Making Markets

My guest today is Aaron Edelheit, the CEO and Portfolio Manager at Mindset Capital. Aaron has spent his career practicing value investing in overlooked industries, like housing after the 2008 recession or Cannabis today. But we start the conversation by talking about another overlooked topic- burnout and the importance of disengaging from work. We then talk about the Cannabis industry, the myths and opportunities, and why Aaron raised a venture fund to invest in Cannabis beverages. This is a timely conversation, recorded just ahead of the news that the DEA will reschedule Cannabis, providing a massive boost to the industry, particularly around taxation. Please enjoy this conversation with Aaron Edelheit. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:02:26) Aaron’s Personal Journey: From Burnout to Balance (00:05:41) The Philosophy Behind Taking Breaks (00:13:23) Aaron’s Current Investment Philosophy (00:17:34) Exploring the Cannabis Industry (00:24:50) Comparing Cannabis to Other Industries (00:27:02) The Evolution and Challenges of Cannabis Cultivation (00:31:13) The Venture into Hemp and THC Beverages (00:32:15) The Disruption of the U.S. Alcohol Market by THC Drinks (00:40:14) Investing in Cannabis (00:42:58) The Future of THC Beverages and Cannabis Consumption Learn more about your ad choices. Visit megaphone.fm/adchoices

Matt turns the mic on Eric for the quarterly recap where they reflect on a strong first quarter for 2024, the secular trends in market and investment structures, navigating the IPO market, and the next generation of investors. Please enjoy this episode of Making Markets. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:01:21) Analyzing the Strong First Quarter of 2024 (00:03:57) In-Depth Discussion on Inflation and Economic Trends (00:07:40) Exploring the Power and Influence of the Federal Reserve (00:09:06) The Dynamics of Private Credit and Commercial Real Estate (00:14:56) Navigating the IPO Market and Private vs. Public Conflict (00:16:40) Secular Trends in Market Structure and Investment (00:20:51) Exploring the Allure of Alternative Investments (00:22:05) The Evolution of Wealth Management (00:23:38) The Next Generation: Capturing Gen X and Gen Z Investors (00:25:13) Fee Compression and the Future of Financial Services (00:27:29) Bitcoin's Milestones and Market Dynamics (00:33:34) Reflecting on Making Markets Learn more about your ad choices. Visit megaphone.fm/adchoices

My guest this week is Brutus Clay. Brutus is the Chairman and CEO of Runnymede Farms, the oldest operating thoroughbred farm in Kentucky. He takes us through the fascinating world of breeding and racing thoroughbreds. We talk about the buy side in this industry and the similarity to Venture Capital and Private Equity. We end by talking about the horse racing industry and the beautiful story of the horse called Cody’s Wish. Please enjoy this unique conversation with Brutus Clay. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:01:04) Brutus Clay And The Legacy of Runnymede Farms (00:05:55) Kentucky: The Heartland of Horse Racing (00:08:45) The Economics of Breeding Racehorses (00:11:46) The Lucrative World of Stallions and Stud Fees (00:13:47) Understanding the Auction Dynamics and Revenue Sharing (00:16:020) The High Stakes of Horse Sales at Keeneland (00:18:04) Understanding Horse Behavior and Potential (00:21:57) The Business Model Behind Stallion Operations (00:24:46) Investment Insights: Comparing Horse Racing to VC (00:30:32) The Strategy Behind Horse Trading and Breeding (00:33:35) A Real-Life Underdog Story: Qualifying for the Derby (00:38:28) Cody's Wish: A Beacon of Hope and Victory (00:43:03) The Future of Horse Racing Learn more about your ad choices. Visit megaphone.fm/adchoices

Today we are revisiting this great episode with Jim Bianco, the founder and President of Bianco Research. Jim is well-known on Wall Street for providing macro analysis since the nineties. He takes us through his unique perspective on the economy. We start with his contrarian view on interest rates. We then cover the changes to the economy since COVID, such as remote work and the new consumer. We also talk about his new fixed-income ETF, Crypto, the Red Sea crisis, and more. Please enjoy this conversation with Jim Bianco. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) - Welcome to Making Markets (00:03:06) - First Question - Predictions on the Future of Interest Rates (00:07:24) - The Impact of Global Events on Inflation (00:11:03) - The Influence of Housing Inflation on the Economy (00:17:04) - The Impact of Remote Work on the Economy (00:28:45) - Attitude Changes on Spending and Inflation (00:30:48) - The Concept of Revenge Travel (00:31:53) - The Role of Stimulus Checks in the Economy (00:34:04) - The Shift in Investment Strategies (0042:01) - The Creation of the Bianco Research Total Return Index (00:51:32) - The Potential of Cryptocurrency and Blockchain Learn more about your ad choices. Visit megaphone.fm/adchoices

