Odd Lots Entries

From Odd Lots at 2025-11-19 09:00:00

The Politics of AI Are About to Explode (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

AI wasn't much of a topic in the 2024 election. But it will almost certainly be big in 2028, and probably even the 2026 midterms. There are concerns about all the money being spent and whether a federal backstop or bailout will be necessary one day. There are the concerns about energy use and electricity prices. There are concerns about labor displacement. And there are concerns about whether we can trust AI outputs. Already we see numerous politicians lining up against AI in one way or another. On this episode, we speak with Saagar Enjeti, the co-host of the Breaking Points podcast to discuss how this issue is already blowing up, and how the tech industry may soon find itself friendless in DC.

Subscribe to the Odd Lots Newsletter
Join the conversation: discord.gg/oddlots

See omnystudio.com/listener for privacy information.

From Odd Lots at 2025-11-17 09:00:00

Jeffrey Gundlach Says Almost All Financial Assets Are Now Overvalued (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

Stocks are overpriced. Bonds are overpriced. And private assets are a powder keg. This is the view of Jeffrey Gundlach, the founder and CEO of DoubleLine Capital. As part of our 10-year anniversary celebration of the Odd Lots podcast, we've been talking to some big names in markets and economics to get a sense of how they see the world and what's changed in recent years. One major change, obviously, is the end of ZIRP. And while Treasuries have rallied modestly this year, Gundlach sees mounting pressure on government balance sheets pushing yields higher going into the future. We also talk about gold, the greater opportunities for a US-based investor when looking internationally, and why everyone should be holding more cash in their portfolios.

Subscribe to the Odd Lots Newsletter
Join the conversation: discord.gg/oddlots

See omnystudio.com/listener for privacy information.

From Odd Lots at 2025-11-15 09:00:00

Citi's Dirk Willer on How You Know When the Bubble Is Over (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

According to Dirk Willer, the Global Head of Macro Strategy at Citigroup, we are definitely in bubble territory. Per his research, the stock market has been in a bubble since May. Unlike many people, whose definitions of bubbles are a bit more vague or a bit more based on sentiment, Dirk's work focuses on precise timing and price indicators that distinguish bubbles from mere booms. Furthermore, he argues that when the bubble first forms, the correct move historically is to buy into it and then just accept that you'll never nail the top perfectly. On this episode, we talk about his overall approach as well as the signs of when the bubble has come to an end. We also talk about current parallels to the dotcom bubble, why gold has had such a monster year, and the signs from the Treasury market that make the US look increasingly like an emerging market.

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/oddlots

Join the conversation: discord.gg/oddlots

See omnystudio.com/listener for privacy information.

From Odd Lots at 2025-11-14 09:00:00

Why Paul Kedrosky Says AI Is Like Every Bubble All Rolled Into One (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

In recent weeks, there's been renewed anxiety about the sustainability of the AI boom. This is partly due to comments from OpenAI CFO Sarah Friar about a possible role for a government backstop in the AI infrastructure build out. We've also seen the stock market wobble, with many major tech names hit hard. But even with all these concerns, we continue to see new announcements all the time. Just this week, Anthropic said it would spend $50 billion on data center development in the US. So are we actually in a bubble? Our guest on this episode believes we are -- and not just any bubble. According to Paul Kedrosky, a longtime VC currently at SK Ventures, the AI bubble is like every previous bubble rolled into one. There's the real estate element. There's the tech element. And, increasingly, there are exotic financing structures being put in place to fund it all. And then on top of that, there's talk of government bailouts and backstops. In this episode, we walk through some of the math that would be required to justify all this spending, and how the seemingly existential stakes of 'winning the AI race' is causing an unsustainable investment binge.

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/oddlots

Join the conversation: discord.gg/oddlots

See omnystudio.com/listener for privacy information.

From Odd Lots at 2025-11-13 09:00:00

Cliff Asness on How Markets Got Dumber in the Last 10 Years (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

The Odd Lots podcast has been around for 10 years. Unfortunately, markets have gotten less rational over the same time frame. At least this is the contention of Cliff Asness, the co-founder and CEO of AQR Capital Management, a quantitative investing firm that's been around for nearly three decades. Asness' approach to investing is rooted in academic theory, having studied under the legendary Eugene Fama at the University of Chicago. In the world of social media and meme stocks, it's tough out there for the academically minded. And that's forced Cliff to adjust his approach over time. On this episode, we talk about the history of quantitative investing, market efficiency, and the emergence of AI/ML in his process. We also talk about the reality of investing other people's money, and the challenge of sticking with one's convictions at a time when temporary forces are working against you.

See omnystudio.com/listener for privacy information.

From Odd Lots at 2025-11-12 09:00:00

Jerry Neumann on the Problem With Investing in AI Right Now (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

AI has made a lot of people fabulously wealthy. But sorry, it's probably not going to be the thing that makes you rich. And if history is any guide, we don't even know who the real AI winners are going to be. That's the thesis from longtime Venture Capitalist (now retired) Jerry Neumann. Earlier this year, Neumann published an article, "AI Will Not Make You Rich," putting the AI boom in the context of previous technological revolutions, such as the shipping container. He points out that a lot of the companies that were early to shipping containers didn't make much money, and that the real winners were the new businesses that emerged later and took advantage of the shipping container to build new business models (think about the likes of Walmart or Target). In this conversation, we talk about why it's so hard to invest in technological revolutions, where we are in the cycle, why he's getting out of VC, and when the big opportunities will eventually emerge.

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/oddlots

Join the conversation: discord.gg/oddlots

See omnystudio.com/listener for privacy information.

From Odd Lots at 2025-11-10 09:00:00

How Chinese Real Estate Became the Biggest Bubble in History (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

Land is a weird asset. We need it to be affordable because everyone needs somewhere to live. But for many people, real estate is also their biggest store of wealth — a kind of national piggybank that fuels both personal fortunes and broader economies. Nowhere is that tension sharper than in China, where housing affordability remains a major challenge even as real estate has been a huge driver of wealth for households and companies alike. China's policymakers have now spent years trying to let the air out of China’s property bubble — without causing it to burst completely. In this episode, we speak with Mike Bird, The Economist’s Wall Street editor and author of the new book, The Land Trap: A New History of the World’s Oldest Asset. We talk about how much of China's economic progress has been tied up in real estate, different models of land ownership around the world, and why this particular asset is unlike any other.

Only http://Bloomberg.com 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/oddlots

Join the conversation: discord.gg/oddlots

See omnystudio.com/listener for privacy information.

From Odd Lots at 2025-11-08 09:00:00

The Viral Milk That Helped Set Off America's Protein Boom (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

Protein seems to be everywhere these days, with brands from Starbucks to Pepsi jumping on the trend. But the obsession with protein may have started earlier — with a humble dairy product that defied the broader decline in US milk consumption. Fairlife, which uses a specialized filtering process to boost protein and cut sugar and lactose in its milk products, helped spark the modern protein craze that’s unfolded alongside the rise of Ozempic and other GLP-1 drugs. Since Coca-Cola acquired the brand in 2020, Fairlife has become one of the company’s biggest growth drivers. Yet its success also highlights deeper challenges facing the American dairy industry, where per capita milk consumption continues to fall. So how did Fairlife buck the trend? And what does its story reveal about the future of US dairy? On this episode, we speak with Corey Geiger, lead dairy economist at CoBank.

Subscribe to the Odd Lots Newsletter
Join the conversation: discord.gg/oddlots

See omnystudio.com/listener for privacy information.

From Odd Lots at 2025-11-07 09:00:00

Lots More on the Worsening State of the US Labor Market (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

If the government were open, we'd be getting a jobs report today. But as it is, we're in this blackout of official economic data. That's unfortunate, because the economy is already in a very confusing spot, and so any additional data right now would be very helpful in figuring out where things are heading. In the absence of Non-Farm Payrolls, we talked with Bloomberg Opinion columnist Conor Sen about the worsening state of the labor market, and why he thinks the Federal Reserve needs to step in before the unemployment rate deteriorates further. We also talk about the role AI is (or isn't) playing in the labor market.

Read more:
US Companies Announce Most October Job Cuts in Over 20 Years
Fed’s Hammack Says Inflation a Bigger Concern Than Labor Market

See omnystudio.com/listener for privacy information.

From Odd Lots at 2025-11-06 09:00:00

Dmitry Shevelenko on Perplexity's Vision for Reshaping the Internet (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

The news business isn't a great one these days. At least for a lot of legacy outlets (newspapers, cable networks, print magazines etc.), the Internet has obliterated their business model. And now AI is coming along and there's a risk that it makes conditions even worse, because unlike in the glory days of the search era, the user doesn't even have to click to get what they're looking for. So how does an AI company like Perplexity, which combines search and AI to create a real-time destination for learning about the news, affect industry economics? On this episode, which was recorded live at Lazard's Foursquare conference (an annual gathering for business leaders in sports, media, and entertainment), we speak with Perplexity's Chief Business Officer Dmitry Shevelenko. We talk about the company's relationship with the news business, a new battle against Amazon, and the general economic and finance environment for hot AI startups.

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.

From Odd Lots at 2025-11-03 09:00:00

San Francisco's New Mayor on Homelessness, Unaffordability, and AI (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

New York City is about to elect a new mayor, and whoever it is will have to address growing challenges like unaffordability, homelessness, and other basic quality-of-life challenges. Very few of these challenges are distinct to NYC. San Francisco, in particular, has also faced this weird tension, where it's incredibly dynamic and wealthy, and also famous for its obvious symptoms of dysfunction. The city is one year into the new Daniel Lurie administration, and many of the quality-of-life statistics have been improving (which is the case in other cities as well). The city is ground zero for the world's AI industry, which is heavily concentrated in SF, rather than the Bay Area writ large. So we spoke with Lurie about his approach to city management, what he's learned in his first year on the job, his vision for improving zoning, and what, if any, advice he'd offer to the next NYC mayor.

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/oddlots

See omnystudio.com/listener for privacy information.

From Odd Lots at 2025-10-31 08:00:00

How Hudson River Trading Actually Uses AI (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

Unfortunately, it doesn't seem as though you can get great stock picks just by going to ChatGPT and asking it to recommend some investments. And yet financial firms of all sorts — including trading firms — say they're increasingly using AI. But are the tools actually being deployed? And how do these tools differ from traditional machine learning or algorithmic approaches to trading, the likes of which have been used by quant firms for decades now. On this episode of the podcast, we speak with Iain Dunning, the head of AI research at Hudson River Trading, a major US market maker. We discuss the firm's attempts to use AI not just for more efficient trading, but also to make short-term predictions about price, which further gives its traders an edge. Dunning walks us through his work, his views on the main constraints facing the space (labor, power, chips, etc.) and how his work is both different and similar to what's happening at the major cutting edge research labs like ChatGPT.

