Economics Explored

Qin En Looi, a partner at Saison Capital, discusses the venture capital landscape, particularly in emerging markets like Southeast Asia, India, and Latin America. Saison Capital, backed by Credit Saison, focuses on early-stage investments and has $150 million in assets under management. The firm has seen three exits and emphasizes the potential of Web3 and decentralized finance (DeFi). Looi highlights the efficiency and cost advantages of DeFi, citing examples like Thala, a decentralized currency exchange, and Helix, which tokenizes private credit. He also notes the geopolitical implications, such as near-shoring to Mexico, and the positive impact of the recent Fed rate cut on private investments. NB This episode contains general information and should not be considered financial or investment advice. 

If you have any questions, comments, or suggestions for Gene, please email him at [email protected]  or send a voice message via https://www.speakpipe.com/economicsexplored. 

About Qin En Looi, Partner at Saison Capital

Qin En Looi is a seasoned venture capitalist with a wealth of experience in fintech, B2B commerce, and web3 startups. At Saison Capital, he leads pre-seed and seed investments and advises multiple Southeast Asia-based web3 startups. His previous roles include co-founding Glints, the leading talent ecosystem in Southeast Asia, and earning recognition from Forbes 30 Under 30. Qin En is also the creator and host of the successful podcast “Parents in Tech.”

Timestamps for EP256

• Introduction (0:00)
• Venture Capital Terminology and Investment Strategy (3:19)
• Evolution of Venture Capital and Web3 (5:49)
• Qin En Looi's Journey into Venture Capital (9:56)
• Investment Focus on Web3 and Decentralized Finance (12:29)
• Helix and the Future of Private Credit (20:02)
• Geographic Expansion and Global Opportunities (26:34)
• Concerns About Geopolitical and Economic Tensions (33:59)
• Impact of Fed Rate Cuts on Private Investments (36:40)
• Final Thoughts and Future Outlook (39:27)

Takeaways

1. Web3 Opportunities in Emerging Markets: Southeast Asia and Latin America are ripe for blockchain and decentralized finance innovations, with venture capitalists looking to capitalize on these growing markets.
2. Blockchain and Financial Inclusion: Qin En argues Blockchain technology offers faster and more efficient financial services, helping to increase financial inclusion in underserved regions.
3. Decentralized Finance (DeFi) as a Game Changer: Qin En argues DeFi platforms such as decentralized exchanges are transforming traditional financial models by enabling permissionless, trustless transactions.
4. Private Credit on Blockchain: According to Qin En, tokenizing real-world assets like private credit offers new ways to reduce costs and increase liquidity, opening up more investment opportunities.
5. Geopolitical Risks and Global Expansion: VC firms like Saison Capital are navigating geopolitical tensions by expanding into new markets such as Mexico, taking advantage of nearshoring trends.

Links relevant to the conversation

Saison Capital: https://www.saisoncapital.com/

Information on United States-Mexico-Canada Agreement (USMCA) which replaced NAFTA:

https://ustr.gov/trade-agreements/free-trade-agreements/united-states-mexico-canada-agreement

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Chris Ball, CEO of Hoxton Wealth, discusses the company's focus on wealth management for internationally mobile individuals, particularly in Dubai. Hoxton Wealth, with offices globally, offers fee-based services to high net worth and mass affluent clients, emphasizing comprehensive financial planning. Ball highlights the use of AI for administrative tasks and the challenges of property investing in the current political climate. He also addresses the debate on retirement income withdrawal rates, advocating for a balanced approach between needs and wants. Ball mentions the impact of geopolitical risks and economic trends on their business and the importance of risk-tailored investment strategies. NB This episode contains general information and should not be considered financial or investment advice. 

If you have any questions, comments, or suggestions for Gene, please email him at [email protected]  or send a voice message via https://www.speakpipe.com/economicsexplored. 

