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Odd Lots

428 EpisodesProduced by Bloomberg Website

Bloomberg's Joe Weisenthal and Tracy Alloway analyze the weird patterns, the complex issues and the newest market crazes. Join the conversation every Monday and Thursday for interviews with the most interesting minds in finance, economics and markets.

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Ryan Petersen on How Global Supply Chains Have Gotten Even Worse

October 14th, 2021


We've been covering global supply chain pressures almost since the beginning of the year on Odd Lots. And with each episode the question is "ok, so when will things normalize?" But basically, not only have things not …

Michael Pettis on What Evergrande Means for China’s Macro Economy

October 11th, 2021


The implosion of Evergrande continues. And nobody knows exactly how the losses will be distributed. What will be the impact on creditors or people who have put down payments on homes that haven't been built yet? And …

Introducing: Breakthrough

October 8th, 2021


On Breakthrough, a new series from the Prognosis podcast, we explore how the pandemic is changing our understanding of healthcare and medicine. We start with an examination of long Covid, a mysterious new illness that …

Here Are the Biggest Problems Facing the Fed Right Now

October 7th, 2021


The Federal Reserve has a lot on its plate at the moment. Not only are "transitory" inflation pressures proving to be more stubborn than expected, but unemployment remains relatively high even as the U.S. economy …

This Is How the Trillion Dollar Coin Could End Debt Ceiling Fights for Good

October 4th, 2021


Every few years, people are reminded of the weird law the United States has: the debt ceiling. Congress has to vote affirmatively to raise the total outstanding legal stock of debt the country can take on. If Congress …

Isabella Weber on China’s Vision for Making Markets Work

September 30th, 2021


For years, people have talked about China's ongoing process of opening up, or liberalizing its economy. And yet lately it's taken strong moves that seem to indicate a change in direction. It's cracked down on some of …

This Is What the Pandemic Did to the U.S. Rail System

September 27th, 2021


The pandemic has obviously sent shockwaves throughout the supply chain. And, despite hopes of normalization, things might even be getting worse. The number of ships, for example, waiting to unload at the Port of Los …

How To Understand the Inflation We’re Seeing Right Now

September 23rd, 2021


Over the last several months, inflation has risen at a pace significantly faster than what economists have expected. Markets, and perhaps the Fed, …

Understanding Evergrande, the Chinese Real Estate Conglomerate That’s Nearing Collapse

September 20th, 2021


If you've been following the wild ride that is Chinese real estate, then you've definitely heard of Evergrande. The price of its shares and bonds has …

Stacy Rasgon on How the Global Chip Crisis May Be Getting Even Worse

September 16th, 2021


We've been talking about chips on Odd Lots for almost a year now. Thanks to a unique combination of events and constraints, capacity to make more semiconductors is incredibly tight. One industry that's lost out …

Dan Wang Explains What China's Tech Crackdown Is Really All About

September 13th, 2021


Over the last several months, Chinese authorities have undertaken a sweeping campaign of change. We've seen crackdowns on big tech and fintech companies (like Ant Financial and Didi), online education companies, and now …

Zoltan Pozsar on What’s Going on in Rates Markets Right Now

September 9th, 2021


There's a lot happening in the plumbing of the financial system. The Federal Reserve's reverse repo facility has seen huge takeup from financial market participants seeking to park excess cash. Meanwhile, the central …

Patrick O'Shaughnessy on the Next Big Thing in Passive Investing

September 6th, 2021


Passive investing is kind of boring. You dump your money in an index fund and that's it. The industry hasn't really seen big innovation since ETFs were invented in the 1990s. Enter custom indexing. Custom indexing …

Omair Sharif Explains How Inflation Measures Really Work

September 2nd, 2021


When people think about what inflation is, they might first think about some broad index like the CPI. What does the the CPI really tell us? And how is it constructed? And how much does its rise and fall relate to the …

How Solana and Pyth Aim To Take DeFi to the Next Level

August 30th, 2021


There's obviously a lot of interest in crypto and DeFi these days. And while it's growing rapidly, it's still not cutting much into traditional finance business lines. For the most part, trading on blockchains is slow …

Mitu Gulati and Ugo Panizza on Haiti’s Odious Post-Colonial Debt

August 26th, 2021


Nearly 200 years ago, the colonialist French power granted independence to Haiti. But it did so under the brutal condition that it pay 150 million …

A Conversation With Ajmal Ahmady, Afghanistan’s Former Central Bank Chief

August 23rd, 2021


Over the last week and a half, the world has watched in shock at the dizzying speed of the collapse in Afghanistan. Events are still unfolding, so …

David Woo on What the Economists Got Wrong About the Stimulus

August 19th, 2021


David Woo has always been one of the most outspoken voices on the street. A former top strategist at Bank of America, he is now publishing independently at his new site David Woo Unbound. On this episode, he argues that …

Neel Kashkari on the Fed’s Quest To Get To Full Employment

August 16th, 2021


The last two jobs reports have been strong, but the unemployment rate remains over 5%. And by some estimates, the economy is still 8 million jobs shy …

Brent Donnelly on What It Takes To Be a Winning Trader

August 12th, 2021


The last 18 months has seen an incredible influx of people getting into trading. Thanks to a combination of Robinhood, a bull market, and perhaps …

Dallas Fed President Rob Kaplan on the Economy and Monetary Policy Right Now

August 9th, 2021


The economy is in uncharted territory in more ways that one right now. Coming out of the worst of the pandemic, we're seeing a rapid pace of GDP growth, along with elevated inflation readings the likes of which we …

Sam Bankman-Fried and Matt Levine on How the Crypto Market Really Works

August 5th, 2021


Sam Bankman-Fried is arguably the most important and powerful person in crypto. His crypto exchange FTX just raised $900 million and is growing like …

Gene Seroka on the Logistical Logjam at the Port of LA

August 2nd, 2021


America's ports are a key source of congestion contributing to supply chain disruptions rippling through the economy. Things have gotten a little better, but very slowly. And the disruptions are expected to continue for …

The Bathtub Episode: How the Pandemic Disrupted Plumbing

July 29th, 2021


When you think about building a new home, obviously you think of various constraints regarding land, labor, and raw materials. But, of course, you can't build a new home without other basics, like windows, sinks, and …

GXO's CIO on the Past, Present, and Future of Warehouses

July 26th, 2021


You can't talk about supply chains without talking about warehouses. Basically everything we buy at some point eventually sits in a warehouse. But warehouses themselves are changing. Whereas at one point, they were …

What Complexity Economics Can Add to Our View of the World

July 22nd, 2021


Over the past year it's become clear that traditional economics doesn't necessarily do a great job of accounting for real world problems like transport gridlock or irrational decision makers. For instance, sawmills' …

Why Everyone's Experience Of Inflation Is So Different

July 19th, 2021


Inflation is running hot these days. But, even when the official measures were considerably cooler, there were many people who were skeptical and …

Vlad Zamfir on the Dangers of Unstoppable Software and What People Get Wrong About Blockchains

July 15th, 2021


Vlad Zamfir is something of a crypto legend. The researcher was early into Bitcoin, and he was part of the Ethereum Foundation before it launched. He's still an active researcher in the space, but he believes the people …

The Labor Episode: How the Omni Hotel Chain Is Dealing With Hiring Right Now

July 12th, 2021


One of the big stories in the economy right now is the high number of unfilled job openings in the leisure and hospitality sectors. There are numerous theories for why these businesses have had a hard time hiring. And …

Steve Keen Says Economists Get Everything Wrong (Especially About Climate Change)

July 8th, 2021


Mainstream economics has come under attack lately. People have begun questioning its understanding of things like inflation, monetary policy, …

Ryan Holiday on Opening a Bookstore During a Pandemic

July 5th, 2021


Bookstores typically aren't seen as the most attractive businesses in the year 2021. Add in the pandemic, and that makes it even tougher. And if …

This Is the Vision for DeFi Built on Bitcoin

July 1st, 2021


There's a lot of hype about so-called DeFi (decentralized finance) these days, and much of it is based on enthusiasm over what can be built on …

Tom Schmidt Explains What You Need to Know about DeFi

June 28th, 2021


By now you've no doubt heard about DeFi: the hot vision of crypto that aims to disrupt traditional lending and fundraising. But the space remains …

Hyun Song Shin on CBDCs and the Future of Central Banking

June 24th, 2021


The world's central bankers are facing challenges the likes of which they've never seen before. We're in a unique moment for the macroeconomy, coming out of the pandemic crisis at a rapid clip. What's more, the nature …

The Trucking Episode: Why the Industry Is Such a Mess

June 21st, 2021


You can't talk about the problems in logistics and supply chains right now without talking about trucking. Once goods are unloaded from ships, trucks are the dominant mode of domestic freight. However, unlike shipping, …

Why Ram Parameswaran Says the World's Biggest Tech Stocks Are Ridiculously Cheap Right Now

June 17th, 2021


Everyone knows that tech stocks performed amazingly well amid the coronavirus crisis. In the last few months, there's been a little bit of a cooling …

Why Tracy Can't Ship a Teddy Bear from Hong Kong to the U.S. Right Now

June 14th, 2021


By this point, you're aware that shipping anything internationally is pretty tough right now. It turns out, it's getting worse. Earlier in the year, Tracy tried shipping a teddy bear from Hong Kong to the U.S. on a …

Why Brooklyn Nets Star Spencer Dinwiddie Co-Founded a Crypto Startup

June 10th, 2021


Over the last year, numerous celebrities and athletes have gotten into crypto in some way. For example, some have announced plans to put part of their salary into Bitcoin. But Brooklyn Nets star Spencer Dinwiddie has …

This Is How the U.S. Ran Out of Homes for Sale

June 7th, 2021


Home demand is booming. By some measures, the market is even hotter than it was during the peak prior to the financial crisis. But there's one big problem: There just aren't many homes available to buy. Whether it's …

Dan Ariely on How To Win Big by Betting on Human Capital

June 3rd, 2021


Dan Ariely is one of the most famous behavioral economists in the world. And in his latest act, he's attempted to apply his research to investing. …

Roshun Patel on What Really Happened During the Crypto Market Crash

May 31st, 2021


The crypto market recently experienced one of its worst crashes ever, with numerous coins cut in half in a manner of days, seemingly without an obvious catalyst. So what really happened during the selloff? Who was …

Data Centers, Crypto Miners, and Gamers Are All Battling for Semiconductors

May 27th, 2021


These days, there's a shortage of chips everywhere you look. Some of it is related to idiosyncratic events specifically related to logistics. Some of it is related to production challenges relating to long, pre-existing …

Daniela Gabor on the Critical Case Against Private Sector ESG

May 24th, 2021


Over the last few years, ESG has become a gigantic industry. Due to concerns over climate, the treatment of workers, and other public matters, there's been a huge influx of money into investments that take into account …

Aaron Lammer on Yield Farming and Trading in the World of DeFi

May 20th, 2021


"Decentralized Finance," "Yield farming"... you've probably heard these terms before, but have very little idea about how they all work. On a recent episode, we spoke with one of the creators of the largest …

How the World's Companies Wound Up in a Deepening Supply Chain Nightmare

May 17th, 2021


By now, everybody knows that global supply chains are a mess. Not a day goes by where there isn't news of some shortage or bottleneck. Chips, shipping containers, lumber, you name it. So how did it happen and how does …

Jared Bernstein on Taxes, Spending, and Why President Biden Wants to 'Pay for It'

May 13th, 2021


Jared Bernstein has been a longtime advisor to President Joe Biden. He was his advisor while Biden was Vice President, and today he serves on the Council of Economic Advisors. On the latest Odd Lots, he joins us to talk …

A Special Announcement From Joe and Tracy

May 11th, 2021


Please check out this special announcement from Joe and Tracy, who have an update on a new Odd Lots initiative, involving a new blog, show …

Viktor Shvets on Inflation and How Crypto Could Cause the Next Financial Crisis

May 10th, 2021


What will the economy really look like when things normalize? Lots of people are, of course, anticipating a sustained rise in inflation, even beyond this burst in prices right now. Our guest this week is skeptical. We …

Hayden Adams Explains Uniswap and the Rise of DeFi

May 6th, 2021


There's an irony with crypto. While so much of it is ostensibly about circumventing legacy finance, many of the most important pieces of crypto infrastructure are centralized financial entities. For example, the newly …

How to Make the U.S. Semiconductor Industry Boom Again

May 3rd, 2021


This year, everyone's become aware of the hollowing out of U.S. semiconductor manufacturing capacity. Whether it's the rise of TSMC, the stumbles at …

