In this episode, PhD Economist Jens Nordvig breaks down the evolving macro environment marked by waning Fed independence, shifting capital flows, and a weakening U.S. dollar. He explains how tariff shocks, long-end bond dynamics, and geopolitical tensions are reshaping global investment behavior and challenging the traditional safe-haven role of U.S. assets. Jens also outlines the structural phases of de-dollarization, central bank reserve diversification, and how these factors may signal a long-term dollar downtrend. Enjoy!

--

Katana is a DeFi-first chain built for deep liquidity and real yield, by redirecting chain revenue back to active DeFi users. The 1 billion KAT campaign is live. Bridge and deposit directly into vaults in one simple click and start earning immediately on your ETH, BTC, USDC, and more. 

Go to app.katana.network to check it out. 

--

EigenLayer just launched EigenCloud - the infrastructure powering crypto's "cloud era." Like AWS transformed the internet, EigenCloud gives any developer cloud-grade programmability with crypto-grade verifiability. EIGEN stakers earn from the entire verifiable economy flywheel. Follow @eigenlayer on X to learn more.

This is not financial advice.  Investing in blockchain-based assets like the EIGEN token involves significant risk, including the potential loss of your entire investment. By participating, you are agreeing to EigenCloud’s terms and conditions apply.

--

Follow Jens: https://x.com/jnordvig

Follow Felix: https://x.com/fejau_inc

Follow Forward Guidance: https://twitter.com/ForwardGuidance

Follow Blockworks: https://twitter.com/Blockworks_

Forward Guidance Telegram: https://t.me/+CAoZQpC-i6BjYTEx

Forward Guidance Newsletter: https://blockworks.co/newsletter/forwardguidance

--

Timestamps:

(0:00) Introduction

(3:21) Unpacking the Current Regime

(7:43) US Macro Overview

(8:18) Ads (Katana & Eigen)

(9:15) US Macro Overview

(13:44) FX & Dollar Hedging

(18:55) Tariff Impact on Capital Flows

(24:55) Diversifying Central Bank Reserves

(28:56) What’s Holding Up the Dollar?

(29:38) Ads (Katana & Eigen)

(31:12) What’s Holding Up the Dollar?

(36:02) Un-anchoring Inflation Expectations

(41:04) Bond Yields, Fiscal & the Fed

(48:10) US Growth & Investment

(50:03) Fed Cut Expectations

(51:58) Tariff Threat Overstated?

--

Disclaimer: Nothing said on Forward Guidance is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

In this episode, we’re joined by Bitwise’s Head of Alpha Strategies, Jeff Park! We explore the financial engineering behind Bitcoin treasury companies, focusing on Michael Saylor’s capital structure innovations. We discuss convertible debt, preferred equity, market demand dynamics, options chains, in-kind contributions, tax and regulatory implications, and the sustainability of these treasury vehicles. Thanks for tuning in!

--

Arkham is a crypto exchange and a blockchain analytics platform. Arkham allows crypto traders and investors to look inside the wallets of the best traders, largest funds and most influential players in crypto, and then act on that information. 

Sign up to Arkham: https://auth.arkm.com/register?ref=blockworks 

Eligibility varies by jurisdiction. Users residing in certain jurisdictions will be excluded from onboarding. 

--

EigenLayer just launched EigenCloud - the infrastructure powering crypto's "cloud era." Like AWS transformed the internet, EigenCloud gives any developer cloud-grade programmability with crypto-grade verifiability. EIGEN stakers earn from the entire verifiable economy flywheel. Follow @eigenlayer on X to learn more.

This is not financial advice.  Investing in blockchain-based assets like the EIGEN token involves significant risk, including the potential loss of your entire investment. By participating, you are agreeing to EigenCloud’s terms and conditions apply.

--

Follow Jeff: https://x.com/dgt10011

Follow Michael: https://twitter.com/im_manderson

Follow Vance: https://twitter.com/pythianism

Follow Mike: https://twitter.com/MikeIppolito_

Subscribe on YouTube: https://bit.ly/3R1D1D9

Subscribe on Apple: https://apple.co/3pQTfmD

Subscribe on Spotify: https://spoti.fi/3cpKZXH

Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/

Join the Bell Curve Telegram group: https://t.me/+nzyxAvQ0Xxc3YTEx

--

Timestamps:

(0:00) Introduction

(1:49) The Convertible Debt Market

(9:44) Preferred Shares vs Converts

(12:19) Ads (Arkham & Eigen)

(13:10) The Demand Side

(21:35) How is Saylor's Strategy Possible?

