The Judgment Call Podcast

Maciej Wojtal is the founder and CIO of Amtelon Capital which is focused on investing in Iranian equities. Maciej has worked with Citigroup and JP Morgan before running his own fund. Big Thanks to our Sponsors! ExpressVPN – Claim back your Internet privacy for less than $10 a month! Mighty Travels Premium – incredible airfare and hotel deals – so everyone can afford to fly Business Class and book 5 Star Hotels! Sign up for free! Divvy – get business credit without a personal guarantee and 21st century spend management plus earn 7x rewards on restaurants & more. Get started for free! Brex – get a business account, a credit card, spend management & convertible rewards for every dollar you spend. Plus now earn $250 just for signing up (Terms & Conditions apply). Torsten Jacobi: Maciej, welcome to the Podcast. Thanks for coming on, really appreciate that. Maciej Wojtal: Yes, thank you for having me here. Torsten Jacobi: Hey, absolutely. You run something really interesting and you are the cofounder and the CIO of Amtalan Capital, which really focuses on investing primarily in equities in Iran, from what I understand. That sounds really cool, really unique. I have never heard about an investment fund out there that actually invests in Iran. How did that happen? How did you get started on why Iran? Why not something that's a little more politically correct, so to speak? Maciej Wojtal: Yes, well, it is super exciting. And when I speak to the local regulator in Iran, they tell us that we are their favorite foreign investor, foreign institutional investor, because we are the only one. There is really no other foreign institutional investor in Iran, so we are the only ones. So I decided to launch Amtalan Capital back in 2016, when JCPOA, the nuclear agreement, was implemented. And the reason why Iran and not something else was actually pretty simple. There was no other market. There's still there is still no other market at this moment in the world with lower evaluations, a higher growth potential, both like a long term structural growth potential, as well as near term growth that will be coming from the reopening of the country or reintegration of the country with the rest of the world. And to be honest, this is potentially the last opportunity of this size. So the type of opportunity, I mean, is a transformational opportunity. So country going from one situation, because it's not from one system to another, I don't expect any political, you know, revolution or transformation there. But the economic situation will change, will change from a, you know, decades of sanctions, where the economy was basically cut off from the rest of the world to the economy that is slowly opening up, catching up with the rest of emerging markets, with everything good that happened in the rest of the emerging markets over the last two decades. And on top of that, no one is there. So Americans cannot touch it. So all the big funds out there have to wait until the primary US sanctions are lifted. So suddenly you get, you get to go to a new market like this of this size and invest before the big US funds go there. It doesn't happen too often. And what I mean of this size, what I mean by this size is, you know, that's another unique thing is that you may have some frontier markets that you can get excited about because of demographics, you know, growth potential, whatever. But usually they have no capital markets. You can go and launch startups, build a factory, a bank, whatever. And here you already have pretty well developed capital markets, stock market with 600 companies. Right now it's around $250 billion market cap. Back in 2016, it was already $100 billion market cap. And right now several hundred million dollars turnover per day. And so, you know, big enough market to be attractive even for big investors. I mean, too big to ignore basically. And for us with a new fund, startup fund that wants to basically focus on this niche and do the initial...

