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.
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Get Ready For Another Shock to Housing Affordability
One of the primary drivers of elevated inflation — and the high cost of living in general — is the price of shelter. Whether you're buying or renting, housing is very expensive. Thankfully, over the last year, some of the increases we've seen in rent prices have slowed significantly, and we're not too far away from the pre-Covid pace. The bad news is that this might not last. A confluence of factors is coming together that may cause yet another shock to housing affordability. On this episode of the podcast, we speak with Lee Everett, the head of research and strategy at the multi-family operator Cortland. He talks about how the increase in interest rates caused new development of apartment buildings to plunge, meaning supply will be increasingly scarce again in 2026. Then add in deportations of construction labor, soaring insurance costs, plus industry consolidation, and you have the recipe for another big shock to housing affordability coming quickly down the pike. Read More:LA’s Backyard-Home Boom Offers Wildfire-Hit Residents New OptionUS Housing Starts Top All Forecasts on Multifamily Construction Only Bloomberg - Business News, Stock Markets, Finance, Breaking & World News subscribers can get the Odd Lots newsletter in their inbox each week, plus unlimited access to the site and app. Subscribe at bloomberg.com/subscriptions/oddlotsSee omnystudio.com/listener for privacy information.
The AI Model That Tanked the Stock Market
On Monday, the stock market tanked, seemingly in reaction to the emergence of DeepSeek, an open source AI model developed in China. Nvidia, the semiconductor giant that has been the largest winner of the AI boom, erased $589 billion in market cap, for the biggest one-day wipeout in US stock-market history. Other chipmakers and big tech giants also swooned. So how did DeepSeek do it? Is it a big threat to the American AI giants like OpenAI and Anthropic? What does this say about export restrictions on US chips? On this special emergency session of the podcast, we spoke with Zvi Mowshowitz, an AI expert who authors the excellent Substack, Don’t Worry About the Vase. He answered all our questions and more to help understand what it means. Read more: AI-Fueled Stock Rally Dealt $1 Trillion Blow by Chinese UpstartWorld’s Richest People Lose $108 Billion After DeepSeek Selloff Only Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox — now delivered every weekday — plus unlimited access to the site and app. Subscribe at bloomberg.com/subscriptions/oddlots See omnystudio.com/listener for privacy information.
How Oaktree's Howard Marks Spots a Market Bubble
The run-up in Big Tech stocks and all the hype over AI has put a bunch of investors on "bubble watch." One of those is Howard Marks, the co-founder and co-chair of Oaktree Capital Management. Howard is one of the most famous credit investors in the world, but he has experience in stock market bubbles too. Back in early 2000 — right before the Nasdaq peaked — he pointed out the frothiness in equities in a famous note titled "Bubble.com." So how does he actually spot a market bubble? How does a bubble differ from a bull run? And what is he seeing right now? We chat with Howard about all these things, including his experiences both in 2000 and during the 2008 subprime crisis.Read More: Can Howard Marks Spot a Stock Bubble Twice?Only Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox — now delivered every weekday — plus unlimited access to the site and app. Subscribe at bloomberg.com/subscriptions/oddlotsSee omnystudio.com/listener for privacy information.
Why the Stock Market Might Be at Peak Concentration Risk
There's a lot of talk right now about concentration risk in US equities. For instance, the top 10 stocks in the S&P 500 currently account for 38% of the total index, compared to just 17.5% a decade ago. And all the big winners have been tech companies like Apple, Nvidia, Meta, etc., prompting questions about whether investors are getting overly-enthused about AI. For some, it's also bringing back memories of the dotcom bubble. So just how concentrated is the US stock market right now? What exactly is "concentration risk" anyway? What does this trend say about the power of benchmark index providers like S&P? And -- crucially -- are market participants doing anything about it? In this episode we speak with Kevin Muir, a.k.a. the Macro Tourist, about why he thinks the market is now at "peak concentration," and what could change to reduce Big Tech's dominance.Read more: Index Providers Rule the World—For Now, at Least Nvidia and Five Tech Giants Now Command 30% of the S&P 500 IndexOnly Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox — now delivered every weekday — plus unlimited access to the site and app. Subscribe at bloomberg.com/subscriptions/oddlotsSee omnystudio.com/listener for privacy information.
