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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The Behind-the-Scenes Mess Now Facing the VC Industry

June 23, 2022 0:54:40 52.54 MB Downloads: 0

There's a fairly linear relationship between what's going on in the stock market and what's going on in the world of venture capital and private tech investing. When tech stocks plunge and the IPO window closes, then that hits valuations -- everything from late stage companies to those earlier in their trajectory. But there's more than just a declining stock market that's bedeviling the VC world right now. Numerous excesses from the boom of the last decade, including an influx of new money into the VC space, now have to be worked out. On this episode, we speak with Tyler Tringas, founder of the Calm Fund, about the excesses that now need to be paid back. See omnystudio.com/listener for privacy information.

A Concrete Plan to Bring the Price of Oil Down Right Now

June 22, 2022 0:45:56 44.15 MB Downloads: 0

The price of oil is the central threat to the economy right now. Surging gasoline costs crimp consumer budgets. Surging diesel costs make everything more expensive. And of course, we know there are all kinds of structural impediments to increasing supply. But the stakes are huge, particularly since the Federal Reserve has signaled its willingness to throw the economy into a recession, if that's what it takes to get inflation down. So is there anything that can be done? On this episode of the podcast, we speak with Skanda Amarnath, the Executive Director at Employ America, as well as Rory Johnston, the founder of Commodity Context and an investor at Price Street, to talk about concrete steps that can be taken to increase oil supplies and bring about price stability. See omnystudio.com/listener for privacy information.

Why It's So Hard to Get the Oil Taps Turned Back On

June 20, 2022 0:49:41 47.76 MB Downloads: 0

Oil prices are sky high. And there's plenty of oil in the ground in North America. And so far the supply response has been disappointing. Frustration is boiling over among drivers and politicians, and it's made life more complicated for the complicated. So what's the hold up? On this episode, we speak to longtime energy investor and industry participant Peter Tertzakian about the reality on the ground. He explains that there are numerous operational factors constraining oil supply, including degraded quality of equipment and a shortage of labor, not to mention a reluctance among investors to splurge on new production. We discuss the specific constraints, as well as what it will take to get supply going on. See omnystudio.com/listener for privacy information.

Jim Chanos on Why Some of the Worst Hit Parts of the Market Still Have More Pain Ahead

June 16, 2022 0:52:23 50.35 MB Downloads: 0

Legendary short seller Jim Chanos says that despite the plunge in stocks, there are numerous swathes of the equity market with plenty of downside risk. On this episode, the Chanos & Co. fund manager, argues that the market overall has simply not internalized what sustained higher rates will mean to business models and valuations across a variety of sectors, including real estate, utilities and consumer packaged goods. He walks through the various excesses that we've seen over the last several years, and why investors are all paying the price for them now. See omnystudio.com/listener for privacy information.

Daryl Fairweather On the Tax That Could Solve the Housing Crisis

June 13, 2022 0:43:17 41.6 MB Downloads: 0

Housing in the US is a constant source of frustration. On the way up, prospective homebuyers worry that they're missing out on their chance to jump on the housing ladder. On the way down, homeowners worry about losing their equity and their nest egg. So is there a better way? Is there a way to make housing more equitable, and to separate the investment component from the shelter component? On this episode we speak with Daryl Fairweather, the chief economist at Redfin, about a land value tax and how it could help us reposition housing so that it's less of a financial asset that spirals people higher, and blocks so many people out.  See omnystudio.com/listener for privacy information.

Foxconn Has a Plan to Upend the Electric Vehicle Industry

June 09, 2022 0:47:01 45.19 MB Downloads: 0

Most people think of Foxconn as the company that assembles iPhones. But it's a lot more than that. In fact the company really got started by manufacturing all of the tiny components and connectors for the PC industry around the world, long before the iPhone ever existed. Now it wants to go back to its roots, but instead of making parts for PCs, it wants to make all the key components for electric vehicles. The potential is massive, and if they get it right, it could be wildly profitable. On this episode of the podcast, we speak to Bloomberg Opinion's Tim Culpan (@tculpan on Twitter) who has followed the company for a long time. He explains how EVs fit into Foxconn's strategy, and how it plans to win in the space.  See omnystudio.com/listener for privacy information.