Jared Dillian is the author of Street Freak: Money and Madness at Lehman Brothers, named one of the top business books of 2011 by Businessweek magazine. Jared runs The Daily Dirtnap, LLC, which provides daily market commentary and insight to a range of institutional clients. Big Thanks to our Sponsors! ExpressVPN – Claim back your Internet privacy for less than $10 a month! Mighty Travels Premium – incredible airfare and hotel deals – so everyone can afford to fly Business Class and book 5 Star Hotels! Sign up for free! Divvy – get business credit without a personal guarantee and 21st century spend management plus earn 7x rewards on restaurants & more. Get started for free! Brex – get a business account, a credit card, spend management & convertible rewards for every dollar you spend. Plus now earn $250 just for signing up (Terms & Conditions apply). Torsten Jacobi : Jared, thanks a lot for coming unto the Judgment Call Podcast, I really appreciate that. Jared Dillian: Yeah. Torsten Jacobi : Hey, thanks for taking the time. And you know, you have a really interesting history, and it's something that's becoming a bit of a theme though, is you started in an investment bank, and you worked for Lehman Brothers, then you wrote a book, you became an author, and now you're an internet personality, you run your own internet business, your own content business. Maybe you can tell us a little bit more about this transition, how this came upon, and how do you feel, was it the right choice looking back, or do you feel like, well, no, I want to go back to an investment bank? Jared Dillian : No, it was absolutely the right choice. It was funny because I was talking to my old boss at Lehman, this is the guy that I worked for 2001, 2002, and he told me a story of, you know, when I worked for him, we used to get the Garmin letter. I don't know if you know Dennis Garmin, but we used to get the Garmin letter at Lehman Brothers, and he had probably the biggest financial newsletter. It was a daily letter, and I used to get this stuff, and you know, I liked it. I didn't, you know, I didn't think his writing was the best, but I said, this is an amazing business. I was like, you can just get paid to write about finance, you know, I'd never heard of this before. So around 2003, you know, I had this idea in my head that I wanted to write a financial newsletter, so I had some ideas, and my initial idea was it would be sort of a retail newsletter. I would charge a very small amount of money, about $150 a year, and I would do personal finance stuff, and then I would do seminars and stuff like that. And I figured if I had 1,000 subscribers, I would make $150,000 a year, and that would be enough. And then what happened was, while I was at Lehman, I was put in charge of the ETF desk, and I was told to just grow the business, because the business was very small. They said grow the business, so my idea was to do that through writing. So I started writing market commentary and sending it out to people, and it was very popular, and it grew, and it grew, and it grew. So by the time the bankruptcy came around, I had several thousand people on my list, and I said, you know, I can easily monetize this, so the day the bankruptcy, I sent out a message. I said, I'm going to start a newsletter, and you know, hundreds of people said I'll sign up. So I quit Lehman Brothers, and I started the business, you know, I formed an LLC, and I got some office space, and about six weeks later, I started sending out content again, and I got a few hundred people to sign up, and that was the beginning of the newsletter. So that was in 2008, and about that time, I was also approached to write a book about my time at Lehman Brothers. There was a literary agent that found me and asked me to write a book about it, and initially I said no, but six months later, I came around and I said yes. So while the early days of writing the newsletter, I was writing this book,...

Stephen Clapham is a retired hedge fund partner who now trains stock analysts at some of the world's largest and most successful institutional investors. Stephen is also the author of The Smart Money Method: How to pick stocks like a hedge fund pro and hosts his own podcast. Big Thanks to our Sponsors! ExpressVPN – Claim back your Internet privacy for less than $10 a month! Mighty Travels Premium – incredible airfare and hotel deals – so everyone can afford to fly Business Class and book 5 Star Hotels! Sign up for free! Divvy – get business credit without a personal guarantee and 21st century spend management plus earn 7x rewards on restaurants & more. Get started for free! Brex – get a business account, a credit card, spend management & convertible rewards for every dollar you spend. Plus now earn $250 just for signing up (Terms & Conditions apply). Stephen, thanks a lot for coming on the Judgment Call Podcast. I really appreciate it. Wow, thank you for having me. I'm looking forward to it. Hey, absolutely. I'm sorry about my improvised setup here today, but I hope you can still manage that. So you run a company called Behind the Balance Sheet and you also recently published a book that's called The Smart Money Method. And both I thought are really interesting and we want to dive a little deeper into both of the topics that you illuminate there. Maybe you can give us a very quick intro into how you got into the financial world in the first place and what inspired you to write the book and what's kind of the 30,000 feet view of what's in the book. Okay, so nothing inspired me to get into finance. It was purely accidental and serendipitous. I had accepted a job at a very senior level, one of the largest companies in the UK, where I was reporting to somebody that was reporting to the CFO, Finance Directorate. I was interviewed by the CFO for the job at a relatively young age and they gave me the job and they were delighted to have me and I accepted the role and they then called me up and they said, oh, we made a bit of a mistake because you're too young. You can't be this grade until next year and I said, well, what do you mean? And they said, well, you know, don't worry, only a little bit less money and there'll be a slightly fewer benefits and we'll make you up next year. And I said, well, I'm very sorry, but you know, as far as I'm concerned, we had a deal and I'm not allowing you to renege in that deal. If you have such a stupid philosophy that somebody has to be a certain age before they're qualified to do the job, then I suggest you go and look elsewhere because I'm not really interested in working for an organisation where merit doesn't overcome age. And I was recounting this tale and a friend of mine said, oh, well, that sounds a bit upsetting, but why don't you go into the city? And I said, well, don't be stupid. I don't know any of the cities for people with privileged backgrounds that won't suit me. And he said, well, no, I think you'll find that things are opening up and I said, well, how would I do that? Well, I don't know. How would I get? I don't even know where to start. And he said, well, I don't know either, but my secretary's husband, he works at a stockbroker and I bet you he'll see you and explain, you know, what sort of things you might be able to do. And I said, well, that'd be fantastic, so he called up his secretary at home and she said, oh, yeah, of course, he would be delighted to see Steve of Egan come in next Wednesday at 8.30. So next Wednesday at 8.30, I rock up to this stockbroking firm and this very nice chat Bob Carl spends half an hour telling me what it's like to be a research analyst. And I'm thinking, oh, man, that sounds like fun. And he says, well, why don't you come and work for us? And it was, you know, I hadn't gone there to get an interview, I'd gone there simply to learn and understand what the city was about. And I, you know, I went to work for him and it was a brilliant...