My guest today is Yossi Levi, better known as Car Dealership Guy, who has quickly become one of the most popular voices in the auto industry. Last year, I spoke to CDG about the US Car Market and the business model of car dealerships. Today's conversation covers Yossi's personal story and media business. We start with a quick overview of his fascinating backstory, from a used car dealer to tech entrepreneur to now a media founder. We then dig into his media business, talking about the business model, target audience, and the content treadmill. We end the conversation with a section on the US car market, where we cover demand and supply, the affordability challenge, EVs and hybrids, and more. Please enjoy round two with Car Dealership Guy. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- This episode is brought to you by 10 East. 10 East is a platform where qualified investors can co-invest on a deal-by-deal basis across private equity, private credit, real estate ventures, and other one-off opportunities typically unavailable through traditional channels. It's no surprise that founders, executives, and portfolio managers from leading investment firms are using 10 East to diversify their personal portfolios. Their level of sourcing and diligence is institutional grade. To learn more, check out 10east.com. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:03:41) From Used Car Dealer to Online Auto Retailer (00:07:08) Transitioning from Business Owner to Influencer (00:14:52) The Evolution of CDG's Media Platform (00:17:44) The Strategy Behind Building a Media Empire (00:24:13) The Automotive Industry's Economic Landscape (00:31:00) Challenges and Opportunities in the Used Car Market (00:36:10) - The Impact of EVs and Hybrids on Market Dynamics (00:43:40) Exploring the Future of Affordable Cars (00:48:23) Insights on Car Dealership Operations (00:51:08) Economic Optimism in the Car Industry Learn more about your ad choices. Visit megaphone.fm/adchoices

My guest this week is Bored, the pseudonymous Twitter personality who shot to prominence as Bored Elon. Bored spent over a decade in the video games industry, supporting the launch of 100+ game titles, and today, he takes us on a deep dive through the industry. We start by talking about Crypto Gaming, why it’s failed to deliver on its promise, and why Bored is still bullish on the category. We also talk about the overall gaming industry, the impact of AI, his new venture Edison, and more. I first chatted with Bored back in June '22, and his return on the show was as good as his debut. Please enjoy this conversation with Bored. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- This episode is brought to you by 10 East. 10 East is a platform where qualified investors can co-invest on a deal-by-deal basis across private equity, private credit, real estate ventures, and other one-off opportunities typically unavailable through traditional channels. It's no surprise that founders, executives, and portfolio managers from leading investment firms are using 10 East to diversify their personal portfolios. Their level of sourcing and diligence is institutional grade. To learn more, check out 10east.com. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:03:18) Exploring the State of Crypto Gaming (00:05:01) The Complexities of In-Game Economies (00:11:32) Separating Crypto from Traditional Gaming (00:19:24) The Frontier of Event Gaming (00:26:09) Role of Blockchain and Crypto in Gaming (00:36:15) Gaming Distribution and Influencer Models (00:41:34) The Impact of AI on Gaming and the Future of Web3 (00:47:38) Future Directions in Gaming Learn more about your ad choices. Visit megaphone.fm/adchoices

