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Odd Lots

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Bloomberg's Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets and economics. Join the conversation every Monday and Thursday.
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Walk into a grocery store today and there are seemingly endless shelves of product to choose from. But behind all those different options are a handful of agricultural giants that have grown to dominate the food industry. Companies like Walmart and Cargill are well-known at this point, but there are also dominant players in everything from berries to dairy to pig farming. In this episode, we speak with Austin Frerick, an antitrust and agricultural expert. His new book, Barons: Money, Power, and the Corruption of America's Food Industry, details the behemoths behind American agriculture and how they got so big. He talks about the choices that went into our current agricultural system, the impact of all that concentration, and what can be done to change it.See omnystudio.com/listener for privacy information.
On March 26th, a massive container ship called the Dali ploughed into Baltimore's Francis Scott Key Bridge, a major overpass just outside the city's port. The collision caused the bridge to dramatically collapse, sparked a search and rescue mission for survivors. It also cut off a busy shipping lane in and out of the Port of Baltimore. So what do we know about the collision? And what could the impacts of the latest maritime disaster actually be? On this emergency episode of Odd Lots, we speak to Sal Mercogliano, a professor at Campbell University and the host of the What Is Going On With Shipping? show on YouTube, about what we know so far.See omnystudio.com/listener for privacy information.
The Big Take from Bloomberg News brings you inside what’s shaping the world's economies with the smartest and most informed business reporters around the world. The context you need on the stories that can move markets. Every afternoon.See omnystudio.com/listener for privacy information.
AI is an incredibly exciting space, provoking both great wonder and fear. One of the big worries obviously is: What will happen to everyone's job? Will it make more people's livelihoods obsolete, causing even greater inequality than we have now? On this episode, we speak with an economist who argues that this concern is not just misplaced, but exactly wrong. MIT's David Autor, famous for his work on the China shock, contends that the last 40 years of advances in computer technology have been a major driver of inequality, but AI should be seen as an entirely different paradigm. He argues that human work, aided by AI, will remove the premium captured by extremely high-paid, experienced professionals (like doctors or top lawyers) as their capabilities become more diffuse. He also discusses what policy choices the government should be making to improve the odds that AI will prove societally beneficial.See omnystudio.com/listener for privacy information.
Last year, we spoke with Rich Hill, head of real estate strategy and research at Cohen & Steers, about where stress was building in the $20 trillion market for commercial real estate. Fast forward to today and the doomsday scenario in commercial real estate just hasn't played out like a lot of people thought it would. Defaults have increased, but they aren't disastrous. And some measures of CRE have even been rallying in recent months. So what's driving this surprising resilience? Hill sees it as a 'prisoner's dilemma' where lenders and borrowers have agreed to amend and extend loans in order to both benefit and buy some time. But how long can that continue? And what does the CRE market need to see in order to mount a durable recovery?See omnystudio.com/listener for privacy information.
In recent years, we've seen home insurance premiums soar by historic amounts. Not only have prices gone up, but in some instances, we've seen national carriers simply announce that they're abandoning certain states. So, what's behind the mess? Why isn't competition causing markets to come into balance? What is the role of state insurance regulators? On this episode we speak with two guests who help us understand the problem. Amias Gerety is a partner at QED Investors, and a board member for the insurance company Kin. RJ Lehmann is the editor-in-chief for the International Center for Law & Economics. The two of them discuss insurance from both the financial side and the regulatory side. They explain where things have gone wrong and the prospects for market stabilization.See omnystudio.com/listener for privacy information.
After Russia's invasion of Ukraine, the US took a number of extraordinary steps to cut Moscow out of the international financial system. The country immediately was hit with a slew of sanctions. It was cut off from the SWIFT payment system and it even had its dollar reserves seized. Prior to that, in 2021, the US took the rare step of seizing dollar reserves from Afghanistan's central bank after the Taliban's re-emergence to power. So how does the US control who gets to hold and transact in US dollars? Where did this power come from? What are the limits to the US policing of its own currency? On this episode of the podcast, we speak with Bloomberg Senior Reporter Saleha Mohsin, author of the new book, Paper Soldiers: How the Weaponization of the Dollar Changed the World Order. We discuss the buildup of this tremendous financial power and also what it means for the dollar's status as a reserve currency going forward.See omnystudio.com/listener for privacy information.