(30:47) Ads (Arkham & Eigen)

(32:24) What Is The Investment Bank's Role?

(37:45) Bitcoin Treasury Companies Abroad

(45:38) What Are Treasury Companies Allowed To Do Onchain?

(48:29) Treasury Company Financial Metrics

(51:44) The Best Path For Ethereum Treasury Companies

(56:56) Bitmine's Options Chain

(1:00:05) The Impact of In-kind Contributions

(1:03:56) The Doom Loop

(1:08:35) Comparing Treasury Vehicles and GBTC

(1:11:47) How Do Treasury Companies Impact Demand?

--

Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed, and our guests may hold positions in the companies, funds, or projects discussed.

Gm! This week, Rebecca Rettig and Alexander Grieve join Jason to unpack the successful crypto week and the 3 pieces of legislation that have passed and will now impact the way stablecoins and crypto move forward in the US landscape. 

--

Katana is a DeFi-first chain built for deep liquidity and real yield, by redirecting chain revenue back to active DeFi users. The 1 billion KAT campaign is live. Bridge and deposit directly into vaults in one simple click and start earning immediately on your ETH, BTC, USDC, and more. 

Go to app.katana.network to check it out. 

--

EigenLayer just launched EigenCloud - the infrastructure powering crypto's "cloud era." Like AWS transformed the internet, EigenCloud gives any developer cloud-grade programmability with crypto-grade verifiability. EIGEN stakers earn from the entire verifiable economy flywheel. Follow @eigenlayer on X to learn more.

This is not financial advice.  Investing in blockchain-based assets like the EIGEN token involves significant risk, including the potential loss of your entire investment. By participating, you are agreeing to EigenCloud’s terms and conditions apply.

--

Citrea is the first zero-knowledge rollup to enhance the capabilities of Bitcoin blockspace and enable Bitcoin applications (₿apps). Citrea is optimistically verified by Bitcoin, offering the most Bitcoin-secured and native way to extend BTC’s utility to DeFi. 

Learn more about Citrea: https://citrea.xyz/?utm_source=bellcurve&utm_medium=podcast&utm_campaign=website_promo 

Follow Citrea on X/Twitter for the latest on its journey to mainnet: https://x.com/citrea_xyz

--

Start your day with crypto news, analysis and data from Katherine Ross. Subscribe to the Empire newsletter: https://blockworks.co/newsletter/empire?utm_source=podcasts

--

Follow Alex: https://x.com/AlexanderGrieve

Follow Rebecca: https://x.com/RebeccaRettig1

Follow Jason: https://x.com/JasonYanowitz

Follow Empire: https://twitter.com/theempirepod

--

Join the Empire Telegram: https://t.me/+CaCYvTOB4Eg1OWJh

--

Timestamps:

(0:00) Introduction

(1:38) Crypto Week Breakdown

(6:01) GENIUS Act

(26:03) Ads (Katana & Eigen)

(26:57) CLARITY Act

(37:36) CLARITY Act + ICOs

(41:46) Ads (Katana & Eigen)

(43:20) CLARITY Act + DeFi

(54:01) Citrea Ad

(54:37) ANTI-CBDC Act

(58:11) Impacts Of These Bills

(1:01:19) Biggest Debates On Bills

--

Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.

In this episode, Mippo and Vance discuss Ethereum’s resurgence driven by institutional inflows, and stablecoin adoption. They also dive into the PUMP ICO, its market positioning, and consumer platform potential. Finally, they cover regulatory developments, including the CLARITY and GENIUS Acts, and Coinbase’s wallet rebrand. Enjoy!

--

Arkham is a crypto exchange and a blockchain analytics platform. Arkham allows crypto traders and investors to look inside the wallets of the best traders, largest funds and most influential players in crypto, and then act on that information. 

Sign up to Arkham: https://auth.arkm.com/register?ref=blockworks 

Eligibility varies by jurisdiction. Users residing in certain jurisdictions will be excluded from onboarding. 

--

EigenLayer just launched EigenCloud - the infrastructure powering crypto's "cloud era." Like AWS transformed the internet, EigenCloud gives any developer cloud-grade programmability with crypto-grade verifiability. EIGEN stakers earn from the entire verifiable economy flywheel. Follow @eigenlayer on X to learn more.

This is not financial advice.  Investing in blockchain-based assets like the EIGEN token involves significant risk, including the potential loss of your entire investment. By participating, you are agreeing to EigenCloud’s terms and conditions apply.