What Adam Tooze Learned About the World Last Year

April 29th, 2021


There's probably nobody better at synthesizing massive events like Columbia professor Adam Tooze. His book Crashed, which came out in 2018, was …

Why the Price of Lumber Has Soared Day After Day After Day

April 26th, 2021


It's not often that lumber becomes a national obsession. But this year it has. Thanks to a combination of factors, including diminished sawmill capacity, a renovation boom, and then a homebuilding boom, the price of …

How to Build a Portfolio That Outperforms For a Century

April 22nd, 2021


There's a huge question mark at the moment about whether markets are at some sort of important turning point. For instance, we've seen big amounts of …

John Hempton on Greensill, Archegos and What It's Like To Short Right Now

April 19th, 2021


It's a weird moment for the markets. The big stock indices are near all time highs. And yet there have been some high profile meltdowns and blowups. …

Zach Carter on the Real Story of Weimar Hyperinflation

April 15th, 2021


Whenever the government is engaging in fiscal or monetary expansion, people like to invoke the history of Weimar Germany and how soon we might all go …

Slavoj Žižek on GameStop, WallStreetBets, and the Future of Capitalism

April 12th, 2021


When GameStop shares skyrocketed earlier this year, numerous pundits were quick to ascribe political significance to the whole thing. Was it a …

Why Treasury Market Spasms That Shouldn't Happen Keep Happening

April 8th, 2021


The U.S. Treasury market is the biggest, most liquid market in the world. Its smooth functioning is also crucial to the economy and the financial system. Yet it keeps experiencing bizarre, seemingly inexplicable bouts …

Why the True Price of a Bond Can Still Be Hard To Know

April 5th, 2021


In the modern age, we expect to be able to turn on our computers, enter in a ticker, and know the actual price of a financial instrument, such as a stock or a bond. But this is easier said than done, especially with …

The Ex-Jane Street Trader Who's Building a Multi-Billion Crypto Empire

April 1st, 2021


The crypto market has come a long way in recent years. But it's still far less efficient than your typical established market. To understand more about crypto market structure, we spoke with Sam Bankman-Fried. Sam is a …

How Gigantic Ships Are Creating Global Supply Chain Havoc

March 31st, 2021


The Ever Given has been freed from the Suez Canal. But the whole situation was indicative of a broader issue in global supply chains: increasingly …

Virtu CEO Doug Cifu Explains Payment for Order Flow and the Future of HFT

March 29th, 2021


When the GameStop and Robinhood story exploded at the end of January, suddenly everyone took an interest in market structure and things like payment …

Josh Younger on the Soaring Cost of Climate Change and Understanding the SLR

March 25th, 2021


What is the connection between the big trend in interest rates over the last several years and the cost of climate change mitigation? This is a question that's been analyzed by Josh Younger, a rates derivative …

Luke Kawa on the Macro Situation Right Now

March 22nd, 2021


Over the last several weeks, we've seen major developments in the macro situation. The vaccine rollout has accelerated. We've gotten a stimulus. The …

Stephanie Kelton on How MMT Won the Fiscal Policy Debate

March 18th, 2021


In a sense, Modern Monetary Theory has won. This is not because policy measures are necessarily in line with what MMT adherents would prescribe. …

Did We Just Experience a Break in the Neoliberal Consensus?

March 15th, 2021


For decades, the dominant economic philosophy of the United States has been that fiscal policy should be relatively inert, and that the Fed should be …

Introducing: Doubt

March 12th, 2021


A few decades ago, nobody really questioned vaccines. They were viewed as a standard part of staying healthy and safe. Today, the number of people …

Michael Pettis on Persistent Imbalances in Post-Pandemic China

March 11th, 2021


By some measures, the Chinese economy did better in 2020 than just about anywhere else. For one thing, it actually grew last year. Also because of the country's success at virus containment, it returned to normalcy …

Why Music Back Catalogs Have Become a Red-Hot Asset Class

March 8th, 2021


Bob Dylan did it last year. Shakira did it in January. More and more famous musicians are selling off the rights to their back catalogs to investors. But why now? Why is there so much demand for this asset? On the …

Coming Soon: The Pay Check Season 3

March 5th, 2021


More than 150 years after the end of slavery in the U.S., the net worth of a typical white family is nearly six times greater than that of the average Black family. Season 3 of The Pay Check digs into into how we got to …

Zoltan Pozsar on What Just Happened with the Treasury Market

March 4th, 2021


The Treasury market just experienced what some might call a tantrum. Across the yield curve, we saw rates shoot up. And it's not even clear why it happened. There was no comment from a Fed official like there was with …

Howard Lindzon Tells Us Why He Launched His Own SPAC

March 1st, 2021


SPACs, sometimes referred to as blank check companies, are incredibly hot. After being a sort of sleepy and sometimes sketchy backwater of the …

How Chinese Buying Is Causing a Boom in Agricultural Commodities

February 25th, 2021


There are lots of hot areas in the market, which everybody knows. Stocks are obviously hot, as are industrial commodities like copper. Agricultural …

This Is How the World Ended up with a Shortage of Semiconductors

February 22nd, 2021


The world is facing a chip shortage. Numerous companies, including the auto sector, are facing an inability to get semiconductors, hampering their ability to manufacture their goods and generate sales. Part of this is …

A Value Manager on How Most Value Managers Are Getting It All Wrong

February 18th, 2021


As you might have heard, so-called value investing has not had a good run. At least from a quantitative standpoint, strategies that aim to buy low-valued stocks (based on metrics such as price-to-earnings or …

How Boring Food and Beverage Companies Turn into Huge Stock Winners Year after Year

February 17th, 2021


During the worst of the pandemic, people loaded up on staples from their grocery store. Shelf-stable food items, beverages, canned tuna, canned soup, chips... all that kind of stuff. But the big food and consumer …

How Monster Beverage Shares Soared a Monster 100,000% in the Last 20 Years

February 15th, 2021


When you think about the big winners in the stock market over the past couple of decades, you might think about Amazon or Apple or some other tech winner. Or maybe, if you've listened to Odd Lots before, you think about …

ARK's Head of Research on How They Find the Next Huge Winner

February 11th, 2021


In a world dominated by passive investing on one end and retail YOLO traders on the other, there aren't many star fund managers these days. There's one big exception though. Cathie Wood, the head of the ARK family of …

Mike Novogratz's Vision for Rebuilding Finance with Crypto

February 8th, 2021


Bitcoin, and crypto more broadly, have been on a huge tear lately. Then, with the chaos surrounding GameStop, there's been more discussion about …

Goldman's Jeff Currie on the Silver Squeeze and the Coming Boom in Commodities

February 4th, 2021


It's been a weird several days in the market. What started with a short squeeze in GameStop, driven by Reddit traders, somehow morphed into a huge surge in demand for silver. Whether it started on WallStreetBets is …

Benn Eifert Explains How Retail Trading Is Rocking Markets like Never Before

February 3rd, 2021


We know that retail activity, much of it on Robinhood, has been surging since last spring once the lockdowns began. But just how big of an impact is it really having? Is it going to be limited to just GameStop and a few …

Is The GameStop Trade Really A Political Rebellion?

February 2nd, 2021


The GameStop short squeeze is one of the most extraordinary events to ever happen in markets. But does it have political significance? Some are …

Can Open-Source Semiconductors Upend the Chip Industry?

February 1st, 2021


We're seeing historic change happening in real time in the chip industry. The old leaders are going away, and new players and new models are …

How One Online Investor Made the Score of a Lifetime on GameStop

January 29th, 2021


Everyone is talking about GameStop. The physical games retailer that was left for dead has been one of the hottest stocks of the year, surging well over 50x since its lows in late 2020. But how did it come about? Why …

Dan Wang on China's Mission to Be a World Leader in Semiconductors

January 28th, 2021


We've been talking a lot on the podcast about semiconductors. The stumble of Intel. The general troubles with US manufacturing, and, of course, the rise of TSMC. But, for a long time, the Chinese government has …

The Story of How TSMC Came to Dominate the World

January 25th, 2021


In every conversation about computer chips, it always comes back to the dominant player: TSMC. Founded in the 1980s, it's far and away the biggest and most advanced manufacturer. And, as our guest points out, it's …

The Important Lesson a Quant Manager Learned in 2020

January 21st, 2021


It goes without saying that 2020 was a year like no other when it comes to the markets. A historic crash, and then a raging recovery, all set against the backdrop of a pandemic and deeply depressed economy. One …

Why the Cost of Shipping Goods From China Is Suddenly Soaring

January 18th, 2021


The coronavirus crisis snarled global shipping in early 2020 as borders were closed, but lots of people expected it to improve as vessels returned to position. Instead, more than a year later, the shipping crisis has …

How the U.S. Lost Chip Dominance and How It Can Be Regained

January 14th, 2021


The U.S. was once a manufacturing leader in semiconductors. That's no longer the case, given the rise of contract manufacturing and outsourcing, the dominance of Taiwan Semiconductor, and Intel's own design stumbles. …

Cowen's Co-President on Why SPACs Are Having Such a Moment

January 11th, 2021


One of the surprising developments in the last year was the boom in SPACs. The so-called blank check companies raised more money in 2020 than they had in the several years prior combined. But why? Why did a year that …

Chess Grandmaster Hikaru Nakamura on Twitch Streaming and “The Queen's Gambit”

January 7th, 2021


We're in a rare moment where chess is popular in the United States. There are two big factors driving it. One is the smash hit Netflix show "The …

What Happened to Europe's Economy After the Black Death

January 4th, 2021


It's been pointed out that, after the Black Death in Europe, real wages surged because there was such a shortage of labor in the aftermath. But what was the structure of the economy that allowed this transfer of power …

This Is How Prejudice Can Hinder the Economy

December 31st, 2020


Economics is all about improving living standards, but rarely does the dismal science deal with social justice or talk about how a lack of it could …

Goldman's Jan Hatzius on the Lessons Learned in 2020

December 28th, 2020


2020 has been an absolutely extraordinary year for the economy. In March, we saw the fastest economic contraction in history with an extraordinary …

Michael Saylor, the CEO Who Turned a Software Company Into a Bitcoin Company

December 24th, 2020


This past summer, the business intelligence software company MicroStrategy made waves when it put some of its extra cash into Bitcoin. Then, as Bitcoin ran up, it bought more, and the stock has now soared thanks to the …

Camille Fournier on Building Tech at Two Sigma

December 21st, 2020


We talk a lot about quantitative trading on the podcast, but typically from a rather big picture perspective, and not at the level of actually building the systems needed for trading and data analysis. On this episode, …

Apple Is at the Cutting Edge of a Revolution in Chips

December 17th, 2020


On a recent episode of Odd Lots, we talked about Intel, and how the former dominant American semiconductor company was stumbling. But big things are happening in the chip industry beyond the manufacturing woes of one …

This Is the Macro Picture Going Into 2021

December 14th, 2020


It's obviously been an extraordinary year for markets and the economy for reasons that don't need stating at this point. But what does 2021 have in store? Can the current trends continue? We talked with two of the …

Why Africa Borrowed Billions of Dollars From China

December 10th, 2020


It's no secret that some African nations went on a borrowing spree in recent years, tapping both international markets and sovereign lenders such as China to finance massive infrastructure projects. But all that debt is …

Why the IMF Changed Its Views on Capital Controls

December 7th, 2020


For years, the IMF was generally of the view that free trade was good, and that open capital flows were also good. But in recent years, the latter view has started to change. Increasingly the IMF, while continuing to …

Former ECB Chief Economist Peter Praet on What's Next For Central Banks

December 3rd, 2020


With developed economies still operating well below pre-crisis levels, central banks face substantial pressure to pursue stimulative policies on an …

How the Number One U.S. Semiconductor Company Stumbled

November 30th, 2020


For years, Intel has been the pre-eminent U.S. semiconductor company. But lately, the company has stumbled. This past summer, shares in the company plunged after it said it was experiencing delays in the production of …

How Money Became A Form Of Social Media

November 26th, 2020


There are many similarities between cryptocurrencies and social networks. And the rise of payment apps like Venmo make the link between payments and social media explicit. But this convergence between money and social …

Inigo Fraser-Jenkins and Aaron Brown Debate The Future Of Quant Investing

November 23rd, 2020


Traditional quant strategies that try to screen for stocks that are "cheap" have had an extremely rough period. So is this just a temporary setback that will eventually mean revert, or are the existing strategies dead …