market bubble in passive investing/ index investing Mike Green has been a student of markets and market structure for nearly 30 years. Mike works with Simplify to create ETF products that give retail investors an edge. Before that Mike has worked with Logica Capital Advisers and Thiel Macro. You may watch this episode on Youtube - #100 Mike Green (The gravitational force of passive investing on capital allocation and geopolitics). Big Thanks to our Sponsors! ExpressVPN – Claim back your Internet privacy for less than $10 a month! Mighty Travels Premium – incredible airfare and hotel deals – so everyone can afford to fly Business Class and book 5 Star Hotels! Sign up for free! Divvy – get business credit without a personal guarantee and 21st century spend management plus earn 7x rewards on restaurants & more. Get started for free! Brex – get a business account, a credit card, spend management & convertible rewards for every dollar you spend. Plus now earn $250 just for signing up (Terms & Conditions apply). Torsten Jacobi: Mike, welcome to the Judgment Call podcast. Thanks for coming. We appreciate that. Mike Green: Thank you, Torsten. It's a pleasure to be here. Torsten Jacobi: Hey, so your claim to fame is really the passive investment bubble, and you also recently joined Simplify, one of the most interesting ETF creators out there. My first question is for listeners out there who haven't heard of this particular bubble that you've been describing for a couple of years now, what are the core tenants of your thesis there, and what do you think is wrong with passive investment? Because a lot of us think of this as a very safe and potentially very lucrative investing stone. Mike Green: Well, I think this is one of the challenges that in terms of my theory and what I've observed about the market and how it's playing out is that for most investors, there's a natural attraction to being in a passive vehicle. Your objective is very much to just try to match the return of the market, and so it feels like it is the right choice, and you're seeking out lower fees, you're seeking out broad exposure, you're diversifying as you would expect, etc. And so it is a winning combination from the investor standpoint on an individual basis. The problem is, like many phenomenon, when you expand it and it becomes the dominant feature, it becomes a tragedy of the commons. And so the first place you have to start with passive investing is to understand that the basic theory behind it is predicated almost referred to as the efficient market hypothesis. And so the efficient market hypothesis was a theoretical construct that was created in the 1950s and 1960s, most closely associated with Eugene Fama. The idea is very straightforward. The prices in the market represent all of the information or the best estimate, the best intersection of information that exists across the market. And this is the idea that prices are set on a fundamental basis. So I as a single investor look at Microsoft, I make a forecast of the cash flows, I estimate what the future performance is going to be. I make some estimate in terms of what I expect it to be worth in the future, and then I compare that versus my cost to capital, discount that back to the present value and buy Microsoft. So the theory is that millions and millions, potentially billions of people doing this contribute to a market in which it is extraordinarily difficult to gain an information edge. And that's a really important component is that the expectation is that prices reflect information. There's an issue associated with that, which is that prices don't actually represent information, prices represent transactions. So when you look at a market, what you're actually seeing is not where the price is right now. It's where the last transaction happened. And it's a presumption that we're making that the next transaction is going to be close to that price. There are few events in history where we...