See omnystudio.com/listener for privacy information.

From Odd Lots at 2025-10-30 08:00:00

The Movement That Wants Us to Care About AI Model Welfare (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

You hear a lot about AI safety, and this idea that sufficiently advanced AI could pose some kind of threat to humans. So people are always talking about and researching "alignment" to ensure that new AI models comport with human needs and values. But what about humans' collective treatment of AI? A small but growing number of researchers talk about AI models potentially being sentient. Perhaps they are "moral patients." Perhaps they feel some kind of equivalent of pleasure and pain -- all of which, if so, raises questions about how we use AI. They argue that one day we'll be talking about AI welfare the way we talk about animal rights, or humane versions of animal husbandry. On this episode we speak with Larissa Schiavo of Eleos AI. Eleos is an an organization that says it's "preparing for AI sentience and welfare." In this conversation we discuss the work being done in the field, why some people think it's an important area for research, whether it's in tension with AI safety, and how our use and development of AI might change in a world where models' welfare were to be seen as an important consideration.

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.

From Odd Lots at 2025-10-27 08:00:00

Why It's Still So Expensive to Build Homes in America (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

Everyone has an opinion on why housing is so expensive in America -- and to be fair, there are probably a lot of reasons for it. But one simple factor is that homes are expensive to build. Unlike many other physical objects, they haven't gotten cheaper over time. So why is this? And why haven't we found a way to bring down the cost curve by building modular housing in factories or on assembly lines? On this episode, we speak with Brian Potter the author of the new book The Origins of Efficiency. Potter also worked at a modular homes startup that failed, and is also the author of the excellent Construction Physics newsletter. So we talk about what he's learned about housing, as well as broader questions about how operational efficiency is achieved over time across a range of industries.

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/oddlots

See omnystudio.com/listener for privacy information.

From Odd Lots at 2025-10-25 13:00:00

The Hidden Supply Chain Making Every Menu Feel Familiar (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

If you go out to eat at a restaurant, whether it's a fast food chain or a Michelin-starred bistro, there's a good chance the ingredients on your plate came from the same source. Sysco is the dominant foodservice distributor in the US, using its massive logistics network to quietly supply the food that goes into meals in thousands of restaurants across the US. Sysco's scale and product standardization have helped define what American dining tastes like -- sometimes literally. But critics say its power has gone too far, leaving chefs and diners with fewer choices and blander outcomes. In this episode, we talk with Austin Frerick, author of Barons: Money, Power, and the Corruption of America's Food Industry, about how Sysco became the middleman shaping America's menus.

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.

From Odd Lots at 2025-10-24 09:00:00

Daniel Yergin on What Happened to the Energy Transition (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

A few years ago, governments and corporations were brimming with optimism about the prospect of getting to net-zero in the efforts against climate change. Today, you hear a lot less about that. And while there's renewables getting added to the mix all the time, one energy source that's really booming is natural gas. And coal is booming too. So what happened? And is there any prospect of the world getting back on track? On this episode, we speak with acclaimed energy historian Daniel Yergin, current Vice Chairman of S&P Global. He's also, of course, the author of the Pulitzer Prize-winning book The Prize, as well as, more recently, The New Map. We talk about all of the factors that changed the energy picture in recent years and the energy priorities of nations right now.

Only http://Bloomberg.com 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/oddlots

See omnystudio.com/listener for privacy information.

From Odd Lots at 2025-10-23 09:00:00

Why The World Started Hedging Its US Dollar Exposure (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

Some economists expected that the dollar would strengthen when the tariffs were imposed. Instead, the opposite happened. The dollar fell sharply and it's been a poor performer all year. Concurrently, it's been a great year for a lot of dollar-denominated assets, like stocks. Even US Treasuries have rallied this year. So what's going on? On this episode, we speak with recurring Odd Lots guest Hyun Song Shin, Economic Adviser and Head of the Monetary and Economic Department at the Bank for International Settlements. Per his work, the world didn't abandon the US dollar, but it did start hedging exposure to it. We discuss this phenomenon, as well as other risks on the macro landscape.

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.

From Odd Lots at 2025-10-22 09:00:00

Olli Rehn on the Big Competitiveness Challenge Facing Europe (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

The 2010s saw economic weakness across Europe's periphery. Countries like Greece, Spain, Italy, and so forth were the sites of so much stress. In the 2020s, however, it's reversed. The periphery is holding up well, but the industrial core is facing stress. Germany, in particular, the old powerhouse of the continent, has been slammed by the surge in electricity costs and competition with China. Other Northern states have felt similar pain. So what is the future for Europe? Can the EU project itself continue to evolve and integrate? On this episode, we speak with Olli Rehn, governor of the Bank of Finland and a member of the ECB's Governing Council. We discuss the near and medium-term challenges facing the EU and the prospects for finding a robust growth path in the future.

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.

From Odd Lots at 2025-10-20 09:00:00

Raghuram Rajan on Surging Gold and Growing Risks to Financial Stability (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

Gold has been surging. Risky assets (with a few minor hiccups) have also been surging. And yet, central bankers (most notably the Fed) are in rate cutting mode. Why is this? And what kind of risks are being conjured up? On this episode of the podcast, we speak with Raghuram Rajan, a professor at the Booth School of Business at the University of Chicago, as well as the former Governor of the Reserve Bank of India. Rajan famously was one of the first to raise alarms prior to the Great Financial Crisis in 2008. We discuss why financial markets are doing what they're doing and whether central bankers are sufficiently attuned to the growing risks.

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/oddlots

See omnystudio.com/listener for privacy information.

From Odd Lots at 2025-10-19 11:00:00

Introducing: The Mishal Husain Show (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

Make sense of the world with one essential conversation, every week. Mishal Husain, one of Britain's best interviewers, brings her signature blend of curiosity and tenacity to weekly conversations with world leaders, business titans, and cultural icons, revealing who they really are and how they see the world changing around them.

Follow the podcast wherever you listen, so you don't miss an episode.
https://link.podtrac.com/iu94w2n4

See omnystudio.com/listener for privacy information.

From Odd Lots at 2025-10-17 09:00:00

A Trip to Alaska With San Fran Fed President Mary Daly (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

Earlier this year, we traveled along with San Francisco Fed President Mary Daly on a trip to Alaska. You may remember the episodes we did with Mary at the time, as well as business and other leaders in the state. But we also had the chance to sit in with Mary while she talked with her contacts on the ground. On this special episode, you'll hear some of those discussions and get a sense of exactly what happens when a regional Fed president goes out and learns from the community. You'll hear from officials at the Port of Anchorage dealing with the new trade landscape, a company that makes steel tubing for the oil industry coming to grips with tariffs, and from managers involved at the airport, to get a sense of how the Alaskan economy works and the distinct pressures they're facing right now.

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.

From Odd Lots at 2025-10-16 09:00:00

Why the Trump Administration is Now Taking Equity Stakes in American Companies (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

It's nothing new for the US government to use public money to support private American companies. The Biden administration, via CHIPS and the Inflation Reduction Act, was aggressive about using loans and grants to accelerate US industry. But the Trump administration has been engaged in something more novel: taking direct stakes in US companies like Intel and MP. But what is the legal basis for such action? And what are the advantages and disadvantages of direct equity stakes? On this episode, we speak with Peter Harrell, visiting scholar at the Georgetown Institute of International Economic Law. We discuss the structure of these new arrangements, and the advantages and disadvantages for the government to be a minority shareholder in publicly-traded companies.

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/oddlots

See omnystudio.com/listener for privacy information.

From Odd Lots at 2025-10-15 18:15:00

Why Argentina Needs Bailout After Bailout After Bailout (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

Argentina is getting bailed out again, with $40 billion of help from the Trump administration. Of course, this is a recurring phenomenon for Argentina, and this time it's happening under the free market-oriented Javier Milei, who has slashed spending to bring down inflation. So why is it in trouble again? And why is this such a recurring feature of the Argentine economy? In this episode, we speak with Greg Makoff, the author of Default: The Landmark Court Battle over Argentina's $100 Billion Debt Restructuring. In this conversation, Greg explains the domestic political context for why Argentina hasn't been able to establish a sustainable economic footing. We discuss the legacy of Peronism, Milei's efforts to sharply change course, and the challenge of seeing any economic reform project through to completion, given the pain required get into fiscal balance.

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/oddlots

See omnystudio.com/listener for privacy information.

From Odd Lots at 2025-10-13 09:00:00

Andrew Ross Sorkin on the Stock Market Crash That Shattered America (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

Almost everyone is talking about us possibly being in a bubble. Regardless of how AI investment ultimately pan out, there is an incredible amount of retail speculative mania in the air. So, how does this environment compare to past periods of exuberance? On this episode, we speak with Andrew Ross Sorkin, the editor of Dealbook, the co-host of CNBC's Squawk Box, and the author of the new book 1929: Inside the Greatest Crash in Wall Street History--and How It Shattered a Nation. Sorkin, who previously wrote Too Big to Fail (chronicling the Great Financial Crisis of 2008), went into the archives to discover just how in thrall the American public was to the market on the eve of the great crash. We discuss lessons from the time, similarities, and differences.

Only http://Bloomberg.com 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/oddlots

See omnystudio.com/listener for privacy information.

From Odd Lots at 2025-10-10 09:00:00

John Ganz on the Era When America Was Consumed by Panic With Corporate Japan (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

These days, there's a non-stop drumbeat of concern that China and its dominant companies will eat America's economic lunch, so to speak. Of course, this isn't the first time in our history that there were worries about a rising Asian industrial power. In the 1980s and early 1990s, there was a lot of concern about the rise of corporate Japan. And that fear was seen all over movies and pop culture, from Die Hard to the Michael Crichton novel Rising Sun. This time there is one big difference: Chinese dominance doesn't permeate our pop culture in the same way. And furthermore, the US has long had military bases in Japan, so that dimension was quite different, too. To understand this period further, we talk to John Ganz, who writes the Unpopular Front newsletter, and is the author of the recent book, When the Clock Broke: Con Men, Conspiracists, and How America Cracked Up in the Early 1990s. We discuss how this fear came about and disappeared, but also how it still influences American politics to this day.

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.