The Episode That Turned Tracy Into A Bitcoin Bull

November 19th, 2020


Bitcoin has been on a tear lately, but it's been a bit unclear as to what's driving it. But whatever's driving it, co-host Tracy Alloway has given up her longtime skepticism on the digital currency and now believes in …

This Is How People Really Feel About Paying Taxes

November 16th, 2020


The politics of taxes are always fraught. In theory, everyone wants to pay less of them and bristle at the prospect of paying more. But it turns out …

A Political Reporter Argues That Wall Street Doesn't Get DC

November 12th, 2020


Investors have always had to pay attention to what's going on in Washington DC, but this year it's been on a whole new level. Between virus response …

This Is The NYSE's Plan To Win More Direct Listings

November 9th, 2020


This year's stock market boom has coincided with a boom in new listings. There have been plenty of IPOs, numerous SPACs, and an uptick in companies doing direct listings on the exchange. That third category has gotten …

Michael Mauboussin On Valuing Intangible Assets

November 5th, 2020


Measuring a company's book value is a classic practice among investors seeking to understand how much a firm's actual assets are worth. But what happens when a firm's assets are not things like buildings, factories, and …

A Forensic Accountant On Why Chinese Internet Companies Are So Tough To Analyze

November 2nd, 2020


The IPO of Ant Financial will go down as one of the most extraordinary deals of all time. And in general, Chinese internet companies have been huge winners in the post-crisis period. But what does it take to really …

Lessons From Ruth Krivoy, the Former Head of Venezuela's Central Bank

October 29th, 2020


The COVID-19 crisis has pushed central banks around the world into uncharted territory. Typically when we talk about this, it's from the perspective of the Fed or the ECB. But this has also been an extraordinary period …

JPMorgan's Josh Younger on Rate Derivatives and Volatility Ahead of the Election

October 26th, 2020


For months now, traders have been positioning for a major volatility spike around the November election. But what are markets really expecting, and …

Benoît Cœuré On Central Bank Digital Currencies And The Future Of Monetary Policy

October 22nd, 2020


Central banks around the world are increasingly launching pilot projects to explore the possibility of issuing digital currencies. But how would they …

Rep. Ro Khanna On Why Democrats Should Cut A Stimulus Deal With The White House

October 20th, 2020


With just two weeks until the election, talks over a stimulus deal remain ongoing, with negotiations having picked up between House Speaker Nancy …

A Volatility Arbitrage Trader On What Markets Are Saying Right Now

October 19th, 2020


It's been an extraordinary year for traders of volatility. We had the crisis, we had this incredible surge in retail call options buying, and we have …

How Tobacco Became One Of The Greatest Investments In History

October 15th, 2020


For over a century, tobacco stocks have been among the greatest investments in history, consistently outperforming other sectors decade after decade. But what is it about tobacco companies specifically that has led to …

Michael Hudson On Why The US Risks Becoming The Next Greece

October 12th, 2020


In the wake of the Great Financial Crisis, you heard a lot of talk about the US becoming like Greece unless the budget deficit were brought under …

What It Takes To Win At Quant Investing

October 8th, 2020


Interest in quantitative investing strategies continues to grow; however, as the space gets more competitive, making money and winning gets harder and harder. Computation costs alone can be prohibitive. On the latest …

An IMF Economist On The Challenge Of Finding The Neutral Rate Of Interest

October 5th, 2020


One of the guiding lights of Fed policy over the years has been the so-called Neutral Rate of Interest or R*. It's at this rate, theoretically, where …

Volatility Suppression Turned The Entire Economy Into One Big Carry Trade

October 1st, 2020


In a carry trade, an investor borrows money cheaply to buy an asset that yields more. As long as nothing changes overall, the investors get to pocket the spread. In our latest episode, our guests argue that more and …

How All Financial Markets Turned Into The Same Big Trade

September 28th, 2020


These days it seems like all financial markets are the same big trade. A gold chart looks like a Tesla chart, which looks like an Ethereum chart, …

This Is What Happened When They Tried To Fix Journalism Using Blockchain

September 24th, 2020


Back in 2017, during the Bitcoin boom, there were a number of different attempts to use blockchain technology to improve a host of businesses and …

A Top Crypto Exchange CEO Explains Why The 2020 Boom Is Different

September 21st, 2020


Crypto is hot this year again. In 2020, we've not only seen a substantial rally across a lot of different coins, there's been an emergency of new …

How Traders Used Google Searches To See The Economic Recovery In Real Time

September 17th, 2020


The use of so-called "alternative data" has been gathering attention for some time. Investors have been looking at things like credit cards or satellite photos of Walmart parking lots for insights into businesses before …

How SoftBank And Robinhooders Added Fuel To The Stock Market Boom

September 14th, 2020


One of the most intriguing subplots to the 2020 stock market boom has been the speculative fervor with which investors have dived into this market. …

Why Blank Check Companies Are The Hottest Thing This Year

September 10th, 2020


SPACs have been around a long time. The basic premise is that a group of people raise a bunch of money from public market investors, with the premise of then going out to buy a specific, individual company. They're seen …

How A New Type Of Money Helped Cause The Great Financial Crisis

September 7th, 2020


It's fun to talk about what money is, but often it's hard to connect the dots and make it actually relevant to the discussion of the economy and markets. But, in this episode, we do just that. Our guest is Jacob …

Paul McCulley: We Are "Unambiguously" On The Verge Of A Profound Change In The Economy

September 3rd, 2020


Paul McCulley is a former Managing Director at PIMCO and a legend of the industry, having helped coin phrases such as "shadow banking" and the …

Minneapolis Fed President Neel Kashkari On The Historic Challenges For Monetary Policy

August 31st, 2020


The Fed is facing historic challenges for two reasons. The first is the coronavirus and the task of facilitating the economic recovery. The second challenge is one that precedes the crisis, and it has to do with how the …

The Father Of CMBS Says We’re In ‘Uncharted Territory’ When It Comes To Valuing Real Estate

August 27th, 2020


There are some sectors of the real estate market, such as suburban residential housing, that are doing just fine throughout this crisis. However, other areas are facing true existential risk. The value of commercial …

The CEO of a $1.4 Billion REIT Explains The Surprising Year In Housing

August 24th, 2020


When COVID hit, people had visions of a plunge in home prices and a massive wave of evictions. So far, that largely hasn’t played out. On this episode, we speak with Ivan Kaufman, the CEO of Arbor Realty Trust, a $1.4 …

Rep. Ayanna Pressley On How The Fed Can Fight Racial Inequality

August 20th, 2020


In the United States, Black Americans have experienced persistently higher levels of unemployment than their White counterparts. While the Fed has focused on aggregate unemployment levels, racial disparities has …

How To Run A Bowling Alley-Arcade-Restaurant-Bar In The Middle Of A Pandemic

August 17th, 2020


The pandemic has been brutal for restaurants and other indoor entertainment venues. So imagine running a space that's a restaurant, a bowling alley, an arcade, and bar all in one. Our guest on this episode does just …

The ECB’s Former Vice-President Explains The Historic Step That Europe Just Took

August 10th, 2020


For years, people have identified the lack of fiscal transfers and fiscal burden sharing as one of the glaring architectural flaws of the European …

Viktor Shvets On Why There’s No Going Back To Pre-COVID Capitalism

August 6th, 2020


In light of the massive disruption to the economy, there’s a widespread view that things have been permanently altered, that fiscal policy must take …

Why Investors Keep Losing Money Betting Against The Hong Kong Dollar Peg

August 3rd, 2020


For years, macro hedge fund managers have been stalking the Hong Kong Dollar. Since 1983, the currency has been pegged at around 7.75 per US dollar, …

How They’re Really Making Money On Your Free Robinhood Trades

July 30th, 2020


With so many people working at home, bored, and with no sports to bet on, there’s been an incredible explosion of retail stock market trading. One …

Introducing: Blood River

July 28th, 2020


The killers of Berta Caceres had every reason to believe they’d get away with murder. More than 100 other environmental activists in Honduras had been killed in the previous five years, yet almost no one had been …

How A Professional Writer Turned Herself Into A World Class Poker Player

July 27th, 2020


Switching careers is always difficult. But former New Yorker staff writer Maria Konnikova did it in dramatic fashion. Konnikova decided that the best …

Meet The Mayor Who Printed His Own Currency To Fight The Virus

July 20th, 2020


With the virus crushing economic activity, local governments have had to cut spending and rely on Federal support in order to maintain basic services. But one town in Washington is also trying something else. Tenino, …

Why Studying Keynes Is More Important Than Ever

July 13th, 2020


In response to the economic crisis, governments around the world have engaged in stimulative policies that might be characterized as “Keynesian” in …

How The Government Can Guarantee Everyone A Job And Fix The Unemployment Crisis Immediately

July 9th, 2020


Officially, the US unemployment rate stands at 11%. This is higher than the worst levels of the financial crisis. And there are reasons to think that the actual state of unemployment is even worse. There’s a wide …

Why The World Is Getting Angrier, And What Says About The Economy

July 6th, 2020


The world has gotten angrier in recent years, and the coronavirus crisis seems likely to have accelerated the trend. So what does this say about the …

Hyun Song Shin On What Central Banks Have Learned From The Crisis

July 2nd, 2020


Central banks and fiscal authorities around the world have taken extraordinary measures to stem the economic fallout from the coronavirus crisis. But what’s proven most effective, and what have central banks learned …

This Is Why The China Bubble Never Seems To Pop

June 29th, 2020


For years and years, the Chinese economy has been characterized as a bubble, with too much debt, and a history of badly thought out, state-directed investment. Yet, for all of the dire warnings, the economy has …

Introducing Foundering

June 25th, 2020


Adam Neumann had a vision: to make his startup WeWork a wildly successful company that would change the world. He convinced thousands of other people …

What The Black Death And Spanish Flu Can Tell Us About What Comes Next

June 22nd, 2020


Nobody knows what the post-COVID future looks like. But there are some lessons to be learned from previous pandemics. On today’s episode we speak with Jamie Catherwood of O’Shaughnessy Asset Management, aka the “Finance …

Chamath Palihapitiya Says A Reckoning Is Coming For Big Tech

June 18th, 2020


Chamath Palihapitiya is the CEO of Social Capital, the Chairman of Virgin Galactic and a partial owner of the Golden State Warriors basketball team. …

Domino’s: This Is How A Pizza Chain Stock Did Just As Well As Google

June 15th, 2020


In the summer of 2004, Google went public and, as everyone knows, it’s done phenomenally well. What’s less known is that a few weeks later, Domino’s Pizza also went public. What’s crazy is that the stock has performed …

Why You Can’t Blame The Fed For Ultra-Low Interest Rates And Soaring Asset Prices

June 11th, 2020


One of the characteristics of the pre-crisis (and perhaps also the post-crisis) economy is the presence of very low interest rates, and financial asset prices that are expensive by historical standards. Of course, a lot …

Two Investors Did A Tour Of The Globe To Find The Best Place To Put Their Money

June 8th, 2020


As many active fund managers have discovered in recent years, it’s extremely hard to find a sustainable edge in investing. But for people who put in hard work to discover opportunities off the beaten track, it may still …

This Is What Happened To LIBOR During The COVID Crisis

June 5th, 2020


Welcome to Part V of the Odd Lots LIBOR series, in which Tracy Alloway and Joe Weisenthal take a look at life after LIBOR, the interest rate tied to more than $350 trillion worth of financial assets.

For our final …

How The Transition Away From LIBOR Is Actually Going

June 4th, 2020


Welcome to Part IV of the Odd Lots LIBOR series, in which Tracy Alloway and Joe Weisenthal take a look at life after LIBOR, the interest rate tied to more than $350 trillion worth of financial assets.

It's one thing to …

The Case for AMERIBOR As The Replacement for LIBOR

June 3rd, 2020


Welcome to Part III of the Odd Lots LIBOR series, in which Tracy Alloway and Joe Weisenthal take a look at life after LIBOR, the interest rate tied to more than $350 trillion worth of financial assets.

SOFR is the …

This Is The Index That's Supposed To Replace LIBOR

June 2nd, 2020


Welcome to Part II of the Odd Lots LIBOR series, in which Tracy Alloway and Joe Weisenthal take a look at life after LIBOR, the interest rate tied to more than $350 trillion worth of financial assets.

Troubles with LIBOR …

Meet the Man Who Blew the Whistle on LIBOR

June 1st, 2020


Welcome to the Odd Lots LIBOR series, in which Tracy Alloway and Joe Weisenthal take a look at life after LIBOR, the interest rate tied to more than $350 trillion worth of financial assets.