Thaddeus Kozinski is a professor of theology and philosophy at the Divine Mercy University. He is the author of Modernity as Apocalypse: Sacred Nihilism and the Counterfeits of Logos and The Political Problem of Religious Pluralism: And Why Philosophers Can't Solve It. You may watch this episode on Youtube - Thaddeus 'the Catholic' (Pluralism, Liberalism, Postmodernism, Idolatry, World Government). Big Thanks to our Sponsors! ExpressVPN – Claim back your Internet privacy for less than $10 a month! Mighty Travels Premium – incredible airfare and hotel deals – so everyone can afford to fly Business Class and book 5 Star Hotels! Sign up for free! Divvy – get business credit without a personal guarantee and 21st century spend management plus earn 7x rewards on restaurants & more. Get started for free! Brex – get a business account, a credit card, spend management & convertible rewards for every dollar you spend. Plus now earn $250 just for signing up (Terms & Conditions apply). Today's welcome to the judgment call podcast really appreciate thanks for coming You're welcome. Thanks for having me on torsten. Hey, absolutely I looked into you a little bit and there's two books that you wrote and it stood out and got quite a bit of recognition One is where you talk about what role does religious pluralism have in society? How nation states should actually be a construct and is that even possible which we all think it is right? So that's kept I guess the consensus and the other book that I took a quick look at is How Catholicism really fits into modern society and what what happened to Catholicism? Because it went through so many changes at least the public perception during the last 100 years So i'm excited to talk about this and you're also just in that before when we spoke earlier you mentioned A couple of other topics that I think are really relevant to today's discussion about what's going on in the world So maybe like my first question is how did you start with philosophy and how do you select those topics? So why are certain things closer to your heart like those topics? We just talked about and others that you come across from what you feel others are not as relevant to you You just leave them by the wayside a little bit well, I I started out in college as a pre med major math and science Towards my junior year I was reading And I wasn't practicing religion at this point. I was kind of a Nietzschean In my in my behavior and thought even though I didn't know who Nietzsche was, you know what I mean? I was sort of uh, I was a de facto Nietzschean living for extreme extreme experiences trying to defy uh the status quo you know Trying not to be a conformist all that and I was searching though at that point And I I actually read one particular book which sort of opened up a whole new world to me And was called the screw tape letters by c.s. Lewis Have you heard of the book? I have not no I have not so the screw tape letters are fictional letters written from uh a devil in hell called screw tape To his nephew wormwood and the whole book is about how to How to get this one particular individual into hell and so what lewis does is he incorporates a lot of uh social commentary and spiritual truth in this But what happened to me when I read that was I thought wow, this could be true There really might be the spiritual world out there of of truth of comprehensive metaphysical spiritual truth And I I really felt the the the reality of that from this book It really it really floored me And so at that point I got really interested in reading reading these things. Um reading spiritual works of lewis and uh other other theologians and That got me interested in moving away from the sciences into philosophy and theology and so um I then uh Enrolled in a program called uh saint john's college uh in anapolis, maryland, which teaches the great books only They're one of the first great books colleges and I took the master's program there...

You may watch this episode on Youtube - Max Wiethe (The state of financial industry and financial journalism). Max Wiethe is an editor and journalist at Real Vision where Max hosts a weekly series of interviews with financial industry heavyweights. Big Thanks to our Sponsors! ExpressVPN – Claim back your Internet privacy for less than $10 a month! Mighty Travels Premium – incredible airfare and hotel deals – so everyone can afford to fly Business Class and book 5 Star Hotels! Sign up for free! Divvy – get business credit without a personal guarantee and 21st century spend management plus earn 7x rewards on restaurants & more. Get started for free! Brex – get a business account, a credit card, spend management & convertible rewards for every dollar you spend. Plus now earn $250 just for signing up (Terms & Conditions apply). I actually saw something yesterday, a guy who was talking about like, go on zero hedge and there are articles that are promoting stocks. And he actually, he said back in the 80s, he got a call or his dad got a call from basically a boiler room broker telling him that it was the height of Billy Crystal, if you know the comedian Billy Crystal, his career, he said, this company is making the next Billy Crystal movie and got him to invest $2,000 and he ended up losing all of his money. Not a ton of money, but in the 80s, $2,000 was a good chunk of money and he was basically saying these websites where you can promote a stock and then they'll just have a little disclaimer down at the bottom, it's like so and so may have received compensation to write this article. Like that's the same guy as the people in the Wolf of Wall Street who were calling you and saying like, I've got Aerotine international investment and like when you see it on a website, it doesn't feel like it's a broker because it's not a broker, but that person is being compensated to write that article about that stock and if you can't tell, if you can't see those little things, you might not understand the biases of that information. So there's lots of things like that that I think are important. I mean, happy to just talk about content in general and how I think about it. I think you'll find... I want to get into this. Yeah, I said I think you'll find once you get me going, we will have no problem filling time. Yeah. Well, we don't want to just fill time, but I'm really curious about your insight and you've seen the industry from a different point of view than most of us. And maybe you can just go there right now. One thing that a lot of people in the financial industries or industry are very much involved with it, but they're also passionate to an extent with it is regulation, right? So there is a ton of amount of regulation with financial industry. It seems so easy to innovate new cars and just come out with something completely new. And over the century, the last, what is it, since the late, probably since the beginning of time, but we really see what's still left since I'd say that the 18th century, there's been a lot of regulation that prohibits certain behavior, like you just gave us an example about zero hedge. I don't want to put zero hedge. I just like use them as an example of a website where it could be anywhere, right? What I'm trying to say is from where I come from, and we should get into this topic a little deeper, I always feel there is a lot of regulation that's so complicated to enforce that creates so much red tape that it's probably not worth it. If you have trust in the investment, if you have trust in the active participant in that marketplace in the financial industry, maybe people just have to wise up. That's where I come from, where I feel like, well, if you fall for this thing, that's your problem, right? So there shouldn't be a Soviet state that protects you from it. It's called capitalism. And to a large extent, people will always push the boundaries and you have to look at this. The government and the SEC...