My guest this week is Jannick Malling. At 13, Jannick was getting paid to make websites. 5 years later, he was an early employee at the high growth broker, Saxo Bank. Today, he’s a serial fintech entrepreneur and the co-founder and co-CEO of Public.com, an investing platform. In this episode, we dive into the brokerage industry. We talk about how new-age brokerages compete against giants like Fidelity and Schwab, the business models of investing platforms, the impact of AI and more. Please enjoy this conversation with Jannick Malling. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- This episode is brought to you by 10 East. 10 East is a platform where qualified investors can co-invest on a deal-by-deal basis across private equity, private credit, real estate ventures, and other one-off opportunities typically unavailable through traditional channels. It's no surprise that founders, executives, and portfolio managers from leading investment firms are using 10 East to diversify their personal portfolios. Their level of sourcing and diligence is institutional grade. To learn more, check out 10east.com. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:02:59) First Question - The Rise of Mobile Investing and Its Impact (00:03:48) The New Generation's Approach to Investing (00:11:30) Exploring the Revenue Models of Modern Brokerages (00:14:05) The Controversy of Payment for Order Flow (00:23:35) The Revolutionary Impact of Fractional Shares (00:28:57) Venturing into the World of Corporate Bonds (00:29:30) Exploring the Nuances of Fixed Income and Equities (00:30:18) The Evolution of Brokerages (00:32:25) The Rise of AI in Financial Services (00:33:52) Navigating the Trust Landscape in Financial Services (00:42:00) Innovations in Investment: The Case for Music Royalties (00:47:33) The Future of Alternative Investments and Market Trends (00:51:02) Reflecting on Market Cycles and the Path Ahead Learn more about your ad choices. Visit megaphone.fm/adchoices

My guest today is Paul Goodrich. Paul has spent his career organizing labor unions and fighting for labor rights. Today, he is the Vice President of Laborers' Union Local 151, a Massachusetts-based labor union for construction workers. In this episode, he makes a persuasive case for why we need labor unions and shows us the nuts and bolts of how they operate. Coming from Wall Street, which doesn't have the best view of Labor unions, it was very interesting and educative to hear from the other side. Please enjoy this conversation with Paul Goodrich. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- This episode is brought to you by 10 East. 10 East is a platform where qualified investors can co-invest on a deal-by-deal basis across private equity, private credit, real estate ventures, and other one-off opportunities typically unavailable through traditional channels. It's no surprise that founders, executives, and portfolio managers from leading investment firms are using 10 East to diversify their personal portfolios. Their level of sourcing and diligence is institutional grade. To learn more, check out 10east.com. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:02:45) First Question - Paul's Journey into Labor Unions (00:04:22) The Impact of Labor Unions (00:06:46) Understanding the Mechanics of Private Labor Unions (00:08:10) The Economics of Union Labor: Balancing Wages, Benefits, and Market Dynamics (00:14:34) Perception vs. Reality of Union Labor (00:20:32) The Importance of Unions in Today's Economy (00:28:46) Comparing Unionization Across Industries (00:33:21) Navigating Non-Union Challenges and Political Leverage (00:34:34) The Role of State and Local Legislation (00:35:51) Labor Market Dynamics Post-COVID and the Future of Trades (00:39:10) - The Decline of Private Unions and the Rise of Public Unions (00:46:00) The Complex Landscape of Public Pensions and Financial Sustainability (01:00:49) The Future of Unionization Learn more about your ad choices. Visit megaphone.fm/adchoices

My guest this week is the Anthony Pompliano, better known as Pomp. Pomp is an investor, entrepreneur and one of the biggest media personalities in the world of crypto. In today's conversation, we talk about Pomp’s early career, his evolution as a capital allocator, and how he views public and private investing today. We also talk about his early career at Facebook, his media business, and of course, Crypto. Please enjoy this conversation with Pomp. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- This episode is brought to you by 10 East. 10 East is a platform where qualified investors can co-invest on a deal-by-deal basis across private equity, private credit, real estate ventures, and other one-off opportunities typically unavailable through traditional channels. It's no surprise that founders, executives, and portfolio managers from leading investment firms are using 10 East to diversify their personal portfolios. Their level of sourcing and diligence is institutional grade. To learn more, check out 10east.com. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Media (00:02:35) First Question - Crafting a lifestyle compatible with public life (00:05:24) The advantages of diverging from typical venture capitalist practices (00:07:54) Exploring unfair advantages in the investment sphere (00:12:58) Comparing internal and external investment strategies (00:14:11) The journey to launching a first business (00:20:34) Reflections on producing and sharing content (00:28:19) Emphasizing the need for diverse revenue streams (00:30:49) Tailoring content to fulfill specific objectives (00:35:31) Evaluating character within the investment community (00:40:50) Balancing established knowledge with current trends and news (00:45:06) Prioritizing being the chief marketing officer above other responsibilities (00:49:07) Discussing the downsides of public opinion sharing (00:55:00) Distilling the most profound recent lesson (00:59:05) Assessing the current phase of the Bitcoin cycle Learn more about your ad choices. Visit megaphone.fm/adchoices