On the first episode in our …

Here’s Who Really Benefits From The Dominance Of The U.S. Dollar

May 28th, 2020


When people talk about the dominance of the U.S. dollar in global commerce, they often refer to it as a unique privilege of the United States that …

Three Sovereign Debt Experts Explain How The World Can Instantly Bring Aid To Emerging Markets

May 25th, 2020


The economic crisis will result in an extraordinary amount of pain for emerging markets. In addition to the health disruption, the global economic …

What The Weak Recovery In Japan Can Teach Us About Re-Igniting The U.S. Economy

May 21st, 2020


Even with the recent stock market rally, expectations are poor for a robust recovery in the U.S. So what does history teach us about what works and …

Mark Cuban On Why The Government Should Directly Hire Millions Of People

May 18th, 2020


How should the government address the economic crisis? On this episode, we talk with Mark Cuban, the Shark Tank co-host and billionaire owner of the …

The Coronavirus Crisis Could Lead To The Mother Of All Trade Imbalances

May 14th, 2020


With the acute phase of the health crisis having faded in China, factory activity has ramped up again. One big problem though: With the economy so depressed everywhere else, demand for the goods made in those factories …

Richard Koo Explains Why The Recovery Will Be So Difficult

May 11th, 2020


Countries around the world are undergoing an unprecedented, simultaneous real economic shock. So how should policymakers respond? Richard Koo is the …

What the Market Crash Says About How Investing Works

May 7th, 2020


We’ve seen a huge market crash this year and a number of firms reporting portfolio losses. So why were so many big investors crowded into the same …

Nouriel Roubini Sees A Bad Recovery, Then Inflation, Then A Depression

May 4th, 2020


During the last crisis, the economist Nouriel Roubini earned the nickname “Dr. Doom” for his ominous prognostications about the economy and financial system. While he prefers the moniker “Dr. Realist” Roubini is once …

How To Fund The Search For A COVID-19 Vaccine And Boost The Recovery

April 30th, 2020


The hunt is on for a clinical therapy to prevent or treat COVID-19. But what’s the best way to go about this? How can governments accelerate this process? And what can governments do now to help a robust economic …

Adam Tooze On How This Crisis Is Different Than The Last

April 27th, 2020


In 2018, Columbia history professor Adam Tooze published his magisterial work “Crashed”, which framed the Great Financial Crisis as essentially a …

How The Coronavirus Crisis Pushed The Fed Into Truly Uncharted Territory

April 23rd, 2020


The fate of the economy remains extremely unclear. However there is little doubt that the Fed has taken dramatic steps to arrest the crisis. Not only …

Emerging Markets Have Never Experienced A Crisis Like This Before

April 20th, 2020


With major economies around the world coming to a screeching halt, emerging markets are in a squeeze of historic proportions. Not only are they being buffeted by a domestic health crisis, but export industries are …

Why The War On Physical Cash Is A War On Freedom

April 17th, 2020


Commerce and payments are increasingly digital. This shift from physical to electronic is one that governments and businesses are eager to accelerate for a host of reasons. But what gets lost when we no longer have …

Marco Rubio On The Effort To Save Jobs And Get People Working Again

April 15th, 2020


At the end of March, Congress passed the CARES Act in an attempt to mitigate some of the massive economic devastation being caused by the coronavirus crisis. A key piece of the legislation includes grants for small …

How To Stop The Fiscal Emergency Facing U.S. Cities And States

April 13th, 2020


With the U.S. economy going into a deep slump, the Federal government has attempted to counteract the pain by increasing spending. But for cities and states, it’s virtually impossible for them to run counter-cyclical …

Here’s What’s Happening With Those Korean Structured Notes That Bet Against Market Volatility

April 9th, 2020


Earlier this year on Odd Lots, we did an episode about Korean structured investment products that were sold to retail investors, whose performance …

Tom Barrack On The Crisis In The Commercial Real Estate Market

April 6th, 2020


The commercial real estate market has been clobbered in this crisis, as restaurants and stores virtually shut down entirely throughout the month of March. On this week’s Odd Lots episode, we speak to Tom Barrack, the …

Zoltan Pozsar and Perry Mehrling On The Historic Crisis Of Financial Market Plumbing

March 30th, 2020


The plumbing of the financial system is coming under strain like never before. On this week’s podcast, we speak with two legendary experts on how the …

How The Crisis Nearly Blew Up One Of The World’s Safest Trades

March 26th, 2020


In normal times, U.S. Treasuries are the ultimate safe haven. They are highly liquid and guaranteed to pay out. So when people want to hide out …

A Longstanding Fear About The Corporate Debt Market May Finally Be Coming True

March 23rd, 2020


For a long time, people have been warning that corporate debt could be the major source of vulnerability in today's economy. And the market meltdown …

How A Macro Manager Is Trading On One Of The Wildest Markets In History

March 19th, 2020


Markets around the world are so extremely volatile that nobody can think of any perfect precedent. There are shades of the Great Recession, 1987, the …

How Saudi Arabia Delivered A Blow To U.S. Shale Companies At The Worst Possible Moment

March 16th, 2020


Saudi Arabia recently announced that it was engaging in a full-on price war by pumping oil like crazy. At one point, after the move, the price of …

How To Stop The Recession From Happening Right Now

March 12th, 2020


The U.S. is on the verge of an economic crisis due to the coronavirus, as people and businesses aggressively pull back on spending. On this week's …

Did Passive Investing Fuel A Bubble In Ultra-Large Tech Stocks?

March 9th, 2020


Questions continue to arise over the effect of passive investing, and whether or not it's somehow distorting the market. On this week's episode, we speak to Vincent Deluard, the Director of Global Macro for INTL FCStone …

How A Profane Subreddit Moved The Market

March 5th, 2020


In recent weeks, before the stock market plunged, a page on reddit called r/WallStreetBets suddenly started exhibiting enormous influence on a …

How Iraq Pulled Off One Of The Biggest Sovereign Debt Restructurings Of All Time

March 2nd, 2020


There are lots of famous debt crises in history, but the story of Iraq's government debt build-up in the 1980s and subsequent restructuring in the early 2000s is probably one of the most unusual. Iraq transformed from a …

This Is What The Coronavirus Means For The Chinese Supply Chain

February 26th, 2020


Apple's recent revenue warning reminded the world of how exposed the company is to China, and in particular its factories. As the coronavirus …

The Jeweler From Uncut Gems Explains Why People Go Crazy For Gold And Diamonds

February 24th, 2020


One of the best recent movies was Uncut Gems, in which Adam Sandler plays a Diamond District jeweler with an addiction to gambling and risk. It turns out, one of the workers in Sandler's shop was played by an actual, …

What the Coronavirus Means for Pandemic Bonds

February 17th, 2020


Back in 2017, the World Bank issued the world's first pandemic bonds. The bonds are meant to shift some of the financial risk of a global pandemic on to investors, but they've been criticized for having 'triggers' that …

Why The Rise of Passive Investing Might Be Distorting The Market

February 10th, 2020


Over the last decade or so, we've seen an incredible rise in so-called passive investing. While definitions differ over what this means, we've seen more and more money poured into index funds (which own every stock in a …

How To Use Fiscal Stimulus To Stave Off The Next Recession

February 3rd, 2020


There's a growing consensus that governments need to act more aggressively in using fiscal policy to stave off the next recession, and that monetary …

Perry Mehrling Explains Why "The Money View" Is Key To Understanding Financial Markets

January 27th, 2020


Even to this day, there are economists who don't understand money or don't think that money is an important aspect of the economy. They see the world as still operating essentially under a barter system, with money only …

Why The Transition To Clean Energy Is Happening A Lot Faster Than People Realize

January 24th, 2020


At the recent World Economic Forum in Davos, there was a lot of talk about the need to change the world's energy usage in order to address climate change. While it's easy to get cynical about business leaders and …

How An Exotic Investment Product Sold In Korea Could Create Havoc In The U.S. Options Market

January 20th, 2020


What's the connection between low global interest rates, Korean retail investors, and the U.S. options market? On this week's Odd Lots podcast, we discuss the fascinating world of Korean structured notes with Benn …

What It's Like To Be An Investor In Iran's Market Right Now

January 13th, 2020


Iran's stock market is one of the most unfamiliar equity markets in the world. With Iran under stringent U.S. sanctions, it's hard to even find data …

Introducing Prognosis Season 4: America's Broken Health-Care Costs

January 9th, 2020


Americans are paying more and getting less for their health care than ever before. On the new season of Prognosis, reporter John Tozzi explores what went wrong. 

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Why So Many Emerging Markets Are Blowing Up Right Now

January 6th, 2020


From Argentina to Chile to Lebanon, we're seeing a high degree of political and economic uncertainty among emerging market economies. On this week's …

Why It's A Big Problem That Economists Still Don't Understand Money

December 30th, 2019


The severity of the Great Financial Crisis took economists by surprise, particularly the ones who believed that markets were largely stable and …

A Human Rights Activist Explains Why Bitcoin Is So Important to His Work

December 23rd, 2019


When people think about Bitcoin, they often think about neo-goldbugs who hate inflation and the Federal Reserve. But beyond the financial case for …

How Online Dating Is Reshaping the Entire Economy

December 16th, 2019


By this point, everybody knows that online dating is a massive phenomenon, reshaping the social habits of the young and the single. But perhaps people are still not appreciating the significance of it. On this week's …

How Nearly Two Decades Of Fed Policy Contributed To Bubbles, Busts, And A Boom In Debt

December 9th, 2019


Many people like to claim that the Federal Reserve is responsible for the high degree of leverage and speculation in the economy. But the mechanism …

How Bond Defaults Are Changing China's Markets

December 2nd, 2019


For years, defaults were few and far between in China's corporate bond market. Most investors thought that the Chinese government would never let …

This is How Economic Crisis and Precarity Shaped the Millennial Generation

November 25th, 2019


How do Millennials view investing and spending? How do the rising costs of healthcare, education, and housing affect their economic outlook? How does fear of climate change affect one's long-term life choices? These …

How A Former 'Magic: The Gathering' Player Became the Top Tournament Poker Player Of All Time

November 18th, 2019


According to the website The Hendon Mob, the top tournament poker player of all time is the American Bryn Kenney, who has won a staggering $55.5 million. In fact, he got there in just the last six months, having won …

Why The Repo Markets Went Crazy, And Why December Could Be Even Worse

November 11th, 2019


Back in September, chaos erupted in short-term funding markets, as the cost for financial institutions to borrow reserves soared. Immediately a major debate broke out over whether this represented a systemic problem for …

An Anthropologist Explains How Wall Street Culture Reshaped The Entire Economy

November 4th, 2019


Where did the notion come from that the obligation of a company's management is to maximize shareholder returns, even if it means pain for workers? …

Why Taiwanese Life Insurers Are The Great 'Whodunit' Of The Financial World

October 28th, 2019


You probably haven't thought much about the Taiwanese life insurance industry. Why would you have? But they're among the most fascinating entities in …

Coming Soon: Travel Genius Season 2

October 25th, 2019


Bloomberg's Travel Genius podcast is back! After clocking another hundred-thousand miles in the sky, hosts Nikki Ekstein and Mark Ellwood have a …

How Private Sector Balance Sheets Changed Recessions

October 21st, 2019


Can the U.S. economy have a recession without it turning into a crisis? In the old days, such garden-variety recessions were fairly common. These …

Why Governments Haven't Learned The Lessons Of Japan

October 14th, 2019


It's well known that Japan has (until recently) been mired in years of mediocre economic growth. And policymakers and economists use Japan as a …

The Odd Lots Variety Show

October 7th, 2019


On September 19, 2019, Odd Lots hosted its first-ever live event at the WNYC Greene Space in downtown New York City. With an all-star lineup of …

Introducing Stephanomics Season 2

October 1st, 2019


Stephanie Flanders, head of Bloomberg Economics, returns to bring you another season of on-the-ground insight into the forces driving global growth and jobs today. From the cosmetics maker in California grappling with …

How Financial Repression in China Helped Cause the Trade War

September 30th, 2019


For years, China has experienced blistering growth. Driven by an investment-heavy economic model, this growth has limited household income while …

What Businesses Can Learn From the Collapse of Civilizations

September 23rd, 2019


History is littered with collapsed civilizations ranging from the Maya to Angkor Wat. But what can they tell us about the world today, or doing …

