RECENT EPISODES
Fri 6 NovFriend Acquisition RateChanging jobs can raise a person’s “friend acquisition rate,” and Bloomberg’s recording culture was credited with bringing financial-media people together. The conversation also examines how partner poaching can trigger a run on a law-firm partnership, and the Binance theft, where Tether and Circle froze stolen stablecoins after attackers had converted some funds into crypto.Fri 30 OctArtisanal Human Money Stuff PodcastThe episode examines Anthropic’s prospectus, its limited treatment of AI’s sweeping ambitions and risks, and the gap between its reported $80 billion first-half 2026 loss and a speaker’s estimate of near break-even underlying earnings. It also explains how options shape the case for keeping risky businesses separate, and considers whether Elon Musk’s ventures, including Tesla and SpaceX, could be combined.Fri 23 OctTice BrownTice Brown describes how he estimates art values by comparing format, era and subject, then bids well below his estimates. He also explains his real-estate strategy of buying complicated, often zero-cash-flow interests, using defeasance to release mortgages and preserve flexibility. The conversation examines his defeasance of about $200 million in Electronic Arts bonds and the unresolved dispute over whether EA bondholders can put them back at 101 after the buyout.Fri 16 OctRelease Me From This DemonThe hosts examine Martin Shkreli’s lifetime pharmaceutical-industry ban and whether his posts or stock trading violated court restrictions, questions that remain unresolved. They also weigh Kalshi’s claim that its sports contracts are federally regulated swaps against states’ argument that they are sports bets subject to state rules. Goldman’s prime-brokerage business illustrates how banks can remain exposed to leveraged trading through financing, even after stepping back from proprietary risk-taking.Fri 9 OctJeremy MaletzSusquehanna’s Jeremy Maletz discusses how prediction markets are expanding from sports and election contracts into bespoke institutional hedges, with the firm pricing and retaining much of the risk. He describes trades covering exposures such as data-center moratoriums and concentrated OpenAI-related leases and credit, while noting that large-scale risk transfer will require partners and careful structuring.Fri 2 OctReintegration With the Default WorldAfter returning from Burning Man, Automattic founder Matt Mullenweg removed the board that had sought to oust him and made himself CEO and sole Slack administrator, raising questions about founder control and corporate governance. The episode also examines the IRS’s warning that ETF “heartbeat” trades may turn a tax-deferral strategy into a taxable sale, and how AI agents could push consumers to move cash in search of better yields.Fri 25 SeptRe-run: Midnight Madness: Ryan Patch and Jon SealeRyan Patch and Jon Seale discuss running Midnight Madness, an overnight New York City puzzle hunt that grew out of Goldman Sachs, and how they design immersive challenges, calibrate difficulty and use hints to keep teams moving. They also describe the event’s elaborate citywide experiences and its fundraising model, in which financial firms sponsor teams to benefit Good Shepherd Services.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?The episode examines an NBA investigation that substantially confirmed allegations the Clippers routed money to Kawhi Leonard through questionable deals, which the team denies, and asks what is concerning about Robinhood’s AMC tokens: they are blockchain-based derivatives backed by shares, not AMC-issued stock or a direct shareholder ledger. It also discusses research finding Apollo-backed loans carry an estimated 100-basis-point premium, possibly reflecting lenders’ expectations of value extraction from creditors.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.