, however, you hold on to the bitcoin – and understand how to integrate it into policy – perhaps create a UK Strategic Reserve - you may find it solves many of our problems.As bitcoiners often say, “bitcoin fixes this.”I hope you read and consider this letter with an open-mind.Yours sincerely,Dominic FrisbyAuthor of Bitcoin: The Future of Money?Writer of The Flying Frisby newsletterPS Please like, share - all that stuff. Thank you! This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.theflyingfrisby.com/subscribe

This week on the Alternative Investing Advantage podcast, host Alex Perny welcomes Ian Reynolds, to discuss the current economic unrest and uncertainty in Eastern Europe, the Middle East, and the U.S., particularly in relation to foreign exchange rates, inflation, central bank policy, bonds, and digital assets. He goes over the emergence of digital assets. This includes the rise of Bitcoin and the impact of monetary policy after the Global Financial Crisis. Ian also uncovers his experience trading in the foreign exchange market and investing in tech startups.If you are interested in being a podcast guest speaker or have questions, contact us at ⁠⁠⁠⁠⁠Podcast@AdvantaIRA.com.⁠⁠⁠⁠⁠⁠⁠⁠Learn more about our guest, Ian Reynolds:https://www.linkedin.com/in/ian-reynolds-fx-cap-mkts-btc/Learn more about Advanta IRA: https://www.AdvantaIRA.com/ The Alternative Investing Advantage is brought to you by Advanta IRA.Advanta IRA does not offer investment, tax, or legal advice, nor do we endorse any products, investments, or companies that provide such advice and/or investments. This includes any investments promoted or discussed during the podcast as neither Advanta IRA nor its employees, have reviewed or vetted any investments, persons, or companies that may discuss their services during this podcast.  All parties are strongly encouraged to perform their own due diligence and consult with the appropriate professional(s) before entering into any type of investment

In this week's Vancouver real estate update, we dive into the latest data and indicators painting a complex picture of the market. We start with the Housing Affordability Index, a measure of median household income against mortgage payments, taxes, and utilities. According to this index, Canadian homes have never actually been considered affordable—not once in the last 40 years. The most affordable period came in the late 1990s, when the metric dipped to 34%, just shy of the “ideal” target of 33%. Today, affordability sits at 55%. While that's a meaningful improvement from the record high of 63.5% in Q4 2023, it still remains well above the threshold of sustainable home ownership.Interestingly, Canadian affordability is now at the same level it was in 1990—just before a decade-long improvement in affordability followed. Whether or not that trend repeats remains to be seen. RBC's latest forecast doesn't think so. They project affordability will bottom later this year around 52%, then begin worsening again in 2026.On the inflation front, May CPI came in at 1.7%, unchanged from April. This marks the 18th consecutive month within the Bank of Canada's 1–3% target range. Core inflation registered at 2.9%, the upper end of the band but still acceptable. Mortgage interest costs remain a key driver, adding 0.4% to the CPI. It's important to note that most other countries exclude mortgage interest from their inflation basket. Without it, Canada's inflation would have been closer to 1.3%. Rented accommodations contributed 0.3%, but StatsCan's data appears to lag. While they report rents up 4.3% annually, Rentals.ca shows a 3.3% decline in the last year. Turning to interest rate expectations: markets are only pricing in a 30% chance of a rate cut at the July 30th Bank of Canada meeting. And as of now, there is just one more rate cut expected for the remainder of 2025. That outlook has cooled considerably, given earlier projections of more aggressive easing.Now to the July 2025 housing stats. Total home sales in Greater Vancouver hit 2,186 units in June, down 9.5% from last year and a staggering 26% below the 10-year average. It was the second slowest June on record—worse than the Global Financial Crisis and COVID shutdowns. This follows what was already the slowest May on record. The spring market never materialized, and current indicators suggest a muted summer and fall ahead.New listings reached 6,301 in June, up 10% year-over-year but down 5% from May. Inventory sits at 16,852 active listings, down 1% month-over-month but still 19% higher than a year ago and 44% above the 10-year average. At the time of reporting, inventory has climbed to over 18,200 active listings. The Sales-to-Active-Listings ratio remains at 13%—signaling a balanced market—for the 13th straight month. Detached homes are at 10%, townhomes at 17%, and condos at 14%.Prices continue to slide. The Home Price Index (HPI) dropped for the third straight month in 2025, down 0.3% month-over-month to $1,173,100. That puts prices 2.8% lower than one year ago. The median price stayed flat at $985,000, but remains up $70,000 year-to-date. The average price rose $9,000 to $1,275,000, its highest point in 2025, and up $68,000 YTD.The Vancouver housing market remains stable but sluggish and perhaps increasingly so. Affordability is slowly improving but remains historically poor _________________________________ Contact Us To Book Your Private Consultation:

How to sustain an international system of cooperation in the midst of geopolitical struggle? Can the international economic and legal system survive today's fractured geopolitics? Democracies are facing a drawn-out contest with authoritarian states that is entangling much of public policy with global security issues. In Global Discord: Values and Power in a Fractured World Order (Princeton University Press, 2024), Paul Tucker lays out principles for a sustainable system of international cooperation, showing how democracies can deal with China and other illiberal states without sacrificing their deepest political values. Drawing on three decades as a central banker and regulator, Tucker applies these principles to the international monetary order, including the role of the U.S. dollar, trade and investment regimes, and the financial system. Combining history, economics, and political and legal philosophy, Tucker offers a new account of international relations. Rejecting intellectual traditions that go back to Hobbes, Kant, and Grotius, and deploying instead ideas from David Hume, Bernard Williams, and modern mechanism-design economists, Tucker describes a new kind of political realism that emphasizes power and interests without sidelining morality. Incentives must be aligned with values if institutions are to endure. The connecting tissue for a system of international cooperation, he writes, should be legitimacy, creating a world of concentric circles in which we cooperate more with those with whom we share the most and whom we fear the least. Paul Tucker is a fellow at the Harvard Kennedy School and the author of Unelected Power (Princeton). He is a former central banker and regulator at the Bank of England, and a former director at Basel's Bank for International Settlements, where he chaired some of the groups designing reforms of the international financial system after the Global Financial Crisis. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/politics-and-polemics

How to sustain an international system of cooperation in the midst of geopolitical struggle? Can the international economic and legal system survive today's fractured geopolitics? Democracies are facing a drawn-out contest with authoritarian states that is entangling much of public policy with global security issues. In Global Discord: Values and Power in a Fractured World Order (Princeton University Press, 2024), Paul Tucker lays out principles for a sustainable system of international cooperation, showing how democracies can deal with China and other illiberal states without sacrificing their deepest political values. Drawing on three decades as a central banker and regulator, Tucker applies these principles to the international monetary order, including the role of the U.S. dollar, trade and investment regimes, and the financial system. Combining history, economics, and political and legal philosophy, Tucker offers a new account of international relations. Rejecting intellectual traditions that go back to Hobbes, Kant, and Grotius, and deploying instead ideas from David Hume, Bernard Williams, and modern mechanism-design economists, Tucker describes a new kind of political realism that emphasizes power and interests without sidelining morality. Incentives must be aligned with values if institutions are to endure. The connecting tissue for a system of international cooperation, he writes, should be legitimacy, creating a world of concentric circles in which we cooperate more with those with whom we share the most and whom we fear the least. Paul Tucker is a fellow at the Harvard Kennedy School and the author of Unelected Power (Princeton). He is a former central banker and regulator at the Bank of England, and a former director at Basel's Bank for International Settlements, where he chaired some of the groups designing reforms of the international financial system after the Global Financial Crisis. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/new-books-network

Today, I'm excited to speak with Drew Mason and Christianna Mason. Drew is Managing Partner at St. Joseph Partners, a precious‑metals brokerage and wealth protection firm serving individuals, families, and family offices across the U.S. and internationally. He is a G2 principal of Andrew Mason Associates, a family business founded in 1979 as a strategic management consultancy and later pivoted to acquiring and building businesses, with three ultimately sold to private equity. Christianna is Drew's daughter and a G3 member in their family office. She is a CPA who has advised Fortune 100 and private equity clients on global M&A from PwC's New York office. Earlier in his career, Drew held positions at major Wall Street firms including Lehman Brothers, where he witnessed first-hand the 2008 Global Financial Crisis, an experience that triggered a personal and professional search for true financial safe havens in times of stress. This ultimately led to him founding St. Joseph Partners, and over the past fifteen years, the firm's services have expanded to include: an online trading engine, secure domestic and international storage, private-label minting, audit and insurance facilitation and logistics. In this episode we focus our conversation on gold. Drew and Christianna share their views on what is so unique about gold as an alternative investment asset and why investors should be paying particular attention to gold right now. They also address the skeptics and risk managers out there, who may not be convinced, and explore what the worst-case scenario might look like for gold. Drew and Christianna delve into the options and intricacies associated with investing in physical gold vs. financial instruments that emulate the performance of gold. And for those who are worried they may have missed the gold rally and are wondering whether it's too late to get in now, they provide a perspective on where their think gold is headed from here. Enjoy this instructive conversation with two of the leading experts on multigenerational families investing in gold and precious metals.