My guest this week is Jim Bianco, the founder and President of Bianco Research. Jim is well-known on Wall Street for providing macro analysis since the nineties. Today, he takes us through his unique perspective on the economy. We start with his contrarian view on interest rates. We then cover the changes to the economy since COVID, such as remote work and the new consumer. We also talk about his new fixed-income ETF, Crypto, the Red Sea crisis, and more. Please enjoy this conversation with Jim Bianco. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- This episode is brought to you by 10 East. 10 East is a platform where qualified investors can co-invest on a deal-by-deal basis across private equity, private credit, real estate ventures, and other one-off opportunities typically unavailable through traditional channels. It's no surprise that founders, executives, and portfolio managers from leading investment firms are using 10 East to diversify their personal portfolios. Their level of sourcing and diligence is institutional grade. To learn more, check out 10east.com. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Welcome to Making Markets (00:03:06) First Question - Predictions on the Future of Interest Rates (00:07:24) The Impact of Global Events on Inflation (00:11:03) The Influence of Housing Inflation on the Economy (00:17:04) The Impact of Remote Work on the Economy (00:28:45) Attitude Changes on Spending and Inflation (00:30:48) The Concept of Revenge Travel (00:31:53) The Role of Stimulus Checks in the Economy (00:34:04) The Shift in Investment Strategies (0042:01) The Creation of the Bianco Research Total Return Index (00:51:32) The Potential of Cryptocurrency and Blockchain Learn more about your ad choices. Visit megaphone.fm/adchoices

My guest this week is Haseeb Qureshi, managing partner at Dragonfly Capital. From making millions through poker before the age of 21, to going viral for an article on negotiation, to being hired personally by Naval Ravikant to be a crypto VC, Haseeb’s life could be a Netflix movie. We dive into that backstory and all he’s learned about the relationship between work, money, and happiness. We also talk about the Bitcoin ETF, Dragonfly Capital, his biggest miss as a VC, and how he approaches investing today. Please enjoy this fascinating and wide-ranging conversation with Haseeb Qureshi. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- This episode is brought to you by 10 East. 10 East is a platform where qualified investors can co-invest on a deal-by-deal basis across private equity, private credit, real estate ventures, and other one-off opportunities typically unavailable through traditional channels. It's no surprise that founders, executives, and portfolio managers from leading investment firms are using 10 East to diversify their personal portfolios. Their level of sourcing and diligence is institutional grade. To learn more, check out 10east.com. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Welcome to Making Markets (00:01:27) First question - Haseeb’s stance on the current developments in the crypto world (00:04:26) Whether the established precedent for Bitcoin ETF negates the need for further court cases (00:10:50) Advantages of trading ETFs over traditional assets and whether it could entice large institutions into cryptocurrency trading (00:15:16) Haseeb’s background in poker and the Portuguese prodigy story (00:24:10) Comparing fulfillment earning wealth between poker playing and trading in crypto (00:28:10) Patterns of disillusionment in people who make significant wealth in crypto (00:38:15) How Haseeb’s experience as a founder shaped his perspective on venture capital (00:46:42) How Haseeb first got together with Naval Ravikant (00:54:24) The initial vision for launching Dragonfly (00:58:55) How common it is for founders to relocate to other countries for crypto-related ventures (01:01:21) The size and scope of Dragonfly today and the acquisition of Metastable (01:09:01) Navigating the challenge of not second-guessing decisions (01:14:01) The challenges the industry has had with consumer adoption, particularly in cases like NBA Top Shot and Keone (01:21:31) Where Haseeb thinks the crypto market is currently in the cycle Learn more about your ad choices. Visit megaphone.fm/adchoices