Timestamps for EP255

• Introduction (0:00)
• Hoxton Wealth's Services and Client Base (4:59)
• Challenges in Property Investing and Political Climate (5:14)
• Client Profiles and Financial Planning (5:28)
• Investment Strategies and Risk Management (14:43)
• Cryptocurrency and Geopolitical Risks (20:35)
• Economic and Demographic Trends (23:59)
• AI in Wealth Management (31:58)
• Technology and Client Communication (34:37)
• Final Thoughts and Contact Information (35:44)

Takeaways

1. The complexity of Global Wealth Management: Managing assets across multiple jurisdictions requires expertise in different tax regimes and regulatory environments, especially for high-net-worth individuals and ex-pats.
2. AI’s Role in Financial Planning: While AI may not replace human financial advisors, it helps streamline administrative tasks, reduce costs, improve efficiency, and allow advisors to serve more clients.
3. Property Investment Challenges: Rising interest rates and increasing regulation make property investments less attractive, especially for those looking for passive income in retirement.
4. Retirement Strategies Vary: Wealth management clients need personalized plans that balance their wants and needs for a comfortable retirement.
5. Crypto’s Place in Wealth Management: Chris Ball believes cryptocurrencies are here to stay. However, investors need to be prepared for volatility and risk with crypto, making it unsuitable for many traditional clients.

Links relevant to the conversation

Chris’s business, Hoxton Wealth: https://hoxtonwealth.com/

Chris’s bio: https://hoxtoncapital.com/staff/chris-ball/

Chris Ball’s LinkedIn page: https://www.linkedin.com/in/chrisballhx/

Fundsmith Equity Fund, mentioned by Chris in the episode: https://www.fundsmith.co.uk/

Controversy over Dave Ramsey’s retirement withdrawal rate recommendation:

https://youtu.be/Rc1nJj4vE_w?si=_7fVgjShgFKg6VX-

https://youtu.be/kghKiz1Mi_8?si=2jAP9DtWKN-LoR50

https://youtu.be/dM6Jqm7PPpg?si=pPvYh08bieusPBzO

Info on tax in UAE:

https://taxsummaries.pwc.com/united-arab-emirates/individual/taxes-on-personal-income  

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Show host Gene Tunny responds to listener feedback about the private versus public sector's role in wealth creation, particularly addressing externalities like environmental harm and whether governments should fund facilities like Men’s Sheds. He also explores the efficiency of the private sector compared to government spending.

If you have any questions, comments, or suggestions for Gene, please email him at [email protected]  or send a voice message via https://www.speakpipe.com/economicsexplored. 

Timestamps for EP254

• Introduction (0:00)
• Externalities and Market Efficiency (4:47)
• Government's Role in Addressing Externalities (11:30)
• Coase Theorem and Market Failures (19:43)
• Government Spending and Efficiency (26:31)
• Men's Sheds and Government Support (32:51)
• Scott Prasser's Critique of Government Spending (39:43)
• Balancing Government and Private Sector Roles (45:49)

Takeaways

1. Externalities in Wealth Creation: Private markets can overlook externalities such as pollution or public health impacts, justifying government intervention in some cases.
2. Incentives for Efficiency: Due to market competition, the private sector generally has stronger incentives for efficiency, while government projects typically lack the same discipline.
3. Government Spending Criticism: Many government projects, particularly those done for political reasons, are inefficient and do not consistently deliver expected benefits.
4. Cost-Benefit Analysis is Crucial: Government spending should be evaluated through cost-benefit analysis to avoid wasting public funds.
5. Coase Theorem and Market Solutions: While private negotiation can theoretically resolve externalities (as per the Coase Theorem), it typically does not work in practice due to high transaction costs and imperfect information.