How to sustain an international system of cooperation in the midst of geopolitical struggle? Can the international economic and legal system survive today's fractured geopolitics? Democracies are facing a drawn-out contest with authoritarian states that is entangling much of public policy with global security issues. In Global Discord: Values and Power in a Fractured World Order (Princeton University Press, 2024), Paul Tucker lays out principles for a sustainable system of international cooperation, showing how democracies can deal with China and other illiberal states without sacrificing their deepest political values. Drawing on three decades as a central banker and regulator, Tucker applies these principles to the international monetary order, including the role of the U.S. dollar, trade and investment regimes, and the financial system. Combining history, economics, and political and legal philosophy, Tucker offers a new account of international relations. Rejecting intellectual traditions that go back to Hobbes, Kant, and Grotius, and deploying instead ideas from David Hume, Bernard Williams, and modern mechanism-design economists, Tucker describes a new kind of political realism that emphasizes power and interests without sidelining morality. Incentives must be aligned with values if institutions are to endure. The connecting tissue for a system of international cooperation, he writes, should be legitimacy, creating a world of concentric circles in which we cooperate more with those with whom we share the most and whom we fear the least. Paul Tucker is a fellow at the Harvard Kennedy School and the author of Unelected Power (Princeton). He is a former central banker and regulator at the Bank of England, and a former director at Basel's Bank for International Settlements, where he chaired some of the groups designing reforms of the international financial system after the Global Financial Crisis. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/world-affairs

How to sustain an international system of cooperation in the midst of geopolitical struggle? Can the international economic and legal system survive today's fractured geopolitics? Democracies are facing a drawn-out contest with authoritarian states that is entangling much of public policy with global security issues. In Global Discord: Values and Power in a Fractured World Order (Princeton University Press, 2024), Paul Tucker lays out principles for a sustainable system of international cooperation, showing how democracies can deal with China and other illiberal states without sacrificing their deepest political values. Drawing on three decades as a central banker and regulator, Tucker applies these principles to the international monetary order, including the role of the U.S. dollar, trade and investment regimes, and the financial system. Combining history, economics, and political and legal philosophy, Tucker offers a new account of international relations. Rejecting intellectual traditions that go back to Hobbes, Kant, and Grotius, and deploying instead ideas from David Hume, Bernard Williams, and modern mechanism-design economists, Tucker describes a new kind of political realism that emphasizes power and interests without sidelining morality. Incentives must be aligned with values if institutions are to endure. The connecting tissue for a system of international cooperation, he writes, should be legitimacy, creating a world of concentric circles in which we cooperate more with those with whom we share the most and whom we fear the least. Paul Tucker is a fellow at the Harvard Kennedy School and the author of Unelected Power (Princeton). He is a former central banker and regulator at the Bank of England, and a former director at Basel's Bank for International Settlements, where he chaired some of the groups designing reforms of the international financial system after the Global Financial Crisis.

How to sustain an international system of cooperation in the midst of geopolitical struggle? Can the international economic and legal system survive today's fractured geopolitics? Democracies are facing a drawn-out contest with authoritarian states that is entangling much of public policy with global security issues. In Global Discord: Values and Power in a Fractured World Order (Princeton University Press, 2024), Paul Tucker lays out principles for a sustainable system of international cooperation, showing how democracies can deal with China and other illiberal states without sacrificing their deepest political values. Drawing on three decades as a central banker and regulator, Tucker applies these principles to the international monetary order, including the role of the U.S. dollar, trade and investment regimes, and the financial system. Combining history, economics, and political and legal philosophy, Tucker offers a new account of international relations. Rejecting intellectual traditions that go back to Hobbes, Kant, and Grotius, and deploying instead ideas from David Hume, Bernard Williams, and modern mechanism-design economists, Tucker describes a new kind of political realism that emphasizes power and interests without sidelining morality. Incentives must be aligned with values if institutions are to endure. The connecting tissue for a system of international cooperation, he writes, should be legitimacy, creating a world of concentric circles in which we cooperate more with those with whom we share the most and whom we fear the least. Paul Tucker is a fellow at the Harvard Kennedy School and the author of Unelected Power (Princeton). He is a former central banker and regulator at the Bank of England, and a former director at Basel's Bank for International Settlements, where he chaired some of the groups designing reforms of the international financial system after the Global Financial Crisis. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Attention entrepreneurs: If you think working 80+ hour weeks makes your business more valuable... the data says otherwise.This conversation will change how you think about business building forever.James Brown didn't just sell his business for multiple cash offers he proved that less owner involvement equals higher business value.James is the founder of BizTech Guru, a business consultant who transformed his own accommodation business over many years from requiring 120-hour work weeks to just 30 minutes of monthly involvement. After surviving multiple economic challenges including the Global Financial Crisis and COVID-19, he eventually sold the business with 7 offers, 3 of which were cash.In this episode, he exposes the shocking truth about why 80% of businesses aren't sellable, reveals his exact automation playbook, and shares the mindset shifts that create truly passive income.We talked about business automation, but not the tech-heavy complicated kind.We talked about remote team management, but not the micromanagement nightmare kind.And we talked about exit preparation, the kind that actually increases your quality of life WHILE building value.This completely changed my perspective on what makes businesses valuable.Perfect for: SaaS founders, service business owners, e-commerce entrepreneurs, and anyone building for eventual exit. • • •FOR MORE ON THIS EPISODE:https://www.coreykupfer.com/blog/jamesbrown• • • FOR MORE ON JAMES BROWNJames Brown's LinkedIn BizTech Guru WebsiteFOR MORE ON COREY KUPFERhttps://www.linkedin.com/in/coreykupfer/http://coreykupfer.com/ Corey Kupfer is an expert strategist, negotiator, and dealmaker. He has more than 35 years of professional deal-making and negotiating experience. Corey is a successful entrepreneur, attorney, consultant, author, and professional speaker. He is deeply passionate about deal-driven growth. He is also the creator and host of the DealQuest Podcast.Get deal-ready with the DealQuest Podcast with Corey Kupfer, where like-minded entrepreneurs and business leaders converge, share insights and challenges, and success stories. Equip yourself with the tools, resources, and support necessary to navigate the complex yet rewarding world of dealmaking. Dive into the world of deal-driven growth today!