My guest today is Edward Woodford, the CEO and Co-Founder of Zero Hash. Zero Hash builds software that allows businesses to launch crypto products quickly, simply, and compliantly. This is Edward’s second startup, and we start with his backstory before exploring crypto's major use cases like payments, tokenization, remittances, and payroll. We also cover the US regulatory landscape, his take on the ecosystem today, and more. Please enjoy this conversation with Edward Woodford. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- This episode is brought to you by 10 East. 10 East is a platform where qualified investors can co-invest on a deal-by-deal basis across private equity, private credit, real estate ventures, and other one-off opportunities typically unavailable through traditional channels. It's no surprise that founders, executives, and portfolio managers from leading investment firms are using 10 East to diversify their personal portfolios. Their level of sourcing and diligence is institutional grade. To learn more, check out 10east.com. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:03:06) First question - Navigating the challenges of a highly regulated industry (00:04:18) Detailing the functions of Zero Hash (00:06:31) Breaking down the business structure of Zero Hash (00:08:31) Delving into jurisdictional regulatory challenges (00:13:32) Addressing the issues Zero Hash resolves for clients (00:17:52) Bridging cryptography with the mainstream economy (00:20:54) Strategies for tokenizing assets (00:26:35) Examining asset transfers on the blockchain (00:32:34) Implementing global payroll solutions on the blockchain (00:35:39) Allocating marginal dollars in the crypto space (00:38:54) Assessing the current phase of the crypto cycle Learn more about your ad choices. Visit megaphone.fm/adchoices

My guest today is George Robertson. George is a highly interesting and contrarian investor who started on Wall Street way back in 1981. We start this conversation with a few incredible stories from his colorful career. George then makes a compelling case for why the Fed no longer has any power and what’s really happening with the economy. We end the conversation with another provocative claim on the market for US treasuries. Please enjoy this conversation with George Robertson. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:00:15) First Question - A quick background of his investment career (00:06:27) Basic tenants to think about when starting in trading (00:12:41) Fed reaction functions before the market got weird (00:17:17) How the Fed lost the power of the reaction function (00:19:19) Outcomes of the Fed buying trillions in assets (00:22:04) How pushing out risk spectrums does not inflate assets (00:26:13) Difficulties behind trying to start inflation before covid (00:28:42) Reasons covid unleashed fiscal spending (00:30:21) His estimate on how much money the government put into the economy (00:34:55) What the salesman macro pitch got so wrong (00:36:52) His view on why rates are going higher (00:38:54) Whether raising funds is the right thing to do (00:39:27) The driver behind the higher rates call (00:41:52) Conventional mortgage numbers versus NGDP numbers (00:42:20) The housing narrative compared to supply and demand (00:44:35) Recession structure without bank involvement (00:45:55) How high-frequency trading has impacted market forces (00:48:48) His view on how one person can drastically shift the market (00:51:31) Where he thinks we are in the sentiment cycle Learn more about your ad choices. Visit megaphone.fm/adchoices

My guest today is David Kalk. David used to run Peter Thiel’s Macro Fund and is currently the CIO of Reflexive Capital where he spends most of his time managing the Crypto-focussed Liquid Trading fund. We start the conversation by asking where we are in the new regime. We then talk about reflexivity and how it applies in crypto. We also cover his trading process, how he evaluates new tokens, Solana's resurgence, the Bitcoin ETF and more. Please enjoy this conversation with David Kalk. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:01:48) First question - Assessing the current state of cryptocurrency (00:04:44) Exploring the concept of reflexivity (00:11:57) Unpacking the structure of Reflexive Capital (00:27:16) Positioning crypto within the broader risk asset context (00:30:42) Strategies for researching the crypto market (00:37:43) Non-crypto funds' perspectives on crypto trends (00:43:41) Delving into the significance of pricing in crypto (00:51:08) Evaluating the current phase of cryptocurrency investment Learn more about your ad choices. Visit megaphone.fm/adchoices

Today Matt turns the mic on Eric for the quarterly recap where they talk all things Bitcoin ETF, a strong fourth quarter for 2023, an interesting kick-off to 2024, and Eric's current outlook on the market (anxiety). Please enjoy this episode of Making Markets. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:01:00) First question - Thoughts on the Bitcoin ETF approval (00:06:26) What’s next and whether we might see an Ethereum ETF (00:10:39) Reasons why an Ethereum ETF might fail (00:13:23) Eric’s transition from crypto markets back to traditional markets (00:18:24) Transferable skills from succeeding in niche markets (00:20:21) Breaking into markets guarded by gatekeepers (00:24:34) Top market performers living in hyper-paranoid states (00:30:56) Whether or not a 20-year-old Buffett would trade crypto today (00:33:11) General outlook on venture capital speculation writ large (00:37:58) Things to consider about the emerging AI sector in the near future (00:43:11) Eric’s crazy idea about algorithms Learn more about your ad choices. Visit megaphone.fm/adchoices

