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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 allows asset managers to create bespoke indices for their clients. Interest in the space is already booming, with Morgan Stanley, BlackRock and JPMorgan all making acquisitions in the space. But what exactly is the difference between investing in a custom index versus something like the S&P 500? And why haven't custom indices been done before? On this episode we speak with Patrick O'Shaughnessy, CEO of OSAM and the host of the podcast "Invest Like the Best", about direct investing. Learn more about your ad-choices at https://www.iheartpodcastnetwork.com
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 state of the macro-economy? On this episode, we speak with Omair Sharif, a longtime veteran of both the buy and sell-side, who is now the founder and president of Inflation Insights. Omair knows inflation index construction better than anyone, and he walks us through what's happening right now, and how he thinks about forecasting where inflation will go. Learn more about your ad-choices at https://www.iheartpodcastnetwork.com
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 and costly. But some projects don't accept the premise that blockchains have to be slow and inefficient. Solana is an Ethereum competitor whose native token has been soaring. And unlike Ethereum, its transactions are cheap and ultrafast. So what tradeoffs does it make? And what projects are being built on top of it? On this episode, we speak with Solana founder Anatoly Yakovenko and Kanav Kariya of Jump Trading, who is involved with an oracle project called Pyth. Learn more about your ad-choices at https://www.iheartpodcastnetwork.com
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 francs in exchange for its freedom. This was a staggering sum that imposed a staggering imposition on the Haitian economy. And there's good reason to believe that that initial debt contributed to the ongoing poverty in the country. On this episode, we speak with law professor Mitu Gulati and economist Ugo Panizza about this odious debt, the significance of this burden, and the ongoing efforts for Haiti to obtain reparations. Learn more about your ad-choices at https://www.iheartpodcastnetwork.com
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 the future remains extremely uncertain. One former official who has been outspoken in recent days is Ajmal Ahmady, who was running Afghanistan's central bank on an interim basis right up until the government fell. On this episode, we speak with Ahmady about what operations at the bank looked like in relatively normal times, how events transpired in the government's final days, and the future of Afghanistan's economy under Taliban rule. Learn more about your ad-choices at https://www.iheartpodcastnetwork.com
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 the mainstream economists are getting it wrong, and that inflation will remain uncomfortably higher than what the Fed wants to see. We also discuss the economy more broadly, the virus, and the U.S. relationship with China. Learn more about your ad-choices at https://www.iheartpodcastnetwork.com
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 of where it would have been had it not been for the crisis. So when will the Fed declare "victory" in hitting its employment mandate? It's a question that's been complicated by the recent rise in inflation. On this episode, we speak with Neel Kashkari, the President of the Minneapolis Fed, a longtime proponent of pushing for a strong labor market. He explains what he's looking for, and how the labor market situation meshes with both the inflation situation and the Fed's new framework unveiled last year at Jackson Hole. Learn more about your ad-choices at https://www.iheartpodcastnetwork.com
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 more free time, trading is part of popular culture to a degree we haven't seen in over two decades. But what does it take to really win over time, across multiple cycles? And who should make an attempt at going pro? On this episode, we speak with veteran trader Brent Donnelly, the author of the new book Alpha Trader: The Mindset, Methodology and Mathematics of Professional Trading, on what it takes to consistently win. Learn more about your ad-choices at https://www.iheartpodcastnetwork.com
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 haven't seen in years. Beyond that, policymakers have engaged in historically aggressive fiscal and monetary expansion. The Fed, in particular, is almost a year into a new framework (unveiled last August at Jackson Hole) that aims to avoid certain mistakes of the past. So we sat down with Rob Kaplan, who has been the President of the Dallas Fed since 2015, to get his assessment of the situation right now. Learn more about your ad-choices at https://www.iheartpodcastnetwork.com
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 crazy. Meanwhile, Bloomberg Opinion columnist Matt Levine probably knows more about market structure than any other journalist. So, on this episode we paired them up for an in-depth conversation about how crypto really works, how it's different from traditional finance, and where it's all going. Learn more about your ad-choices at https://www.iheartpodcastnetwork.com