From Odd Lots at 2025-10-09 09:00:00

Why the Price of Money Surged in the Last Six Years (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

What changed between 2019 and 2025? Why are interest rates so much higher? Why does it seem virtually unfathomable that the Fed will return to ZIRP anytime soon? Why do investors expect this rate cut cycle to be so shallow? The answer, theoretically, is that the neutral rate of interest has gone up. But what is the neutral rate of interest, and why has it moved? On this episode, we speak with Jamie Rush of Bloomberg Economics and Tom Orlik, the Chief Economist at Bloomberg Economics. They, along with Bloomberg's Stephanie Flanders, are the editors of a new book titled The Price of Money: A Guide to the Past, Present, and Future of the Natural Rate of Interest, in which they attempt to directly identify what the neutral rate of interest actually is. We discuss the big changes over the last several years, including deglobalization, demographics, and datacenters, that are pushing this number higher.

Listen to our sister show Trumponomics: Trump Isn’t the Only Reason the Price of Money Is Rising
Read more:
Trump’s Contradiction: Demanding Steep Rate Cuts for a ‘Booming’ Economy
Fed Set to Drive Global Rate Cuts as Europe Shifts to Pause

Only http://Bloomberg.com 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/oddlots

See omnystudio.com/listener for privacy information.

From Odd Lots at 2025-10-06 09:00:00

James van Geelen on the Next Phase of the AI Buildout (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

Money has been flowing into the AI space, with billions pouring into GPU clusters, data centers, gas turbines, and the infrastructure needed to train and deploy bigger and bigger models. So what comes next? On this episode, we speak with James van Geelen, founder of Citrini Research. We talk to him about his latest field trip to one of OpenAI's new massive Stargate data centers in Abilene, Texas. We also discuss the increasingly complicated financing arrangements that are funding some of these mega projects and the energy needed to power them. Finally, we ask the question which everyone seems to be asking right now: is AI in a bubble?

Only http://Bloomberg.com 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/oddlots

See omnystudio.com/listener for privacy information.

From Odd Lots at 2025-10-03 09:00:00

Lots More with Joe Abate on the Fed's New Target and the Rising Price of Money (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

We're used to talking about the Federal Reserve changing "benchmark interest rates." But the mechanics of how the central bank actually tightens or loosens policy are a lot more nuanced. For years now, the Fed's been doing this through the federal funds market — where US banks lend and borrow their excess reserves. But that could be changing. Last week, Dallas Fed President Lorie Logan argued that the fed funds target is outdated, and the central bank should be looking at alternatives. So what would those alternatives actually look like, and why do the intricacies of these short-term funding markets actually matter? We speak with Joe Abate, head of macrostrategy, at SMBC Nikko about this and the broader liquidity picture.

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.

From Odd Lots at 2025-10-02 09:00:00

Terry Duffy on the CME's Big Push into Retail Trading (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

CME Group is one of the oldest exchanges around, tracing it's history all the way back to the late 1800s, when it specialized in agricultural commodities. It's best known for things like futures and interest rate swaps that tend to be favored by professional traders. But as retail trading becomes big business, the CME is expanding its footprint in the space, including a recently-announced partnership with sports-betting platform FanDuel. So how does a marketplace that built its reputation on professional hedging and risk management now try to capture the attention of everyday investors? In this episode we speak with Terry Duffy, CME Group chairman and CEO, about the exchange’s push into retail, new competition in the Treasury futures space, and much more.

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.

From Odd Lots at 2025-10-01 09:00:00

Tarek Mansour on Kalshi's Plan to Create Markets in Everything (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

For over 20 years, people have been talking about prediction markets or event markets are the next big thing. But mostly, with some niche exceptions, they haven't taken off, in part due to regulatory constraints. But now they seem to be booming, and the regulatory environment has gotten much more friendly. On this live episode recorded in Chicago, we speak with Tarek Mansour, the co-founder and CEO of Kalshi, one of the prediction market platforms that's booming. One reason it's doing so well is because it's gone big into sports, which of course gets into its own regulatory thicket. In this conversation, we talk about the future of these markets, the prospect for markets other than sports and presidential elections, and Kalshi's overall plan to let its users to eventually trade everything.

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.

From Odd Lots at 2025-09-29 09:00:00

The King of Chicago Trading Wants to Build a GPU Market Bigger Than Oil (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

Don Wilson has built a career diving into some of trading’s thorniest problems, including figuring out ways to trade new and niche markets. Now, the founder and CEO of DRW has his sights set on the GPUs powering AI, which he thinks could end up being a bigger market than crude oil. In this episode, which was recorded live onstage at our show in Chicago, we talk about how such a market would work, including ways to ‘standardize’ the vast array of different types of semiconductors, and how this could change the capital stack of the industry. We also talk the evolution of trading over Don’s storied career and why he thinks most assets (and maybe even all of them) will be tokenized within the next five years.

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/oddlots

See omnystudio.com/listener for privacy information.

From Odd Lots at 2025-09-28 13:00:00

Introducing IVF Disrupted: The Kindbody Story (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

Kindbody, one of the largest fertility companies in the US, sought to disrupt egg freezing and IVF by combining spa vibes with Silicon Valley efficiency. The startup raised millions, opened dozens of clinics, and became a billion-dollar unicorn. But its ambition came with consequences. In IVF Disrupted: The Kindbody Story, reporter Jackie Davalos takes listeners beyond Kindbody’s millennial-friendly waiting rooms and into the clinics themselves, showing the sometimes-heartbreaking consequences of bringing the “move fast and break things” mentality to the business of creating life.

Visit Bloomberg.com/ivfdistrupted to learn more.

See omnystudio.com/listener for privacy information.

From Odd Lots at 2025-09-26 09:00:00

Jack Morris on Finding the Next Big AI Breakthrough (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

We know that the top-tier AI labs are spending unbelievable amounts of money on talent. But what are these researchers actually working on? And how do we know that they're making progress? And furthermore, how can we even measure that progress? On this episode, we speak with Jack Morris, an AI researcher and Ph.D. candidate at Cornell University, who is also a part-time researcher at Meta. We talk about what he does, and why breakthroughs seem to be lumpy and unpredictable. We also talk about the battle between open- and closed-source approaches, US vs. Chinese labs, and how an individual talent thinks about where they want to spend their time, balancing the desire for research and prestige with a big fat paycheck.

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.

From Odd Lots at 2025-09-25 09:00:00

Ozan Tarman on What's Driving The Nonstop Rise in Gold and Tech (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

There are two huge winning trades that people are looking at day after day. Gold keeps going up and US tech stocks keep going up. But what is driving this intense flow? How long can these consensus trades last? On this episode, we speak with Ozan Tarman, the Vice Chair of Global Macro at Deutsche Bank. As part of his role at the bank, Ozan talks non-stop with hedge funders, sovereign wealth fund managers, and, of course, the analysts at his own bank. This means he has an excellent perspective on why these trades are so popular now. He explains why there is a decline in confidence about the US sovereign (hence the rise in gold) around the world, but also an incredible fixation on the success of the big US tech companies (hence their constant bid). We also talk about other popular consensus trades, from steepeners to Chinese equities to Liz Truss moments all around the world.c

Only Bloomberg 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/oddlots

See omnystudio.com/listener for privacy information.

From Odd Lots at 2025-09-22 09:00:00

Jim Cramer on the Retail Trading Revolution (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

In recent years, retail trading of stocks has absolutely exploded. This is happening despite the fact that investors are subject to a constant stream of propaganda that individuals can't beat the market, and that the proper way to invest is through low-cost index funds that you don't pay regular attention to. More than anyone else, one man has been banging the drum (literally) for years that individuals can beat the market and are smart enough to select individual securities. That, of course, is Jim Cramer, the host of the popular TV show Mad Money on CNBC. He is also the author of the new book, How to Make Money in Any Market. We discuss his philosophy of investing, his career, his time as a young college-age radical, the time he lead a wildcat strike and got fired, his thoughts on memestock mania, and much more.

Only http://Bloomberg.com 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/oddlots

See omnystudio.com/listener for privacy information.

From Odd Lots at 2025-09-20 09:00:00

Michael Froman on the New 'Polyamorous' Global Trading System (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

When President Trump announced the tariffs on Liberation Day, it seemed to truly mark the end of the old world trading system. But of course it had been dying for a long time. The first Trump administration erected aggressive trading barriers against China. Then Biden expanded them further. And there were signs of its demise even under Obama. So what was the global trading system? What will come after it? What are the benefits and costs to changes? On this episode, we speak with Michael Froman, the President of the Council on Foreign Relations, and the former Trade Representative during Obama's second term. We discuss how the system began to collapse, and what he sees as the emergence of a new "polyamorous" global trading system, where friends and allies and partners move in a more liquid manner between different poles and blocs.

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.

From Odd Lots at 2025-09-19 09:00:00

Henry Wang on China's Role in the New Emerging World Order (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

There is a widespread view that China is a superpower of rising status, and that a new global order is emerging with the country as an important pole in it. You see this with the growing BRICS organization. You also see this with the leaders who went to Beijing recently for the country's military parade. And of course, this comes at a time when the US is erecting trade barriers with everyone, including many of our closest friends and allies. So how does China see its role in this world? Will it play a role that's similar to what the US has played? Will it look very different? Does China want to reinvigorate legacy multi-lateral organizations like the UN? On this episode, we speak with Henry Huiyao Wang, the Founder and President of the Center for China and Globalization. Having been founded in 2008, the CCG is now China's largest independent think tank, with offices in multiple cities. We discuss China's perspective on the US, its potential role in establishing a Russia-Ukraine ceasefire, its perspective on Israel and Gaza, and the type of role it could play in a new form of globalization.

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/oddlots

See omnystudio.com/listener for privacy information.

From Odd Lots at 2025-09-18 09:00:00

Elon Musk's Pay Package and the Threat to the Delaware Corporation (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

If you look at prospectuses and earnings documents for almost any company, you're going to see a Delaware address. For more than a century, the state has been the place to go to if you're setting up a business. And in fact, Delaware has catered to these corporate clients, setting up an efficient chancery court to settle corporate disputes and producing a huge backlog of case law to act as reliable and efficient precedent. But suddenly, some companies are choosing to leave the state. Most prominent among them is Elon Musk's Tesla, which opted to re-incorporate in Texas after a Delaware judge invalidated his $56 billion pay package. States like Nevada and Texas are now also actively courting companies by enticing them with management-friendly laws. In this episode, we speak with Ann Lipton, University of Colorado law professor and Lawrence W. Demuth Chair, to find out what's at stake in the fight for incorporations and if there's a risk for a race to the bottom in terms of shareholder accountability.

Only http://Bloomberg.com 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/oddlots

See omnystudio.com/listener for privacy information.