The United Arab Emirates recently unveiled a stunning $35 billion investment in Egypt, snapping up development rights in an area on the Mediterranean coast. The announcement has since paved the way for Egypt to float its currency, easing a currency crisis that's been going on for years now and paving the way for an even bigger bailout from the IMF. But why exactly is the UAE pumping roughly 7% of its GDP into Egypt? What does the deal say about politics in the Middle East region? And what does it mean for the flow of petrodollars — the vast amount of money generated by the Gulf's oil income — in the global financial system? On this episode, we speak to Ziad Daoud, chief emerging markets economist at Bloomberg Economics and the co-author of a new Bloomberg News Big Take about the UAE's huge investment. See omnystudio.com/listener for privacy information.
Thanks to the blockbuster musical, Alexander Hamilton has become a modern cultural icon. He's known as an architect of the federal system, building out a strong government with the capacity for both borrowing and spending. But there's another side of his vision that doesn't get as much attention, and that's his belief in the importance of state-directed investment to build out a domestic manufacturing industry. Basically, he was an early advocate for industrial policy. Given that the US is currently in a phase of building out domestic manufacturing capacity in various areas, it's time to go back and look at the history of these efforts in the US. We speak with Christian Parenti, a professor at John Jay College in New York, and the author of Radical Hamilton: Economic Lessons from a Misunderstood Founder, about this other side of Hamilton, and the economic context in which he developed this vision.See omnystudio.com/listener for privacy information.
Want some Doritos? For years, you might have only been able to get one or two snack chip flavors. But right now on Amazon, you can find numerous varieties, from barbecue to nacho cheese, spicy sweet chili, or Late Night Loaded Taco. And this is really just scratching the surface. There are now dozens of flavors of Blue Diamond almonds, including blueberry, smokehouse, toasted coconut, sriracha, habanero BBQ, and wasabi and soy. So how did this happen? It turns out that some of it is a tech story. Thanks to breakthroughs in automation at both the plant and warehouse level, companies are able to create and ship more varieties than ever before. On this episode, we speak with Ryan Harlan, the director of business development at the E Tech Group, about the rapid changes in the industry over the last decade and how that turned into so many more consumer offerings.See omnystudio.com/listener for privacy information.
The pharmaceutical space is characterized by extreme uncertainty. You never know what drugs are going to pan out. The lead time for development is extremely long. Market size is inherently unknowable. And the regulatory and pricing climate is constantly changing. So, how does a company decide where to invest its cash? On this episode, we speak with Moderna's chief financial officer, Jamey Mock, about how he views the problem. He explains the process by which the vaccine maker chooses which bets to make, how changing fortunes within the stock market affect corporate decision-making and the role of the government in accelerating progress and de-risking investment.See omnystudio.com/listener for privacy information.
Japanese stocks are suddenly soaring, with the Nikkei 225 hitting an all-time high this week after decades of languishing. Warren Buffett has been upping his stakes in Japanese companies and activist investors are taking an interest in the market for the first time in decades. And while all these dramatic headlines might seem to be coming out of nowhere, the road to Japan's big corporate comeback has arguably been years in the making. On this episode of Lots More, we speak with Travis Lundy, a Japan markets expert and special situations analyst who publishes on SmartKarma. He walks us through the history of Japan Inc. and how we got to this point. We discuss just how investor-friendly have Japanese companies actually become, what specific examples are we seeing of return-focused strategies, and what seems to be driving the change.See omnystudio.com/listener for privacy information.
Go to any deli or 7-Eleven these days and you're sure to see a gigantic, technicolor wall of beverages. There are juices and sodas and CBD-infused beverages and caffeinated energy drinks as far as the eye can see. The wall just keeps getting larger. And whereas in the past you might just see Red Bull and Monster in the energy drink space, now there are numerous competitors, with a wide range of flavors and branding. So what does it take to stand out in this booming market? And how do you get your beverage on that gigantic wall? On this episode, we speak with John Fieldly, the CEO and president of Celsius Holdings, about how his company became the third largest energy drink company in the US. We discuss what it takes to succeed in terms of branding, packaging, distribution and shelf-space.See omnystudio.com/listener for privacy information.
The Deal, hosted by Alex Rodriguez and Jason Kelly, features intimate conversations with business titans, sports champions and game-changing entrepreneurs who reveal their investment philosophies, pivotal career moves and the ones that got away. From Bloomberg Podcasts and Bloomberg Originals, The Deal is available on Apple Podcasts, Spotify, iHeart, Bloomberg Carplay, or wherever you get your podcasts. You can also watch The Deal on Bloomberg Television, and Bloomberg Originals on YouTube.See omnystudio.com/listener for privacy information.