We want to hear from you! Email us at BCGInHerEllement@bcg.com with a voice memo describing your In Your Ellement moment. We might feature your story in an upcoming episode!***What do you do when your job drops you into the center of a global financial crisis?That's where Sophia Bantanidis found herself – helping craft post-crisis banking reforms at the UK's financial regulator. The experience shaped how she thinks about risk, regulation, and building more resilient systems.Today, Sophia works at Citi's thought leadership division, where she explores the forces transforming financial services, from disruptive tech to global market shifts. In this episode, Sophia talks about her career journey, how AI could reshape compensation models, and why it's so important to vet any job – especially your first one.01:31 Writing Rules for Executive Pay During the 2008 Crisis06:24 Early Aspirations and a Diverse Upbringing09:36 A Terrible Day One At Work11:53 Vet Potential Jobs and Built a Network16:41 From the Frontlines: AI and Compensation20:33 ReflectionsLinks:Sophia Bantanidis on LinkedInSuchi Srinivasan on LinkedInKamila Rakhimova on LinkedInMayowa Jolayemi on LinkedInAbout In Her Ellement: In Her Ellement highlights the women and allies leading the charge in digital, business, and technology innovation. Through engaging conversations, the podcast explores their journeys—celebrating successes and acknowledging the balance between work and family. Most importantly, it asks: when was the moment you realized you hadn't just arrived—you were truly in your element?About The Hosts:Kamila Rakhimova is a fintech leader whose journey took her from Tajikistan to the U.S., where she built a career on her own terms. Leveraging her English proficiency and international relations expertise, she discovered the power of microfinance and moved to the U.S., eventually leading Amazon's Alexa Fund to support underrepresented founders.Suchi Srinivasan is an expert in AI and digital transformation. Originally from India, her career includes roles at trailblazing organizations like Bell Labs and Microsoft. In 2011, she co-founded the Cleanweb Hackathon, a global initiative driving IT-powered climate solutions with over 10,000 members across 25+ countries. She also advises Women in Cloud, aiming to create $1B in economic opportunities for women entrepreneurs by 2030.Mayowa Jolayemi is a second-year Associate at Boston Consulting Group (BCG), where she focuses primarily on projects related to education, economic growth, and workforce development. She earned her B.A. in Economics from Harvard University, concentrating her academic work on economic development in West Africa, particularly in education and women's workforce empowerment. Subscribe to In Her Ellement on your podcast app of choice to hear meaningful conversations with women in digital, business, and technology.

While we're told by politicians that the ideas of Karl Marx are foreign and have no place in this country, history proves otherwise. Andrew Hartman shows that Marx and Marxism have had an a significant influence on the United States, from Marx's journalistic writings for the New York Daily Tribune, on the mass politics of the Socialist and Communist Parties and the Wobblies, on the most radical edge of the New Deal and the New Left, and finally with the return to Marx's ideas since the Global Financial Crisis. Andrew Hartman, Karl Marx in America University of Chicago Press, 2025 The post American Marx appeared first on KPFA.

In this episode of PRess Play: The StreetCred Podcast, hosts Elena Krasnow and Jimmy Moock sit down with Ryan VanGorder, chief executive officer of Opto Investments. Ryan shares his career journey, from his early days at BlackRock during the Global Financial Crisis to executive leadership at Opto.  We also discuss: how Ryan got his start … Read More Read More

Simon has been doing a key note address over the last week and in this weeks podcast he takes a slightly different tack to what he usually presents. This time he is delivery his key note. He looks back over almost forty years of market crises that he's invested through. He shares the lessons he learnt, what caused the crisis and what the response was. This includes; 1987, EM Tigers of 1998, the DotCom bust in 2000, Global Financial Crisis of 2008/9, the 2020 pandemic and finally the 2025 Trump tariff crisis.