--

Follow Michael: https://twitter.com/im_manderson

Follow Vance: https://twitter.com/pythianism

Follow Mike: https://twitter.com/MikeIppolito_

Subscribe on YouTube: https://bit.ly/3R1D1D9

Subscribe on Apple: https://apple.co/3pQTfmD

Subscribe on Spotify: https://spoti.fi/3cpKZXH

Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/

Join the Bell Curve Telegram group: https://t.me/+nzyxAvQ0Xxc3YTEx

--

Timestamps:

(0:00) Introduction

(2:00) Ethereum's Massive Shift

(14:01) Ads (Arkham & Eigen)

(14:52) The PUMP ICO

(26:11) PumpFun's Buyback & Outlook

(34:26) Ads (Arkham & Eigen)

(36:03) The CLARITY Act Passes

(41:59) Coinbase's Rebrand and Next Steps

(54:56) The GENIUS Act Passes

(56:21) Robert Leshner's Treasury Company

--

Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed, and our guests may hold positions in the companies, funds, or projects discussed.

Gm! Ben Forman and Josh Solesbury from ParaFi Capital join Yano for this episode to dive into all the details, developments, the good and the bad and the future for publicly traded crypto vehicles!

--

Katana is a DeFi-first chain built for deep liquidity and high yield. No empty emissions, just real yield and sequencer fees routed back to DeFi users. 

Pre-deposit now: Earn high APRs with Turtle Club https://app.turtle.club/campaigns/katana or spin the wheel with Katana Krates https://app.katana.network/krates

--

Citrea is the first zero-knowledge rollup to enhance the capabilities of Bitcoin blockspace and enable Bitcoin applications (₿apps). Citrea is optimistically verified by Bitcoin, offering the most Bitcoin-secured and native way to extend BTC’s utility to DeFi. 

Learn more about Citrea: https://citrea.xyz/?utm_source=bellcurve&utm_medium=podcast&utm_campaign=website_promo 

Follow Citrea on X/Twitter for the latest on its journey to mainnet: https://x.com/citrea_xyz

--

Start your day with crypto news, analysis and data from Katherine Ross. Subscribe to the Empire newsletter: https://blockworks.co/newsletter/empire?utm_source=podcasts

--

Follow Josh: https://x.com/joshsolesbury

Follow Jason: https://x.com/JasonYanowitz

Follow Empire: https://twitter.com/theempirepod

--

Join the Empire Telegram: https://t.me/+CaCYvTOB4Eg1OWJh

--

Timestamps:

(0:00) Introduction

(1:53) Parafi Investor Letter

(2:41) Digital Asset Treasuries Overview Today

(10:03) Katana Ad

(10:24) Why Q2 + Q3 For Public Crypto

(15:36) Largest Convertible Issuer

(22:18) Scale of Public Crypto Treasury Vehicles

(23:49) Katana Ad

(24:22) Green Flags To Launch A Treasury Company

(37:10) Reputational Risks

(40:38) Why don't Treasury vehicles Impact native token price action

(48:35) Citrea Ad

(49:11) Crypto Treasury Vehicles For Top 50

(56:13) Low Capital Market Crypto Liquidity

(58:33) Top Signals

(1:05:20) The End Game

--

Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.

In this episode, Mippo dives into Pump’s token launch and competitive pressures in the launchpad space, Robinhood’s onchain stock derivatives and Arbitrum-based L2 plans, and the prediction market controversy surrounding Zelensky’s attire.Thanks for tuning in!

--

Resources

Pump’s TGE & Launchpad Wars: https://x.com/_ryanrconnor/status/1943348190381543769

--

Arkham is a crypto exchange and a blockchain analytics platform. Arkham allows crypto traders and investors to look inside the wallets of the best traders, largest funds and most influential players in crypto, and then act on that information. 

Sign up to Arkham: https://auth.arkm.com/register?ref=blockworks 

Eligibility varies by jurisdiction. Users residing in certain jurisdictions will be excluded from onboarding. 

--

EigenLayer just launched EigenCloud - the infrastructure powering crypto's "cloud era." Like AWS transformed the internet, EigenCloud gives any developer cloud-grade programmability with crypto-grade verifiability. EIGEN stakers earn from the entire verifiable economy flywheel. Follow @eigenlayer on X to learn more.

This is not financial advice.  Investing in blockchain-based assets like the EIGEN token involves significant risk, including the potential loss of your entire investment. By participating, you are agreeing to EigenCloud’s terms and conditions apply.