correct idea You may watch this episode on Youtube - Julio Maria Muhorro (Tales of Entrepreneurship in Africa). Julio Maria Muhorro is an entrepreneur and business coach based in Mozambique and South Africa. Big Thanks to our Sponsors! ExpressVPN – Claim back your Internet privacy for less than $10 a month! Mighty Travels Premium – incredible airfare and hotel deals – so everyone can afford to fly Business Class and book 5 Star Hotels! Sign up for free! Divvy – get business credit without a personal guarantee and 21st century spend management plus earn 7x rewards on restaurants & more. Get started for free! Brex – get a business account, a credit card, spend management & convertible rewards for every dollar you spend. Plus now earn $250 just for signing up (Terms & Conditions apply). Julio, thanks for coming to the Judgment Call podcast. We really appreciate that. Thank you so much for having me. I'm so excited to have this conversation with you, man. Hi, same here, same here. We spoke a couple of months ago, and we were just chatting about that. There were a couple of things we really wanted to talk about, and you are a very successful entrepreneur. You're quite young. You do all this for Mozambique, and now you're in South Africa. Maybe you tell us a little bit about yourself, and what really motivated you to become an entrepreneur so early in your life? Sure. It all started for me when I was just about to graduate for university, and I realized I didn't have a job afterwards, like many people. One of my friends, he was already an entrepreneur doing some transportation business, and he wanted to go into developing short term courses. He had all the entrepreneurial experience, but he knew nothing about academia, per se, or knowledge based businesses, but there was my jam. I was a lecturer at a university to help pay for my scholarship and my fees, and the university I was studying in, and my parents were teachers. Education and knowledge based stuff was really my jam. We joined forces and we started this company out of scratch, two young people, and I remember we really went over what we thought it was right, because I had no experience developing courses. My experience at the time was just delivering courses. I remember I had to Google how to build a session plan for a workshop and stuff like that, but then in three months, we trained almost 600 people in total. For you to think this is like a startup that no one heard of, and the key of our success early in the stage is that we were quite doing a lot of interactions with the market. We did all the research piece, we asked students what they wanted to learn, we kept their contact details, so when we launched the courses, we sent them SMS and all that stuff, and the energy was just cool and vibe. I mean, I was giving teachings and classes like eight hours a day, and I didn't want them to be boring, so I really made sure that it was interactive and fun, and people really appreciated. From that place, back in the days in Mozambique, business mentors, advisors, there was not even words we were used to it. It was at a time in the business where I felt I was making good decisions, but I wasn't making great decisions, and I just didn't know how I could make that leap. It made sense to me to get a job while my co founder was still running the business, and that's what I did. I joined them as a mechanical company called Idea Lab. They are major in supporting entrepreneurs in a more of ecosystem level, so they work with different stakeholders to support entrepreneurs, and they work with entrepreneurs directly with trainings, with events, with advisory, and I joined them to work on marketing, and then because of my background, I became a business advisor and mentor to the startups and a trainer. In two years into that business, they invited me to launch the very first business incubation program in Mozambique, so there for me was huge because I was usually the generation...