Michael Burry is famous for shorting the US housing market before the 2008 Global Financial Crisis. So when he sold all of the positions in his portfolio bar one - it caught our attention.Tune in to hear which one stock Burry is happy to keep in his portfolio as he sells everything else.That's not all we unpack in another big episode of Equity Mates:Over the past 20 years, has anything beaten Aussie property?Unhelpful Desk returns as we answer your questionsNvidia's latest earnings—------Want to get involved in the podcast? Record a voice note or send us a message—------Want more Equity Mates? Across books, podcasts, video and email, however you want to learn about investing - we've got you covered.Keep up with the news moving markets with our daily newsletter and podcast (Apple | Spotify)Check out our latest show: Basis Points (Apple | Spotify | YouTube) and read the accompanying Basis Points email—------Looking for some of our favourite research tools?Download our free 4-step stock checklistFind company information on TIKRScreen the market with GuruFocusResearch reports from Good ResearchTrack your portfolio with Sharesight—------In the spirit of reconciliation, Equity Mates Media and the hosts of Equity Mates Investing acknowledge the Traditional Custodians of country throughout Australia and their connections to land, sea and community. We pay our respects to their elders past and present and extend that respect to all Aboriginal and Torres Strait Islander people today.—------Equity Mates Investing is a product of Equity Mates Media.This podcast is intended for education and entertainment purposes. Any advice is general advice only, and has not taken into account your personal financial circumstances, needs or objectives. Before acting on general advice, you should consider if it is relevant to your needs and read the relevant Product Disclosure Statement. And if you are unsure, please speak to a financial professional.Equity Mates Media operates under Australian Financial Services Licence 540697. Hosted on Acast. See acast.com/privacy for more information.

How to Survive the Coming Real Estate Storm – What Sean Kelly-Rand Learned at Lehman   For the experienced real estate investor or sponsor, this is a masterclass in what really matters.   When Lehman Brothers unraveled in 2008, it exposed a truth that many in the real estate world still prefer to ignore: even the most sophisticated capital structures can implode when the cost of capital and access to liquidity are misunderstood – or worse, taken for granted. My podcast/YouTube show guest today, Sean Kelly-Rand, didn't just watch that collapse unfold; he lived through it from inside and the playbook he uses today as the managing partner of RD Advisors is shaped, in part, by that early, formative experience.   His approach offers a deeply pragmatic framework for anyone navigating real estate in today's uncertain climate. In an era of overpromised alpha and fragile capital stacks, Kelly-Rand's doctrine is a study in restraint, structure, and staying power.   From the Heart of Lehman to the Edges of Risk   Kelly-Rand joined Lehman Brothers in 2006, just before the implosion, drawn by its dominance in the bond markets which he saw, even then, as the true engine behind real estate. While most looked to equity investment banks for leadership, he understood that the debt markets were where real decisions were made. His work centered on real estate financing and syndication, with a front-row view of a business model that was, in hindsight, structurally doomed.   Lehman's capital stack had been stretched too far – built on short-term funding to support long-term positions. As the firm accumulated assets, expanding its real estate exposure from $5 billion to over $36 billion, it did so with virtually no cushion. Liquidity was cheap and ubiquitous, but inherently unstable. When securitization markets seized up, those long-term assets could not be offloaded without catastrophic discounts to book value. And because any sale would have forced a full repricing of the entire book, no sale could be tolerated. Lehman was stuck – and the system broke.   That lesson remains central to Kelly-Rand's thinking today. The real issue wasn't the quality of the assets; it was the fragility of the structure behind them. Risk wasn't in the deal. It was in the funding.   Rebuilding from the Ground Up   In the years that followed, Kelly-Rand transitioned from the institutional capital markets to operating in the private lending space. He co-founded RD Advisors not just to chase yield, but also to build a firm capable of weathering downside scenarios – starting with a clean-sheet design of its capital strategy.   The fund today focuses exclusively on senior secured debt, kept short in duration and conservatively underwritten. The business avoids the artificial stability of interest reserves or payment-in-kind structures that mask actual performance. Instead, it emphasizes cash-paying borrowers and short-term duration to preserve optionality and liquidity. Leverage is kept modest by design, with loan-to-value ratios structured around exit values that tolerate declining markets. Crucially, every deal is evaluated with a focus on capital preservation. Underwriting is done not with optimism, but with contingency: would the fund be comfortable owning the asset if they had to should a borrower walk? If the answer is anything but a clear yes, the deal doesn't proceed.   This mentality isn't just prudent, it's essential. The goal is to never rely on someone else's execution for one's own capital security. And that institutional memory from the GFC sits the core of the process.   Avoiding the Illusion of Alpha   Much of what passes for outperformance in today's real estate environment is simply leverage in disguise. Sponsors show high IRRs, but beneath them is a capital structure dependent on favorable refis or asset appreciation that may no longer be achievable. That's not skill, it's exposure.   Kelly-Rand's fund's returns, by contrast, are deliberately boring. They are stable, predictable, and quarterly. It's a feature, not a bug. In fact, Kelly-Rand views volatility as a symptom of poor underwriting or misaligned structure, not a badge of aggressive performance.   He's wary, too, of the growing interest in ‘loan-to-own' strategies, particularly among opportunistic capital looking to buy defaulted notes in the hopes of acquiring assets at a discount. While technically accurate – private credit can convert into equity when things go wrong – he emphasizes that building a business around that premise introduces operational complexity, execution risk, and volatility that neither he nor his investors are seeking.   Today's Market Echoes the Last Crisis   What concerns Kelly-Rand most now is how little has changed in institutional behavior since the last crisis – and how closely today's market echoes that of 2007.   There is the same creeping complacency in the banking system. Institutions are holding loans at par that would clear far below face value if sold today. Marking one loan down would trigger writedowns across the portfolio, and many banks simply can't handle that. Instead, they hold and wait, even as rates rise and deposits become more expensive than the loans on their books. This, too, is unsustainable and, like last time, it's a question not of credit risk, but of duration mismatch and funding fragility. Depositors have not yet realized en masse that their money could be earning 4.5% elsewhere. But when they do, the cost of capital for banks could spike rapidly and the system isn't ready.   Worse still, foreign capital, the marginal buyer that has helped sustain U.S. real estate valuations for decades, may be losing interest. If geopolitical or currency instability weakens demand for U.S. treasuries or assets, long-term rates could drift higher, even if the Fed cuts short-term rates. That shift would have a profound impact on real estate pricing, permanently resetting cap-rate expectations – and values.   A Framework for the Informed Investor   The takeaway for sponsors and investors is stark but empowering: you don't need to predict the next crash, but you must be structurally prepared for it.   Kelly-Rand's fund is an expression of that principle. It's structured to be resilient, not just profitable. Its margins are modest but consistent. Its leverage is low by design. And its underwriting focuses on the downside – not because of fear, but because of discipline. His experience at Lehman Brothers gave him a visceral understanding of how quickly capital evaporates when confidence is lost. What makes his insights so valuable today is not just that he's survived a cycle but that he's operationalized that survival into a repeatable, durable framework.   In a world where risk is increasingly hidden behind optimism and spreadsheets, Sean Kelly-Rand offers a different kind of edge: memory.   *** In this series, I cut through the noise to examine how shifting macroeconomic forces and rising geopolitical risk are reshaping real estate investing.   With insights from economists, academics, and seasoned professionals, this show helps investors respond to market uncertainty with clarity, discipline, and a focus on downside protection.    Subscribe to my free newsletter for timely updates, insights, and tools to help you navigate today's volatile real estate landscape. You'll get: Straight talk on what happens when confidence meets correction - no hype, no spin, no fluff. Real implications of macro trends for investors and sponsors with actionable guidance. Insights from real estate professionals who've been through it all before. Visit GowerCrowd.com/subscribe Email: adam@gowercrowd.com Call: 213-761-1000