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 quite some time. To understand more about what's going on, we spoke with Gene Seroka, the Executive Director of the Port of Los Angeles, to understand how bad the problems are, and how they will eventually be fixed. Learn more about your ad-choices at https://www.iheartpodcastnetwork.com
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 bathtubs (or showers). And, just like everything else, these are now in short supply. On this episode, we speak with Trey Northrup, leader of the Americas at LIXIL, which sells bathtubs and other plumbing basics under various brands, including American Standard, Grohe, and about the stresses on the industry and when they're expected to ease. Learn more about your ad-choices at https://www.iheartpodcastnetwork.com
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 simple and straightforward — goods come in before getting trucked to retail outlets — today they're massively complex, thanks to e-commerce and needing to deal with returns. On this episode, we speak with Mark Manduca, the CIO of the logistics firm GXO, about warehouses during the pandemic and what the future looks like. Learn more about your ad-choices at https://www.iheartpodcastnetwork.com
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' first response to the Covid crisis was to cut back production because they were scarred by the memories of the 2008 housing bust. Container shipping issues have caused widespread supply chain issues, and so on and so on. Enter complexity economics, which views the economy as the outcome of decisions by sometimes irrational participants who are constantly interacting and learning from each other. In this version of economics, nothing is ever stable or at equilibrium and everything is always changing. Brian Arthur, economist at the Santa Fe Institute and visiting researcher at PARC, explains why complexity economics might be the perfect way of viewing the world right now. Learn more about your ad-choices at https://www.iheartpodcastnetwork.com
Inflation is running hot these days. But, even when the official measures were considerably cooler, there were many people who were skeptical and insisted that inflation was running hot and rampant. It turns out, nobody really experiences inflation similarly, and one's own consumption and behavioral patterns will have a big impact on their outlook. On this episode, we speak with Berkeley professor Ulrike Malmendier, whose work has shown how one's behavior (where you shop) and history (what conditions were like earlier in your life) can inform views and perceptions of inflation for years. Learn more about your ad-choices at https://www.iheartpodcastnetwork.com
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 operating in it get some basic premises wrong. One of the basic premises that people preach is the idea of database immutability. He argues that, in order for crypto to become more influential, it needs to take governance seriously and find ways to be in compliance with generally accepted ideas about the law. Learn more about your ad-choices at https://www.iheartpodcastnetwork.com
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 there are a lot of questions regarding how long this will last or whether this will be a new, more permanent condition. To better understand what's going on, we spoke with Kurt Alexander, the CFO of Omni Hotels & Resorts, about what they're seeing and what they're doing to bring in employees. Learn more about your ad-choices at https://www.iheartpodcastnetwork.com
Mainstream economics has come under attack lately. People have begun questioning its understanding of things like inflation, monetary policy, deficits, and how best to get out of a downturn. Steve Keen, an independent renegade economist, has been preaching this for a long time. And he believes the whole profession needs to be chucked. On this episode, we talk about some of the big failures he sees in economist thinking, and he is particularly energized by the subject of climate change. He also deplores the economic consensus, and says the way to think about it needs a total rethink, resulting in much more dramatic action than what is currently being proposed by the mainstream. Learn more about your ad-choices at https://www.iheartpodcastnetwork.com
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 you're in Texas, dealing with multiple blackouts, then it gets even harder than that. Our guest on this episode did all of that. We speak with the author Ryan Holiday, the author of several books including The Daily Stoic and Ego Is the Enemy, as well as Conspiracy, a book about the takedown of Gawker. He talks about his new bookshop in Bastrop Texas, and all of the various difficulties he's faced over the last year in running the operation. Learn more about your ad-choices at https://www.iheartpodcastnetwork.com
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 Ethereum. Ethereum is seen as easier to build on for multiple reasons. But the Bitcoin world is increasingly interested in some of the same mechanics and similar types of projects. On this Odd Lots, we speak with Alyse Killeen, the founder Managing Partner at Stillmark, a Bitcoin-focused VC fund, on what's being built there, and how its vision of DeFi is similar and different to what's being built on Ethereum. Learn more about your ad-choices at https://www.iheartpodcastnetwork.com
Comments (34)