My guest this week is Mark Dow. Mark started his career as an economist with the US Treasury and the IMF before he joined Wall Street. Today, he is the founder of behavourialmacro.com and runs a fund that combines his skillsets as a trader and an economist. In this discussion, we get into why economists are usually bad investors and how Mark approaches markets. We also cover some provocative ideas - including how Quantitive Easing and Tightening have little effect and why Mark's not worried about US debt. Please enjoy this great conversation with Mark Dow. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:02:12) First question Discussing why economists often struggle with trading and investing (00:05:32) Strategies for aligning with market movements (00:16:06) Exploring reasons why a recession hasn't occurred yet (00:25:32) Delving into the inflation dynamics of 2010 (00:31:18) Assessing the effects of interest rates on high-value assets (00:34:13) Evaluating the current position in the market risk cycle (00:40:28) Investigating the perceived absence of risk in the market (00:43:14) Reflecting on Modern Monetary Theory (MMT) (00:49:19) Analyzing the relationship between asset price inflation and income inequality (00:53:57) Identifying the most promising sector in the current market cycle Learn more about your ad choices. Visit megaphone.fm/adchoices

My guest today is Howard Lindzon. It’s impossible to summarize Howard’s resume, but he’s best known for founding StockTwits and as a private and public market investor. We start this conversation with a hilarious story of his early career at CBS. We then talk about a variety of other topics, like saying no when Fred Wilson brought him the Twitter deal, his investing philosophy, the degen economy, and a lot more. Please enjoy this conversation with the one and only Howard Lindzon. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:01:48) First Question - He explains the acquisition of WallStrip to CBS (00:04:27) How he was phantom fired from CBS (00:04:58) Comedy and his career path background (00:07:41) Why he likes comedians (00:09:49) How he plays the social media game well (00:11:15) Fred Wilson and the early days of Youtube (00:12:13 Going from TheStreet to Twitter (00:16:28) The trade off of sharing investment pros and cons publicly on Stocktwits (00:18:45) His public investment process versus his private investment process (00:21:31) He explains how the market is rigged (00:23:58) Passing on the opportunity to invest in early Twitter (00:26:38) The Cabal and the investment process (00:29:32) Founder scenarios that keep him from making deals (00:35:10) Network effects amongst sharing venture capital and how it works (00:38:41) Advice he has for new founders looking for venture capitalists (00:42:24) Support and advice for his family wanting to found startups (00:44:18) Challenges and joys in private and public investing (00:47:58) He explains the rich man, angry man, degenerate man investment theme (00:51:17) Sports betting and it’s market effects (00:53:18) His view on crypto investments and Mt. Gox (00:57:19) The Luckin Coffee fraud and his opinion on market opportunities (01:00:49) His optimism for the future Learn more about your ad choices. Visit megaphone.fm/adchoices

My guest today is Eric Jorgenson - the author of two books that I really enjoyed- "The Almanack of Naval Ravikant" and "The Anthology of Balaji." In this conversation, he tells us what he learned from studying these great minds and the experience of writing the two books. We also talk about the spread of anti-capitalistic ideas, techno-optimism the economics of publishing and more. Please enjoy this conversation with Eric Jorgenson. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:01:46) - (First question) - What can money not buy? (00:02:46) - When Eric started contemplating that question (00:03:52) - Be the person who takes the notes; The Almanack of Naval Ravikant, The Anthology of Balaji (00:07:43) - How he approached writing Naval’s book (00:10:21) - Ways that writing the book changed him and the people around him (00:13:20) - Something most people get wrong about Naval (00:15:45) - Not all billionaires are the same (00:18:34) - The inherent fear of new technology (00:24:58) - When technologists went from being heroes to villains (00:29:41) - Thinking about countries like companies (00:33:05) - The competition that keeps the US growing; Atlas Shrugged (00:34:57) - Things he’s learned about Balaji’s nature (00:36:58) - Balaji’s public rise during the pandemic (00:40:10) - How true the prediction was about Bitcoin going to a million (00:41:35) - The audience overlap for his two latest books (00:42:55) - Going from being a writer to a writer and a publisher (00:46:59) - Publisher royalties and self-publishing economics (00:50:48) - Sourcing talent in the era of excessive content (00:55:26) - Writing in refreshing and engaging styles (00:57:59) - Who he’d like to write about next Learn more about your ad choices. Visit megaphone.fm/adchoices