enormous (and prophetic) body of written workpostmodernismNetocratssensocracyworld governmentcharter citiesmarketing as a whole evilattentionalismabolish advertisingproductivity growthmany parallel truthsmultiverse theory You may watch this episode on Youtube - #96 Alexander Bard (The philosophy of everything). Alexander Bard is a musician, author, lecturer, artist, songwriter, music producer, political activist and philosopher. Alexander is co-author of a number of books incl. Syntheism - Creating God in the Internet Age, The Futurica Trilogy and Digital Libido. Big Thanks to our Sponsors! ExpressVPN – Claim back your Internet privacy for less than $10 a month! Mighty Travels Premium – incredible airfare and hotel deals – so everyone can afford to fly Business Class and book 5 Star Hotels! Sign up for free! Divvy – get business credit without a personal guarantee and 21st century spend management plus earn 7x rewards on restaurants & more. Get started for free! Brex – get a business account, a credit card, spend management & convertible rewards for every dollar you spend. Plus now earn $250 just for signing up (Terms & Conditions apply). Torsten Jacobi: Alexander, welcome to The Judgment Call broadcast. Thanks for coming. Really appreciate it. Thanks for taking the time. I know you're busy. Alexander Bard: Well, thank you for having me. Torsten Jacobi: Absolutely. Hey, so you are a 21st century philosopher, and I feel after reading two of your books, you wrote a couple of those over the last decades. I actually read Fruturica Trilogy and The Digital Lividone. I started with Sintiism. I feel they're very, very accessible. It's a philosophy that's relatively easy to read, which is, you know, not easy to find. And I feel like you've seen the future, and now you just write about it. So how did that happen? How did you make yourself so aware of the future? Alexander Bard: Well, I should first of all honor my co writer, Jan Söderkvist. He's very experienced and extremely learned. And we're the same age. We met about a year before we started writing together, but I would say the accessibility in our work, and I'm glad if they're accessible. We do our utmost to make velocities as accessible as it possibly can be without losing any of the quality. We don't compromise on the quality. And I think Jan is the guy who really does a lot of the work in making the text in Swedish and German language as accessible as possible. But we don't compromise on the quality. And these are, of course, this is philosophy. I mean, the philosopher is the guy who tries to observe the world at the furthest possible distance. But if somebody's even further behind the philosopher trying to see the bigger picture, that's the philosopher. So the philosopher is always the guy who tries to look at the world with the biggest possible picture. And of course, then also the biggest time scale. And that's what we try to do as philosopher. And of course, we are humans ourselves and we write to humans. So we are discussing the human condition constantly, but from a very large degree. Torsten Jacobi: Yeah, what I love about your books is that, you know, you go come from really first principles from very abstract principles, but you make really concrete predictions. And that's something that I admire with the records while he goes from very abstract predictions and come or thinking frame of thinking and he goes down to very specific predictions. So it becomes way more accessible. I think this is pretty rare. It's pretty awesome. Alexander Bard: Yeah, our first three books were redistributed or actually relaunched as the Ferturica trilogy. And the term Ferturica actually is a new literary term. It literally means the mixture of philosophy and futurology. And when you think about if you're going to do futurology really deeply, you're also going to discuss things that do not yet exist. Because obviously, there are new things happening constantly in history....

Options Insight You may watch this episode on Youtube - #95 Imran Lakha (How to use option strategies to improve your market edge). Imran Lakha has been working with Citibank, Bank of America and Credit Suisse trading options. He now teaches options strategies at Options Insight. Big Thanks to our Sponsors! ExpressVPN – Claim back your Internet privacy for less than $10 a month! Mighty Travels Premium – incredible airfare and hotel deals – so everyone can afford to fly Business Class and book 5 Star Hotels! Sign up for free! Divvy – get business credit without a personal guarantee and 21st century spend management plus earn 7x rewards on restaurants & more. Get started for free! Brex – get a business account, a credit card, spend management & convertible rewards for every dollar you spend. Plus now earn $250 just for signing up (Terms & Conditions apply). Torsten Jacobi: Yeah, we love to have you on and we know your specialty is option trading. And do we also know you've been all old, all street, different banks, credit, Swiss, city bank over the years, and you've been doing this for a long time. And I was curious, what attracted you to the financial industry in the first place? And then why did you leave Wall Street at some point? Imran Lakha: Okay, so in terms of what attracted me to Wall Street, I guess, you know, I did mathematics and economics at university. I was the son of an accountant. So my dad was in finance, both my brothers were kind of in finance as well. And so because I was always pretty decent at maps and had those quantitative skills, it was like, what career can I go into and utilize the skills that I have? And, you know, going to London School of Economics set me up to be able to, you know, be attracted by those big banks on Wall Street where, you know, as a 20, 30 year old, you can you can make good money and, you know, you can get some decent security and live a good life, right? That was the kind of goal when I originally started. I was brought up to be very motivated to get myself secure and comfortable in life, right? So, you know, my dad struggled, you know, he moved here. When he was 20 years old, he struggled through various jobs that he would, he was quite skilled, like in terms of knowledge and stuff, but he had to do jobs that were kind of, you know, maybe a little bit basic for him. And he didn't want us to go through the same strife, right? So he, he kind of taught us that, you know, work hard at school, get the skills, get a good job and make set yourself up, basically, right? So it's very Asian, very Asian mentality. But it kind of worked, right? It was, it was certainly worked on a materialistic level, like allowing me to earn enough money to get myself comfortable, you know? Torsten Jacobi: Yeah. Why did you end up, and I know you changed positions for different banks over the years, but I know you took a break a couple of years ago, and then you left Wall Street once out. Imran Lakha: So actually, you know, a lot of that initially was driven by my wife. Yeah. So she, she was really keen on traveling before we had kids. So we were married for about, you know, seven years. We weren't in a rush to have kids, but we were like, you know, if we're going to have kids, she really, really wanted to see the world a bit and travel. And because my career was going pretty well, you know, I hadn't really taken the plunge until then. And, and it just came to a nice point in my career where I was feeling pretty burnt out. I've been doing it for about 10 years. And she really wanted to travel before we had kids. So I was like, you know what, I'm going to put my hand up, take voluntary redundancy, and let's use the money I get to travel the world. So that's what we did before we had kids. It's amazing. Torsten Jacobi: Yeah, it sounds a bit like Jim Rogers, right? He, he took his money, he went on this two year long trip, you know, I think he did two trips around the world, both of them were...