From Odd Lots at 2025-09-15 09:00:00

The Cardboard Boxpocalypse and the State of the US Economy (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

Almost everything we buy nowadays has been in a box at some point. Goods are shipped in boxes. Products ordered online arrive at our doorstep in boxes. Boxes are so ubiquitous that some strategists use them as an unconventional macroeconomic indicator to gauge retail spending. Now, shipments of boxes are falling dramatically. At the same time, prices for boxes have actually been going up. So, what's going on? And what does it suggest about the health of the US consumer and the broader economy? In this episode, we speak with Ryan Fox, containers and packaging analyst for Bloomberg Intelligence. We talk about the box industry overall, how companies choose their packaging, and what makes the perfect box.

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/oddlots

See omnystudio.com/listener for privacy information.

From Odd Lots at 2025-09-13 09:00:00

Vineer Bhansali on Losing Fed Independence as the Biggest Tail Risk Right Now (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

Everyone wants to buy the hedge that will save their portfolio in a time of collapse. But this is easier said than done. You need to understand the specific risks facing your portfolio. You also need to get the disaster state right. Plus, insurance of any sort is costly. This means tail risk hedging is far from a trivial exercise. On this episode, we talk to someone who's been working on the problem for a long time. Vineer Bhansali is the CIO and founder of LongTail Alpha, which works to develop hedging implementations to prevent against left tail outcomes. Bhansali, who started off as an academic physicist before going to Wall Street, talks to us about options theory, the role of quantitative techniques, the time he won big in Liar's Poker, and why he perceives the loss of Fed independence as the biggest risk right now.

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/oddlots

See omnystudio.com/listener for privacy information.

From Odd Lots at 2025-09-12 09:00:00

Rob Kaplan on the Fed, AI, and How Globalization Is Happening Without the US (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

In this live episode, recorded at the Future Proof Festival in Huntington Beach, California, we speak with Rob Kaplan, the former president of the Dallas Federal Reserve Bank and the current vice chairman of Goldman Sachs. We discuss his views on the rate path, and why he does not see the Fed cutting by 50 bps at the next meeting. We also discuss the general macroeconomic environment, the US vs. China AI race, and why he sees globalization on the march — except it's happening without the US.

Odd Lots is coming to Chicago for a live episode! Get your tickets here

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.

From Odd Lots at 2025-09-11 09:00:00

What China's Military Parade and Newest Jets Tell Us About the Battle For Air Supremacy (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

The recent parade in Beijing once again raised questions about the relative strengths of the US and Chinese militaries. Meanwhile, because of recent global conflicts (including the clash between Indian and Pakistan earlier this year), we've gotten fresh data on how certain hardware actually holds up on the battlefield or in the skies. Separately, China is known to be working on a new 6th generation fighter for which some video has been shown. So who is ahead in terms of both cutting edge technology and also defense production at scale? And what does it even mean to have air superiority -- or even air "supremacy" when we're talking about modern warfare? On this episode, we speak with Kelly Grieco, senior fellow at the Stimson Center about the state of the two air forces.

More: Here’s the Military Hardware China Showed Off at Xi’s Parade

Odd Lots is coming to Chicago for a live episode! Get your tickets here

See omnystudio.com/listener for privacy information.

From Odd Lots at 2025-09-08 09:00:00

Josh Wolfe on AI and the Breaking of Silicon Valley's Social Contract (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

One day it's so over. The next day we're so back. This is what it feels like gauging the AI boom right now. Everyone's looking for signs of some kind of slowdown and that investments aren't going pan out, but mostly, the dollar signs just keep piling up. And the AI winners like Nvidia, OpenAI, and Anthropic just keep seeing their market valuations rise. In the meantime, other AI players are seeing weird outcomes. Some promising startups aren't being sold, but rather their top talent is walking out the door, leaving other workers potentially in the lurch, while creating risk for venture capital bagholders. On this episode we speak with Josh Wolfe, co-founder and managing partner at the firm Lux Capital, which invests in a range of startups, many of which are in the AI space. He talks about the challenge of aligning incentives, what's overrated, what's underrated, why he thinks Nvidia may have run its course, and the threats to Silicon Valley's "social contract.”

Odd Lots is coming to Chicago! Tickets on sale now.

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.

From Odd Lots at 2025-09-07 09:00:00

Everybody's Business: The Business of KPop Demon Hunters (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

For this week’s episode of Bloomberg’s Everybody’s Business, Joe Wiesenthal joins Max Chafkin and Stacey Vanek Smith to fact check President Trump’s recent claim that the “stock market needs the tariffs, they want the tariffs." Is it actually possible to tell how markets feel about tariffs? Do the markets even know themselves? The trio dives deep.

Also on this episode, journalist and cultural commentator Sam Sanders of the Sam Sanders Show unpacks the lessons Hollywood is learning from its latest unexpected success: Netflix's mega-viral KPop Demon Hunters. And, finally, Stacey explain why—love them or hate them—tariffs are making your pumpkin spice latte (not to mention any pumpkin spice cat litter you happen to buy this fall) more expensive.

Like this episode? Listen and Subscribe to Everybody’s Business on Apple, Spotify, iHeart or wherever you get your podcasts.

See omnystudio.com/listener for privacy information.

From Odd Lots at 2025-09-04 22:28:37

Lots More on the Big Problem With the Monthly Jobs Report (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

We've been in a strange labor market for a while now. The unemployment rate is still nice and low at 4.2%. But the pace of job creation has been slowing markedly. And furthermore, not only has the pace of job creation been slowing, it seems almost every monthly Non-Farm Payrolls number ends up getting revised lower. Of course, this comes at a time of some big transitions in the workforce — whether we're talking immigration changes, aging demographics, or AI. As such, just understanding the monthly data has never been more difficult. And because it's so difficult, it's also challenging to get a read-through from data to policy. On this episode we speak with Steven Englander, global head of G10 FX research and North America strategy at Standard Chartered Bank. In addition to talking about the state of the labor market, we also discuss the goings-on in bond markets, and why the stress is particularly acute in Europe.

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.

From Odd Lots at 2025-09-04 09:00:00

What's Behind the Boom in Buy Now Pay Later (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

Buy Now Pay Later is everywhere nowadays. Companies like Affirm, Afterpay, and Klarna have brought installment payments into everyday life, while big banks and tech firms also now racing into the space. With the market growing so rapidly, there are obvious concerns over whether BNPL is adding a new layer of 'hidden leverage' to the economy, giving online shoppers an alternative to more traditional financing like credit cards and bank loans. Data about BNPL usage is notoriously limited, and BNPL firms have so far resisted sharing information. In this episode, we speak with Julie Margetta Morgan, formerly at the CFPB and now president of The Century Foundation, about what's driving the BNPL market, how BNPL companies make money, and the macroeconomic impacts of the BNPL boom.

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/oddlots

See omnystudio.com/listener for privacy information.

From Odd Lots at 2025-09-01 09:00:00

Dan Wang on China's Breakneck Economic Growth (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

In the past couple of years, the world has fully awoken to the incredible economic and technological growth exhibited by China. But what lessons are there for America? Are there even lessons for America? Dan Wang, research fellow at Stanford University's Hoover History Lab, has probably been one of the foremost commentators and observers on China's rise, having taken seriously their efforts to push the technological frontiers for years now. Now, he's out with a new book BREAKNECK: China's Quest to Engineer the Future. On this episode, we talk about what he's seen in the country, whether China is legitimately on the road to socialism, and how perceptions of the country have changed since he started doing his research.

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/oddlots

See omnystudio.com/listener for privacy information.

From Odd Lots at 2025-08-31 09:00:00

Big Take: Taylor Swift Wedding Predictions Are the Hottest New Trade (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

Gamblers on prediction sites like Polymarket and Kalshi are already trying to cash in on Taylor Swift and Travis Kelce’s engagement — betting on everything from their wedding timeline to her next single.
On today’s Big Take podcast, host Sarah Holder sits down with Bloomberg personal finance reporter Francesca Maglione and wealth reporter Annie Massa to dig into what a high-profile engagement can teach us about the rapidly growing predictions industry, the challenges with regulating it and who’s investing in its future.

Like this episode? Listen and Subscribe to the Big Take podcast on Apple, Spotify, iHeart or wherever you get your podcasts

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.

From Odd Lots at 2025-08-29 09:00:00

Emi Nakamura on Central Bank Credibility and the Taylor Rule (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

The post-Covid inflation will prove to be a treasure trove for academic economists, as they study what drives inflation, and the power that central banks have to contain it once it gets going. At this year's Jackson Hole Economic Symposium, UC Berkeley professor Emi Nakamura presented a new paper — co-authored with her Berkeley colleagues Jón Steinsson and Venance Riblier — titled Beyond the Taylor Rule. The paper sought to look at the wide range of choices that global central banks made in dealing with inflation to see what if anything could be learned about the Taylor Rule, a load-bearing idea in modern economics that describes what optimal monetary policy looks like when successfully balancing the Federal Reserve's objectives. Their paper discovers that in any bout of inflation, a central bank that has a greater history of fighting inflation also has the ability to deviate further from strict Taylor Rule guidelines, without achieving worse inflation outcomes. In an interview recorded in Jackson Hole, we speak with Professor Nakamura about her work and its implications for central bankers going forward.

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.

From Odd Lots at 2025-08-28 09:00:00

Liz Truss on the 'Doom Loop' Engulfing the UK Economy (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

These days, everyone is talking about high interest rates across the rich, developed world, while warning of eventual fiscal disaster. But we may have gotten an early glimpse of this anxiety in October 2022, when then-UK Prime Minister Liz Truss unveiled her mini-budget that spooked the gilt market. Well today, rates at the long end of the British yield curve are even higher. So what's going on? Why all this angst now about UK fiscal sustainability and the economy itself? In this episode, we speak with Liz Truss about what she learned during her brief time as the PM. She talks about the political reality of fiscal consolidation, and how difficult it is on both the tax and spending side. And we also discuss what her economic vision was really all about, had she not been forced from the position so quickly. In addition, we talk about the general state of politics, the media, and free speech in the UK.

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.

From Odd Lots at 2025-08-26 19:30:00

Lev Menand on Trump's Attempt to Fire the Fed's Lisa Cook (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

Criticism and threats to Federal Reserve independence have been building for some time in this administration. But it was taken to a new height on August 25, when Trump posted that he intended to fire Fed Governor Lisa Cook, a Biden appointee. According to our guest, Columbia Law Professor Lev Menand, this is a big deal that has created an immediate crisis. The Trump administration's argument is that it's firing Lisa Cook "for cause" due to allegations (and these are just allegations at this point) that she committed mortgage fraud. As Lev argues, these allegations alone can't justify the removal of someone in this position. We talk through the legal implications, the immediate path ahead, and what may ultimately be Trump's real aim when it comes to pressuring the Fed.