Why The Dominant U.S. Dollar Refuses To Go Away

September 16th, 2019


For years, people have been predicting the demise of the U.S. dollar as the global reserve currency. Although the U.S. economy has been shrinking as …

Huw van Steenis On What Central Banks Will Do Next

September 9th, 2019


Last month, central bankers gathered at the annual Economic Symposium in Jackson Hole, Wyoming. A lot of the talk was about the limits of monetary …

Why Value Investing Has Been Doing Terribly

September 2nd, 2019


One of the oldest, most basic strategies in investing is value investing, which, for lack of a better way to put it, means "buy stocks that are …

Introducing Prognosis Season 3: Superbugs

August 27th, 2019


On this new season of Prognosis, we look at the spread of infections that are resistant to antimicrobial medicines. You're probably more likely to have heard of these as superbugs. Their rise has been described as a …

How to Forecast the Future

August 26th, 2019


Every day, people are bombarded with predictions of what will happen in the future. In recent months, talk of 'inflection points' in the markets has heated up, and the possibility of the U.S. economic expansion, now the …

John Hempton on What's Ailing Bank Stocks

August 19th, 2019


We live in a world of generally expensive stock markets and bank equities trading at 30-year lows. So says John Hempton, co-founder of hedge fund Bronte Capital and a former bank analyst, who also calls it "one of the …

What Negative Interest Rates Mean for the World

August 12th, 2019


The amount of negative-yielding debt keeps climbing and now includes bonds issued by emerging market countries and some junk-rated companies. On this week's episode, we talk to Viktor Shvets, Macquarie's Head of Asia …

How Science Fiction Explains the U.S.-China Trade War

August 5th, 2019


It's no secret that a lot of the trade tensions between the U.S. and China have centered on technology, and China has accused the U.S. of trying to …

Here's How People Are Using Cryptocurrency in Venezuela

July 29th, 2019


Last month, Facebook announced it was launching its own cryptocurrency called Libra. Facebook says Libra is going to have all sorts of benefits, including helping people without traditional bank accounts and acting as …

The Bullish Case for WeWork

July 22nd, 2019


Of all the “unicorn” startups in recent years, perhaps none induces more skepticism than WeWork. Thanks to its gigantic losses and unusual business …

Why A Longtime Bull Just Flipped Very Bearish On The Stock Market

July 15th, 2019


There's always bears out there predicting that the stock market will tank. But many of them aren't worth listening to because they're always saying the same thing, regardless of the market environment. What's …

What Bitcoin Has To Do With The Dream Of Cryonics

July 8th, 2019


Bitcoin has been around for roughly a decade now, but people have been working on the dream of an anonymous, digital currency for a lot longer than that. On this week's Odd Lots, we speak with NYU professor Finn …

Why a Strong Dollar Causes Most of the World Major Pain

July 1st, 2019


The vast majority of global trade is still denominated in U.S. dollars, making cross-border flows about currencies as much as manufactured goods. On …

One of Hong Kong's Most Famous Investors Gives His Vision of the City's Future

June 24th, 2019


There's been a series of historic marches in Hong Kong, with millions of people taking to the streets to protest against an extradition bill that they think will give China more power over the city. On this episode of …

How Auction Guarantees Are Changing The World Of Art

June 17th, 2019


Famous, unique pieces of art are inherently illiquid. They don't sell very often, and pricing is inherently difficult to estimate. Nonetheless, it's …

What Boy Band Sensation BTS Can Teach Us About Economics

June 10th, 2019


South Korean boy band BTS is rarely connected to economics, but as the biggest success to come out of K-Pop, it arguably should be. On this week's …

Why President Trump's Move Against Huawei Is Such A Big Deal

June 3rd, 2019


Earlier this month, President Trump escalated the trade tensions against China by limiting exports of U.S. technology to Huawei. But what is Huawei, …

Bloomberg Presents "What Goes Up"

May 29th, 2019


“What Goes Up” is a new show from Bloomberg that tracks the main themes influencing global markets. Hosts Sarah Ponczek and Mike Regan speak with guests about the wildest movements in markets and what they mean for your …

Meet The Godfather Of Cryptocurrency

May 27th, 2019


Bitcoin has been around for about ten years. But the dream of a decentralized, anonymous digital currency has been around for decades. On this week's podcast, we speak with one of the original godfathers of the space, …

Bloomberg and Wondery Present: The Shrink Next Door

May 23rd, 2019


Marty Markowitz had his share of problems. His parents had recently died. He had troubles at work. A failing relationship. He needed someone to help him through this rough patch in his life. So he decided to get some …

Behind the Scenes of Financial Fraud

May 20th, 2019


If you lived in NYC a few decades ago, you probably have heard of Crazy Eddie, an electronics retailer that was famous for its outlandish ads on TV. What most people didn't know until after it went public, is that the …

What the Russian Revolution Can Teach Us About Bond Bubbles

May 13th, 2019


When talking government bond defaults, plenty of people think of Argentina and Greece. But the biggest sovereign debt default of all time was …

Introducing: Business of Bees

May 9th, 2019


These days about one in three bites of food you eat wouldn’t be possible without commercial bee pollination. And the economic value of insect …

How A Poker Pro 'Reads' His Opponents

May 6th, 2019


Whenever poker is depicted on a TV show or in a movie there's a lot of emphasis placed on the art and science of reading the physical cues that players give off accidentally when attempting to conceal the motivations …

What Will Crypto’s Market Structure Look Like?

April 29th, 2019


Recently, the cryptocurrency exchange Binance delisted a Bitcoin offshoot, causing its price to fall. Crypto’s market structure is still in its early days, and the move raises questions around decentralization and the …

The End of An Era for Odd Lots

April 22nd, 2019


No, no, don't worry, the Odd Lots podcast isn't coming to an end. But for actual odd lots -- trades of securities in unusually-sized increments -- it's the end of an era. Some major banks announced recently that they're …

Introducing "What Goes Up," A New Show From Bloomberg

April 17th, 2019


On this new show from Bloomberg, hosts Mike Regan and Sarah Ponczek speak with expert guests each week about the main themes influencing global markets. They explore everything from stocks to bonds to currencies and …

Why Foreign Investors Cooled On U.S. Debt

April 15th, 2019


There's something wrong with prices in funding and bond markets, according to this week's Odd Lots guest. Zoltan Pozsar is a former adviser to the …

MMT And Emerging Markets

April 8th, 2019


In discussions about Modern Monetary Theory (MMT) you often hear that while it may be true that the U.S. has the space to expand its deficits significantly, that it doesn't apply to emerging markets. On this week's …

From MMT Advocate To Outspoken Critic

April 1st, 2019


Cullen Roche, the author of the financial blog Pragmatic Capitalism, explains why he went from an adherent of Modern Monetary Theory (MMT) to one of …

A Critic of Cryptocurrencies Says Bitcoin Needs To Be Burnt With Fire

March 25th, 2019


There's a problem in many debates about cryptocurrencies and blockchain technology. While many people are inclined to dismiss them as fraudulent …

The Evolution Of The Online Brokerage Business

March 18th, 2019


The online brokerage business burst on the scene in the late 90s, as at-home traders were lured to try their hand at winning big in the stock market. These days, investors are inundated with the message that they …

What's Next For Chinese Trade Talks

March 11th, 2019


China is front and center in the news again, thanks to the trade negotiations, as well as the National People's Congress, during which the government …

Canada's Cannabis Market So Far

March 4th, 2019


In mid-October last year, recreational cannabis became legal in Canada. Of course, there are all kinds of complications with any attempt to introduce such a new market. On this week's episode, we speak to Craig Wiggins, …

How To Analyze An IPO

February 25th, 2019


Some of Silicon Valley's biggest unicorns like Uber and Slack are expected to go public this year. But when companies finally pull the trigger and …

Tech Stock Bubbles In the 17th Century

February 18th, 2019


Jamie Catherwood is an investment analyst at Arthur J. Gallagher & Co. He's also a major financial history buff, and tells us the story of the tech stock bubble in the 17th century, when investors went crazy for …

A Message from The Pay Check

February 13th, 2019


The Pay Check is collecting stories for our upcoming season, and we want to hear from you! Did having a kid change your career trajectory or the way …

Understanding The Big Tech Stocks

February 11th, 2019


For years, the key to beating the stock market was to invest a lot in the big tech stocks like Facebook and Apple. But in 2018, they stumbled hard, amid a general selloff in the market, concerns about their growth …

What To Know Ahead Of India's Election

February 4th, 2019


India is going to have a general election in the months ahead, and so it's important to understand the state of the economy, and what incumbent Prime Minister Narendra Modi has accomplished during his five years in …

How Does The Chinese Economy Work?

January 28th, 2019


Matt Boesler, an economics reporter for Bloomberg, had the opportunity to report from Beijing for a few months in 2018. He shares with us his experience there, and what he learned from the opportunity. 

Learn more …

The 1MDB Scandal And The Nature of Debt

January 21st, 2019


At the heart of government debt is a promise to pay back creditors. But governments sometimes don't do this - either by defaulting on their bonds or …

Making Bitcoin A Currency People Use

January 14th, 2019


Even at Bitcoin’s recent peak, there was very little active use of the cryptocurrency in normal commerce. On this week's episode, we speak with Bitcoin maximalist Pierre Rochard of Bitcoin Advisory on why he's still a …

Introducing "Works For Me," A New Podcast From Bloomberg

January 9th, 2019


On this new show from Bloomberg, hosts Francesca Levy and Rebecca Greenfield navigate the productivity industry by way of their own experiences. In each episode, one of the two becomes a human guinea pig as she tries to …

He Rode The Bitcoin Boom All The Way Up, And Down

January 7th, 2019


The last two years have been an extraordinary ride for Bitcoin. It exploded in 2017, with the price nearing $20,000 per coin. Then in 2018 it totally …

This is What Traders Will Be Watching In 2019

December 31st, 2018


After a volatile 2018, few people in the market expect calm to return anytime soon. Politics, the Fed, and trade will continue to be major sources of …

These Were The Most Important Stories for Traders In 2018

December 24th, 2018


2018 will go down as one of the most pivotal for financial markets since the financial crisis. We saw the return of significant volatility, amid poor …

How Passive Investing Could Change Capitalism

December 17th, 2018


The biggest macro trend in investing is the rise of so-called "passive investing." But while this may have advantages for the individual investor, it …

The Market's Big Bet on Low Volatility

December 10th, 2018


The past couple months have seen the return of volatility in markets. On this edition of Odd Lots, we speak to Chris Cole, the founder of Artemis …

How To Analyze The Currency Markets

December 3rd, 2018


With assets like stocks and bonds, there are clear techniques you can use to value them. But what about currencies? They don't produce cash flows. …

How Paul Volcker Views His Life

November 26th, 2018


Paul Volcker is widely-regarded as single-handedly halting a period of severe inflation in the U.S. during the late 1970s and early 1980s. But the …

Why Blockchain May Never Benefit Corporations

November 19th, 2018


For years, a common mantra among corporate executives has been that "the blockchain," the technology underlying Bitcoin and other cryptocurrencies, …

This Is How The Unicorn Bubble Will Burst

November 12th, 2018


So-called "unicorns" have become household names in recent years. Multi-billion dollar companies like AirBNB, Uber, and WeWork have become known for …

Travel Genius, a New Show From Bloomberg

November 6th, 2018


What’s the most sure-fire way to get a flight upgrade? How can you find the best, secret local restaurants by asking just one question? What's the …

How The Original Rogue Trader Rebuilt His Life

November 5th, 2018


If there's one person associated with the term "Rogue Trader" it's Nick Leeson, who singlehandedly brought down Barings Bank in the early 90s, …

Prognosis, a New Show From Bloomberg

November 2nd, 2018


Where does a medical cure come from? 100 years ago, it wasn't uncommon for scientists to test medicines by taking a dose themselves. As medical …

Why Eurodollars Might Be Ground Zero for De-Globalization

October 29th, 2018


Eurodollars have nothing to do with the euro-dollar exchange rate. Instead, they're effectively a source of dollars that operates outside the control …

Coming Soon: The New Economy

October 24th, 2018


Bloomberg’s head of economics Stephanie Flanders calls on Bloomberg's worldwide network of reporters and expert commentators to cast a fresh eye on looming challenges for the world economy which affect us all.

This 6 …

What Will China’s Economy Look Like In 10 Years?

