RECENT EPISODES
Fri 18 SeptTrying to Save the World Is No ExcuseIn this episode, the discussion centers on the implications of China's crackdown on cross-border trading, which has led to significant stock declines for brokerage firms and raised questions about insider trading practices. The episode also explores the rapid advancement of artificial intelligence, highlighting concerns over safety and the competitive pressures driving development.Fri 11 SeptWhat's the Concern?In this episode, the discussion centers on the challenges companies face in integrating AI into their workflows, as highlighted by Alexis Christophress. The Los Angeles Clippers are under investigation for alleged financial misconduct involving Kawhi Leonard and Aspiration Partners, a company linked to fraudulent practices. Additionally, the podcast explores the shift in the financial industry towards blockchain technology, including Robinhood's tokenization of public company stocks, signaling a potential transformation in asset management and ownership tracking.Fri 4 SeptLearn More GooderIn this episode, Matt Levine delves into the challenges homeowners face with mortgage refinancing, particularly the tendency to overlook opportunities for better rates. He discusses how advancements in AI could streamline refinancing processes, though this may inadvertently raise mortgage rates. The episode also touches on the FTC's complaint against Amazon regarding auction transparency, highlighting the complexities of online advertising and investment strategies, particularly in relation to dividend taxes and ETFs.Fri 14 AugRe-Run: Boaz WeinsteinBoaz Weinstein of Saba Capital Management explains why he conducted tender offers for OBDC2 and Starwood SREED before either situation became widely known, bidding at discounts of 23% and 27% respectively against NAVs he believes are broadly overstated across the roughly 700 billion dollar private BDC space.Fri 31 JulNo Kiddie PoolLeopold Aschenbrenner's hedge fund Situational Awareness returned roughly 1000 percent over two years but collapsed into forced selling when margin calls hit simultaneously on long memory chip and short software positions, with Citadel acquiring the offloaded positions at a discount and recovering much of the gain within about 12 hours.Fri 24 JulWorried NoisesTreasury officials have begun making what the episode calls worried noises about ETF tax structures, particularly 351 exchange products in which wealthy investors contribute appreciated assets into an ETF to defer capital gains indefinitely, with heirs potentially receiving a stepped-up basis that eliminates the embedded gain entirely. Bloomberg identified 105 such products, and some participants have used borrowing mechanisms to manufacture artificial diversification from a single position to qualify.Fri 17 JulAnimal CommunicatorKatie Greifeld opens the episode recounting a $75 FaceTime session with an animal communicator who connected via the astral plane to her cat and horse Gus, with Matt Levine noting the cold reading problem since the communicator simply matched already-known personalities.Fri 10 JulPaid in EggsIn June 2025, two Millennium board affiliate managers generated 3.7 billion dollars executing index rebalancing trades, a liquidity provision strategy centered on buying shares ahead of forced index fund purchases at closing auctions and selling into the resulting price spike. SpaceX joining the NASDAQ 100 was a central event, with roughly 78 million shares clearing on inclusion day at about ten times normal volume before the stock finished lower.Thu 2 Jul100 John DoesSusquehanna Investment Group, the options market maker founded by Jeff Yass, sued 100 anonymous defendants after losing roughly 70 million dollars on put options tied to Chinese brokerages Futu Holdings and Tiger Brokers, following a Chinese government crackdown on cross-border trading announced around May 22nd.Fri 26 JunOne Big Blob of ElonSpaceX's IPO at roughly 135 dollars per share, with the stock trading near 150 and a valuation just below 2 trillion, has pushed the once-dismissed idea of a SpaceX-Tesla merger into serious territory after SpaceX's president called it the next project on CNBC.Fri 26 JunOne Big Blob of ElonThe episode centers on whether a Tesla-SpaceX merger has shifted from speculation to near-certainty, with SpaceX trading around a $2 trillion valuation against Tesla's roughly $1.4 trillion on IPO day, making any deal close to a merger of equals. Because Musk owns more of SpaceX than Tesla and SpaceX carries a super voting structure, he faces little pressure to favor outside Tesla shareholders when setting terms.Fri 19 JunBook of SoulsIn Book of Souls, Matt Levine examines how multi-strategy hedge funds like Citadel displaced investment banks as the primary liquidity providers in markets, a structural shift Ken Griffin anticipated when he observed in college that market makers profit on every options trade rather than just some. The episode also traces Bridgewater's decline from the world's largest