Powell Opens Door to Interest Rate Cut, Citing Labor Markets

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/oddlots

See omnystudio.com/listener for privacy information.

From Odd Lots at 2025-08-26 09:00:00

Adam Posen on a Surreal Jackson Hole in a Post-American World (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

The annual Jackson Hole symposium is, formally speaking, an academic conference. Economists and central bankers gather to discuss the most important, cutting edge ideas in monetary policy. But there was certainly a different feel this year because of the relentless attacks on Fed Chairman Jerome Powell coming from President Trump. The whole premise of central bank independence is becoming a live question again. And without central bank independence, almost all of the more academic discussions feel like a waste of time. That makes for a surreal environment. On this episode of the podcast, we speak with Adam Posen, a former member of the BoE's Monetary Policy Committee, who now serves as President of the Peterson Institute for International Economics. He's the author of a recent Foreign Affairs article titled, "The New Economic Geography: Who Profits in a Post-American World." We talk about the shifting tectonic plates occurring domestically and internationally, what he sees as the folly of Trump's approach to trade and international relations, and how that intersects with the discourse among Central Bankers.

Only http://Bloomberg.com 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/oddlots

See omnystudio.com/listener for privacy information.

From Odd Lots at 2025-08-25 09:00:00

Tom Barkin on Why Central Banking Is on Hard Mode Now (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

According to Richmond Federal Reserve Bank President Tom Barkin, much of the time central banking is straightforward. Sometimes it's clear that rate cuts are needed. Sometimes it's clear that rate hikes are needed. Other times everything is going great, and central bankers don't have much to worry about. Right now though, things are not straightforward. There are signs of labor market softening. But also there are reasons to be concerned that inflation pressure is building yet again. In times like this, the playbook is less obvious. On this episode, recorded at the Jackson Hole Economic
Symposium, Barkin walks us through how he's thinking about the economy right now.

More: Fed’s Jackson Hole Points to a Hard Road Ahead for Powell

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.

From Odd Lots at 2025-08-23 11:00:00

Why Austan Goolsbee Is Still Concerned About Inflation (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

Chicago Fed President Austan Goolsbee is still more concerned about the inflation side of the Fed's mandate than he is about the employment side. This is noteworthy because in general markets are expecting rate cuts to come soon, and also Chairman Jerome Powell, speaking in Jackson Hole, put more weight on risks to the labor market. In this episode recorded at the conference, Goolsbee explains why he has some concerns about whether the inflation embers have been fully stamped out (he's particularly concerned by what he's seeing in the services realm), and why he has relatively more confidence that the labor market is in good shape.

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/oddlots

See omnystudio.com/listener for privacy information.

From Odd Lots at 2025-08-22 20:24:28

Lots More on What Just Happened With the Fed at Jackson Hole (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

We're still at the Kansas City Federal Reserve Bank's annual economic symposium in Jackson Hole, where we just heard Fed Chair Jerome Powell's big speech. The speech -- which opened the door to a September rate cut -- proved to be a dovish surprise to the market and stocks are now soaring because of it. But why did Powell decide to focus on what he sees as "downside" risks to the labor market as opposed to "upside" risks to inflation? On this episode, we speak to Bloomberg TV's Michael McKee, who's been to dozens of Jackson Hole meetings since the late 1990s. We talk with him about the speech, how Jackson Hole has changed over time, and who's in the running to replace Powell next year.

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.

From Odd Lots at 2025-08-21 12:30:00

Kansas City's Fed President on What Everyone Will Be Talking About at Jackson Hole (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

It's Jackson Hole time again, when the most prominent minds in monetary policy meet in an idyllic Wyoming setting for the Federal Reserve Bank of Kansas City's annual symposium on monetary policy. For markets, the main event tends to be the speech from the Fed Chairman. But beyond that, there's always a theme that central bankers and academics are tasked to discuss. So to raise the curtain for this year's event, we spoke with none other than Jeffrey Schmid, the president and CEO of the Kansas City Fed. We talked about the official theme of this year's conference, the growing political pressure on the Fed itself, and how he thinks about monetary policy at a time when markets are at record highs, the unemployment rate is low, and inflation continues to come in above target.

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.

From Odd Lots at 2025-08-20 09:00:00

This Is What Happens When a Startup Dies (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

You always hear about startup exits. Big acquisitions. Big IPOs. But of course this isn’t the fate for most new ventures. Many of them die outright, without any kind of “exit” at all for shareholders. So how do you wind down a company, and sell off the scraps? How do you actually pull the plug? David Johnson of Resolution Financial Advisors specializes in exactly that. Because the formal bankruptcy process is very expensive, many companies look for some way to salvage value by doing an asset fire sale. David tells us how the process works, and also goes through a bunch of fun examples of odd transactions, such as the time he had to find a buyer for some actual human skulls that were in the office of a dying startup.

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.

From Odd Lots at 2025-08-18 09:00:00

Lessons From the One Sovereign Wealth Fund in the United States (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

President Trump and others have talked about the idea of the US having a Sovereign Wealth Fund, a la the UAE or Singapore. It feels like a longshot, but as it turns out, there is actually one Sovereign Wealth Fund in the United States, which is the Alaska Permanent Fund. The fund was established in the 1970s to manage the state's booming oil fortune, and ensure that the boom benefitted the residents of the state for years into the future. Today the fund manages over $80 billion, contributing a substantial portion each year to Alaska's state budget, including an annual check paid directly to almost all residents of the state. On this episode, we speak with the fund's CEO Deven Mitchell and CIO Marcus Frampton about how the fund operates, its relationship with the government of Alaska, and how it's investing its money in order to fulfill its purpose long into the future. We also discuss what lessons from the APF could apply to any similar project done at a national level.

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.

From Odd Lots at 2025-08-16 09:00:00

Housing Is a Problem Even in a State With Declining Population (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

You can kind of understand why it's so hard to build housing in New York City. There isn't much available land. It's already pretty built up. And then, add in the fact that so many people want to live in New York, and you can understand why it's so expensive. But what's the deal with Alaska? There seems to be plenty of land. And population has actually been in a a general state of decline. And yet, housing remains strained, with many of the same affordability problems seen elsewhere in the country. So what are the specific challenging dynamics to be overcome? On this episode, we speak with Jimmy Ord, Daniel Delfino, and Stacy Barnes of the Alaska Housing Finance Corporation to understand the challenges they face, and the work they do to ease the strain. We get into both the specific logistical, political, and financial tools available to reduce pressure.

Only http://Bloomberg.com 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/oddlots

See omnystudio.com/listener for privacy information.

From Odd Lots at 2025-08-15 09:00:00

Lots More With Skanda Amarnath on This Moment in Macro (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

Right now, you could make a good argument that inflation is still too hot, and that with the stock market booming, and the unemployment rate at 4.2%, that it's crazy to think about cutting rates. You could also argue that much of the economy is stalling, that the pace of job growth has slowed dramatically, and that with housing in the tank, we need lower rates. Then on top of this situation, layer in the fact that we have this weird bifurcated economy, with the AI sector growing like gangbusters. And then add onto that the attacks on the independence of the Federal Reserve coming from the Trump administration. And furthermore, trade policy is still a moving target. To make sense of this complicated time — and to look ahead to next week's Jackson Hole conference — we speak with Skanda Amarnath, the executive director of Employ America.

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.

From Odd Lots at 2025-08-14 09:00:00

The Investors Who Think Hazelnuts Will Be the Next Pistachios (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

We're in an age where shocks can occur on both the supply side and the demand side. On the supply side, the causes are well known. Pandemics, trade wars, and climate disruption have exposed the frailty of supply chains in goods too numerous to list. On the demand side, the tendency for certain goods to suddenly go "viral" among consumers can be impossible to predict. Take Dubai chocolate. The craze for pistachio-filled candy came out of nowhere, in part thanks to social media. Our guests on this episode are super bullish on a different nut. Burton Flynn and Ivan Nechunaev are managing partners at Terra Nova Capital Advisors, where they look for unusual investments in frontier markets all around the world. On this episode, they tell us about their bull case for hazelnuts, including where they're grown, the economics of hazelnut agriculture, and the limited ways of playing this popular nut.

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.

From Odd Lots at 2025-08-13 09:00:00

How to Move Freight Across the Icy Roads of Alaska (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

We're interested in trucking here at Odd Lots. It's one of those industries that can tell us a lot about the economy, both in terms of the short-term cycle, and also long-term structural trends. Of course, we know that the industry is prone to big boom and bust cycles. And Alaska itself -- driven so much by oil and natural resource extraction -- is also known for its boom and bust cycles. So on our trip there, we spoke with Josh Norum, the CEO of Sourdough Express, an Alaska based trucking company that's been around for over a century. We talked about how the business works, the history of the company, the current economic environment, tariffs, and the unique challenge (and opportunity) of moving freight in America's northernmost state.

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/oddlots

See omnystudio.com/listener for privacy information.

From Odd Lots at 2025-08-11 09:00:00

What an Alaskan Furniture Company Tells Us About Tariffs (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

Alaska is no stranger to supply chain issues and a higher cost of living. Almost everything has to be imported into the state, incurring longer lead times and extra transportation costs — and that’s even before adding in the new tariffs from the Trump administration. In this episode, we speak with Dave Cavitt, the founder and CEO of Furniture Enterprises of Alaska, which owns furniture stores for brands including La-Z-Boy, Mattress Firm, Ashley’s Furniture, and many more. We talk to him about the logistical challenges of selling furniture in Alaska, consumer demand right now, the impact of the tariffs, and much more.

Only http://Bloomberg.com 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/oddlots

See omnystudio.com/listener for privacy information.

From Odd Lots at 2025-08-08 10:12:21

Mary Daly on Why Alaska Is a Leading Indicator for the US Economy (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

Alaska is one of the states in the Federal Reserve's 12th District, which is headquartered in San Francisco. For Mary Daly, the head of the SF Fed, the state right now is a leading indicator for the US economy overall. In an interview recorded on a trip to Anchorage, Daly tells us what she's learning from businesses in the state, how it relates to the rest of the US economy, and how she uses what she's learning on the ground in order to best guide monetary policy. We also get her big picture views on structural trends such as AI and an aging workforce, and why she's growing increasingly confident that the tariffs will not contribute to sustained upward pressure on inflation.

See omnystudio.com/listener for privacy information.

From Odd Lots at 2025-08-07 09:00:00

Joseph Torigian on Xi Zhongxun and Elite Chinese Communist Party Politics (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

The Chinese Communist Party is probably one of the most difficult entities in the world to grasp due to its opacity of its inner workings. A new book from Joseph Torigian, a research fellow at Stanford's Hoover History Lab and an associate professor at American University, sheds light on the entity by examining the life of Xi Zhongxun, the father of Xi Jinping. The elder Xi was one of the earliest and important players in the revolution, and his life trajectory -- having spent 16 years out of power during the Cultural Revolution -- offers a lens into how the party operates. On this episode, we discuss Xi Zhongxun's life, the constant pressure to stay on the correct line, and what his struggles might tell us about how his son rules China today.