October 22nd, 2018


China has a plan for how it wants to transform into a modern economy. But the future of China’s economy is complicated both by internal factors like debt-fueled growth, as well as external challenges like a potentially …

Coming Soon: The ETF Story

October 19th, 2018


The creation story of the first exchange-traded fund is actually the best way to understand how they work. And it's not just educational, it's entertaining. Like the PC and the MP3, the story of the creation of SPY -- …

How To Analyze A Marijuana Stock

October 15th, 2018


Marijuana stocks have been on a tear recently, as investors bet on the explosion of a brand new, legalizing market. But, how should investors …

Saudi Arabia's IPO Drama

October 8th, 2018


A little over two years ago, Saudi Arabia revealed plans to IPO part of its huge state-owned national oil company. The listing would have been the …

What David Barse Learned From Watching A Credit Fund Blow Up

October 1st, 2018


David Barse was the CEO of Third Avenue Management when one of its credit funds melted down in late 2015. The collapse of the fund touched off a …

How To Create The Safest Bank In America

September 24th, 2018


What if there were a bank that could never experience a run? And furthermore, what if it paid higher interest rates on deposits than what you could …

What Investors Should Know About The Correlation Between Bonds And Stocks

September 17th, 2018


Sixty percent in equities/40 percent in bonds is a popular, general approach to structuring a diversified portfolio. In theory, when times are good, …

A Forensic Accounting Expert Explains How Companies Trick Investors

September 10th, 2018


Companies have all kinds of discretion in how they recognize revenue and costs. Some of this is legit. Some of this is fraud. On this week's episode of the Odd Lots podcast, we speak with Howard Schilit, an expert in …

Matt Levine Dissects Elon Musk's Controversial Tweet

September 4th, 2018


There's been an intense debate about what Tesla CEO Elon Musk meant when he tweeted in early August that he was taking the company private and that funding was "secured.” Bloomberg Opinion writer Matt Levine discusses …

The Time One Of Our Co-Hosts Launched His Own Cryptocurrency

August 27th, 2018


Joe Weisenthal is a co-host of the Odd Lots podcast. He also once launched his own cryptocurrency called Stalwartbucks. On this week's episode, we speak with Guan Yang, who along with Weisenthal helped launch …

An Emerging Markets Fund Manager Describes What's Happening In Turkey Right Now

August 20th, 2018


Are you confused about the crisis in Turkey? Today's episode will get you cleared up. This week on Odd Lots, we spoke to Paul McNamara, an investment …

How Wall Street Started Selling You Financial Products

August 13th, 2018


Open any financial publication and you'll see ads for investment products: exchange-traded funds, mutual funds, and the like. Those ads can tell you a lot about what investors are currently thinking and feeling about …

How A Post-Keynesian Economist Sees The Markets Right Now

August 6th, 2018


Srinivas Thiruvadanthai is the Director of Research at the Jerome Levy Forecasting Center, and one of the most interesting commentators on markets and the economy. He's also an economist who fits into the post-Keynesian …

Even The World's Greatest Investors Have Made Horrible Mistakes

July 30th, 2018


Here's some good news for investors: If you've ever made a disastrous trade, you're not alone. All of the greats have made horrible moves as well. On this week's Odd Lots podcast, we speak to Michael Batnick, the …

Why Understanding Financial Fraud Is The Secret To Understanding Business

July 23rd, 2018


If you want to understand how the human body works, you can't just look at healthy humans. You need to examine the ill, so you can see how the body breaks down and where its weak spots are. And so if you want to …

How to Listen to What the Market Is Trying to Tell You

July 16th, 2018


For years, it was pretty quiet in markets. Stocks kept making new highs and volatility drifted to fresh lows. That's changed in recent months and …

This Is What's Actually Happening When The Government Auctions Bonds

July 9th, 2018


Thanks to the tax cuts, the U.S. deficit is expected to surge again. And of course that's brought greater attention to the government's semi-regular …

The Internet Is Secretly Powered By Billions Of Tiny Auctions

July 2nd, 2018


Everyone knows that online advertising pays for a massive chunk of the internet that people know and love, whether it's social networking sites, news, photo sharing apps, or anything else. But how do the ads get …

The Creator of VaR Explains How Large Banks Measure The Risk Of Their Own Portfolios

June 25th, 2018


Earlier this year, markets were spooked by blow-ups in a number of volatility-linked products. But dealing with volatility is the foundation of risk …

Meet The Chicago Floor Trader Who Helped Inspire The Tea Party Movement

June 18th, 2018


A pivotal moment in U.S. political history is when CNBC's Rick Santelli went on a gigantic rant against Obama's stimulus programs while on the floor …

The Inventor Of 'Bond Vigilantes' Explains Why They Just Showed Up In Italy

June 11th, 2018


Longtime market analyst Ed Yardeni came up with the term "Bond Vigilantes" to describe the way bond market participants can punish governments who …

This Is How The Chocolate Market Actually Works

June 4th, 2018


When you're eating a chocolate bar, there's a good chance you're not thinking about the complex commodity market that allows cocoa beans to make it …

What the Finance Industry's All-Night Scavenger Hunt Is Actually Like

May 28th, 2018


For years, big banks, hedge funds and other investment firms took part in an epic scavenger hunt in New York. Inspired by the 1980 movie, “Midnight …

This Is China's Plan To Be A Technology Powerhouse By The Year 2025

May 21st, 2018


The recent trade tensions between the Trump administration and China has shone a light on the country's ambitions to become a technology powerhouse, …

Inside the Multi-Year Quest to Create a Bitcoin ETF

May 14th, 2018


When Bitcoin first began generating headlines, there were some who thought the cryptocurrency was a fraud and others who thought it was the next big thing. Greg King, CEO of Rex Shares LLC, was one of the latter. Like …

Bonus: The Pay Check, a New Podcast

May 9th, 2018


It’s a big, expensive, global mystery. Why do women still make less money—a lot less—than men? In the US, the average woman makes 80 cents to every …

This Is How The Paparazzi Business Really Works

May 7th, 2018


Everybody probably has some vague idea of what the paparazzi do. They ride around on motorcycles, hounding celebrities, and hopefully snapping photos …

These Stories Of Horse Racing Gamblers Will Get You Psyched For The Kentucky Derby

April 30th, 2018


The Kentucky Derby is coming up in early May, and it's time to get excited. On this week's Odd Lots podcast, we talk to Bloomberg editor David …

Why The Entire Way We Talk About Millennials Is Wrong

April 23rd, 2018


When it comes to millennials, the media has certain tropes that it likes to go back to. Millennials love avocados. Millennials aren't into homebuying. Millennials are always killing off this or that product or service. …

We're Nominated For A Webby Award, And We Need Your Help!

April 16th, 2018


We've been nominated for a Webby Award in the business podcast category, and we need the support of our listeners to help us win. Go online to and vote now. And thanks for listening!

Learn …

Why A Florida Orange Grove In 1946 Is The Key To Understanding Regulation Of ICOs

April 16th, 2018


By now, everyone's heard of ICOs (Initial Coin Offerings) where companies issue their own currency-like tokens. They boomed massively in 2017, …

This Is What A Trade War With China Would Actually Look Like

April 9th, 2018


Recent threats to impose tariffs on Chinese goods, coupled with China's own retaliatory announcements have raised the prospects of a trade war between the world's two biggest economies. But what is a trade war, and what …

An Economist Explains Why Losing Weight Is Kind Of Like Defeating Inflation

April 2nd, 2018


A lot of people would probably agree that there's something wrong with much of the traditional advice in how to lose weight -- or at least how it's …

The World's Most Controversial Interest Rate Is Haunting Us Again

March 26th, 2018


Remember LIBOR? The London Interbank Offered Rate measures the cost of money when banks borrow from each other. It famously blew out during the financial crisis, but for a long time since then it's been dormant. Only …

What It Was Like In The Glory Days Of Trading Currencies In The Pits

March 19th, 2018


These days, when you think of trading, you think of people sitting at a desk with a bunch of monitors, watching charts, and maybe making decisions based on algorithmic signals. Of course if you imagine a trader a few …

For The First Time In Years, Why People Are Suddenly Talking About Inflation Again

March 12th, 2018


For years, nobody seemed particularly concerned about inflation. Outside of a few blips, in the wake of the financial crisis, people have become …

Why The Human Brain Loves To Be Lied To

March 5th, 2018


In theory, people should want to know accurate facts about the state of the world. In practice, it's not so simple. Because of the way we evolved, …

Coming Soon: Decrypted Season 2

February 27th, 2018


Decrypted returns on March 6th with a brand new season. Here's a sneak peek of what's in store. We'll be releasing new episodes every Tuesday starting next week. 

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The NYC Fiscal Crisis Of The 1970s Has Some Important Lessons For Today

February 26th, 2018


In the 1970s, NYC teetered on the verge of bankruptcy. This crisis lead to the dismantling of the city's generous social safety net. On this week's Odd Lots podcast, we speak to Kim Phillips-Fein, historian and author …

How One Of The Most Profitable Trades Of The Last Few Years Blew Up In A Single Day

February 19th, 2018


In recent years, one of the easiest ways to make money in this market has been to bet on low volatility. Up until recently, markets have been …

Coming Soon: What'd You Miss This Week

February 12th, 2018


This month, Bloomberg is excited to bring you a brand new show. Every Friday on What'd You Miss This Week, we'll feature the most interesting interviews from Bloomberg's daily market close show, "What'd You Miss" hosted …

Annie Duke Explains How To Apply Poker Skills To Markets And Other Business Decisions

February 12th, 2018


Anyone who watched poker on TV during the golden age of coverage a few years ago is familiar with Annie Duke. She's one of the most famous poker …

Why One Of The Most Successful Quant Funds Decided To Create Its Own Video Game

February 6th, 2018


Quantitative finance is red hot. These days, basically everyone (banks, hedge funds etc.) is hiring mathematicians and coders. So what differentiates one quant shop from any other? On this week's episode of the Odd Lots …

How The Opioid Crisis And The Trump Administration Are Changing Middle America's Economy

January 29th, 2018


If you cover the economy from New York City or Abu Dhabi, it's easy to get caught up in a media bubble. But the U.S. economy is obviously not a …

How Radical Demographic Shifts Around The World Are Changing How Assets Are Valued

January 22nd, 2018


When we think about financial assets, we usually think of their price as being derived from some set of intrinsic characteristics. A stock price may be a function of growth, margins, interest rates, and a few other …

This Explains Why Modern Markets Developed Where They Did

January 15th, 2018


For centuries, markets were highly-personalized things, often controlled by select groups of people who traded based on long-established and …

This Is What It Was Actually Like To Live Through The Tech Bubble

January 8th, 2018


We talk a lot about bubbles on this podcast. Often we talk about them from the perspective of a trader or speculator. But what about the people whose …

These Will Be The Big Markets And Economics Stories In 2018

January 2nd, 2018


On last week's episode of Odd Lots, Bloomberg's Chris Nagi and Matt Boesler gave us their takes for the biggest stories of the past year. So naturally, for this week's episode, we look ahead. Chris and Matt are back in …

These Were The Biggest Markets And Economics Stories of 2017

December 26th, 2017


The year is over, and now's the time to look back at the big stories of the past year. On this week's episode, we're joined by Chris Nagi and Matt Boesler of Bloomberg News to discuss what they saw as the dominant …

This Is How Algorithms Impact Every Aspect Of Our Lives, from News to Credit Scores to Stocks

December 18th, 2017


Algorithms. People talk about them all the time, particularly in relation to markets. But who actually designs them, and what do they do? On this …

Two Researchers Explain How Quants Are Going To Revolutionize Long-Term Investing

December 11th, 2017


When we think of computer-driven or "quant" investing, we often think fast moves, algorithms making buy and sell orders at incredibly short timeframes. So in theory, the likes of great long-term investors, like Warren …

An MIT Professor Explains His Original Theory For How Markets Really Work

December 4th, 2017


There are two popular schools of thought with regards to how markets work. There's the efficient markets hypothesis (EMH) which says that it's …

Coming Soon: Trillions, a New Podcast

November 28th, 2017


Money goes where it's treated best. That simple truth is a big reason why more and more money—trillions, in fact—flows into a powerful, low-cost tool …

Why Historic Relationships in Markets Have Been Totally Upended

November 27th, 2017


This month we saw a small sell-off in markets that got big attention. How did we get to the point where a 1 percent fall in the S&P 500 over the course of a week is huge news? And are we about to enter a time when …

The World's Foremost Expert Explains How To Value Stock

November 20th, 2017


In this age of algorithms and quants, you hear less and less about good old stock picking. You know, like the style of investing associated with …

This Is How a Currency Trader Actually Picks What to Buy and Sell

November 13th, 2017


Most asset classes move in a fairly straightforward manner. They're either going up or down at any given time. But when it comes to currencies it's not that simple. Since they're all traded against each other (the pound …

History Has Some Ominous Warnings for Investors in Initial Coin Offerings

November 6th, 2017


You can't go a day without hearing about ICOs or Initial Coin Offerings. By taking advantage of a regulatory gap and buzz surrounding …

Everything You've Been Taught About How to Value a Stock Might Be Wrong

October 30th, 2017


Investors are constantly poring over income statements from big companies to figure out whether they should buy or sell the business's stock. But …

ETFs Are Eating the Financial World and They're Not Done Yet

October 23rd, 2017


By now, almost everyone in financial markets is familiar with ETFs (exchange-traded funds), and how they allow investors to move quickly in and out of a basket of stocks with a few clicks. But perhaps people don't …

How One Trader Won Big While Everyone Else Panicked on Black Monday

October 16th, 2017


On Monday October 19th, 1987, the Dow Jones fell 508 points in a one day crash that will forever be known as "Black Monday". In honor of the 30th …

What We Can Learn About Market Liquidity By Looking At Everyday Life

October 9th, 2017


"Liquidity" is one of the most widely-talked about yet least understood concepts in markets. Roughly speaking, a market is liquid if you can transact in it without affecting the price significantly. But there's little …

Inside the Changing World of the Sell-Side Analyst

October 2nd, 2017


The world of sell-side analysts has been upended in recent years with intense competition, new technology and regulation in the form of MIFID. At the …

Revisiting The Strange Story Behind the Beanie Babies Bubble

September 25th, 2017


To wrap up our series on financial bubbles, the Odd Lots podcast looks back at an early episode, focusing on one of the most iconic bubbles of the 20th century: Beanie Babies.