How Companies Are Actually Spending Money on AI Now
In theory, all of this AI spending has to deliver some kind of return. Companies (or other end users) will have to get tangible value from its outputs in order to justify the billions spent on research, chips, energy, and more. So what's actually happening at the corporate level? On this episode, we speak with Eric Glyman, who is the co-founder and CEO of Ramp, which helps corporations manage their expenses. As such, he has front row visibility in terms of what's actually being spent and who is actually getting the money. We talk about trends he's seeing in terms of spending going toward companies like OpenAI and Anthropic, as well as how AI tech is affecting the operations of his own business. Read More:SoftBank Shares Soar as Masayoshi Son’s AI Vision CoalescesTrump Pushes to Make US an AI Superpower, With Fewer Guardrails Only Bloomberg - Business News, Stock Markets, Finance, Breaking & World News subscribers can get the Odd Lots newsletter in their inbox each week, plus unlimited access to the site and app. Subscribe at bloomberg.com/subscriptions/oddlotsSee omnystudio.com/listener for privacy information.
Introducing: Trumponomics
Tariffs, crypto, deregulation, tax cuts, protectionism, are just some of the things back on the table when Donald Trump returns to the Presidency. To help you plan for Trump's singular approach to economics, Bloomberg presents Trumponomics, a weekly podcast focused on the Trump administration's economic policies and plans. Editorial head of government and economics Stephanie Flanders will be joined each week by reporters in Washington D.C. and Wall Street to examine how Trump's policies are shaping the global economy and what on earth is going to happen next.See omnystudio.com/listener for privacy information.
This Is What the Crypto Industry Actually Wants From Trump
We all know that the new Trump administration is likely to be more friendly to the crypto industry than the Biden administration was. And we know that the industry has generally been rather supportive and enthusiastic about the change at the White House. But what's actually coming next? What does being favorable to the industry really look like in practice? What does the crypto industry actually want to see in terms of changing regulations under a new administration? On this episode, we speak with Austin Campbell, professor at NYU's Stern School of Business and the CEO of stablecoin company WSPN USA about the possibilities ahead, and what moves the industry is hoping to see from the SEC and bank regulators.00Read More: Trump Plans to Designate Cryptocurrency as a National Priority Only Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox — now delivered every weekday — plus unlimited access to the site and app. Subscribe at bloomberg.com/subscriptions/oddlots See omnystudio.com/listener for privacy information.
Lots More with Lev Menand on the Eurodollar Market Now
Odd Lots has been exploring the history of the eurodollar market in a special three-part series hosted by Columbia Law School's Lev Menand and the New York Fed's Josh Younger. But why should we care about the origins of this market at all? How do eurodollars fit into the global financial system right now? And what role do they play in maintaining the dollar's reserve currency status? In this episode, we bring back Lev to give an update on the modern eurodollar market. We discuss why some policymakers have been sounding the alarm and whether stablecoins are the new eurodollars.See omnystudio.com/listener for privacy information.
The Hidden History of Eurodollars, Part 3: Spinning Out of Control
In this special three-part series, Odd Lots is exploring the history of the eurodollar market. By the 1970s, eurodollars are hitting the headlines — and not in a good way. While this new form of money initially acted as a pressure valve for the Bretton Woods system, many now think the eurodollar market has spun out of control. What happens next — including Richard Nixon's decision to take the US off the gold standard — will not only shape the ultimate contours of today's eurodollar market, but will also give us the modern financial system itself. The story is told by Columbia Law School Professor Lev Menand and Federal Reserve Bank of New York Policy Advisor Josh Younger. Read More:US Aims to Tighten Flow of TSMC and Samsung Chips to ChinaRussian Crude Oil Piles Up Near Chinese Coast After US Sanctions Only Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox — now delivered every weekday — plus unlimited access to the site and app. Subscribe at bloomberg.com/subscriptions/oddlotsSee omnystudio.com/listener for privacy information.
The Hidden History of Eurodollars, Part 2: Defending the Dollar System
In this special three-part series, Odd Lots is exploring the history of the eurodollar market. As we enter the turbulent 1960s, the eurodollar market has grown big enough to catch the eye of regulators. The Federal Reserve mounts a fact-finding mission to better explore this rapidly-expanding market. And soon, policymakers have to decide just how helpful eurodollars can be when it comes to solidifying and expanding the greenback's role in international finance at a time when the gold-backed dollar is about to be put under massive pressure. The story is told by Columbia Law School Professor Lev Menand and Federal Reserve Bank of New York Policy Advisor Josh Younger. Read more:Trump Team Studies Gradual Tariff Hikes Under Emergency PowersCanadian Ambassador Warns of ‘Tit-For-Tat’ Retaliation to US Tariffs Only Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox — now delivered every weekday — plus unlimited access to the site and app. Subscribe at bloomberg.com/subscriptions/oddlotsSee omnystudio.com/listener for privacy information.