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/oddlots

See omnystudio.com/listener for privacy information.

From Odd Lots at 2025-08-04 20:00:00

Bill Beach on How Trump Just Politicized US Economic Data (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

Late last week, Donald Trump shocked Wall Street by firing Erika McEntarfer, the head of the Bureau of Labor Statistics, the agency responsible for publishing some of America's most important economic data. The firing came after the BLS released a weaker than expected jobs report for July, with just 73,000 new jobs added for the month (compared to forecasts for 103,000). The bureau also revised jobs numbers for the prior two months down by nearly 260,000 jobs. Trump called the data "rigged." But why does the BLS make these revisions, and what does the firing of the BLS chief mean for anyone trying to gauge the direction of the US economy? In this episode, we speak to Bill Beach, a former BLS chief, about the latest drama in US economic statistics.

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/oddlots

See omnystudio.com/listener for privacy information.

From Odd Lots at 2025-08-04 09:00:00

The AI Industry Is Becoming Like Professional Sports (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

When it comes to tech startups, you often hear about VCs making a ton of money, or founders experiencing life-changing exits. But something is changing in the world of AI. Now it's the engineers themselves getting pay packages that can be in the 9-figure range. Why is this? Why is it happening? How is it changing the culture of Silicon Valley and business more generally? On this episode, we speak with John Coogan and Jordi Hays, the co-hosts of TBPN, a daily show about technology, which covers the industry in a sports-like manner. We talk about the economics of these transactions, why they make sense, and who are the industry's top superstars.

Only http://Bloomberg.com 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/oddlots

See omnystudio.com/listener for privacy information.

From Odd Lots at 2025-08-02 09:00:00

How to Make Money Selling Pizza in New York City (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

Everybody knows that New York City has a ton of pizzerias. And yet, new ones are opening up all the time. Why do we need more? And how is there still money to be made? On this episode, we speak with Alex Xenopolous, Evan Xenopolous, and James Shields, three restaurant entrepreneurs that recently opened up Xeno's Pizza, a shop close to the Bloomberg offices in Manhattan. We talked about everything from location scouting, to the cost of ingredients, to oven technology, the state of New York City, and how any given establishment differentiates their brand in the hopes of making money by selling what on the surface looks like an abundant, commoditized market.

From Odd Lots at 2025-08-01 09:00:00

What an LA Bakery Says About the Economy Right Now (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

Bakeries are great microcosms of the economy. There's lots of labor involved. You need commodities like flours and eggs, plus energy for your ovens. You need capital investment to get the ovens in the first place, and you need sustained consumer demand to keep you in business. Put it all together and you have a business that tells you a lot about what's going on right now. In this episode, we speak with Andy Kadin, who is the owner of the Los Angeles-based bakery Bub & Grandma's, as well as a sandwich shop and a soon-to-open pizzeria. We talk about what the bread business entails, how much money people are spending right now, and the impact of Trump's tariffs on food costs.

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.

From Odd Lots at 2025-07-31 09:00:00

Circle's CEO on the Booming Business of Stablecoins (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

Stablecoins are emerging as one of the most active areas of cryptocurrencies. The idea of using blockchain rails to transmit money has captured the attention of legacy financial institutions as well as policymakers, as evidenced by the recent passage of the GENIUS Act, which builds out a regulatory framework for that business. But what are the opportunities. And how do stablecoin providers actually make money? On this episode, we speak with Jeremy Allaire, the co-founder and CEO of Circle, which is the company that backs USDC, the second biggest stablecoin on the market. We discuss the company's business model, concerns about financial stability, and the prospects for stablecoins to open up entirely new avenues of payments and commerce.

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/oddlots

See omnystudio.com/listener for privacy information.

From Odd Lots at 2025-07-28 09:00:00

This Is How Chinese Manufacturers Are Countering Trump's Trade War (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

President Trump has announced tariffs on basically every trading partner. However there is a real sense that the ultimate goal is to hamper the growing perceived economic threat from China. One vision, for how the trade war could be "won" in some sense is by isolating China from the rest of the world. But that's not happening. And in fact, if anything, China is deepening its relationship with other trading nations, particularly in Asia right now. On this episode we speak with Cameron Johnson, a partner at the consulting firm Tidalwave Solutions. Cameron is based in Shanghai, and has an on-the-ground perspective on the state of Chinese manufacturing, having worked alongside producers and end buyers. He talks about the scale of Chinese manufacturing dominance, what Chinese firms are doing to counteract the tariffs, and he argues that in artificial intelligence, China is already way ahead in many respects.

Only Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox, plus unlimited access to the site and app. Subscribe at bloomberg.com/subscriptions/oddlots

See omnystudio.com/listener for privacy information.

From Odd Lots at 2025-07-26 09:00:00

How a Trade War With China Could Become a Hot War (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

Tension between the US and China has been building for some time. But so far this has been limited to issues of trade. The US has imposed tariffs on China. It's imposed restrictions on technology exports. In turn, China has imposed some of its own tariffs, and also limited the export of things like rare earth metals. But historically speaking, many hot wars have their roots in some kind of trade-related tensions between nations. So the risk exists that a trade war one day becomes a hot war. So how does this happen, and how can it be avoided? On this episode, we speak with Dale Copeland, a professor of international relations at the University of Virginia. He discusses his theories of trade, and we discuss his most recent book, A World Safe for Commerce: American Foreign Policy From the Revolution to the Rise of China, which specifically discusses the prospect for an outright US-China confrontation.

Only Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox, plus unlimited access to the site and app. Subscribe at bloomberg.com/subscriptions/oddlots

See omnystudio.com/listener for privacy information.

From Odd Lots at 2025-07-25 09:00:00

What 300 Years of Firewood Prices Say About the Economy (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

Today, the cost of energy — things like electricity, or gas, or heating oil — is considered an essential piece of economic data. But it turns out that for much of America's history, we've been overlooking a crucial economic figure: the cost of firewood. For decades, firewood was the dominant energy source powering the US economy. And yet there aren't really any official statistics about firewood prices. After all, how would you even go about putting a price tag on something that's growing in a lot of people's backyards? On this episode, we speak with Nicholas Muller, a Carnegie Mellon University economist and author of the new paper, "Firewood in the American Economy: 1700 to 2010," which attempts to fill in this crucial gap in our economic data. We talk about how Nicholas went about finding 300-year-old firewood prices, and what the new data series can tell us about the development of the US economy and the relationship between growth and energy.

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.

From Odd Lots at 2025-07-24 09:00:00

How to Prepare for a Post-Dollar World with Inigo Fraser Jenkins (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

People talk all the time about the potential for huge turning points in history. And they've been talking about the possibility of the US losing its dominant position in the international financial order for some time. So far it hasn't really happened, but there are plenty of people who think that the Trump's focus on tariffs and higher deficits could mark a sea change in the appetite for dollar assets. In this episode we speak with Inigo Fraser Jenkins, strategist at Alliance Bernstein, about some of the big changes that are altering the investment landscape including: higher debt loads across the world, the rise of AI, de-globalization, demographics, and more. As he points out, the difference right now is that we're not just talking about one possible regime change for investors, but a long list of them. Inigo talks about how these shifts might play out and what investors can do to prepare for them.

Read "The End of US Exceptionalism?" by Inigo Fraser Jenkins

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.

From Odd Lots at 2025-07-21 09:00:00

The NYC Landlords Most Worried About Zohran Mamdani (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

Probably the most controversial proposal from New York City Democratic mayoral nominee Zohran Mamdani is his promise to freeze the rent on a substantial chunk of rent-stabilized units in the city. There are concerns that this will cause a major downshift in housing development and that landlords that are heavily exposed to rent-stabilized units will be driven deeper into distress. But then separately there are major real estate owners who may be threatened by other aspects of Mamdani's real estate vision. For example, he has promised to, in some instances, expedite approvals for new buildings, which could take away the competitive edge from major building owners that know best how to work the approval process. But there are also players in the real estate industry who are excited about new opportunities. If housing production does, in fact, slow down, that could mean higher rent on market-rate units. And if Mamdani significantly expands the supply of free childcare in the city, then that could present an opportunity for some owners of commercial real estate. On this episode of the podcast, we speak with past guest Ben Carlos Thypin, a NYC landlord himself, as well as the founder of the analytics firm Quantierra. He gives us the overall lay of the land on how various players in the real estate industry are preparing for Mamdani's possible victory.

Read More: Mayor Eric Adams on the Future of New York City

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.

From Odd Lots at 2025-07-19 09:00:00

Why the Damage to Fed Independence May Have Already Been Done (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

There’s a long history of US presidents putting pressure on the Federal Reserve to lower interest rates, but the techniques have often been subtle or quiet in some way. Under President Trump, attacks on the Fed have risen to a whole new level. And it’s not just Trump that’s called on Chair Jerome Powell to cut rates. Other members of his administration (along with allies in Congress) have been hammering him both on policy and also topics unrelated to monetary policy, such as the cost of renovating the Federal Reserve building in Washington. Investors are taking seriously the prospect that Trump will find a way or a reason to remove Powell before the end of his term next year. And regardless of when Powell is replaced, there’s a widespread anticipation that the next Fed chair will be someone more closely resembling a Trump loyalist. So do we still have an independent Fed at this point? On this episode, we speak with University of Texas-Austin economics professor Carola Binder about why central bank independence is so cherished by economists, why mere criticism of the Fed could be inflationary, and whether Fed independence has been permanently damaged.

Read More:
Odd Lots Newsletter: Central Bank Independence Is a Spectrum
What Happened the Last Time a Fed Chief Was Bounced

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.

From Odd Lots at 2025-07-18 09:00:00

Mayor Eric Adams on the Future of New York City (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

Incumbent NYC Mayor Eric Adams didn't run in the Democratic primary. But he'll be on the ballot in November, running as an independent against Zohran Mamdani and probably a couple of other candidates as well. So what is his vision for addressing affordability? What can the Mayor do about crime, trash, and other quality of life issues. On this episode, we're joined by Eric Adams to talk about the city's future and his plan for securing re-election.

Only Bloomberg.com 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/oddlots

See omnystudio.com/listener for privacy information.