Two market bubbles stand out from the late …

The Baseball Card Bubble Can Tell You A Surprising Amount About How Markets Work

September 18th, 2017


There's a good chance that if you were a boy in the early 90s that you were a collector of baseball cards. For a few years, the baseball card …

How an Austrian Economist Explains The Tulip Bubble

September 11th, 2017


The tulip bubble is the quintessential bubble. If you want to call something a bubble, just mutter something about tulips, and everybody will know …

This Is What Happened During The Great Florida Real Estate Bubble

September 4th, 2017


During the 2008 financial crisis, Florida was an epicenter of the real estate meltdown. But for decades before that, the state has been characterized by booms and busts. In this week's episode of the Odd Lots podcast, …

This Is What All Great Stock Market Bubbles And Crashes Have in Common

August 28th, 2017


Markets are at their most exciting when they're in a bubble. Spectacular fortunes can be made and lost in the blink of an eye. So how do bubbles form …

What Looking Inside a Bank Archive Can Tell Us About Modern Finance

August 21st, 2017


Royal Bank of Scotland has been around, in one form or another, for hundreds of years. The company keeps artifacts from its lengthy history in an archive that features everything from a customer ledger kept during the …

The Biggest Lesson Investors Should Have Learned From the Crisis

August 14th, 2017


It's been 10 years since the start of the credit crunch that eventually led to the global financial crisis. For many investors, the events of 2007 to 2008 shook their entire understanding of how markets are meant to …

What Diner's Club Card Reveals About the Nature Of Money

August 7th, 2017


We use money everyday, but it's rare to actually think about what money is or what it represents. And in fact many of the people who are the closest to it -- academics, traders, etc. -- understand it the least. On this …

How The Bond Market Changed During A Veteran Trader's Decades On Wall Street

July 31st, 2017


Most people have some kind of hazy conception of how the stock market works. Stocks are simple to understand, and there are only so many of them out …

What It's Like to Suddenly Become a Bond Manager in the Credit Crisis

July 24th, 2017


We talk a lot on Odd Lots about the idea of investing. But what's it like to actually have to put money to work in some of the trickiest investing environments in history? David Schawel was an equity analyst who …

Why Wheat is the World's Most Exciting Market Right Now

July 17th, 2017


Financial markets around the world are stuck in a long period of low volatility and boredom. But one pocket is seeing some wild action -- grains. …

How A Former Wall Street Trader Cracked The World Of Betting On Baseball

July 10th, 2017


It's no secret that a lot of people in finance like to bet on things. But how many of them take the time to actually beat the house in gambling? On this week's Odd Lots, we talk to Joe Peta, a former Lehman Brothers …

Why a Natural Gas Company Is Shaking the World of Islamic Finance

July 3rd, 2017


Earlier this month, Dana Gas, a UAE-based company, rocked the world of Islamic finance by announcing that one of its Shariah-compliant bonds was, well, no longer Shariah-compliant. On this week's episode of Odd Lots, we …

This Is What a Real-Life Wendy Rhoades Actually Does

June 23rd, 2017


On the TV show "Billions," one of the most important characters is Wendy Rhoades, the psychologist at Axe Capital who helps traders get out of their …

Inside The Booming World of Initial Coin Offerings

June 16th, 2017


By now everyone's heard of Bitcoin, and probably has an opinion on it. But the world of cryptocurrencies has a new object of fascination: ICOs. Whereas the tech boom in the 90s was characterized by an obsession with …

The True Story Of America's Catfish Gold Rush

June 9th, 2017


America has had many well-known booms and busts in its history: Real estate, internet stocks, Beanie Babies... too many to list. But did you know …

Why Everyone's Talking About the VIX and 50 Cent

June 2nd, 2017


For the past few years, everyone in markets has been talking about nothing. Market moves have been subdued and the Chicago Board Options Exchange's …

Poker Legend Phil Hellmuth Has Advice That Traders Should Hear

May 26th, 2017


Phil Hellmuth is one of poker's biggest stars. His success is undeniable, as he's won 14 bracelets at the World Series of Poker, more than anyone else. And his outsize personality at the table has earned him the …

What a 150-Year Old Indian Railway System Tells Us About Trade

May 19th, 2017


It's no secret that international trade has been criticized lately. But why exactly are countries generally happy to trade within their borders -- from one state or town to another, for example -- but more reluctant to …

How Instagram Turned Into a Giant Market for Food

May 12th, 2017


Avocado toast, unicorn frappuccinos, and kale salads. Taking photos of your food and putting them on Instagram is a now a huge trend that's transforming markets in more ways than one. In this edition of the Odd Lots …

How a Fund Manager's Trying to Fix Some of the Mideast's Issues

May 5th, 2017


When you think about the Middle East what springs to mind? Perhaps oil, maybe political instability, terrorism or even war. On this week's episode of …

One Of The Top Chess Players Talks Computers & Options Trading

April 28th, 2017


On this week's episode of the Odd Lots podcast, we talk to Hikaru Nakamura, one of the best chess players in the world. Currently ranking in the top seven, Nakamura achieved grandmaster status at a younger age than …

How to Use Pop Music to Forecast the Stock Market

April 21st, 2017


When most people analyze the stock market, they look at stuff like revenues, earnings, valuations, and economic conditions. But some people like to …

What Happens When Markets As We Know Them Cease to Exist

April 13th, 2017


What if you woke up tomorrow and found the U.S. stock market was closed for good? That happened to investors in the Russian market after the …

Inside the Hidden Cycles That Rule Markets and Life

April 7th, 2017


History, as you may have heard, has a tendency to repeat. But does it repeat in ways that are measurable and predictable? We speak with Peter Borish, a veteran investor and trader who is currently chief strategist at …

This Is How You Know When the Stock Market Is in a Bubble

March 31st, 2017


One of the most fascinating market phenomenons is the bubble. When they occur, fortunes are made and lost, and the full spectrum of human emotions, …

How a Fund Manager Teaches His Kids About Money and Banking

March 27th, 2017


Plenty of people pay their kids an allowance to teach them the value of hard work and earning money. But our guest on this week’s Odd Lots podcast …

What the Berkshires Learned by Launching its Own Currency

March 24th, 2017


"Buy local" is a mantra that has appeal across the political spectrum. Small communities have preached this gospel for a long time. Our current …

How the Biggest Bull Market Could Go on for a Whole Lot Longer

March 10th, 2017


A few weeks ago on the Odd Lots podcast, we talked to Paul Schmelzing, a Ph.D candidate at Harvard, who explained how the bull market in U.S. …

The Incredible True Story of the Real Life 'Trading Places'

March 3rd, 2017


If you have any interest at all in finance, then it's mandatory to have seen the 1983 movie "Trading Places." You remember, right? Two wealthy Philadelphia commodity brokers bet on whether anyone, even down-and-out …

Could Buddhism Save The Global Economy?

February 24th, 2017


There's a widespread sense that something remains broken in the global economy. Despite a comeback in official measures of economic performance, like GDP and the unemployment rate, there's a widespread sense of …

How Poker Explains the Battle of Passive and Active Investing

February 17th, 2017


Among the biggest trends in the world of markets is the rise of passive investing. Rather than pay high fees to active mutual fund managers (who often fail to beat the market), people are pouring money into passive …

Why It's Really Hard to Create a New Currency in a Revolution

February 10th, 2017


Creating a new form of money is always tough. Will it hold its value? Will people trust it? Will people use it? All these challenges are even tougher …

Why Negotiating a Ransom Is the Trickiest Trade in the World

February 3rd, 2017


There are all sorts of reasons why markets break down. A lack of trust. Incomplete information. Divergent incentives. A lack of experienced actors. So it's hard to imagine a trickier market than kidnapping. Emotions are …

64: Stay in School, Even if You're Planning to Join the Mob

January 27th, 2017


It's almost a truism that better-educated people earn more money. But suppose you're not interested in a normal job? What if you want to go into the …

63: This Is How Monetary Policy Works in The Islamic State

January 20th, 2017


The Islamic State is mostly discussed in terms of its threat to the safety and security of the world. But as a geopolitical entity, its leadership …

62: How The Biggest Bull Market Could Come Crashing Down

January 13th, 2017


The stock market is currently in one of its longest bull markets ever, but that doesn't hold a candle to what's going on bonds. According to Paul …

61: Here's What's Going to Happen in 2017

January 6th, 2017


Welcome to the start of the new year! 2016 defied almost everyone's expectations, but that won't stop us from making predictions for 2017. On this …

60: These Were the Most Interesting Stories of 2016

December 23rd, 2016


It was quite a year, 2016! Trump and Brexit alone made it one for the history books. But there was more than political upheaval. In this end-of-year …

59: What Sneakers Can Tell You About How Financial Markets Work

December 16th, 2016


One of our favorite topics here at Odd Lots is market structure. On multiple occasions, for example, we've talked about how trading bonds is …

58: Ignore Investing's Mathematical Underpinnings at Your Peril

December 9th, 2016


What's the optimum amount of money you should bet on a particular outcome? The answer is dictated by mathematics, yet plenty of people still go …

57: Was November the Start of a Huge Turning Point In Markets?