Links relevant to the conversation

Relevant previous episodes:

Government vs Private Sector in Wealth Creation:

https://economicsexplored.com/2024/07/05/government-vs-private-sector-who-generates-wealth-ep247/

White Elephant Stampede:

https://economicsexplored.com/2022/10/17/white-elephant-stampede-w-scott-prasser-ep161/

Coase theorem paper - “Does the Coase theorem hold in real markets? An application to the negotiations between waterworks and farmers in Denmark”

https://www.sciencedirect.com/science/article/pii/S0301479711003331

Urbis review of Men’s Sheds:

https://www.health.gov.au/sites/default/files/documents/2022/01/review-of-support-for-the-men-s-shed-movement-current-state-report_0.pdf

Beyond Blue Report on Men’s Sheds:

https://mensshed.org/wp-content/uploads/2022/05/Ultrafeed-beyondblue-Mens-Shed-in-Australia-Final-Executive-Report-2013.pdf

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Show host Gene Tunny talks with Emmanuel Daniel, founder of The Asian Banker, about China's evolving economic policies under Xi Jinping. They explore China’s state intervention, the country's property sector, and the global implications of Xi's economic vision. Emmanuel also shares insights into Southeast Asia's rise, focusing on Indonesia's growth prospects. The conversation concludes with a discussion of Australia’s role in the region, its economic ties with China, and its alliance with the US and UK.

If you have any questions, comments, or suggestions for Gene, please email him at [email protected]  or send a voice message via https://www.speakpipe.com/economicsexplored. 

What’s covered in EP253

• Introduction (0:00)
• China's Property Sector and Economic Challenges (6:32)
• State's Role in Economic Development and Social Infrastructure (15:20)
• China's Economic Growth and Productivity (29:15)
• China's Geopolitical Challenges and US Relations (35:58)
• Southeast Asia and the Rise of the Rest (44:50)
• Australia's Role in the Region and Economic Ties with China (53:38)
• Final Thoughts and Future Directions (56:07)

Takeaways

1. China’s State Activism: The Chinese state has reasserted itself in the economy, implementing policies restricting private sector growth with the objective of promoting long-term social stability.
2. Challenges of State-Led Development: There are limitations to what the state can achieve compared to the dynamism of private markets, especially in frontier technologies.
3. The Socialist-Capitalist Tension: China’s current policies reflect a unique blend of socialism and capitalism (aka socialism with Chinese characteristics), with the state playing a more prominent role than in Western economies.
4. Global Implications: China's economic trajectory under Xi Jinping will profoundly affect global markets, particularly as the state asserts more control over private companies.
5. Rise of Southeast Asia: Countries like Indonesia are emerging as economic powerhouses, with domestic consumption and political stability driving their growth.

Links relevant to the conversation

About this episode’s guest Emmanuel Daniel:

https://www.emmanueldaniel.com/biography-and-contact/

Economics Explored ep171 on the Enterprise China model:

https://economicsexplored.com/2022/12/26/enterprise-china-what-western-businesses-need-to-know-w-prof-allen-morrison-ep171/

Reuters report “Indonesia minister says Musk to consider offer to build EV battery plant in country”:

https://www.reuters.com/business/autos-transportation/indonesia-minister-says-musk-consider-building-ev-battery-plant-country-2024-05-20/

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Show host Gene Tunny interviews Russell Harrison, CEO of Spartans Boxing Club. They discuss the rise of boutique boxing gyms, the benefits of boxing for fitness and mental health, and the challenges of expanding a fitness franchise globally. Russell describes how Spartans uses technology to enhance the member experience and how boxing training can benefit corporate executives and employees. Hear from Russell about Spartans’ "White Collar Boxing" events, where high-performing corporate executives and professionals undergo 12 weeks of boxing training, culminating in a black-tie gala event. 

If you have any questions, comments, or suggestions, please email us at [email protected]  or send a voice message via https://www.speakpipe.com/economicsexplored. 

What’s covered in EP252

• Introduction (0:00)
• Ensuring Safety in Boxing (3:13)
• Fitness Benefits of Boxing (6:01)
• Training and Techniques at Spartans Boxing Clubs (8:32)
• Expansion into the Australian Market (10:20)
• Boutique Fitness Market and Franchise Model (13:43)
• Gender Balance and Market Demographics (35:03)
• Corporate Wellness and Holistic Health (35:20)
• White Collar Boxing (43:10)
• Final Thoughts and Future Plans (45:16)

Takeaways

1. Community-Driven Gyms: Spartans Boxing Club focuses on creating accessible, community-oriented gyms that cater to a wide demographic, including families and professionals.
2. Franchise Success: Spartans Boxing's franchise model is designed to be mutually beneficial, with a focus on providing value and support to franchisees.
3. Holistic Wellness: Beyond physical fitness, Spartans Boxing integrates mental health programs, showing the importance of a holistic approach to well-being.
4. Global Expansion: Spartans Boxing has successfully expanded into multiple countries by adapting its business model to local markets and regulations.
5. Boutique Fitness Trends: The rise of boutique gyms like Spartans Boxing reflects a shift towards more personalised, community-focused fitness experiences.