From Odd Lots at 2025-07-17 09:00:00

What AI Is Already Doing to the Legal Industry (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

If there's one thing that lawyers do a lot of, it's spending a prodigious number of hours going through documents. And they're often very well compensated for this work. So if there's one area where AI can obviously be highly disruptive, it's law. Documents that used to take hours to scan or format might be dealt with instantly. Finding relevant prior case law is becoming much faster, thanks to today's most advanced models. On this episode, we speak with Joel Wertheimer of Wertheimer Fleder LLP, a civil rights law firm in New York. We discuss the actual economics of being a lawyer, how it's changing, the effect that the technology will have on the distribution of income going forward, and what the entire profession could look like years into the future.

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.

From Odd Lots at 2025-07-14 09:00:00

Why US Banks Are Trying to Turn Themselves Into Super Apps (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

Rohit Chopra is a former director of the Consumer Financial Protection Bureau, which was created in the aftermath of the 2008 financial crisis. In this episode, we speak with him about the current status of the CFPB under the Trump administration, and Rohit's experience while working at the bureau, including decisions made by regulators during the collapse of Silicon Valley Bank and others. Rohit frames his experience as one where he was often dealing with the convergence of old-fashioned banking with lightning-fast technological development. In this context, we also talk about stablecoins (which Rohit says aren't really "crypto," per se), why US banks are now trying to turn themselves into "super apps," and the massive growth of "Buy Now, Pay Later" platforms.

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.

From Odd Lots at 2025-07-11 09:00:00

What NYC's Most Powerful CEOs Think About Zohran Mamdani (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

When socialist candidate Zohran Mamdani won the Democratic party's nomination for NYC mayor, top business leaders experienced a bout of hysteria. That's according to Kathy Wylde, the president and CEO of the non-profit organization the Partnership for New York City. Founded in 1979, the organization assembles the CEOs of some of the biggest employers in New York City in order to work on city issues. Wylde herself is often characterized as one of the ultimate NYC power brokers. In fact, she's been actively facilitating phone calls and meetings between Mamdani and the CEOs (most of whom backed Cuomo in the primary) who are anxious about what a socialist mayor would mean for the city. We talked to her about what they're most concerned about, what they want to see from Mamdani (if he wins), what could push businesses and people to move out of the city, and what they think about him after they talk.

Only http://Bloomberg.com 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/oddlots

See omnystudio.com/listener for privacy information.

From Odd Lots at 2025-07-10 09:00:00

How a Geopolitical Analyst Predicts the Outcome of War (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

For investors, geopolitical risks are always lurking as a factor that could upend trades for obvious reasons. When war breaks out, it's crucial to have some kind of understanding of what it will mean for various markets (such as oil or grain) and how long the conflict can persist. But is there any way to analyze these things scientifically? Many people are paid by investors to try to do exactly this. On this episode, we speak with Andrew Bishop, the global head of policy research at Signum Global, about what he does, and how he attempts to forecast the future. We use the recent conflict between Israel and Iran (as well as other sources of global tension) to get a better understanding of how he goes about forecasting, how investors use his research, and what he sees going forward.

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/oddlots

See omnystudio.com/listener for privacy information.

From Odd Lots at 2025-07-07 09:00:00

How You Get and Actually Keep a Job at a Multi-Strat Hedge Fund (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

Multi-strategy hedge funds, composed of lots of individual portfolio managers, have seen assets under management boom in recent years, thanks to astonishingly consistent returns throughout the cycle. If you're one of the PMs, the money can be incredibly lucrative. But job security is fickle, and it's easy to lose your place on the team. So how do you actually get your seat and keep it? On this episode, we speak with Brian Yelvington, a consultant at the recruitment firm Carrington Fox. He's also a longtime veteran of the industry, having been a trader at many large firms. He discusses how people get their foot in the door, the skills needed to succeed, and how to think about optimizing returns while avoiding ruin.

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.

From Odd Lots at 2025-07-05 09:00:00

Emily Sundberg on How Nobody Is Coming to Save Gen Z (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

What do young professionals in New York City actually think about money and capitalism? According to our guest Emily Sundberg, creator of the Feed Me newsletter, there is a foreboding sense that nobody is coming to save them. End times are coming. AI will take all the jobs. There's a limited time to "secure the bag." In this live episode, recorded in New York City in June, Emily talks about how this translates into consumption and investing decisions among today's youth, and how they see the world of politics.

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.

From Odd Lots at 2025-07-04 09:00:00

Nassim Taleb on Living a Good Life in an Age of Volatility (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

Every day we're inundated with headlines that are seemingly unbelievable. Multiple major wars are ongoing. Politics is erratic. Markets are scrambling everyone's brains. So how should we live and feel good? How should we think about the world around us, and the various perceived risks out there. In yet another episode from our live Odd Lots special in New York City last month, we speak with famed author Nassim Nicholas Taleb, the scientific advisor at Universa Investments, who shares his perspective on all things.

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.

From Odd Lots at 2025-07-03 09:00:00

Charlie McElligott on How Long the Stock Market Rally Can Go (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

Stocks plunged after the April 2 "Liberation Day," in one of the worst drawdowns in the market's history. Since then, however, we're basically back to all-time highs and things have been pretty calm in the market. On this episode, recorded live onstage at our June 26 event in New York, we speak to Nomura cross-asset strategist Charlie McElligott, about what's been driving the rally. He says he's seen "relentless" selling of volatility as investors who sold back in April chase the rally. That's culminated in some weird market dynamics. The question, of course, is how long this can continue and what it would take to unsettle things from here.

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.

From Odd Lots at 2025-07-02 09:00:00

The Greatest Ever Panel on the World's Most Important Market (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

Okay, that's quite a title but we think it's justified! In this special episode — recorded live onstage at our June 26 event in New York City — we bring together some of the best thinkers we know when it comes to the US Treasury market. US government bonds form the backbone of global financial markets, and are the "risk-free" rate to which all other rates are benchmarked. But recently, there's been concern about who will buy all those bonds as the US deficit explodes higher. Meanwhile, there have been long-running concerns about volatility and liquidity in the market. We speak with Nellie Liang, senior fellow of economic studies at the Brookings Institution and former undersecretary of the Treasury for domestic finance, Ira Jersey, chief US interest rate strategist at Bloomberg Intelligence, and Josh Younger, a lecturer at Columbia University and repeated Odd Lots guest.

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.

From Odd Lots at 2025-07-01 09:00:00

Robinhood's CEO on the Plan to Tokenize Everything (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

Robinhood, the company known for first introducing commission-free trading, has now become a behemoth with all kinds of different business lines including credit cards, savings vehicles, crypto, and wealth management. This week it's announced further expansion with news that it's launching its own chain, as well as tokenized stock trading (that for now is only available in the EU). On this episode, we speak with founder and CEO Vlad Tenev about its new endeavors, as well as the legacy of the 2021 meme stock mania, the evolution of the YOLO traders, the changing regulatory environment, and when we can expect to have 24/7 on-chain stock trading in the US.

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.

From Odd Lots at 2025-06-30 09:00:00

Jim Chanos on the Nuttiness of 'Bitcoin Treasury Companies' (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

For awhile there was just MicroStrategy (which has since been renamed as Strategy.) It started buying Bitcoin, and then raised money to buy more Bitcoin, and the stock has done phenomenally well, despite the company not doing much else beside holding Bitcoin. But now it has spawned numerous copycats all doing the same thing. But the question is why? Why are people willing to buy shares of a company that owns Bitcoin, rather than just buying Bitcoin outright (which anyone can easily do now that there's an ETF)? On this episode of the podcast, recorded live in New York City, we speak with famed short-seller Jim Chanos about this phenomenon. We also talk about NYC real estate in the age of Zohran Mamdani, the latest at Tesla, private equity, and whether AI can replace people who understand accounting.

Only http://Bloomberg.com 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/oddlots

See omnystudio.com/listener for privacy information.

From Odd Lots at 2025-06-28 09:00:00

The Biotech Start-Up Making Vaccines for Bees and Shrimp (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

Think of a biotech company and most people will think of a business trying to come up with cures and treatments for human illnesses. There's not a lot of discussion about companies trying to do the same for animals, insects, or even... crustaceans. And yet, healthy animals are a key part of the ecosystem and important for our food supply. In this episode we speak to Annette Kleiser, CEO of Dalan Animal Health, which has developed the world's first vaccine for bees and is now working on a similar treatment to protect shrimp. We talk about the development and regulatory process, plus what it's actually like raising money for a brand new business.

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.

From Odd Lots at 2025-06-27 09:00:00

Lots More on What's Going On in Iran's Markets (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

Iran is a huge country with a sizable stock market. And yet, years of sanctions and other restrictions mean it’s tough to even look up its stock prices (much less invest there.) In this episode, we catch up with Maciej Wojtal, CEO and CIO of AmtelonCapital, an Amsterdam-based fund that specializes in Iranian stocks. We talk about what the past week has been like for the market, what he’s hearing from people on the ground in Tehran, plus disruptions to businesses and oil. We talk about how Iranian investors handle major geopolitical risk and the outlook from here.

Read more: Iran’s Khamenei Says US Intervention in War Achieved Nothing

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.

From Odd Lots at 2025-06-26 09:00:00

The Company That Wants To Bring Back Supersonic Jet Travel (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

We talk all the time about the US attempting to become a powerhouse in advanced manufacturing, but a lot of it just sounds like talk that's not going anywhere. But some companies are trying. Boom Supersonic is an 11-year old company that has raised hundreds of millions of dollars in its quest to build a new supersonic jet for commercial air passengers. And it believes that just because the business model of the Concorde didn't work out in the end, that there's no reason there can't be a market for ultra-fast travel in the sky. On this episode, we spoke with Boom founder and CEO Blake Scholl about the business, and how they actually plan to manufacture planes. We discuss the challenges of advanced manufacturing in the United States and why he believes that small startups can succeed, even while legacy aerospace firms like Boeing stumble.

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.

From Odd Lots at 2025-06-25 15:09:55

Zohran Mamdani, the Socialist Who Could Be NYC's New Mayor (Rerelease) (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

Today's episode is a re-run of our interview from last month with Queens assemblyman Zohran Mamdani. On June 24, Mamdani won the first round of the Democratic primary for mayor of New York City, making him the presumptive party nominee and the early favorite to win November's general election. So it's the perfect time to revisit the candidate and his unique platform. Endorsed by the Democratic Socialists of America, he's proposing rent freezes, universal childcare, higher taxes on corporations and the wealthy, free buses, and city-run grocery stores. In this conversation, we talked to the would-be mayor about his socialist vision for New York, including how he plans to fund more public goods, what he would do to ensure that government-run services are up to standard, and why there should be Halal carts on every street corner.

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.