--

Follow Michael: https://twitter.com/im_manderson

Follow Vance: https://twitter.com/pythianism

Follow Mike: https://twitter.com/MikeIppolito_

Subscribe on YouTube: https://bit.ly/3R1D1D9

Subscribe on Apple: https://apple.co/3pQTfmD

Subscribe on Spotify: https://spoti.fi/3cpKZXH

Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/

Join the Bell Curve Telegram group: https://t.me/+nzyxAvQ0Xxc3YTEx

--

Timestamps:

(0:00) Introduction

(2:46) Pump's TGE & Launchpad Wars

(13:51) Ads (Arkham & Eigen)

(14:42) Robinhood's Onchain Stocks & Arbitrum L2

(25:17) Ads (Arkham & Eigen)

(26:53) Thoughts on Suitgate

--

Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed, and our guests may hold positions in the companies, funds, or projects discussed.

In this episode, we went live from Permissionless with Eugene Chen, Co-founder and CEO of Ellipsis Labs, and Merlin Egalite, Co-founder of Morpho, to explore the resurgence of DeFi activity in the U.S. driven by emerging regulatory clarity around stablecoins and market structure. We also discuss U.S. dollar dominance in stablecoins, institutional adoption, the role of front-end regulation, real-world asset tokenization, and the potential for global financial systems to move onchain. Thanks for tuning in!

--

Katana is a DeFi-first chain built for deep liquidity and high yield. No empty emissions, just real yield and sequencer fees routed back to DeFi users. 

Pre-deposit now: Earn high APRs with Turtle Club https://app.turtle.club/campaigns/katana or spin the wheel with Katana Krates https://app.katana.network/krates

--

Ledger, the global leader in digital asset security, proudly sponsors Bell Curve! As Ledger celebrates 10 years of securing 20% of global crypto, it remains the top choice for securing your assets. Buy a LEDGER™ device now, and build confidently, knowing your BTC, ETH, SOL, and more are safe.

Buy now on https://shop.ledger.com/?r=1da180a5de00.

--

Citrea is the first zero-knowledge rollup to enhance the capabilities of Bitcoin blockspace and enable Bitcoin applications (₿apps). Citrea is optimistically verified by Bitcoin, offering the most Bitcoin-secured and native way to extend BTC’s utility to DeFi. 

Learn more about Citrea: https://citrea.xyz/?utm_source=bellcurve&utm_medium=podcast&utm_campaign=website_promo 

Follow Citrea on X/Twitter for the latest on its journey to mainnet: https://x.com/citrea_xyz

--

Follow Eugene: https://x.com/0xShitTrader

Follow Merlin: https://x.com/MerlinEgalite

Follow MonetSupply: https://x.com/MonetSupply

Follow Mike: https://x.com/MikeIppolito_

Subscribe on YouTube: https://bit.ly/3R1D1D9

Subscribe on Apple: https://apple.co/3pQTfmD

Subscribe on Spotify: https://spoti.fi/3cpKZXH

Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/

Join the Bell Curve Telegram group: https://t.me/+nzyxAvQ0Xxc3YTEx

--

Timestamps:

(0:00) Introduction

(2:39) American DeFi

(5:56) Stablecoin Regulation and Its Impact on DeFi

(11:14) Ads (Katana & Ledger)

(11:53) Serving US Users and Regulatory Compliance

(23:49) Ads (Katana & Ledger)

(24:57) Will DeFi Front Ends Be Targeted By Regulation?

(29:59) Bringing RWAs Onchain

(39:25) Citrea Ad

(40:01) The 5 Year Vision For DeFi

--

Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

In this episode, Jon Charbonneau of DBA joined us at Permissionless to discuss regulatory arbitrage in crypto, challenges around decentralization, and the evolving role of L2s. We also explore opportunities in prediction markets, memecoins, and modular lending. Finally, we touch on investment trends, talent pools, and institutional adoption across ecosystems like Solana, Base, Monad, and Hyperliquid.Thanks for tuning in!

As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

--

Arkham is a crypto exchange and a blockchain analytics platform. Arkham allows crypto traders and investors to look inside the wallets of the best traders, largest funds and most influential players in crypto, and then act on that information. 

Sign up to Arkham: https://auth.arkm.com/register?ref=blockworks 

Eligibility varies by jurisdiction. Users residing in certain jurisdictions will be excluded from onboarding. 