faster than light speed travelFaster Than Light Speed You may watch this episode on Youtube - #94 Erik Lentz (How to build an actual warp drive). Apologies for the sound quality during the first few minutes - it gets much better after the initial five minutes! Erik Lentz is a Ph.D. physicist and focuses on the theoretical, computational, and experimental aspects of searching for dark matter as well as faster than light travel. Big Thanks to our Sponsors! ExpressVPN – Claim back your Internet privacy for less than $10 a month! Mighty Travels Premium – incredible airfare and hotel deals – so everyone can afford to fly Business Class and book 5 Star Hotels! Sign up for free! Divvy – get business credit without a personal guarantee and 21st century spend management plus earn 7x rewards on restaurants & more. Get started for free! Brex – get a business account, a credit card, spend management & convertible rewards for every dollar you spend. Plus now earn $250 just for signing up (Terms & Conditions apply). Torsten Jacobi: Eric, thank you so much for coming on the podcast. I really appreciate it. Thanks for taking the time. Erik Lentz: Oh, thank you for inviting me. Hey, absolutely. Torsten Jacobi: Eric, you changed the world recently and you gave us faster than lights if you travel, at least theoretically, right? You published a paper recently where you outlined the options, how we can achieve that. And it's been so long and I had many people here on the podcast who were very, very convinced that this barrier can never be broken. So I'm really curious about your thoughts and maybe you can help us a little bit more, how you came up with this, what did you do before and what makes you so confident that this could actually be a possibility? Erik Lentz: I mean, I've been interested in this field for decades. I think a lot of people who get into STEM as a profession, we're all fans of science fiction in one form or another as children. And for me, it was definitely Star Trek. And I was really fascinated by the whole world that was set up by all the series and movies and whatnot. And I really resonated with the technology that seemed to facilitate all these things. And one that really stood out to me, that was really the physical link between the interstellar community possible was the warp drive. Otherwise, you'd be spending tens of thousands of years just trying to communicate across this vast network of civilizations. And so this seemed to be a really key point. And as it became older, it became obvious to me that someone would have to invent such a thing. And so it's been a fascination to see if something like one of these plot devices like the warp drive technology would actually be possible in the real world. And it took some time in order to build the technical acumen in order to be able to pursue that. But the desire was always there. And so what happened that, say, 2021 or really 2020 became the year that this paper came out for me is that I found the time to actually really delve into the topic. And we can, I guess, thank the pandemic for that because I found myself sitting at home with a lot of free time on my hands trying to find a way to fend off cabin fever and this project that I really wanted to do. And so I built into the literature to see what the status of people who had passed had been because, as your listeners may know, there is some existing literature on the concept of warp drive. You could say it kind of started seriously with Al Cubietti in 1994 when he was still a graduate student. He made this Al Cubietti drive this first example of a mechanism that could transport observers like you or me, people who move primarily through time rather than space, find a way that they could move effectively through this manifold of space time effective papers in the decades since then. And like you said, the literature seemed to indicate that this was while you could create such imaginary geometries, they were...