From Odd Lots at 2025-06-23 09:00:00

The Chinese Chip Giant That Could Be Nvidia's Biggest Threat (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

Right now, Nvidia stock is back near its all-time highs, thanks to seemingly unquenchable demand for its AI chips. When it comes to profiting off of this boom, Nvidia's lead and lock-in looks almost unassailable. But there is one particular company that is clearly on the mind of CEO Jensen Huang, and that is Huawei. On this episode, we speak with Washington Post reporter Eva Dou, the author of the new book House of Huawei: The Secret History of China's Most Powerful Company. Her book explains how the historical development of Huawei is basically synonymous with the rise of modern China, having started early on in Shenzhen, when that was one of the few parts of the country where capitalism and free enterprise were allowed to take root. She discusses what the company does, how it became so strong, its links to the Chinese government, and how it emerged as a possible rival to Nvidia.

Only Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox, plus unlimited access to the site and app. Subscribe at bloomberg.com/subscriptions/oddlots

See omnystudio.com/listener for privacy information.

From Odd Lots at 2025-06-22 11:00:00

Targeting Type 1 Diabetes (Sponsored Content) (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

Madison Carter is a fearless investigative reporter. She takes no day for granted because she lives with type 1 diabetes (T1D). Dr. Doug Melton is a world-renowned stem cell researcher and distinguished fellow at Vertex – and his now grown children, Sam and Emma, live with T1D. Along with scientists like Dr. Felicia Pagliuca, who leads Vertex’s research into T1D, he’s been on a quest to help Madison, Sam, Emma, and others like them by investigating the disease at a cellular level.

Produced by Bloomberg Media Studios and Vertex Pharmaceuticals.

See omnystudio.com/listener for privacy information.

From Odd Lots at 2025-06-21 09:00:00

Giuseppe Paleologo on Quant Investing at Multi-Strat Hedge Funds (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

Quantitative investing is one of those terms that you hear all the time, but there's various explanations of what it actually means, or how quants actually make money. And of course, the term means different things in different contexts. In this live episode, recorded at the Bloomberg Equity Intelligence Summit on June 12, we speak again with Giuseppe Paleologo, the head of quantitative research at Balyasny Asset Management. We talk about his role, what quant investing actually is, and what the future of the space actually entails.

Only Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox, plus unlimited access to the site and app. Subscribe at bloomberg.com/subscriptions/oddlots

See omnystudio.com/listener for privacy information.

From Odd Lots at 2025-06-20 09:00:00

Zichen Wang's Exit Interview From America (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

Zichen Wang is the writer of the Pekingnology newsletter, which translates important speeches and articles from China into English, and contextualizes them for Western readers. Over the past year, he's been a master's degree student at Princeton University, although he's recently returned home to resume his career at a think tank in China. His stint in the US obviously came at a very interesting time, both due to the rising US-China tensions, and also the growing restrictions on Chinese students in the US. So before making his trip back home he joined us for another episode of Odd Lots. We discussed his experience here in America, his assessment of the state of US-China relations, and what his message will be upon his return to China.

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.

From Odd Lots at 2025-06-19 09:00:00

Gillian Tett on Complex Derivatives and the Fifth Stage of Capitalism (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

After the GFC, there was a lot of angst over the fact that so much effort and brainpower went into designing complex derivatives, and other financial instruments. Not only was this seen as wasteful, the complexity was deemed to be the heart of the crisis, and therefore bad. But all these years later, looking back, how bad is financial complexity really? What do things look like from the perspective of 2025. On this episode we're joined by Gillian Tett, a columnist at the Financial Times, and also the author of several books including Fool's Gold: The Inside Story of J.P. Morgan and How Wall St. Greed Corrupted Its Bold Dream and Created a Financial Catastrophe. We talked about her reporting on the evolution of financial derivatives, their legacy, what she is concerned about now, and why she sees the world entering into a new, post-neoliberal, fifth stage of capitalism.

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.

From Odd Lots at 2025-06-16 09:00:00

Jim Egan on the Mortgage Gap That's Dividing America (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

Somehow, the American consumer remains quite strong. Despite higher interest rates, tariffs, general economic uncertainty and so forth, people are continuing to spend. And yet there are some pockets of weakness that you can observe, especially if you look at delinquency data for various types of credit. But even here the patterns aren’t totally obvious, as it doesn’t break down nicely among prime vs. non-prime borrowers. But there is one important divide: Do you have a ZIRP-era mortgage or not? According to Morgan Stanley housing strategist Jim Egan, there is a massive difference in how strained people are for those who locked in their housing costs prior to 2021 vs. those who didn’t. People with ZIRP-era mortgages are benefiting from low stable payments (which have declined on a real basis), as well as broad equity accumulation. Those who didn’t are much more strained in their finances. We discuss how this is playing out, as well as the state of the housing market more broadly, which has seen rising inventories, and the possibility for an overall downturn in prices nationwide.

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.

From Odd Lots at 2025-06-14 09:00:00

The Big Gulf AI Deal That's Divided the White House (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

Back in May, President Trump announced this big plan whereby American tech giants would participate in major AI projects in both Saudi Arabia and the United Arab Emirates. The announcement has created divisions within the White House, and more generally among people who are thinking about the intersection of artificial intelligence and geopolitics. One argument is that this is great news geopolitically, because it gives American technology a beachhead in this crucial region. Another argument is that by exporting the chips abroad, it creates a possibility that some of the technology will leak to China, or benefit China in some way. On this episode we speak with Bloomberg News reporter Mackenzie Hawkins, who covers tech and geopolitics in Hong Kong, about the deals, the divisions, and what to watch next as the US looks to maintain its edge in these key areas.

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.

From Odd Lots at 2025-06-13 09:00:00

Trump Economic Advisor, Stephen Miran, on Tariffs and Tax Cuts (audio.mp3?utm_source=Podcast&in_playlist=982f5071-765c-403d-969d-ae27003a8d83)

The Trump administration seems to have a lot of big ideas about reshaping America, including its economy. We've seen the unveiling (and delaying) of sweeping tariffs aimed at boosting US manufacturing. The 'Big, Beautiful Bill' is currently working its way through Congress and features a lot of supply-side economic ideas, including an extension of tax cuts. So do all of these things work together to boost growth? What happens if that growth doesn't materialize? What is the administration's ultimate vision for the US economy? And what are they seeing right now in terms of things like inflation and employment? We speak with Stephen Miran, Chair of the Council of Economic Advisers at the White House.

See omnystudio.com/listener for privacy information.

Recent Entries

Podcasts (100)

From Odd Lots at 2025-11-19 09:00:00

From Odd Lots at 2025-11-17 09:00:00

From Odd Lots at 2025-11-15 09:00:00

From Odd Lots at 2025-11-14 09:00:00

From Odd Lots at 2025-11-13 09:00:00

From Odd Lots at 2025-11-12 09:00:00

From Odd Lots at 2025-11-10 09:00:00

From Odd Lots at 2025-11-08 09:00:00

From Odd Lots at 2025-11-07 09:00:00

From Odd Lots at 2025-11-06 09:00:00

From Odd Lots at 2025-11-03 09:00:00

From Odd Lots at 2025-10-31 08:00:00

From Odd Lots at 2025-10-30 08:00:00

From Odd Lots at 2025-10-27 08:00:00

From Odd Lots at 2025-10-25 13:00:00

From Odd Lots at 2025-10-24 09:00:00

From Odd Lots at 2025-10-23 09:00:00

From Odd Lots at 2025-10-22 09:00:00

From Odd Lots at 2025-10-20 09:00:00

From Odd Lots at 2025-10-19 11:00:00

From Odd Lots at 2025-10-17 09:00:00

From Odd Lots at 2025-10-16 09:00:00

From Odd Lots at 2025-10-15 18:15:00

From Odd Lots at 2025-10-13 09:00:00

From Odd Lots at 2025-10-10 09:00:00

From Odd Lots at 2025-10-09 09:00:00

From Odd Lots at 2025-10-06 09:00:00

From Odd Lots at 2025-10-03 09:00:00

From Odd Lots at 2025-10-02 09:00:00

From Odd Lots at 2025-10-01 09:00:00

From Odd Lots at 2025-09-29 09:00:00

From Odd Lots at 2025-09-28 13:00:00

From Odd Lots at 2025-09-26 09:00:00

From Odd Lots at 2025-09-25 09:00:00

From Odd Lots at 2025-09-22 09:00:00

From Odd Lots at 2025-09-20 09:00:00

From Odd Lots at 2025-09-19 09:00:00

From Odd Lots at 2025-09-18 09:00:00

From Odd Lots at 2025-09-15 09:00:00

From Odd Lots at 2025-09-13 09:00:00

From Odd Lots at 2025-09-12 09:00:00

From Odd Lots at 2025-09-11 09:00:00

From Odd Lots at 2025-09-08 09:00:00

From Odd Lots at 2025-09-07 09:00:00

From Odd Lots at 2025-09-04 22:28:37

From Odd Lots at 2025-09-04 09:00:00

From Odd Lots at 2025-09-01 09:00:00

From Odd Lots at 2025-08-31 09:00:00

From Odd Lots at 2025-08-29 09:00:00

From Odd Lots at 2025-08-28 09:00:00

From Odd Lots at 2025-08-26 19:30:00

From Odd Lots at 2025-08-26 09:00:00

From Odd Lots at 2025-08-25 09:00:00

From Odd Lots at 2025-08-23 11:00:00

From Odd Lots at 2025-08-22 20:24:28

From Odd Lots at 2025-08-21 12:30:00

From Odd Lots at 2025-08-20 09:00:00

From Odd Lots at 2025-08-18 09:00:00

From Odd Lots at 2025-08-16 09:00:00

From Odd Lots at 2025-08-15 09:00:00

From Odd Lots at 2025-08-14 09:00:00

From Odd Lots at 2025-08-13 09:00:00

From Odd Lots at 2025-08-11 09:00:00

From Odd Lots at 2025-08-08 10:12:21

From Odd Lots at 2025-08-07 09:00:00

From Odd Lots at 2025-08-04 20:00:00

From Odd Lots at 2025-08-04 09:00:00

From Odd Lots at 2025-08-02 09:00:00

From Odd Lots at 2025-08-01 09:00:00

From Odd Lots at 2025-07-31 09:00:00

From Odd Lots at 2025-07-28 09:00:00

From Odd Lots at 2025-07-26 09:00:00

From Odd Lots at 2025-07-25 09:00:00

From Odd Lots at 2025-07-24 09:00:00

From Odd Lots at 2025-07-21 09:00:00

From Odd Lots at 2025-07-19 09:00:00

From Odd Lots at 2025-07-18 09:00:00

From Odd Lots at 2025-07-17 09:00:00