hedge fund under Ray Dalio to a smaller, repositioned firm whose institutional GP stake holders are selling at a discount.Fri 12 JunStrongly Worded LettersBoas Weinstein and Saba Capital lost their Supreme Court bid to force 11 closed-end funds to honor one-vote-per-share requirements under the Investment Company Act, with a separate court also ruling that only the SEC can enforce the statute, leaving Weinstein to write strongly worded letters to an agency occupied with other priorities.Fri 5 JunChampagne and CaviarIn an episode titled Champagne and Caviar, the conversation opens with a New York bar that hedged a promotional discount tied to a Knicks playoff win by buying a $5,000 position on Kalshi at roughly 36 cents on the dollar, though the hedge covered a risk the bar had voluntarily created rather than a pre-existing liability.Fri 29 MayShameful Secret HeartIn an episode anchored by the SpaceX IPO filing, the hosts examine a deal priced anywhere from one trillion to two trillion dollars against roughly 18 billion dollars in annual revenue, with Matt Levine attributing the gap to an Elon Musk premium.Fri 15 MayFrisky DentistsIn the episode's central story, GameStop submitted a roughly 28 billion dollar bid for eBay structured as half cash and half stock, with the cash backed by a highly confident letter rather than a binding commitment, a financing instrument associated with Michael Milken that had largely vanished from mergers and acquisitions practice.Fri 8 MayTimeless Wisdom: A Mailbag EpisodeIn the mailbag episode titled "Timeless Wisdom," hosts Matt Levine and Katie Greifeld discuss the enduring relevance of financial wisdom and reflect on their experiences with financial advisors, emphasizing their value beyond mere investment selection. The conversation also touches on high-frequency trading, showcasing the impact of technological advancements on market dynamics. Additionally, insights into the role of stock prices post-IPO highlight the delicate balance companies must maintain to avoid activist investor interventions, further emphasizing capital allocation challenges in today's environment.Fri 1 MayBag of SnakesThe discussion explores key themes in investment strategies, focusing on Bill Ackman's new closed-end fund amid challenges in investor confidence and valuation. It also highlights difficulties multi-strategy hedge fund startups face when trying to attract capital, shedding light on the dynamics of investor psychology in private credit markets. Additionally, the conversation touches on market volatility and long-term strategic planning, while hinting at the broader implications of these trends for technology sectors, including AI and blockchain developments.Fri 24 AprEconomic AnimalsThe discussion covers three key topics: the impact of market manipulation in prediction markets, illustrated by a case of weather bets influenced by inaccurate sensors; the volatility of Avis Budget Group's stock, driven by extensive short selling and potential short squeeze dynamics; and the integration challenges of Cursor within SpaceX's impending IPO, emphasizing strategic control mechanisms. These themes highlight the intersections of economic behavior and emerging technologies in AI and finance.Fri 17 AprHour of SlurpingIn the episode "Hour of Slurping," Matt Levine and Katie Greifeld discuss weather trading’s impact on sports betting, highlighting its unpredictability. They critically assess New Bird AI’s pivot to AI infrastructure amidst skepticism about investor confidence and the sustainability of AI ventures, drawing parallels to the crypto boom. The hosts also examine Exxon’s shareholder voting dynamics, underscoring the challenges faced by retail investors in corporate governance.Fri 10 AprHumiliation RitualIn the podcast, Stephen Carroll and Caroline Hepke examine significant European financial events, highlighting Bill Ackman's acquisition strategy for Universal Music Group and its misleading nature. Adam Back discusses Bitcoin's origins amidst skepticism, particularly regarding the impact of quantum computing on cryptocurrencies. Additionally, the speculative analysis of SpaceX's upcoming IPO explores its valuation implications for the Nasdaq market and broader investment strategies, reflecting a growing interest in blockchain technology's role in financial systems.Fri 27 MarAlso StickyIn the latest episode of Bloomberg Daybreak Europe, the hosts address the impact of politics on markets and the growing importance of private credit in finance, citing notable redemption requests from major firms. A discussion around AI underscores concerns about job displacement and wealth inequality, influenced by Larry Fink's call for investment amidst automation. Additionally, the potential IPO of SpaceX is explored, including implications for market structure and inclusion in index firms, reflecting broader trends in blockchain and cryptocurrency markets.Thu 19 MarBoaz WeinsteinMatt Levine and Katie Greifold discuss closed-end fund activism with Boaz Weinstein, highlighting