Links relevant to the conversation

Spartans Boxing Club:

https://spartansboxing.com/

A study reporting “Boxing appears to be an effective treatment for persons with Parkinson’s disease”:

https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9837687/

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This episode delves into the work of Good Business Lab (GBL), co-founded by Professor Achyuta Adhvaryu. GBL focuses on innovative workplace interventions to improve worker well-being and firm productivity, and it typically evaluates these interventions using Randomized Controlled Trials (RCTs). Show host Gene Tunny and Ach discuss the effectiveness of soft skills training programs and the importance of worker voice in creating a more engaged and productive workforce. They discuss methodological issues regarding RCTs and whether the Hawthorne effect is a concern. Ach is Tata Chancellor’s Professor of Economics and Director of the 21st Century India Center at UC San Diego.

If you have any questions, comments, or suggestions, please email us at [email protected]  or send a voice message via https://www.speakpipe.com/economicsexplored. 

About this episode’s guest: Professor Achyuta Adhvaryu

Achyuta Adhvaryu is the Tata Chancellor’s Professor of Economics at the School of Global Policy and Strategy and is the inaugural director of the 21st Century India Center at UC San Diego. Adhvaryu’s research interests are in development economics, organizational economics and health economics, and his experience in organizational development make him well-suited to lead our new center. Prior to this role, Adhvaryu was a professor at the University of Michigan and an assistant professor at the Yale School of Public Health.

https://gps.ucsd.edu/faculty-directory/achyuta-adhvaryu.html

What’s covered in EP251

• Introduction. (0:00)
• Achyuta's Early Career and Research in East Africa (1:53)
• Historical Examples of Private Sector Impact (17:03)
• Good Business Lab's Approach and Findings (21:45)
• Methodology and Measurement of Impact (37:56)
• Hawthorne Effect and Replication of Findings (43:33)
• Economic Development and Convergence (49:44)

Takeaways

1. Soft skills training can significantly improve productivity, even in blue-collar settings.
2. Worker voice, when effectively harnessed, can reduce turnover and absenteeism while boosting productivity.
3. Good Business Lab demonstrates the practical value of academic research when applied to real-world business challenges.
4. A growing body of evidence supports the integration of worker wellbeing initiatives into business strategies globally.

Links relevant to the conversation

Good Business Lab:

https://goodbusinesslab.org/

UC San Diego 21st Century India Center that Ach directs:

https://india.ucsd.edu/

Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

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Show host Gene Tunny and Morgans Chief Economist Michael Knox explore the recent insights Reserve Bank of Australia Deputy Governor Andrew Hauser shared on monetary policy at the 2024 Economic Society of Australia (QLD) business lunch. They examine the RBA's data-driven approach to interest rates,  the equilibrium real interest rate concept, and the impacts of Quantitative Tightening (QT). Michael is one of Australia’s leading market economists and RBA watchers, and he led the Q&A session with the Deputy Governor at the lunch. 

If you have any questions, comments, or suggestions, please email us at [email protected]  or send a voice message via https://www.speakpipe.com/economicsexplored. 