December 2nd, 2016


Something huge happened in November. No, we're not talking about the U.S. presidential election. We mean the worst month in history for the the Bloomberg Barclays Global Aggregate Total Return Index, a bond market index …

56: How To Launch Your Own Form Of Money

November 25th, 2016


By now you've probably heard of Bitcoin. But Bitcoin isn't the only digital currency. In fact, there are hundreds of "altcoins" out there, all of which are different from Bitcoin in varying degrees. One of the hottest …

55: Here Are The Signs That A Civilization Is About To Collapse

November 18th, 2016


All great civilizations eventually collapse. It's inevitable. So what are the signs of their demise? On the latest edition of Odd Lots, we speak with …

54: How Trump Did Something Yellen, Draghi Could Only Dream Of

November 11th, 2016


There's a lot to process from last week's U.S. election. One surprising thing already is the market reaction. Equities surged following the vote, and …

53: Why We Stopped Trusting Experts

November 4th, 2016


One could argue that "expert" has become a bad word. People routinely roll their eyes at the advice of experts and sometimes mock them. Perhaps …

52: What Math Models of Herding Cows Can Teach Us About Markets

October 28th, 2016


Investors are often said to exhibit herding behavior when they follow each other into crowded positions — creating market bubbles that are …

51: Why Everyone Is Freaking Out About Globalization

October 21st, 2016


Dani Rodrik, a professor of International Political Economy at Harvard University, was writing about the downside of globalization before it was …

50: What Slavoj Žižek Would Say About Poker and the Peso

October 14th, 2016


What does psychoanalytic philosophy tell us about capitalism? In this edition of Odd Lots, we speak to Ole Bjerg, a professor at the Copenhagen …

49: The Man Who Wants to Better Trading by Slowing It (Correct)

October 12th, 2016


Brad Katsuyama has racked up oceans of newspaper ink since being propelled into the public spotlight as the protagonist of Michael Lewis's book on …

48: The Lost History of Financial Market Modernization

October 3rd, 2016


How is it that stocks are traded on electronic exchanges in the blink of an eye but bonds still trade over-the-counter by phone and sometimes even by fax? Today we discuss one of the most pervasive mysteries of market …

47: Why it's Time to Stop Using the Word 'Disruption'

September 23rd, 2016


"Disruption," "incubation," "innovation"... you hear these words nonstop these days as people talk about the incredible changes taking place in …

46: Space Robots Are Helping Hedge Funds Invest

September 16th, 2016


The most valuable commodity for investors is information, and hedge funds and asset managers are going to great lengths to get it -- even to outer space. This week on the Odd Lots podcast, Tracy Alloway and Bloomberg …

45: Why A Whistleblower Walked Away From Over $8 Million

September 12th, 2016


Could you walk away from a reward of over $8 million? The guest on our latest episode of the Odd Lots podcast did just that. Eric Ben-Artzi was a …

44: What a 12-Year Knows About Money That an Economist Doesn't

September 2nd, 2016


"What is money?" This seemingly simple question has the ability to drive people crazy. Is it a unit of account? Is it something about exchange? Does it have to be blessed by the government or backed by something hard? …

43: Seinfeld Can Teach You Everything You Need About Economics

August 29th, 2016


The hit show Seinfeld is often referred to as the show about nothing, but maybe it's actually a show all about economics. Alan Grant is an associate professor of economics at Baker University and a proprietor of The …

The Millennial Generation Is Stagnant And Older People Are Part

August 22nd, 2016


In developed economies, younger generations have faced stagnant wages, mediocre employment prospects and dizzying costs of homeownership. One …

41: Billionaires Help Tell the Story of Brazil's Boom and Bust

August 15th, 2016


The 2016 Summer Olympics in Rio de Janeiro have been tainted by protests, economic slowdown, and a massive political scandal. In this episode we take …

40: Why Summer Has Just Gone on Sale

August 8th, 2016


This week is the summer edition of Odd Lots and we're talking about the market forces shaping the price of two essential ingredients for any pool …

39: The Insurance Market for Modern-Day Pirates

July 29th, 2016


This week Odd Lots takes to the high seas to discuss how modern-day pirates in the form of illegal fishers are able to take out insurance policies on …

38: The Fed Made a Massive Mistake Letting Lehman Go

July 25th, 2016


There's nothing better than financial crisis hindsight and earlier this month we got a big dose of it in the form of a 218-page paper by Laurence Ball, Department of Economics Chair at Johns Hopkins. In the paper, Ball …

37: Why We Are Increasingly Divided Into Ideological Bubbles

July 18th, 2016


The result of the U.K.'s Brexit referendum blindsided many and led to acrimonious accusations by supporters on either side of the vote. In the U.S., …

36: How A Quant Saw Huge Changes That Took Place on Wall Street

July 11th, 2016


Emanuel Derman was one of the pioneers of quantitative finance, having gone from studying physics to working on Wall Street in 1985. His memoir, My …

36: How A Quant Saw Huge Changes That Took Place on Wall Street

July 11th, 2016


Emanuel Derman was one of the pioneers of quantitative finance, having gone from studying physics to working on Wall Street in 1985. His memoir, My …

35: There Was a Huge Opportunity The Night of the Brexit Vote

July 1st, 2016


In the runup to the Brexit vote polls were mixed. Some showed remain winning. Others showed leave winning. Nonetheless, markets, pundits, and …

34: The Highway Built by Oil Markets and Political Intrigue

June 27th, 2016


On this week's episode we take a trip down one particular road on the Gulf peninsula to explore how sudden market shocks — and the political discord …

33: How ``Fed Watching'' Became a Thing

June 20th, 2016


When Federal Reserve Chair Janet Yellen speaks, the world watches — and one group watches especially closely. ``Fed watchers'' have made a career out of analyzing and dissecting the words and actions of Fed …

32: The Amateur Activists Who Took On The Foreclosure Machine

June 13th, 2016


The Great Recession was characterized by a historic and gigantic wave of foreclosures all around the country. Left and right, people were being removed from their homes. But because of the explosion of mortgage …

31: Welcome Aboard Starship Bank

June 6th, 2016


David Hendler made his reputation as a bank analyst at the independent research firm CreditSights Inc., foreseeing many of the problems that led to the financial crisis of 2008 and vocally criticizing the "too good to …

30: How Finance Took Over the World

May 27th, 2016


The U.S. spends 8 percent of its GDP on finance -- twice the amount it did 40 years ago, according to economist Brad DeLong. That figure set off a …

29: How an Old-School Chess Shop Survives in Modern New York

May 23rd, 2016


At a time when retail sales are dominated by online behemoths like Amazon Inc. and big chain stores, independent brick-and-mortar shops are under growing pressure. Imad Khachan defies the odds to run the Chess Forum in …

28: Finance's Hot New Thing Ended Up In An Old-School Scandal

May 13th, 2016


Peer-to-peer lending was supposed to disrupt the traditional way people borrowed money. Instead of going to some giant, soulless institution, online …

27: Kentucky Derby Edition: Flip This Horse

May 4th, 2016


If you're like most people, you only bet on horses once a year, the day of the Kentucky Derby. You might try to cram a little beforehand, bone up about the favorites, and then place an ignorant losing wager. This year …

26: How To Make Money By Betting On The U.K.’s Big Referendum

May 2nd, 2016


In less than two months, the U.K. will vote on whether to leave the EU in the so-called Brexit referendum. The stakes are potentially massive for the economies of the U.K. and Europe, for the London financial industry …

25: Americans Are Miserable, and It's Swaying The Election

April 25th, 2016


How can you tell whether people in any given country are happy or not? That's the topic we wrestle with on the latest edition of the Odd Lots podcast. First we talk to Peter Atwater of the firm Financial Insyghts about …

24: Meet The Most Important Country Singer in Economics

April 15th, 2016


Country music lost a legend when Merle Haggard passed away earlier this month at the age of 78. At first glance, there doesn't seem to be much connection between Haggard's music and markets (excluding the fact that he …

23: Iceland Jailed Its Bad Bankers But People Are Still Angry

April 8th, 2016


Iceland is known for geothermal beauty, fishing and as the birthplace of Bjork. It also made international headlines in 2008 thanks to a banking crisis that tipped the country into recession and reverberated around …

22: The Unbearable Brightness of Being a Shadow Bank

April 4th, 2016


A high-flying hedge fund manager lost everything back in 2007 after an accounting scandal prompted investors to pull money from his $12 billion fund. …

21: The Fraught Life of a Dumpster-Diving U.S. Short-Seller

March 28th, 2016


Short-selling, the practice of betting against stocks by agreeing to sell equities that you don't own, has been in the headlines recently. The share price of Valeant Pharmaceuticals International Inc. has fallen nearly …

20: The Time NYSE Floor Traders Tried to Prank President Reagan

March 21st, 2016


For years, the image of a stock market trader was synonymous with images of Testosterone-fueled traders wheeling and dealing on the floor of big exchanges. But change has swept stock markets in recent years, diminishing …

Episode 19: Pow! Pow! El-Erian Talks Central Bank Ammunition

March 14th, 2016


Asset purchases! Currency devaluations! Low interest rates! Negative interest rates! And... more? The world's central banks have unleashed a torrent …

Episode 18: The Obscure Report That Spawned the ETF Industry

March 7th, 2016


In 1987, investors watched in horror as the Dow Jones Industrial Average plunged 22 percent in an event that became known as "Black Monday." Months later, the U.S. Securities and Exchange Commission published an …

Episode 17: How One Analyst Uncovered a $7 Billion Fraud

February 29th, 2016


In late 2008, as markets tanked thanks the the global financial crisis, two massive Ponzi schemes unraveled. One was the $17.5 billion fraud engineered by Bernie Madoff. The other was the smaller but no less interesting …

Episode 16: Making Money When Everyone Else is Losing Theirs

February 22nd, 2016


Everybody knows by now that a handful of hedge funders made a fortune by betting against housing before the market crashed back in 2008. But, people …

How a Rural Irish Farmer Became an Expert on the Euro Crisis

February 16th, 2016


In theory, anyone with an internet connection can became an expert on just about anything from just about anywhere. In the latest edition of Odd Lots, we speak with Lorcan Roche Kelly, a cattle farmer, and former …

Episode 14: The World’s Only Stand-Up Economist

February 8th, 2016


On today’s episode, we’re taking the “dismal” out of the dismal science by interviewing Yoram Bauman, who bills himself as the world’s only stand-up economist. Join us for a Laffer curve-a-minute romp through the humor …

Episode 13: How a Professor Won Gambling on an Obscure Sport

February 1st, 2016


Episode 13: Everyone dreams of being able to win almost every time when gambling. Of course, whether it's blackjack, horse betting, poker or the stock market, it's really hard to consistently win. But one professor, …

Episode 12: How a Consultant Foresaw the 2015 Commodities Crash

January 25th, 2016


On this episode, co-host Tracy Alloway is joined by Bloomberg Markets reporter Luke Kawa for a journey back in time. As the global elite mingle at the World Economic Forum's annual meeting in Davos, Switzerland, we look …

Episode 11: How David Bowie Became a Financial Product

January 19th, 2016


When the world lost David Bowie this month, it lost one of modern music's undisputed geniuses. Less well-known is Bowie's contribution to the financial world. In this episode of Odd Lots, hosts Tracy Alloway and Joe …

Episode 10: How the World Ended Up With a Boring Banana

January 11th, 2016


This week, we're taking on one of the most fragile commodities markets around. No, it's not oil (though we do get to that later in the program), it's the market for bananas. Dangerously reliant on a single, boring breed …

Episode 9: The 2016 Predictions Episode

January 4th, 2016


(Bloomberg) -- It’s a new year and a new episode of Odd Lots. Co-hosts Joe Weisenthal and Tracy Alloway have re-stoked our proverbial holiday fire, …

Episode 8: These Were Our Favorite Stories of 2015

December 28th, 2015


(Bloomberg) -- Gather ‘round the Odd Lots fire. Co-hosts Joe Weisenthal and Tracy Alloway have assembled a collection of Bloomberg News reporters and …

Episode 7: How One Woman Tried To Sound Housing Crash Alarm

December 21st, 2015


The film “The Big Short” has sparked lots of attention about the origins of the financial crisis and the people who saw it coming. While lot of attention is being paid to a few men who made a fortune on the housing …

Episode 6: Meet The Man Who Made Millions Trading Mules

December 14th, 2015


This week we're thinking about what it means to be a trader in today's electronified markets and contrast it with trading in the era of horse and …

Episode 5: 6,000 Years of Interest Rates

December 7th, 2015


(Bloomberg) -- What better way to prepare for what may be the first U.S. rate hike in almost a decade than to tour 6,000 years of interest-rate history? This week, Joe and Tracy speak with NYU Stern finance professor …

Episode 4: Can a Hedge Funder Cut Prescription Drug Costs?

November 30th, 2015


(Bloomberg) -- Hedge-fund manager Kyle Bass has a plan that could cut the high cost of prescription drugs in the U.S. -- and make himself a lot of …

Episode 3: The Strange Story Behind the Beanie Babies Bubble

November 23rd, 2015


(Bloomberg) -- Two market bubbles stand out from the late 1990s. Technology stocks that were supposed to make everyone a zillionaire. The other: A …

Episode 2: Under the Hood of the $8 Trln Corporate Bond Market

November 16th, 2015


(Bloomberg) -- It's definitely big and it might be broken. It's the bond market! The corporate bond market, that is. In the second episode of Odd Lots, hosts Tracy Alloway and Joe Weisenthal talk corporate debt with …

Episode 1: Tom Keene on Mathiness and His Favorite Guitar

November 6th, 2015


(Bloomberg) -- Tracy Alloway and Joe Weisenthal kick off the Odd Lots podcast by interviewing the legendary television and radio host Tom Keene. On Tom’s mind this week: Fat tail risks, mathiness on Wall Street and how …

The Odd Lots Preview

November 4th, 2015


(Bloomberg) -- Welcome to Episode Zero of the Odd Lots podcast! Every week, hosts Joe Weisenthal and Tracy Alloway take you on a not-so random weekly walk through hot topics in markets, finance and economics. In this …

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