Hedge Fund Telemetry You may watch this episode on Youtube - #93 Thomas Thornton (The past, present and future of Hedge Funds). Thomas Thornton is a former portfolio manager, senior trader, and technical analyst with Level Global Investors and Galileo Capital. Thomas is writing a daily investment newsletter at Hedge Fund Telemetry. Big Thanks to our Sponsors! ExpressVPN – Claim back your Internet privacy for less than $10 a month! Mighty Travels Premium – incredible airfare and hotel...

aigo.ai You may watch this episode on Youtube - # 92 Peter Voss (How and when will we build really intelligent machines?). Peter Voss is a serial entrepreneur and currently runs aigo.ai. The company implements a 'Third Wave of AI' with deep understanding of natural language, have short- and long-term memory, learn interactively, use context, and are able to reason and hold meaningful ongoing conversations. Big Thanks to our Sponsors! ExpressVPN – Claim back your Internet privacy for less...

Simplify You may watch this episode on Youtube - #91 Harley Bassman (How to become a Convexity Maven?). Harley Bassman looks back at a checkered career of 35+ years at Wall Street and also runs Convexity Maven. Harley currently works with Simplify. Big Thanks to our Sponsors! ExpressVPN – Claim back your Internet privacy for less than $10 a month! Mighty Travels Premium – incredible airfare and hotel deals – so everyone can afford to fly Business Class and book 5 Star Hotels! Sign up for...

00:00:23 How Esther got started working on the intersection between mind and body and healthy living? 00:13:32 What impact Ether’s research has on the ability to improve living conditions with autoimmune and inflammatory diseases. Are we getting to few germs and viruses so that our immune system turns on ourselves? 00:21:11 How stress and our environment impacts our body and mind and how we can model it. 00:28:01 How do we identify environments that makes us calm? Why is a view of nature...

00:00:34 What drove Bill to start minds.com back in 2011? Why minds.com is fundamentally different than other social networks? 00:07:31 Why did the ‘legacy’ social networks get so big? 00:11:22 Is there a better engagement algorithm? How ‘manipulative’ is the current engagement algorithm? 00:14:20 Why social networks all have such a similar business model and why they all struggle to keep you on the site (through emotional manipulation). 00:18:15 Are conservative media outlets really at an...

The WEIRDest People in the World You may watch this episode on Youtube - Joe Henrich (WEIRD people and what drives a culture's success?). Joe Henrich is a professor of human evolutionary biology at Harvard University (and formerly a professor of psychology and economics at the University of British Columbia). He is particularly interested in the question of how humans evolved from "being a relatively unremarkable primate a few million years ago to the most successful species on the globe",...

You may watch this episode on Youtube - Jeff Barr (The amazing story of Amazon Web Services). Jeff Barr is the Chief Evangelist for Amazon Web Services (AWS) and has been its chief promoter since 2004. Big Thanks to our Sponsors! ExpressVPN – Claim back your Internet privacy for less than $10 a month! Mighty Travels Premium – incredible airfare and hotel deals – so everyone can afford to fly Business Class and book 5 Star Hotels! Sign up for free! Divvy – get business credit without a...

Marc Faber is the publisher of the GLOOM BOOM & DOOM report and is a world famous investor known for his 'contrarian' investment approach. You may watch this episode on Youtube - #86 Marc Faber (Gloom Boom & Doom). Big Thanks to our Sponsors! ExpressVPN – Claim back your Internet privacy for less than $10 a month! Mighty Travels Premium – incredible airfare and hotel deals – so everyone can afford to fly Business Class and book 5 Star Hotels! Sign up for free! Divvy – get business...

00:00:35 How Matthew got started in the video game industry? 00:03:58 How the video game industry has evolved since Matthew started? 00:15:43 How video game studios elect plans for a new game? 00:21:06 How much revenue is there in video games really? Is the demographics of users changing? 00:30:23 Given the addictive potential of video games – should we emphasize the skills users learn from video games more? 00:53:49 Will we live in an ‘all simulated’ world? Is that a good or bad thing?...

Thomas Power is a serial entrepreneur and independent Board Director based in the United Kingdom. You may watch this episode on Youtube - #84 Thomas Power (The Power of Social Networks). Big Thanks to our Sponsors! ExpressVPN – Claim back your Internet privacy for less than $10 a month! Mighty Travels Premium – incredible airfare and hotel deals – so everyone can afford to fly Business Class and book 5 Star Hotels! Sign up for free! Divvy – get business credit without a personal...