We're coming up to the one-year anniversary of the collapse of Silicon Valley Bank, which sparked a fresh conversation about the role of banks in the wider economy. Last year's banking drama culminated in the Federal Reserve unveiling a new liquidity facility for lenders and the US government made bank customers whole even beyond the $250,000 limit on guaranteed deposit insurance. So what did we learn from the March banking crisis? And what could we be doing differently now? In this episode, we speak with Anat Admati, professor at Stanford Graduate School of Business, about why bank bailouts (in all their different varieties) persist and what can be done about it. Anat became a major advocate of banking reform following the 2008 financial crisis, and has continued to lobby regulators and government officials for fundamental change. She discusses why banks are structurally disincentivized to behave like other types of companies, the impact of new capital requirements including the Basel Endgame proposal, and competition with other types of lenders including private credit.See omnystudio.com/listener for privacy information.
This episode is for the birds — and one bird in particular. Flaco, an Eurasian eagle-owl, escaped from the Central Park Zoo last year and went on to become a local celebrity, delighting New Yorkers with his feathered adventures across Manhattan. Late last month, however, Flaco died after an apparent collision with a building. Obviously, Flaco's death is a sad event for many reasons, but it got us thinking about the role of birds in the wider world. Not only are they an important part of the natural ecosystem, but they can also contribute to agriculture (or quality of life in the city) by eating bugs, rats and other pests. So can you put an exact dollar amount on the value of a bird and what it does for the world? It turns out that for many decades, some economists were devoted to exactly this question. In this episode, we speak with Robert Francis, the author of the Bird History Substack, about the largely forgotten science of economic ornithology and historic attempts to figure out exactly how much a bird is worth. See omnystudio.com/listener for privacy information.
The Federal Reserve has a goal of getting inflation down to 2%. But of course, there are a lot of different ways of measuring inflation. Many people know about the Consumer Price Index, and the various ways it can be sliced and diced. The Fed, however, focuses on a different index — Personal Consumption Expenditure — which differs from the CPI in a number of ways, both in terms of category weightings and methodological approaches. So why are there different measures of inflation? Why does the Fed prefer PCE? And how is PCE actually assembled? On this episode, we speak with Omair Sharif, founder and president of Inflation Insights, as well as Skanda Amarnath, executive director of Employ America. We explore these two different measures, the approaches for calculating them, and the weird quirks underneath the surface that makes them all so interesting and controversial.See omnystudio.com/listener for privacy information.
 The hedge fund industry has gone through multiple evolutions. Investing styles go in and out of fashion as market conditions change. Strategies that work become crowded with investors, which can mean they stop working as well. The hottest thing these days are so-called multi-strategy funds or "pod shops" that employ multiple distinct teams, each with a specific mandate, style and edge. In theory, with good risk management and internal capital allocation, this can produce robust results across many cycles. So how do these funds work, how are they making money, and what does the expansive growth of this new style of fund mean for markets? In this episode, we speak with Krishna Kumar, a portfolio manager at Goose Hollow Capital Management, about the rise of multi-strategy hedge funds, why they're so popular, and how the increasing amount of money deployed by these firms is changing the way that markets trade.See omnystudio.com/listener for privacy information.
If you order something from Ukraine right now, be it a T-shirt or a vintage Christmas ornament, chances are it will arrive on time and in good shape. Not only is the country's mail service still operating, even as it grapples with an invasion by Russia, but the role of the post office has also changed. The mail has become a lifeline for Ukrainians who rely on it to receive pension payments, medicine, or to run online businesses as domestic jobs get disrupted. So how exactly is the Ukrainian mail system working right now? What operational and logistical changes has it had to make to keep going, and what does the service's future look like? In this episode, we speak with Igor Smelyansky, the CEO of Ukrposhta, about delivering the mail during a time of war.See omnystudio.com/listener for privacy information.
Troubles at Boeing just keep piling up, along with existential questions about the company's future. Not only is Boeing enormously important to US manufacturing, but it's also a major defense contractor for the US government and a big employer, which means its fortunes are of interest to more than just shareholders. So just how bad are the difficulties facing Boeing at the moment and what is the planemaker planning to do about it? On this episode, we speak to Richard Aboulafia, managing director of AeroDynamic Advisory, about Boeing's history and future. He talks about lesser-known developments at the company, including its recent decision to dissolve its firm-wide strategy unit, and the decisions that go into developing new aircraft.See omnystudio.com/listener for privacy information.
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Comments (52)