Renee

Great content

May 19th
Reply

Renee

Points of interest in the pod: The difference between types of stablecoin — 07:36 Terra as a perpetual motion machine or Rube Goldberg — 09:32 Where do Terra’s yields come from? — 11:21 How the Terra/Luna arbitrage mechanism works — 13:11 Why did Terra have Bitcoin reserves? — 18:46 How did Terra collapse? What was the trigger? — 25:17 The role of the 3Pool/4Pool migration — 29:22 Galois Capital’s short position in Terra — 35:33 On reflexivity and Terra/Luna as the ultimate momentum asset — 40:50 On financial contagion in crypto — 44:03 What happens to other stablecoins after Terra? — 45:24 Why did big investors get involved with Terra? — 48:51 Terra and hyperinlation of Luna — 53:53

May 19th
Reply

steve

“Didn’t say anything bad”…. Gets beeped twice

Feb 18th
Reply

steve

Amplitude dropping 60% one day 🤣

Feb 18th
Reply

steve

16:30

Jan 11th
Reply

Keletsi Lehlokoe

Great episode guys. Loved it.

Jan 3rd
Reply (1)

Gene

@4/1lms /m,e9㎝@$ @gmail.com/ @n.,

Oct 20th
Reply

Gene

+7_4747 17.4

Oct 20th
Reply

vikx01

Almost 10% of what he says is just 'like'.

Jul 22nd
Reply

Alex King

well worth listening to for current issies in supply chain logistics

Jun 14th
Reply

Gihan Wickramaratne

do

Apr 29th
Reply

Craig

who's typing while the guest is speaking? joe? tracey?

Apr 4th
Reply

Newman Isacat

unless you're gonna comment on your own boss and "inequity", bloomberg, this is trash

Mar 5th
Reply

Martin Baba

Overall good episode, but mentioning Singapore for large semiconductor foundry (what's in Singapore?) and not mentioning Samsung?

Jan 25th
Reply

Todd Reynolds

Qualcomm had this in laptop products with MSFT (#windowsRT) in stores before Apple even announced they were working on the M1. There are also Chromebooks, etc. The migration away from INT started a while ago. Servers are also moving to ARM. This guy should have done some more homework before the interview.

Jan 3rd
Reply

larry g

Great listen. Viktor has some excellent insights. However- Re shift in values from freedom and personal liberties at all costs (baby boomers) to equality with costs (recent generations); is it not common for most 20 somethings over the last 200 years to be idealistic and prioritize equality/fairness which soon shifts with age into earnings/savings growth, tax minimization, and overall personal gain?

Oct 7th
Reply

ncooty

@21:06: What a bunch of crap. I had to stop listening shortly after hearing "alpha creation," measurement "via our modelling," and "now-casting." Gag. Another non-value-adding mountebank in the financial industry trying to hide his ignorance of methods, validity, etc. via vague, useless, or absurd neologisms and euphemisms. If he says enough words, idiots will think he's earned his portfolio management fee (nonsensically calculated as a % of assets, of course).

Sep 20th
Reply

larry g

Great episode. Personal thoughts- Not so sure re the direct interdepency of capitalism and democracy, but hmm, maybe, kind of, sometimes. Disinflation not going anywhere as long as globalization lives or until technological advancement hits the wall.

Sep 6th
Reply

David Smith

The guest is almost inaudible.

May 18th
Reply

Emmanuel Chukwu

The stone age did not end because we ran out stones. 👏🏾

Mar 16th
Reply
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