Here's a special episode from Business History (which even mentions Liar's Poker!). Business History is a show about, you guessed it, the history of business and what we can learn from founders and companies.

John Meriwether assembled the smartest team on Wall Street. In the 1980s, he combed Harvard and MIT for geniuses to join him at Salomon Brothers and make the investment bank a fortune with arbitrage — the trick of buying an asset cheap in one place and quickly selling it for a profit in another. 

When he parted ways with Salomon Brothers, Meriwether took his "nerds" to set up a hedge fund. They prospered — making themselves and their clients rich. Two employees even picked up a Nobel Prize. But Long Term Capital Management operated in the real world — where projections and charts and formulas can't protect you from political chaos and economic turmoil. 

Find more episodes of Business History on YouTube, Apple, Spotify or wherever you get podcasts.

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Exciting news! I have an all new book coming out on October 6th: BLOCKERS. You can pre-order your copy of the audiobook exclusively at blockers.fm. The hardcover is available at michaellewiswrites.com.

A blocker is the worst thing you could be during President Trump's second term—especially if you worked in the federal government and wanted to keep your job. A blocker was a holdover, an impediment, and, most of all, someone who didn’t belong. BLOCKERS tells the story of seven people who believed they had a calling, who were convinced they were doing something the country couldn’t do without, and then discovered they were no longer wanted. One kept Americans’ most sensitive tax data out of the wrong hands and another made sure that politicians and civil servants played by the rules. One figured out how to stop wildfires from destroying suburban neighborhoods, another helped uncover the mysteries of cystic fibrosis.

BLOCKERS is an inside look at the early days of Trump’s Department of Government Efficiency (DOGE) as told by the public servants it targeted and asks the question: If public servants can’t survive in government today, then what does that say about our country?

Pre-order your copy of the audiobook exclusively at blockers.fm. We'll send you a code for 25% off all Pushkin titles, including mine like Liar’s Poker and The Big Short, through the end of the year. 

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In 1968, in the dense jungles of Vietnam, a team of Green Berets was pinned down by an overwhelming North Vietnamese Army force. Their last hope was a young Air Force pilot named James Fleming. Despite being low on fuel and facing a wall of enemy fire, Fleming refused to turn back. The rescue mission seemed destined to fail, but a split-second decision would earn Fleming the nation’s highest military honor.

Binge the full season of Medal of Honor, ad-free, with a Pushkin+ subscriptions. Sign up on the Medal of Honor show page in Apple or at Pushkin.fm/plus and use the code MOH25 for 25% off an annual subscription.

Connect with the team! 

• Follow Pushkin on social @pushkinpods 
• Follow JR Martinez @iamjrmartinez 
• Email the team: [email protected]

Episode resources:

“SOG Combat in Cambodia: Under the Gun at Tango Five-One” by Randy Harrison, Soldier of Fortune Magazine, August 1982 

Green Hornets: The History of the U.S. Air Force 20th Special Operations Squadron by Wayne Mutza (Schiffer Military History, 2007) 

Secret Green Beret Commandos In Cambodia: A Memorial History of MACVSOG's Command and Control Detachment South (CCS) And Its Air Partners, Republic of Vietnam, 1967-1972 by Fred S. Lindsey (AuthorHouse, 2012)

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Recently, Michael Lewis spoke with Nicolle Wallace, host of the podcast The Best People, at Symphony Space in New York. They discussed what it was like re-visiting the Big Short 15 years on. And we hear the actor Zach Grenier dramatize a portion of The Big Short.

Order The Big Short audiobook, now narrated by Michael Lewis, on Audible, Spotify, pushkin.fm/bigshort or wherever you get audiobooks.

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According to the science, it really is better to give than receive. Donating a dollar; sharing a kind word or lending someone a hand changes lives, but can also hugely boost your happiness. So we're teaming up with other podcasts from Hidden Brain to Revisionist History to ask you to give to a charity helping some of the poorest people around. We're calling it #PodsFightPoverty.     

Go to givedirectly.org/happinesslab right now and give whatever you can.

Even a small donation will make you feel good and have a much larger impact on the world than you thought possible. To help inspire you, this special episode examines the science of giving and shares stories of heartwarming and impactful acts of kindness.   

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Of all the characters in The Big Short, fund manager Michael Burry (depicted by Christian Bale in the movie version) seemed the least likely to grant Michael Lewis a follow-up interview. Burry was one of the first to see the subprime housing market crisis coming, and he actually helped Wall Street banks develop the credit-default swap, the instrument that allowed short sellers to make their bets against the market. Lately, Burry has been in the news again because his fund has taken short positions against tech giants Nvidia and Palantir. Now he finally sits down with Lewis as part of this series.

Burry recently launched a newsletter called Cassandra Unchained.

Order The Big Short audiobook, now narrated by Michael Lewis, on Audible, Spotify, pushkin.fm/bigshort or wherever you get audiobooks.

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To wrap up our series on The Big Short, Michael Lewis speaks with two people who represent two very different responses to the financial crisis of 2008: US Senator Elizabeth Warren, an expert in bankruptcy law who became an advisor to the Obama White House before running for higher office in Massachusetts. And Michael interviews former Trump White House advisor and right-wing podcaster Steve Bannon, who talks about how the financial crisis radicalized him.

Order The Big Short audiobook, now narrated by Michael Lewis, on Audible, Spotify, pushkin.fm/bigshort or wherever you get audiobooks.

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To make sense of Wall Street’s hangover from the crash described in The Big Short, Michael Lewis calls up Matt Levine. Levine is author of the Money Stuff newsletter for Bloomberg Opinion and co-host of a podcast by the same name. He’s also a former investment banker who was working at Goldman Sachs during the market crisis of 2008. He and Lewis talk about Bitcoin, bank regulation, and new forms of risk-taking — all ways Wall Street has changed since the crisis.

Order The Big Short audiobook, now narrated by Michael Lewis, on Audible, Spotify, pushkin.fm/bigshort or wherever you get audiobooks.

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Andrew Ross Sorkin writes the business and policy newsletter DealBook for the New York Times and is co-anchor of Squawk Box on CNBC. He also has a historical bent, and has a new book out about the causes and consequences of the Great Depression in the 1930s. Sorkin speaks with Michael Lewis about how that crisis differed from the financial crash of 2008, and what we can learn by comparing the two eras.

For more, check out Sorkin’s book 1929: Inside the Greatest Crash in Wall Street History, and How it Shattered a Nation.

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When Michael Lewis wrote The Big Short, there was an extra character in the story: The Federal Reserve System, the central bank of the US, which bought up bad debt on the balance sheets of big Wall Street banks and trading firms. To better understand the Fed’s role in the financial crisis of 2008, Michael turns to UC Berkeley economics professor Emi Nakamura. And in the process, we get a master class in how currency works, and why there’s still some gold in the vaults of the Fed.

For more, check out Emi Nakamura’s Macro Policy Lab.

Order The Big Short audiobook, now narrated by Michael Lewis, on Audible, Spotify, pushkin.fm/bigshort or wherever you get audiobooks.

See omnystudio.com/listener for privacy information.