Learning in Public with Max Melmed

Chapters

00:00 Introduction
01:31 Personal Background
05:55 From Culinary Arts to Entrepreneurship
09:17 Transitioning to NYU and Discovering Private Markets
16:30 Founding Monark: The Beginning of a New Venture
22:21 Acquisition of Lex Markets and Its Significance
27:13 Navigating Regulatory Approvals and Compliance
29:14 Monark's Business Model and Market Positioning
39:09 Addressing Liquidity Challenges in Private Markets
48:32 The Current State of Private Market Investments
56:26 Building Trust and Relationships in B2B Sales
01:07:11 Creative Cold Outreach Strategies
01:10:01 Building Relationships and Networking
01:15:12 Navigating Youth and Experience in Business
01:19:13 Handling Adversity and Team Dynamics
01:23:18 Building Trust with Partners and Clients
01:30:09 Attracting Quality Supply in Private Markets
01:35:35 Future Vision: Private Markets and Public Market Parallels
01:44:06 Monetizing Market Data and Revenue Streams
01:57:36 Final Words of Wisdom

Summary (AI Generated)

In this conversation, Ben Haber, co-founder and CEO of Monark Markets, shares his journey from a childhood steeped in entrepreneurship to the founding of a company aimed at revolutionizing access to private markets. He discusses his unique experiences in high school and college, the acquisition of Lex Markets assets, and the challenges and opportunities in the private investment landscape. The conversation highlights the importance of liquidity, transparency, and the need for fair access to alternative investments. In this conversation, Ben Haber discusses the importance of creating a sustainable ecosystem for investors, the challenges of navigating B2B sales, and the significance of building trust and relationships in business. He shares insights on creative outreach strategies, the value of warm introductions, and overcoming age and experience barriers. The discussion also touches on handling adversity in business, ensuring investor confidence, attracting quality supply in private markets, and the future of private markets.

Chapters

00:00 Introduction and John Paul DeVito's Journey in Finance
03:44 Early Years on Wall Street
09:24 Experience with Jordan Belfort
15:37 Initial Lessons & Evolution of Electronic Trading
25:08 Unique Experience and Perspective on 9/11
36:52 Moving forward with Entrepreneurial Endeavors
49:36 Inteliclear - Post Trade Processing For The Modern Era
01:06:40 The Backstory and Opportunity with OpenHand
01:19:05 Some stories and Life Lessons

Summary (AI Generated Show Notes)
 
In this episode, Max Melmed interviews John Paul DeVito about his early years on Wall Street and his experiences during September 11th. They discuss DeVito's journey into finance, the challenges he faced as an Italian on Wall Street, and the evolution of capital markets and electronic trading. They also touch on DeVito's involvement with Stratton Oakmont and the downfall of Adler Coleman. The conversation highlights the importance of regulatory compliance and the need for innovation in the industry. The conversation in this part focuses on the personal experiences of John Paul DeVito during the events of September 11, 2001, and the subsequent founding of IntelliClear. John shares his perspective on the tragedy and the acts of heroism he witnessed. He emphasizes the importance of doing the right thing and helping others. The conversation then shifts to the founding of IntelliClear and the challenges of building a new business in the financial industry. John highlights the need for efficient back-office processing and the role IntelliClear plays in providing solutions for traditional and alternative assets. He also discusses the role of blockchain technology as a messaging layer and the future of capital markets. Openhand is a subscription-based trading platform that aims to provide benefits to its members. It offers credits back to members' accounts that are greater than their subscription fees, allowing them to donate to charitable causes. The platform also focuses on transparency and providing true costs to members, such as the true cost of margin debit balances and the highest interest rates on credit balances. Openhand aims to revolutionize capital markets and create a community of members who benefit from their trading activities.

Summary

James Runnels, founder and CEO of Digital Prime Technologies, discusses the concept of prime brokerage in the digital asset space. He explains that prime brokerage offers various solutions to alternative fund managers, including securities lending, margin financing, and repo financing. Digital Prime Technologies has built a tech stack that allows traditional institutions to enter the digital asset space as a digital prime broker. Their initial focus is on borrowing and lending of top cryptocurrencies and stablecoins. The company provides a peer-to-peer institutional lending platform called Tokenet, which emulates traditional tools used by banks and broker dealers. Digital Prime is proud of being the first to facilitate loans in digital assets through an SEC entity. They have integrated with various service providers and prioritize client feedback to drive innovation. Onboarding clients can be a lengthy process due to counterparty documentation and regulatory obligations. The network effect is crucial for Tokenet's success, as they need both inventory and demand from lenders and borrowers. The ability to offer over-collateralized loans and provide tools for loan management and communication resonates with conservative lenders. The rate for lending out Bitcoin is currently around 4-6%, but it can vary based on collateral, creditworthiness, and market conditions. Tokenet currently supports five tokens and stablecoins as collateral, but they hope to expand the list in the future. They are also exploring options for secondary liquidity through partnerships with platforms like TZERO. The advice for entrepreneurs is to never give up, keep showing up, and have a short memory for failures. James Runnels draws parallels between coaching youth sports and being a founder, emphasizing the importance of teamwork, goal-setting, and dealing with rejection. Digital Prime is currently raising capital and welcomes support from accredited investors.