My guest this week is Caroline Taylor. An art valuation expert, Caroline founded the Appraisal Bureau to bring data and analytics to the highly subjective world of art appraisals. We start the conversation with Caroline’s backstory before talking about the appraisal process for both fine art and NFTs and the problem that the Appraisal Bureau is solving in this space. We also cover several unique aspects of the art market, such as Block Trading, Irrevocable Bids, the place of NFTs in the Art world, and more. Please enjoy this conversation with Caroline Taylor. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Show Notes: (00:02:00) - (First question) - Why Deutsche Bank has an art collection (00:02:54) - Caroline’s background in art (00:03:57) - A basic overview of the curation of art for a corporate collection (00:04:32) - The balance between investing in value or genuine interest in the pieces (00:06:00) - Caroline’s moves after the corporate art curation for Deutsche bank (00:08:15) - How advisory fees are structured in the buying process (00:10:47) - Appraiser ratings and determining their proficiency in valuing unique items (00:14:26) - Other valuation methods beyond insurance (00:17:32) - The complexities of irrevocable bids at an auction (00:19:10) - Profits from using low irrevocable bids and the long-term valuation of acquiring art through auctions (00:20:13) - Other unconventional bidding methods beyond room-based and irrevocable bids (00:21:15) - A background of Dmitri Cherniak's 'The Goose' NFT, which sold at Sotheby's Auction for $6.2M (00:23:36) - The breakdown of the audience at Sotheby’s auction for The Goose (00:25:10) - Caroline’s journey to becoming the sole approved appraiser of NFTs in the insurance market (00:28:36) - The nuanced valuation of CryptoPunks from an art appraisal perspective (00:30:57) - How she initiated Appraisal Bureau to address the lack of neutrality in the market (00:35:18) - Caroline’s validation process, especially when significant discrepancies arise (00:35:37) - Navigating customer segmentation within Caroline’s clientele (00:37:37) - The potential impact of artificial intelligence (00:40:44) - How Appraisal Bureau conducts thousands of appraisals yearly without being able to disclose what they’re working on and who they’re working with (00:41:32) - NFTs impact on bringing new people into the art world, Eric attending Art Basel (00:42:12) - NFTs permeating the traditional art world with positioning in places like MoMA (00:43:10) - Caroline’s opinion on the NFT market transitioning from a tough phase into a hopeful outlook Learn more about your ad choices. Visit megaphone.fm/adchoices

My guest today is Michael Lee. Michael is a dealer in rare photographs and the director of Lee Gallery. Today, he takes us on a tour across this under-the-radar market. We talk about the difference between the primary and the secondary market, the buy side, and tastemakers. We also cover his process for finding buyers, pricing inventory and his view on NFTs. This is exactly the kind of esoteric market I wanted to explore when we transitioned the show to Making Markets, and I hope you enjoy this conversation with Michael Lee. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Show Notes (00:02:22) - (First question) - Steps to becoming an art dealer (00:04:22) - Examining funding aspects for art dealers (00:06:21) - The function of independent art traders (00:10:09) - Comparing reproducibility: photography versus painting (00:11:10) - Delving into the buyer's perspective on photography (00:13:13) - Discussing the absence of external authorities in photography ratings (00:17:09) - Investigating the influence of museums in art (00:19:21) - Forecasting future trends in the art market (00:23:27) - Unraveling how transactions occur in the art world (00:28:07) - Clarifying the role of art galleries (00:30:45) - The intricate process of art collection (00:35:50) - Addressing perceived pretentiousness in art (00:41:55) - Exploring royalties within the art industry (00:45:08) - Grasping the factors affecting art pricing (00:53:00) - Analyzing why photography is currently in a 'fear stage' Learn more about your ad choices. Visit megaphone.fm/adchoices