--

Follow Jon: https://x.com/jon_charb

Follow Carlos: https://x.com/0xcarlosg

Follow Danny: https://x.com/defi_kay_

Follow Boccaccio: https://x.com/salveboccaccio

Follow Blockworks Research: https://x.com/blockworksres

Subscribe on YouTube: https://bit.ly/3foDS38

Subscribe on Apple: https://apple.co/3SNhUEt

Subscribe on Spotify: https://spoti.fi/3NlP1hA

Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/

Join the 0xResearch Telegram group: https://t.me/+z0H6y2bS-dllODVh

--

Timestamps:

(0:00) Introduction

(1:59) Regulatory Arbitrage In Crypto

(7:20) Degrees of Decentralization

(12:43) Arkham Ad

(13:09) Switching Costs

(16:02) Who Owns the User?

(19:17) Monad vs MegaETH

(22:49) Crypto's Next Breakout App

(30:08) Arkham Ad

(30:49) Crypto's Talent Pool

(34:44) Navigating the Liquid Markets

(40:27) Who Benefits From TradFi Entering Crypto?

(46:48) Has Base Been Successful?

(49:25) Where Are New Apps Deploying?

--

Check out Blockworks Research today! Research, data, governance, tokenomics, and models – now, all in one place

Blockworks Research: https://www.blockworksresearch.com/

Free Daily Newsletter: https://blockworks.co/newsletter

--

Disclaimer: Nothing said on 0xResearch is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Boccaccio, Danny, and our guests may hold positions in the companies, funds, or projects discussed.

In this episode, we went live from Permissionless with David Hoffman and Hayden Adams to discuss Uniswap’s evolution from V1 to V4 and the development of Unichain. We dive into Uniswap’s full-stack approach, MEV minimization strategies, competition with centralized platforms, and the future of  the Uniswap wallet.

Thanks for tuning in!

--

Katana is a DeFi-first chain built for deep liquidity and high yield. No empty emissions, just real yield and sequencer fees routed back to DeFi users. 

Pre-deposit now: Earn high APRs with Turtle Club https://app.turtle.club/campaigns/katana or spin the wheel with Katana Krates https://app.katana.network/krates

--

Citrea is the first zero-knowledge rollup to enhance the capabilities of Bitcoin blockspace and enable Bitcoin applications (₿apps). Citrea is optimistically verified by Bitcoin, offering the most Bitcoin-secured and native way to extend BTC’s utility to DeFi. 

Learn more about Citrea: https://citrea.xyz/?utm_source=bellcurve&utm_medium=podcast&utm_campaign=website_promo 

Follow Citrea on X/Twitter for the latest on its journey to mainnet: https://x.com/citrea_xyz

--

Follow Hayden: https://x.com/haydenzadams

Follow David: https://x.com/TrustlessState

Subscribe on YouTube: https://bit.ly/3R1D1D9

Subscribe on Apple: https://apple.co/3pQTfmD

Subscribe on Spotify: https://spoti.fi/3cpKZXH

Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/

Join the Bell Curve Telegram group: https://t.me/+nzyxAvQ0Xxc3YTEx

--

Timestamps:

(0:00) Introduction

(1:08) Uniswap's Value Proposition

(6:21) Katana Ad

(6:42) What Can DeFi Do For TradFi?

(12:30) Ads (Katana & Citrea)

(13:32) Handling MEV

(21:38) The Future of Uniswap Wallet

--

Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

To recap Permissionless, we got the hosts from 0xResearch, Forward Guidance, Lightspeed, and Supply Shock together to discuss their thoughts from the conference, and what they are excited about going forward. Enjoy!

--

Follow Boccaccio: https://x.com/salveboccaccio

Follow Danny: https://x.com/defi_kay_

Follow Rizzo: https://x.com/pete_rizzo_

Follow Felix: https://x.com/fejau_inc

Follow Jack: https://x.com/whosknave

Subscribe on YouTube: https://bit.ly/3R1D1D9

Subscribe on Apple: https://apple.co/3pQTfmD

Subscribe on Spotify: https://spoti.fi/3cpKZXH

Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/

Join the Bell Curve Telegram group: https://t.me/+nzyxAvQ0Xxc3YTEx

--

Timestamps:

(0:00) Introduction

(1:16) Permissionless IV Takeaways

(7:19) Big Industry Narrartives & Themes

(12:21) Stablecoins’ Future

(18:03) Macro Outlook

(21:04) Big Tech Overloads

(28:54) Predictions We Made That Were Wrong

--

Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed, and our guests may hold positions in the companies, funds, or projects discussed.