The Supplementary Leverage Ratio (SLR) was designed to increase banking sector resiliency after the Global Financial Crisis. Some have argued the SLR reduces Treasury market liquidity because the ratio is risk insensitive. Fed officials like Jerome Powell and Michelle Bowman have supported SLR reform, and Treasury Secretary Scott Bessent believes changes to the SLR could push Treasury yields down 30-70bp. In this episode, we talk with Joseph Wang, Principal at Monetary Macro and former trader on the Fed's open markets desk, about the motivation behind the SLR, how it limits banks' balance sheet flexibility, and whether reforms would help improve liquidity in the Treasury market.

Send us a textIs the financial system broken—or just misunderstood? Economist and author Matt Sekerke joins FUTUREPROOF. to challenge conventional wisdom on money, banking, and policy. In his new book Making Money Work (co-authored with Steve Hanke), he argues that fiat money is still king, the Fed doesn't have as much power as we think, and the obsession with decentralization is distracting us from deeper issues. This episode dives into the real causes of inflation, how trade deficits actually work, and what it would take to restore trust in our economic institutions.Topics Discussed:Why the Global Financial Crisis broke the systemWhat monetary neutrality means—and why we've forgotten itThe role of broad money supply in predicting recessionsThe myth of crypto's superiority over fiatThe misunderstood mechanics of trade deficitsHow Trump-era tariffs reshaped global financeWhy China can't yet lead a global financial systemThe future of central banking and financial trust

While we're told by politicians that the ideas of Karl Marx are foreign and have no place in this country, history proves otherwise. Andrew Hartman shows that Marx and Marxism have had an a significant influence on the United States, from Marx's journalistic writings for the New York Daily Tribune, to the mass politics the Socialist and Communist Parties and the Wobblies, on the most radical edge of the New Deal, and the New Left, and finally with the return to Marx's ideas since the Global Financial Crisis. The post Fund Drive Special: Marx's Influence on America appeared first on KPFA.

