Odd Lots
Odd Lots
Bloomberg's Joe Weisenthal and Tracy Alloway analyze the weird patterns, the complex issues and the newest market crazes. Join the conversation every Monday and Thursday for interviews with the most interesting minds in finance, economics and markets.
Arthur Breitman on the Biggest Problems in Blockchain Design
We continue to see an explosion of interest and money flowing into the crypto/blockchain space. But recent price declines and the Terra disaster have raised new questions about what the whole point is. So ... what is the whole point? What is crypto good for? To get a better understanding of the state of the technology and the market, we speak with Arthur Breitman, the co-founder of the Tezos blockchain. The episode was recorded at the Milken Global Institute Conference in Beverly Hills. See omnystudio.com/listener for privacy information.
May 20
57 min
Stephanie Kelton On MMT and the Inflation We're Seeing Today
For years, economists of the MMT school have been arguing that the way we think about deficits and government spending is all wrong. Whereas many people warn about the unsustainability of the national debt -- likening it to a household credit card bill -- the MMT view is that real resources are the constraint on government spending, and that inflation is the sign that real resources are being stretched. So what about now? We had substantial fiscal support during the pandemic, and now we have the highest inflation in over four decades. On this episode we speak with Stephanie Kelton, a leading proponent of MMT, a professor at Stony Brook, and the cohost of the Best New Ideas In Money podcast. We discuss the causes of the current inflation, and how to think about it through the MMT lens. This episode was recorded in Beverly Hills at the Milken Institute Global Conference. See omnystudio.com/listener for privacy information.
May 19
49 min
This Is How the Terra Stablecoin Actually Imploded
The collapse of the Terra ecosystem, and the tokens Luna and UST, will go down as one of the most painful and devastating chapters in crypto history. Over $60 billion market value has evaporated, and numerous retail investors are nursing major losses. What's particularly bad is that this was a big project, championed by some of the most notable names in crypto. But some people obviously saw it coming, and understood it to be a disaster in the making. On this episode we speak with Kevin Zhou, the founder of the crypto hedge fund Galois Capital. He began warning about Terra publicly earlier this year, and was short Luna starting in early May. He explains the exact mechanics of the coin's implosion.  See omnystudio.com/listener for privacy information.
May 15
1 hr 9 min
This Is What Happened to the GameStop Mania
The first true meme stock was GameStop, which went wild in early 2021, delivering brutal losses to short sellers, and a fortune to a handful of independent retail investors who participated in the squeeze. The episode shined a bright light on the WallStreetBets subreddit and the power of social media in disseminating trade ideas. One investor who did well was Rod Alzmann, who had been long GameStop for years as a value/turnaround play. On this episode of the podcast, we speak with Rod, the founder of Wook Capital and the proprietor GMEdd.com. We discuss where the company is now and what happened to the cohort of traders who scored big during that episode.  See omnystudio.com/listener for privacy information.
May 12
45 min
Here's What Just Happened to the Stock Market and the Economy
It's really been an extraordinary year for markets and the economy. Stocks are down, particularly, growth stocks which have gotten clobbered. Treasuries are down. Inflation is hotter than it's been in years. For the first time in ages, the Fed is hiking aggressively, having just moved by 50 basis points, with premises to do more. Plus there's a host of other shocks we're experiencing from the ongoing effects of the pandemic, the invasion of Ukraine, and the hard lockdowns in China. So how to make sense of it all? On this episode we speak with Neil Dutta, Head of Economics at Renaissance Macro Research and Luke Kawa, Allocation Strategist at UBS Asset Management, to make sense of what's going on, and what to watch next.  See omnystudio.com/listener for privacy information.
May 9
50 min
This Is What's Next for the Future of Air Travel
The aviation industry has never seen a disruption like what it's experienced over the last two years with the pandemic. Air travel ground to a virtual halt initially, but has slowly been climbing out of a hole, with leisure travel in particular starting to boom. So what's next for travelers and carriers? On this episode, we speak with Scott Keyes of ScottsCheapFlights.com about the future of travel and the business model of flying.  See omnystudio.com/listener for privacy information.
May 5
59 min
Javier Blas Explains How Commodity Trading Shops Really Work
One of the big themes these days is the return of the 'real' economy. You can't solve problems these days with just money. Not everything can be done by sitting behind a screen. And so some of the most important players in this new environment are the commodity trading shops, which help arrange financing and delivery of oil, coal, natural gas, nickel and everything else you can think of across the far-flung corners of the globe. It's a very different type of business than most trading, which is mostly just about charts on a screen. On this episode we speak with long-time commodities journalist turned Bloomberg Opinion columnist Javier Blas -- the co-author of 'The World For Sale: Money, Power, and the Traders Who Barter the Earth's Resources' -- to get a deeper understanding of how these firms operate, and how they're dealing with this environment of surging commodity prices and extreme volatility.  See omnystudio.com/listener for privacy information.
May 2
55 min
This Is How a Locked-Down Shanghai Apartment Gets Food
Shanghai, a city of nearly 30 million people, is currently under a hard lockdown, as the Chinese government sticks to its Covid Zero strategy of limiting the virus at all costs. There have been some shocking images and stories over the past few weeks of frustrated apartment dwellers unable to go outside or get basic necessities. Some of those things have improved somewhat, and now some residents are able to coordinate and make their own delivery food orders. On this episode, we speak with David Fishman, an energy analyst at the Lantau Group, who, himself, is in a locked down Shanghai apartment complex. He discusses how he's been able to coordinate with other residents to group-buy food and obtain basic essentials. See omnystudio.com/listener for privacy information.
Apr 29
41 min
This Is What Happened to the Meme Stock Mania
Spring of 2021 was peak meme mania. GameStop was going nuts. AMC was going nuts. And in general, the big cohort of traders that entered the market in early 2020 was riding high. Since then, though, things have turned south. Volumes have dipped significantly. The memes came back to Earth, and a lot of the growth stocks that were riding high have gotten absolutely killed. So where do things stand now, and what happened to all the new traders? On this episode, we speak to Lily Francus, director of quantitative research at Moody's Analytics, as well as Kyla Scanlon, a popular financial commentator across social media (as well as the founder of a new financial education company) to understand what happened, what's changed, and how the last two years have permanently altered financial markets as we know them.  See omnystudio.com/listener for privacy information.
Apr 28
54 min
Sam Bankman-Fried and Matt Levine on How to Make Money in Crypto
The price of major cryptocurrencies like Bitcoin and Ethereum have been moving sideways for awhile. But it doesn't seem like there's any slowdown in terms of money entering the space. Every day, some new fund is being launched or some legacy financial institution is diving into it. But what's all this money going to do? On this episode we speak with Sam Bankman-Fried, the CEO and co-founder of FTX, as well as Bloomberg Opinion columnist, Matt Levine, the money making opportunities that people are exploiting, whether it's directional bets on coins or yield farming or arbitrage, and how much potential profit there is for the taking.  See omnystudio.com/listener for privacy information.
Apr 25
56 min
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