Granny InSanDiego

This is an excellent episode on the abuse of power practiced by the US because the dollar is the world's reserve currency. However, there are now cracks in this system. When the US put extreme sanctions on Russia, Russia, China and India as well as other south Asian nations started trading in other currencies, including and especially the ruble to buy Russian oil at prices much lower than available to countries observing the US sanctions.

Mar 21st
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Granny InSanDiego

In 1995, we attended the graduation ceremony at Carnegie Melon's school of engineering. About 50 grads received PhD degrees. Most of them were Asian and South Asian. Since the 1970s, when China had no high tech professionals, they are now only slightly behind the US. When China could import advanced tech, they did not need to develop their own. By shutting them out, they developed their own capabilities. Soon they will surpass the US and Taiwan.

Mar 18th
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Amin Bolandi

Hello, Sultan We know that some time ago These monetary policies saved Credit Suisse from bankruptcy, and so on. But you are right about often of objects. Thanks

Feb 25th
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Ecere Seluk

🔴WATCH>>ᗪOᗯᑎᒪOᗩᗪ>>LINK>👉https://co.fastmovies.org

Jan 18th
Reply

Ali

please don't invest in Iranian stock market by investing you help the regime people of Iran are in a civil struggle and many of us decided to sell all the stock we had this regime is killing people of Iran thanks

Nov 21st
Reply

Yuriy Tchaikovsky

Why are the Jewish presenters on Bloomberg always doing some add for Africa? We don't care... Nobody cares

Oct 21st
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Granny InSanDiego

Mr. Posen seems to have forgotten how we got to the current state of affairs in which a tiny, truly miniscule number of private investors benefitted enormously from lax government policies with respect to investment in China while neglecting to invest in the US manufacturing sector. This was done to leverage cheap, slave-like labor in China to increase investor value. It worked by crushing American industrial workers and enriching that tiny fraction of those already wealthy few to levels beyond imagining. In return for this loss of manufacturing jobs, Americans were promised high paying tech jobs and some Americans got those, but not those factory workers who did not have the STEM skills to benefit. This new policy assumes that China will not itself change how it conducts its own industrial policy. With its huge advantage in size, it will quickly adapt and catch up to the small advantage the US has in tech and may surpass us. Meanwhile, Posen ignores the real elephant in the room, the

Sep 7th
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Aakash Amanat

I find the concept of "Odd Lots" quite intriguing. It's fascinating how these smaller, unconventional quantities of stocks can sometimes carry unique implications for investors. While they might not be as significant as the larger block trades, odd lots can offer insights into retail investor sentiment and market dynamics. https://500px.com/p/parchment-crafters In some cases, odd lots might reflect individual investors making decisions based on personal preferences rather than institutional strategies. This could result in a diverse range of motivations, from testing the waters of a new investment to following a hunch based on personal research. https://dribbble.com/Parchment-Crafters/about

Aug 21st
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Granny InSanDiego

The internet may boost sales. As to unexpectedly low productivity gains from the Internet, that seems obvious. Instead of working, people are surfing the web, listening to music, and texting their friends. Clearly Paul Krugman should have cottoned on to this phenomenon by virtue of his love of YouTube music videos. However, speaking from personal experience as a software engineer, I have found incredibly helpful ideas and explanations online which I would never have found with microfiche or in technical books. This is surely a plus in the productivity column.

Aug 13th
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steve

38:15

Aug 12th
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Zhang Hake

Nice

Jul 12th
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larry g

This was a VERY interesting episode especially from a non-media person perspective. It was refreshing to hear a reflection of the media industry on something other than the persecution of journalists which too often becomes a self obsession among journalists. Perhaps you can consider doing a semi annual review of the media industry especially given the importance the media will play in the 2024 elections.

Jun 19th
Reply

Granny InSanDiego

Biden had two good options to avoid this humiliating subservience to the GQP. He could have taken the advice of Lawrence Tribe, Harvard Law professor and expert on Constitutional law, and invoked the 4th clause of the 14th Amendment which states that the US will pay its debts no matter what. Or he could have followed the advice of Paul Krugman, a Nobel laureate in Economics, and asked Sec. Yellen to mint the Trillion Dollar Coin and deposit it in the US Treasury. Instead, he went with the timid Obama game plan and gave in to the despicable bullies who represent the billionaire thugs who run the country. He is too old, too weak, too unimaginative, and too dimwitted to be POTUS. Bernie would never have caved like this. If he runs again, he will lose to the moronic MAGA grifter. It makes me feel so hopeless to see this shill who allowed CT to get onto the Supreme Court of Injustice make a mockery of the rule of law and the Democrats who voted for him in 2020.

May 27th
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Granny InSanDiego

So why does Powell get a pass? He raised interest rates too fast for banks holding 10 year treasuries to adjust to in time. And why is 2% inflation the magic number? And what if many economists are right that the causes of inflation would naturally wind down over time? Like govt hand outs during COVID, worker shortages due to COVID, supply chain issues like China's COVID lockdowns, and gas and food inflation due to the war in Ukraine.

Mar 17th
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steve

22:40

Feb 15th
Reply

steve

19:05

Jan 26th
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Bruno Duarte

Revolving

Oct 24th
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Yuriy Tchaikovsky

Fantastic interview, thank you!

Sep 30th
Reply

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
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