his tender offer for OBDC2, which reflects significant NAV discounts. They address the implications of redemption rights in closed-end funds and the challenges in the private credit sector, particularly concerning liquidity risks and investor understanding. Additionally, they touch upon innovations in digital asset treasuries and volatility laundering's impact on market perceptions, pointing to the need for clearer communication about investment risks.Fri 13 MarMan Not BirdThe episode titled “Man Not Bird” highlights significant European market decisions alongside Bill Ackman's innovative closed-end fund strategy, which includes a unique incentive structure for investors. The conversation also touches on the challenges within the private credit market, revealing investor hesitance due to liquidity issues. Additionally, the discussion of prediction markets raises ethical concerns around insider trading and the implications of betting on volatile political events, underscoring the need for enhanced regulatory oversight in this emerging space.Fri 6 MarPerhaps a BallroomThe discussion highlights the recent Warner Brothers acquisition, focusing on Paramount's financial challenges amid a complex bidding process with Netflix. Additionally, insights into private credit emphasize market confidence despite retail investor concerns and redemption requests at Blackstone. Finally, the ETFs segment touches on the challenges of incorporating private assets like SpaceX, revealing tensions between regulatory limits and market demand for such investments.Fri 13 FebRe-Run: Cliff AsnessThe podcast features Cliff Asness discussing the economic role of his firm, AQR, in predicting securities' performance and emphasizing quant investing that integrates traditional strategies with modern machine learning, particularly natural language processing (NLP). He critiques active management fees and private equity, addressing market dynamics influenced by social media and behavioral factors. Asness advocates for a holistic approach to investing, underscoring the evolving impact of AI and quantitative methods on market analysis and strategy.Fri 6 FebImpaled on the ObeliskThe discussion highlights the implications of the SpaceX and XAI merger, reflecting on Elon Musk's strategies and their effects on shareholders. It also examines parallels between closed-end fund activism and the crypto market, particularly with Bitcoin's struggles. Lastly, concerns about AI's disruptive influence on software companies and the investment landscape are emphasized, suggesting that industries like consulting and banking may face significant challenges ahead.Fri 30 JanElevated Shepherd's PieKatie and Matt discuss their dining experience at JP Morgan's elevated Irish pub, highlighting their enjoyment of elevated pub food. The conversation delves into Tether’s ambitions in the gold and cryptocurrency markets, emphasizing its strategy to back liabilities with gold and Bitcoin, while humorously paralleling its gold storage to a heist movie. They also briefly touch on SpaceX’s potential IPO and merger talks with XAI, considering Elon Musk’s investments and implications for employee compensation.Fri 23 JanAn OK HorseThe podcast discusses significant topics including President Trump's lawsuit against JP Morgan, which highlights concerns about political bias in debanking. The discussion also focuses on Steve Yag's launch of an open-source project and meme coin "gas," emphasizing the appeal of cryptocurrencies for rapid financial gains. Finally, the potential of blockchain technology for 24/7 trading and its role in real-time settlement is examined amidst evolving trading expectations in the digital landscape.Fri 16 JanKey Beast Risk: BMNR, 10%, OLMAThe episode discusses Mr. Beast's $200 million investment in Beast Industries via Bitmine, showcasing its transition to a treasury company with significant assets and potential influence in the cryptocurrency space, including Ethereum promotion. It also covers Donald Trump's controversial proposal to cap credit card interest rates at 10% amid rising borrowing costs, along with insights on BILT's innovative credit offerings. The complexities of insider trading in healthcare stocks further highlight ethical concerns within financial markets.Fri 9 JanEmbarrassment of Something: IQ, PE, BXIn the interview with Wyclef Jean, the discussion highlighted the evolution of proxy voting at JP Morgan, where AI systems are replacing traditional advisors like ISS and Glass Lewis, sparking controversy over potential biases and conflicts of interest. Jamie Dimon criticized excessive governance practices while advocating for new recruiting policies in banking and private equity, reflecting an earlier recruitment trend. Additionally, implications of Trump's proposals on institutional investing and housing affordability revealed the complex interplay between finance, AI influence, and societal impacts.Fri 2 JanHorse Pilates: A Mailbag EpisodeIn the "Horse Pilates: A Mailbag Episode," the podcast discusses the