Danny Moses hosts Jack Farley, a podcaster and founder of the Monetary Matters Network. They discuss Jack's experiences growing up during the Global Financial Crisis and his keen interest in the Federal Reserve. Jack shares insights from numerous interviews on short selling and quantitative trading. They explore current market dynamics, with Jack reflecting on private credit and its potential impacts. Jack also recounts lessons from notable guests and explains the role of technical analysis and short interest in investing. The conversation concludes with Jack's thoughts on the democratization of market information and his aspirations for his podcast network. Read More Joseph Wan at fedguy.com Citrini Research (Substack) --ABOUT THE SHOWFor decades, Danny has seen it all on Wall Street and has built his reputation on integrity, curiosity and skepticism that he will bring with him each week. Having traded through the Great Financial Crisis and being featured in "The Big Short" is only part of the experiences Danny wants to share with the listener. This weekly podcast cuts through market noise, offering entertaining and informative discussions with expert guests giving their views of the financial world and the human side of it. Whether you're a seasoned investor or just getting started, On The Tape provides something for all listeners. Follow Danny on X: @dmoses34 The financial opinions expressed are for information purposes only. The opinions expressed by the hosts and participants are not an attempt to influence specific trading behavior, investments, or strategies. Past performance does not necessarily predict future outcomes. No specific results or profits are assured when relying on this content.Before making any investment or trade, evaluate its suitability for your circumstances and consider consulting your own financial or investment advisor. The financial products discussed in 'On The Tape' carry a high level of risk and may not be appropriate for many investors. If you have uncertainties, it's advisable to seek professional advice. Remember that trading involves a risk to your capital, so only invest money that you can afford to lose. Derivatives are not suitable for all investors and involve the risk of losing more than the amount originally deposited and any profit you might have made. This communication is not a recommendation or offer to buy, sell or retain any specific investment or service.

Britt Gillette is today's guest to share information on the potential upcoming domino effect from the Trump administration regarding the economy.Britt Gillette on Substack: https://brittgillette.substack.com/End Times Bible Prophecy YouTube Channel: https://www.youtube.com/@etbpwithbrittgillette916www.worldviewmatters.tv© FreedomProject 2025See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The traditional correlations between some asset classes went haywire in April. Our analysts Serena Tang and Vishy Tirupattur discuss whether, in this environment, investors still consider U.S. Treasuries and the U.S. dollar to be reliable ports in a storm. Read more insights from Morgan Stanley.----- Transcript -----Serena Tang: Welcome to Thoughts on the Market. I'm Serena Tang, Morgan Stanley's Chief Cross Asset Strategist.Vishy Tirupattur: And I'm Vishy Tirupattur, Morgan Stanley's Chief Fixed Income Strategist.Serena Tang: Today's topic, how investors' perceptions of safe havens are evolving, the impact on correlation between asset classes, and what all this means for your portfolio.It's Wednesday, May 7th at 10am in New York.April was a really challenging month, and some market moves were highly unusual. There was also a lot of investor concern whether U.S. Treasuries would continue to be a safe haven. In fact, this became one of the biggest market debates over the last few weeks.Vishy, let's start here. Prior to this recent sell off, foreign investors looked at U.S. assets as a safe haven. Why is that? And is it still the case now after this turbulent month?Vishy Tirupattur: So, Serena, if you just step back and look at it, U.S. enjoyed positive growth differentials and positive yield differentials with developed markets in the rest of the world. On top of that, there was a consistent policy – not necessarily infallible policy – but there's a consistent policy with a clear sense of demarcation between the executive and the central bank.All of this meant U.S. was a very attractive destination for foreign investor flows. Not only during periods of normalcy where U.S. equities really attracted inflows and performed really well, but also during the periods of economic stress; where even periods where the stress was coming from the U.S. itself, such as the Global Financial Crisis. This correlation between bonds and stocks held and U.S. Treasuries were the safe haven asset as the single largest and most liquid, and highly negatively correlated asset with risk assets. So that really worked.What we are now seeing is that growth differential I talked about may no longer be holding. You know, for these [20]25 and [20]26 U.S. and euro area growth basically will converge – and if our economists' expectations are right, in 2026, euro area will be growing at a faster pace than the U.S.So, growth differential argument is fading. And there are some questions about the continued Fed independence. So put all these things together. Some investors are beginning to question whether U.S. assets will continue to be safe haven assets.So let me come back to you Serena. There've been some recent market moves that have been extremely unusual. That's what created all this debate. In some of – a few days in April, during the periods of sell off, we had both stocks and bonds selling off. And it felt like cross-asset correlations have gone totally haywire.So, can you talk a little bit about which correlations have changed? Which correlations have held up in these sell off?Serena Tang: What was highly unusual, and I think reflects part of the debate on U.S. as a safe haven, is the correlation between U.S. equities and the dollar. It is very high at the moment, about sort of two standard deviation above the five-year average. While it's not unheard of for FX stocks correlation to be high, it is usually more associated with EM or emerging markets rather than DM or developed markets. As a means, investors now require higher risk premium for holding the equities, which is a risk asset; but also holding the dollar, which again, traditionally is not thought of as a risk asset.Vishy Tirupattur: So, Serena, how did the correlation between bonds and stocks hold up in this period?Serena Tang: Surprisingly, the correlation have really, really held up. Stocks and bond return correlation turned very negative during the sell off that we saw, which means that equity losses were actually offset by bond returns. Now, this isn't entirely true across the curve. You saw 2 Year Treasuries being a much effective diversifier than say the 30 Year Treasury. But all in all, I think it means bonds still work as a diversifier.Now on this point Vishy, how do you think policy will impact asset correlations we've been talking about, as well as the perception of U.S. assets as a safe haven.Vishy Tirupattur: So, as I said before, positive growth differentials fade, and we have negative growth differential. And if there are continued questions about the Fed's independence, so some of the attraction of U.S. assets, particularly U.S. Treasuries as a safe haven asset, will be challenged. But that challenge hits the practical reality of the size and the scale of the safe haven assets.So, if you look around, if you add the comparably rated European government bond market and compare that to the U.S. government bond market, the U.S. market is about 10 times as larger. So, more scale, more liquidity, and the ability to deploy capital during the periods of stress is clearly more in the U.S.So, this is what I would say. The status of U.S. dollar as the global reserve currency and U.S. Treasuries as the global safe haven asset have taken a bit of a ding, but not gone away.Serena Tang: Vishy, thanks so much for taking the time to talk.Vishy Tirupattur: Great speaking with you, Serena, as always.Serena Tang: And thanks for listening. If you enjoy Thoughts on the Market, please leave us a review wherever you listen and share the podcast with a friend or colleague today.