The Hidden History of Eurodollars, Part 1: Cold War Origins
At more than $10 trillion outstanding, the eurodollar market is one of the biggest forms of shadow banking activity out there. It's also one of the most interesting markets in existence, allowing non-US banks to hold and lend offshore dollars that effectively sit outside of the Federal Reserve's control. But where did eurodollars actually come from? Why did the US allow these "shadow dollars" to exist at all? And what do eurodollars mean for the greenback's role in the global financial system? In this special three-part series, we look back at the hidden history of the eurodollar market. The story is told by Columbia Law School Professor Lev Menand and Federal Reserve Bank of New York Policy Advisor Josh Younger. We start in the aftermath of World War II, when Europe is in the midst of an expensive reconstruction and the world is in the early throes of the Cold War. It's here that the eurodollar is born. Read more:Russia Sanctions Arm Trump for Talks With PutinScholz Steps Up Criticism of Trump’s Expansionist Rhetoric Only Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox — now delivered every weekday — plus unlimited access to the site and app. Subscribe at bloomberg.com/subscriptions/oddlotsSee omnystudio.com/listener for privacy information.
Why Government Hiring Is So Inefficient
Regardless of your political ideology, it's easy to agree that government should work well; that it should be able to hire talented officials, and build things in a timely, cost-effective manner. Of course, what that means in practice is open for debate, and different people will have different priorities. But at the moment, there are reasons to believe the public sector isn't operating optimally. Things move incredibly slow in many cases. Software systems are often old and extremely costly, and don't do a good job serving the public's needs. It can be extremely difficult to bring on the best workers, even setting aside questions about public sector salaries. Jennifer Pahlka is the author of Recoding America, and was the founder of Code for America. She has also served as the US Deputy Chief CTO and has seen how much of government operates up close. We talk to her about what she's seen, how waste happens, how government operations get bogged down by inertia, and why simply identifying things that are going wrong isn't enough to change them. She talks to us about Elon Musk's Department of Government Efficiency, and why a major jolt may be necessary to get better results.See omnystudio.com/listener for privacy information.
Evolving Money: Rebuilding the Creator Economy (Sponsored Content)
What does it mean for content creators to “go onchain?” We’ll learn how this movement to take financial power back from closed-off social media platforms could give creators a kind of freedom that they’ve struggled to hold onto for centuries. This episode is sponsored by Coinbase.See omnystudio.com/listener for privacy information.
Lots More on the Global Selloff in Government Bonds
One of the biggest stories in markets right now is the huge selloff in government bonds. And we're not just talking about the US here. The UK is seeing multi-year highs in long-end yields. So is Japan. And of course, the US 10-year Treasury is close to its highest level in a year, despite the recent rate cuts from the Federal Reserve. So what's going on? Is it just about inflation and growth expectations or is there more to it? On this episode, we speak to Jay Barry, head of global rates strategy at JPMorgan Securities, who breaks it all down and gives us his estimate of where fair value now stands.Read More: Fed’s Barkin Says Term Premium Moving Long Rates, Not InflationSee omnystudio.com/listener for privacy information.
This Is How Electricity Rates Are Actually Set
Utilities in the US have a couple big jobs to do. On the one hand, they need to deliver affordable and reliable power to their customers. On the other hand, they also need to maintain and upgrade huge amounts of fixed infrastructure. Balancing those two jobs is getting more complicated thanks to America's aging electricity grid and the shift towards renewables. So how are big utilities squaring those two objectives? How do they decide how much money they need to fund new capital investment? How do they decide which customer pays what rate? And what role do regulators play in all these discussions? In this episode of the podcast, we speak with Lon Huber, senior vice president of pricing and customer solutions at Duke Energy, one of the largest utilities in the US. We talk about why the ramp-up in renewable energy hasn't led to lower electricity prices for everyone, why fuel is ultimately the most marginal cost of electricity generation, and how utilities are handling booming demand from data centers. Read More:AI Needs So Much Power, It's Making Yours WorseUK Set to Spend £1.8 Billion as Wind Power Overwhelms Grid Only Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox — now delivered every weekday — plus unlimited access to the site and app. Subscribe at bloomberg.com/subscriptions/oddlotsSee omnystudio.com/listener for privacy information.