What’s covered in EP250

• Introduction. (0:00)
• RBA's monetary policy decisions and the influence of high US debt on interest rates. (4:13)
• The equilibrium real interest rate. (10:29)
• Monetary policy, inflation, and interest rates. (14:16)
• Central bank balance sheet unwind and its potential impact on interest rates. (21:42)
• US budget deficits, bond yields, and quantitative tightening. (27:09)
• Chinese RMB's decline in international reserve currency status. (34:18)

Takeaways

1. RBA's Data-Driven Approach: The Reserve Bank of Australia relies on actual data more than forecasts when making interest rate decisions.
2. Criticism of Overconfidence: RBA Deputy Governor Andrew Hauser criticised the unwarranted confidence with which some commentators argue for monetary policy moves.
3. Implications of Quantitative Tightening (QT): The recent period of quantitative easing has complicated the relationship between government budget deficits and bond yields. However, there are concerns that as QT continues and deficits remain high, this relationship could reassert itself and lead to higher long-term interest rates than otherwise.

Links relevant to the conversation

RBA Deputy Governor Andrew Hauser’s Beware False Prophets speech:

https://www.rba.gov.au/speeches/2024/sp-dg-2024-08-12.html

Chris Joye’s article ‘Arrogant RBA boss should stop trying to muffle opponents’:

https://www.afr.com/policy/economy/arrogant-rba-boss-should-stop-trying-to-muffle-opponents-20240813-p5k25p

Kevin M Warsh: Financial market turmoil and the Federal Reserve – the plot thickens 

https://www.bis.org/review/r080415e.pdf

Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Ben Simpson, founder of Collective Shift, a crypto education and research company, shares valuable insights into the volatile world of cryptocurrency. Because the crypto field is filled with misinformation and scams, Ben emphasises the need for comprehensive education and reliable research before making investment decisions. He emphasises the importance of understanding the risks and potential of Bitcoin and other digital assets. He also discusses the regulatory landscape in Australia and the disruptive potential of decentralised finance (DeFi). NB This podcast episode contains general information only and should not be considered financial or investment advice.

If you have any questions, comments, or suggestions, please email us at [email protected]  or send a voice message via https://www.speakpipe.com/economicsexplored. 

What’s covered in EP249

• Introduction. (0:00)
• Crypto market volatility and how to navigate it. (1:40)
• Bitcoin as a digital gold with potential for long-term growth. (6:54)
• Crypto regulation, tax treatment, and education. (12:21)
• Investing in cryptocurrency, avoiding scams, and seeking professional help. (16:44)
• Bitcoin ETFs and investment options in Australia. (21:06)
• Crypto market volatility, correlation with the stock market, and investment strategies. (25:20)
• Crypto investing and decentralised finance with Ben Simpson. (31:03)

Takeaways

1. Understanding Crypto Volatility: Cryptocurrency markets, especially Bitcoin, are highly volatile. Investors must be prepared for significant price swings and understand the underlying factors driving these fluctuations.
2. Importance of Education: The crypto space is filled with misinformation and scams. Ben emphasises the need for comprehensive education and reliable research before making investment decisions.
3. Regulatory Landscape: The regulatory environment for cryptocurrencies, particularly in Australia, is still evolving. While Bitcoin and Ethereum are generally considered safe from a regulatory standpoint, many other cryptocurrencies could face challenges.
4. Decentralised Finance (DeFi): DeFi has the potential to disrupt traditional banking by offering financial services without intermediaries. This space is growing and may offer exciting opportunities for investors.
5. Safe Investing Strategies: Ben advises new investors to start with Bitcoin and be cautious of lesser-known cryptocurrencies, many of which may lack real value and be risky investments.

Links relevant to the conversation

Collective Shift: https://collectiveshift.io/

Ben’s YouTube channel: https://www.youtube.com/@BenCollectiveShift

Ben and Bergs podcast: https://open.spotify.com/show/5xir3V8fvtmHTAQy2D9dQd

Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Gene Tunny welcomes Dr Nicholas Gruen from Lateral Economics to explore the decline of Australia's policy exceptionalism. They delve into the era of microeconomic reforms, the role of neoliberalism, and the challenges current policymakers face. Nicholas provides a historical perspective and discusses potential ways forward. He shares insights from his time advising the Hawke and Keating governments, discussing the successes and failures of Australia’s economic reforms from the 1980s and 1990s.

This is the last episode before a four-week break. Economics Explored will return in August 2024. 

If you have any questions, comments, or suggestions, please email us at [email protected]  or send a voice message via https://www.speakpipe.com/economicsexplored. 