Australian James Aitken is the Founder and Managing Partner of Aitken Advisors, a one-man macroeconomic consultancy based in Wimbledon, England that works with approximately one hundred of the most influential pools of capital in the world. James started his career in 1992 as a foreign exchange trader, moved to London in May 1999, and in March 2002 joined the infamous AIG Financial Products team in London. In August 2006 he joined UBS, where he deployed his knowledge of the inner workings of the financial system to help his institutional investor clients successfully navigate their portfolios through 2007 and 2008. At the urging of his clients, James established his own firm in June 2009. Our conversation covers James' perspective on the Global Financial Crisis from his seat at its epicenter, the Eurozone crisis in 2011, subsequent process-driven opportunities in Greece, views on Central Banks in the US, China, & Europe, some brief observations on India, positioning for the current environment, and what makes a great macro manager.   Learn More  Follow Ted on Twitter at @tseides or LinkedIn  Subscribe to the mailing list  Access Transcript with Premium Membership 

Our Head of Corporate Credit Research analyzes the market response to President Trump's tariff reversal and explains why rallies do not always indicate an improvement in the overall environment.Read more insights from Morgan Stanley. ---- Transcript -----Welcome to Thoughts on the Market. I'm Andrew Sheets, head of Corporate Credit Research at Morgan Stanley. Today I'm going to talk about the historic gains we saw this week in markets, and what they may or may not tell us. It's Friday April 11th at 2pm in London. Wednesday saw the S&P 500 gain 9.5 percent. It was the 10th best day for the U.S. equity market in the last century. Which raises a reasonable question: Is that a good thing? Do large one-day gains suggest further strength ahead – or something else? This is the type of Research question we love digging into. Pulling together the data, it's pretty straightforward to sort through those other banner days in stock market history going back to 1925. And what they show is notable. I'm now going to read to you when those large gains occurred, in order of the gains themselves. The best day in market history, March 15th 1933, when stocks soared over 16 per cent? It happened during the Great Depression. The 2nd best day, Oct 30th 1929. During the Great Depression. The 3rd best day – Great Depression. The fourth best – the first trading day after Germany invaded Poland in 1939 and World War 2 began. The 5th best day – Great Depression. The 6th Best – October 2008, during the Financial Crisis. The 7th Best – also during the Financial Crisis. The 8th best. The Great Depression again. The 9th best – The Great Depression. And 10th best? Well, that was Wednesday. We are in interesting company, to say the least. Incidentally, we stop here in the interest of brevity; this is a podcast known for being sharp and to the point. But if we kept moving further down the list, the next best 20 days in history all happen during either COVID, the 1987 Crash, a Recession, or a Depression. So why would that be? Why, factually, have some of the best days in market history occurred during some of the very worst of possible backdrops. In some cases, it really was a sign of a buying opportunity. As terrible as the Great Depression was – and as the grandson of a South Dakota farmer I heard the tales – stocks were very cheap at this time, and there were some very large rallies in 1932, 1933, or even 1929. During COVID, the gains on March 24th of 2020, which were associated with major stimulus, represented the major market low. But it can also be the case that during difficult environments, investors are cautious. And they are ultimately right to be cautious. But because of that fear, any good news – any spark of hope – can cause an outsized reaction. But it also sometimes doesn't change that overall challenging picture. And then reverses. Those two large rallies that happened in October of 2008 during the Global Financial Crisis, well they both happened around hopes of government and central bank support. And that temporarily lifted the market – but it didn't shift the overall picture. What does this mean for investors? On average, markets are roughly unchanged in the three months following some of these largest historical gains. But the range of what happens next is very wide. It is a sign, we think, that these are not normal times, and that the range of outcomes, unfortunately, has become larger. Thanks for listening. If you enjoy the show, leave us a review wherever you listen and share Thoughts on the Market with a friend or colleague today.

Join Dave Weisberger, Mike McGlone, and James Lavish as we break down what's happening in macro and crypto! Dave Weisberger: https://twitter.com/daveweisberger1 James Lavish: https://twitter.com/jameslavish Mike McGlone: https://twitter.com/mikemcglone11 ►►