role of analysts in earnings calls and the impact of proxy advisory firms on shareholder voting. Insights into cryptocurrency and blockchain emerge through John’s commentary on investing in OpenAI, highlighting motivations in finance. Additionally, the conversation addresses the operational differences between ETFs and mutual funds, and the evolution of stock buybacks, emphasizing their implications for asset managers.Fri, 19 Dec 2025Good Game: WBD, Tricolor, TAEThe discussion highlights three key topics: the evaluation of non-profit effectiveness by impact, illustrated through GiveWell's success in global health; the bankruptcy of Tricolor, revealing issues of financial misrepresentation; and the complex negotiations surrounding Warner's media merger, touching on financial security and implications for major stakeholders like Larry Ellison. The episode underscores a shifting landscape where transparency and accountability remain critical, echoing broader concerns in both business practices and regulatory environments.Fri, 12 Dec 2025Best and Final: WBD, IPO, BNPLThe podcast focuses on Warner Brothers' merger negotiations and the implications for CNN's programming amid ownership changes. It also explores potential IPO timelines for companies like SpaceX and OpenAI, highlighting concerns around private markets and valuations. Additionally, the discussion addresses the rise of buy now pay later services as an alternative to traditional credit, emphasizing the need for regulation in the evolving lending landscape.Fri, 5 Dec 2025Flying High in Bird Heaven: MSTR, PSUS, ETFThe podcast highlights three main topics: 1. The current struggles of micro strategy trades involving Bitcoin, including potential market declines and concerns over financial sustainability; 2. Bill Ackman's plans for a closed-end fund, exploring investor incentives and challenges; 3. MSCI's upcoming decision on classifying digital asset treasury companies, which may impact their financial viability and demand within the market. Insights on ETFs and structured products are also discussed, emphasizing their evolving role in investment strategies.Fri, 28 Nov 2025Re-run: Gappy PaleologoGiuseppe "Gappi" Paleologo discusses the significance of continuous learning for quantitative researchers, particularly in the context of finance and its intersection with AI. He highlights the evolving impact of algorithms on stock price prediction and the unique challenges AI faces in replicating human cognitive functions in investment decisions. Additionally, the conversation addresses the complexities of market efficiency, influenced by both active and passive investing strategies, emphasizing the need for creativity and curiosity in financial problem-solving.Fri, 21 Nov 2025Bat Tat: Labubu, OBDC, FrankThe podcast highlights three key topics: Michael Lewis discusses the enduring lessons from *The Big Short* related to market risks, while the emergence of "lulububus" signifies innovative trading mechanisms in collectibles through platforms like Kalshi, potentially impacting prediction markets. Additionally, the controversy surrounding Charlotte Javis of Frank illustrates the financial and legal complexities following her fraud conviction, emphasizing JP Morgan's hefty liabilities and ongoing challenges in due diligence post-acquisition.Fri, 14 Nov 2025Mouth Noises: 50y, ISS, HFThe discussion centers on three key topics: the new 50-year mortgages aimed at making homeownership more affordable, raising concerns about equity building and market effects; the influence of proxy advisors like ISS and Glass Lewis on shareholder votes and corporate governance amidst political scrutiny; and the talent competition in hedge funds and AI sectors, highlighting the constrained supply of qualified professionals, which could shift motivations from altruism to monetary gain.Fri, 7 Nov 2025Fat Wallet: Tariffs, Mergers, BrandsThe episode discusses tariffs and their constitutional implications, focusing on Donald Trump's legal challenges and the Supreme Court's skepticism regarding their revenue generation and presidential authority. It also covers Metzera's potential acquisition by Pfizer and Novo Nordisk, raising antitrust concerns. Additionally, the First Brands bankruptcy case highlights issues of corporate governance and fraud, suggesting that blockchain technology could enhance invoice authenticity verification in financial transactions.Fri, 31 Oct 2025Kinda Spooky: META, AI, TSLAThe episode highlights major themes in AI, cryptocurrencies, and blockchain technology, particularly focusing on Meta's strategic $25 billion bond issuance, its implications for tech investment dynamics, and significant AI infrastructure spending by major companies. Discussions also touch on OpenAI's potential IPO and questions surrounding its governance structure, reflecting a broader trend of blending private and public markets for funding. Lastly, Musk's influence over Tesla’s operations and compensation structure raises concerns about shareholder dynamics and control.