What’s covered in EP248

• Introduction to Australia's loss of policy exceptionalism. (0:00)
• Regulation, economics, and politics in Australia in the 1960s and 1970s. (4:59)
• Early Australian economic reform and its challenges. (10:45)
• Australian economic reform under Hawke and Keating governments. (16:20)
• Car industry policy. (21:36)
• Free education vs HECS - why was HECS a good reform? (32:06)
• Airline deregulation. (36:48)
• Privatisation of public assets and its consequences. (42:55)
• Economics of toll roads (48:18)

Takeaways

1. Since the early 2000s, Australia seems to have lost the problem-solving spirit and policy exceptionalism of the 1980s and 1990s, struggling in various policy areas like energy.
2. Impact of Neoliberalism: Neoliberal reforms, initially embraced by the left, significantly improved Australia’s economic landscape but also led to unintended consequences.
3. Key reforms included cutting tariffs, higher education policy changes, airline deregulation, and other competition policy reforms, but some privatised infrastructure assets have not been appropriately regulated post-privatisation.
4. Challenges in Current Policy: Australia faces challenges in various policy areas, including energy and housing, indicating a need for renewed reform efforts.
5. Moving forward will require reinvigorating honest, evidence-based policy conversations focusing on problem-solving rather than fixed ideological positions.

Links relevant to the conversation

Nicholas’s YouTube channel where Uncomfortable Collisions with Reality episode will be published:

https://www.youtube.com/@NicholasGruen

Nicholas’s Club Troppo post on economic reform featuring Colin Clark quote:

https://clubtroppo.com.au/2008/03/01/compare-and-contrast/

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Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

In this episode, Gene Tunny explores the relationship between government spending and wealth creation. He talks about President Obama’s memorable expression, “You didn’t build that”, and how economists think about the role of government and wealth creation. Gene discusses the roles of both the government and private sector in generating wealth and their impact on productivity, GDP and living standards.  

If you have any questions, comments, or suggestions, please email us at [email protected]  or send a voice message via https://www.speakpipe.com/economicsexplored. 

What’s covered in EP247

• Government role in the economy - private sector vs public sector. (0:00)
• Government spending and its impact on the economy. (5:52)
• Keynesian economics and the role of aggregate demand in determining GDP. (11:51)
• Government spending and its impact on productivity. (18:13)
• Government intervention in the economy, with a focus on public goods and cost-benefit analysis. (25:11)
• Government's role in the economy, potential for crowding out the private sector. (31:32)
• Government impact on the economy and living standards. (38:20)

Takeaways

1. Government Spending and GDP: Government expenditures can contribute to GDP, but their efficiency and the type of spending critically determine their economic impact.
2. Private Sector's Role: The private sector is essential in wealth creation due to its efficiency incentives, but it also depends on government-provided infrastructure and services.
3. Crowding-out Effect: Excessive government spending can crowd out private investment, potentially reducing overall economic efficiency and growth.
4. Cost-Benefit Analysis: It is vital to conduct thorough cost-benefit analyses for government projects to ensure that public funds are used effectively and do not become a drain on the economy.

Links relevant to the conversation

Dan Mitchell’s article on the impact of government spending on economic growth:

https://www.heritage.org/budget-and-spending/report/the-impact-government-spending-economic-growth

Dan’s article “OECD Economic Research Finds that Government Spending Harms Growth”

https://danieljmitchell.wordpress.com/2016/11/28/oecd-economic-research-finds-that-government-spending-harms-growth/

Episode on Alvin Hansen and Evsey Domar:

https://economicsexplored.com/2024/06/19/popularizing-keynes-how-alvin-hansen-and-evsey-domar-shaped-post-war-macroeconomics-ep245/

Episode on Thatcher:

https://economicsexplored.com/2020/12/06/ep64-adam-smith-margaret-thatcher-with-dr-eamonn-butler/

Bacon and Eltis’s 1978 book “Britain’s Economic Problem: Too Few Producers”:

https://link.springer.com/book/10.1007/978-1-349-15863-8

 

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Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.