This Year's American Wheat Harvest Has Been Awful

June 06, 2022 0:45:49 44.04 MB Downloads: 0

There are numerous macro factors driving elevated inflation. But in some categories, there also seems to be a lot of bad luck. When it comes to the US wheat market, the weather has been awful. After a long drought, farmers have been faced with an extraordinary amount of rain. As such, the spring planting season has been one of the worst on record. Of course, this comes amid overall bad conditions, with prices already elevated, owing in part to Russia's invasion of Ukraine. So to understand more about what's going on for farmers, we spoke with Angie Setzer, a co-founder of ConsusROI, which helps farmers make planting and hedging decisions.  See omnystudio.com/listener for privacy information.

Silvergate CEO Alan Lane On the Business of Stablecoin

June 02, 2022 0:56:12 54.01 MB Downloads: 0

The collapse of the Terra/Luna experiment has brought fresh attention to stablecoins, and the different flavors they come in. Some are fully backed with standard financial assets. Others are backed by crypto. Others aren't really backed at all. But why the interest in stablecoins to begin with? Why so much enthusiasm and investment for cryptocurrencies that aren't even designed to go up? On this episode of the podcast, we speak with Alan Lane. Alan is the CEO of Silvergate Bank, which is one of the most important financial institutions in crypto, providing banking services to many of the big players. It's also active in the stablecoin space, providing infrastructure for creating and redeeming them. Among other things, it purchased the assets of Diem, which was Facebook's aborted stablecoin project. We talk with Alan about why there's so much money in the space, and how the industry might be properly regulated.   See omnystudio.com/listener for privacy information.

Why Copper May Be One of the Tightest Markets The World Has Ever Seen

May 30, 2022 0:41:41 40.07 MB Downloads: 0

These days, oil gets all the attention. Consumers feel and see the pinch directly every time they fill up their gas tank. But the big story in the next decade could be copper. It's not easy to ramp up copper production, due to the upfront cost and lead time in getting new mines online, and demand is expected to soar in part due to green initiatives. On this episode we speak with Goldman Sachs metals strategist Nick Snowdon about why the copper market is expected to be incredibly tight. See omnystudio.com/listener for privacy information.

This Is What It Takes to Win in the World of Freight Brokerage

May 27, 2022 0:57:44 55.47 MB Downloads: 0

The world of trucking is extraordinarily complex. There are an untold number of players that need to ship goods around the country. And there are tens of thousands of carriers, large and small, who own the trucks that move the goods. Standing in the middle are freight brokerages, whose job is to find the right company to move the right goods. But what does it take to win in this space? What is the role of technology in making it all more efficient? And what is the market doing right now? On this episode, which was recorded at the Freightwaves Future Of Supply Chain Conference in Northwest Arkansas, we speak with Matt Pyatt, the CEO of Arrive Logistics, one of the fastest growing freight brokerages in the country. He walks through what his company does and how it's grown so fast.  See omnystudio.com/listener for privacy information.

Ed Harrison Explains What the Fed Is Really Trying to Accomplish

May 26, 2022 0:47:29 45.64 MB Downloads: 0

Inflation is too high, and the Federal Reserve has started on an aggressive hiking path in order to tame it. But will these hikes really accomplish anything? After all, the Fed can't print more oil or housing. So what is the central bank's real goal here? On this episode we speak with Edward Harrison, a senior reporter on the Bloomberg markets team, and the author of the 'The Everything Risk' newsletter. He explains how the Fed sees the challenge at hand, what rate hikes are supposed to do, and the odds of it all actually working out as planned. See omnystudio.com/listener for privacy information.

Bridgewater's Greg Jensen on Why Markets Have Further to Fall

May 23, 2022 0:54:42 52.57 MB Downloads: 0

Bridgewater's Greg Jensen on Why Markets Have Further to FallInflation is at its highest in four decades and the Federal Reserve is raising rates at the fastest pace since 2000. Inflation and a slowing economy are a toxic mix for markets, and in recent days we've seen both stocks and bonds hit hard. So how do you actually invest in this type of macro environment, or model big themes like supply chain disruption and deglobalization? On this episode, we speak with Greg Jensen, the co-chief investment officer of Bridgewater Associates, about how he's thinking about the risks of inflation and slower growth, what it all means for markets, and how Bridgewater is preparing for it. As he puts it, market prices are still too optimistic relative to the secular change that's taking place within them.  See omnystudio.com/listener for privacy information.

Arthur Breitman on the Biggest Problems in Blockchain Design

May 20, 2022 0:57:00 54.78 MB Downloads: 0

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.

Stephanie Kelton On MMT and the Inflation We're Seeing Today

May 19, 2022 0:49:15 47.34 MB Downloads: 0

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.

This Is How the Terra Stablecoin Actually Imploded

May 15, 2022 1:09:26 66.71 MB Downloads: 0

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.