Chapters

00:00 Introduction and Background
02:41 Prime Brokerage and Traditional Finance
06:34 Digital Prime's Turnkey Solution
11:59 Securities Lending and Collateralization
14:33 TokenNet: A Uniform Platform for Counterparties
28:20 The Journey of Digital Prime
34:25 Client Feedback and Building for the Future
36:57 Shortening the Onboarding Process and the Ideal Timeframe
40:36 Overcollateralization and Adjusting Lending Terms
44:42 Onboarding Institutional Clients and Counterparty Credit
47:24 Interest Rates and Collateral Types
49:54 Future Growth and Tokenization
54:03 Integration with Reputable Custodians
58:24 Founder and Employee Liquidity
01:01:31 Never Give Up: Perseverance in Entrepreneurship
01:04:56 Advice for Entrepreneurs: Keep Showing Up
01:09:13 The Technology and Benefits of TokenNet

Chapters

00:00 Introduction and Background
04:41 The Concept of a Sports Betting Exchange
11:07 Sporttrade - Running a Fair and Orderly Market
23:49 Attracting and Working With the Right People
32:35 How to Convey the Value of Sporttrade, Simply.
42:41 The Moral Dilemma of Building a "Sin" Business
48:53 Reducing the Cost of Sports Betting
53:23 Founder and Employee Liquidity for a Venture Backed Business
01:06:02 Rapid Fire Questions... Why Would a Bettor Use Sporttrade?
01:08:54 What is the tape? (Specifically on Sporttrade)
01:11:09 What would you put on a billboard?
01:13:16 Best under $200 purchase
01:14:36 Biggest Learnings and Character Traits from Parents
01:18:48 Advice for fellow founders building venture scale businesses
01:22:56 Advice to yourself when starting out. 
01:23:11 The Importance of Perseverance
01:23:47 Ways listeners can be helpful...

Summary -- (All notes are AI generated)

In this episode, Max Melmed interviews Alex Kane, the founder and CEO of Sport Trade, the largest sports betting exchange in the United States. They discuss the background and origin story of Sport Trade, as well as how a sports betting exchange operates differently from traditional sports betting apps. They also delve into the challenges of creating a fair and orderly market for in-play betting, and the importance of liquidity and market makers in the exchange. The conversation highlights the parallels between the financial trading industry and sports betting, and the potential for sports betting to evolve into a more efficient market. 

In this conversation, Max Melmed and Alex Kane discuss the similarities and differences between sports betting and electronic trading. They explore the positive and negative aspects of sports betting and how Sporttrade aims to provide a net positive experience for customers. They also touch on the importance of founder and employee liquidity in a venture-backed business. 

Alex emphasizes the need for transparency, fairness, and competitive pricing in the sports betting industry. He shares his vision for Sporttrade as the leading sports betting exchange and the importance of building a strong team and network. Lastly, they discuss the value of advice, the impact of parents, and the advice Alex would give to his younger self.

Keywords

sports betting, sports betting exchange, Sport Trade, origin story, market makers, liquidity, in-play betting, fair and orderly market, sports betting, electronic trading, similarities, differences, positive sum game, negative sum game, net positive experience, founder liquidity, employee liquidity, venture-backed business, transparency, fairness, competitive pricing, sports betting exchange, advice, parents

Takeaways

Sport Trade is the largest sports betting exchange in the United States, offering a different experience from traditional sports betting apps.
The exchange operates similarly to a stock exchange, with prices sourced from various market makers and customers able to place limit orders.
The challenge of creating a fair and orderly market for in-play betting is addressed through a modified auction system that accounts for the delay between the event and the broadcast.
The partnership with market maker Dime Line Trading has been instrumental in providing liquidity and ensuring a positive user experience.
The long-term vision for Sport Trade is to create a more efficient and transparent sports betting market, similar to the financial trading industry. Sports betting and electronic trading have similarities and differences, and it's important to understand the nuances of each market.
Sports betting is a negative sum game, but it can still be a net positive experience for customers if it is regulated and operated responsibly.
Founder and employee liquidity are important considerations in a venture-backed business, and it's crucial to find the right balance between risk and reward.
Transparency, fairness, and competitive pricing are key factors in building a successful sports betting platform.
Advice from experienced individuals can be valuable, but it's important to be selective about who you take advice from and to trust your own instincts.
The support and guidance of parents can play a significant role in shaping an individual's success and character.
Don't give up on your dreams and be willing to take risks in pursuit of your goals.

In this episode of Learning in Public, Max Melmed interviews his father, Victor Melmed. They discuss Victor's journey, including his immigration to the United States, time in Vietnam, and successful career as an entrepreneur. Victor shares stories and lessons learned along the way, emphasizing the importance of mindset, treating people better than you'd like to be treated, as well as recognizing risks opportunities. Overall, it is a heartfelt and insightful discussion between a father and son.

Please note : While there are only 2 curse words throughout the episode, there are multiple war stories and this episode is not intended for children. 

Chapters

00:00 Introduction and Background

10:54 Two Holocaust Survivors Fulfill the American Dream

16:44 Smile and be nice

20:27 Comments on religion and family

22:44 Joining the Military and the 6 P's

29:48 Nisht Geferlach

31:57 Fort Bragg Training Camp Story

44:24 Ordered to go to Vietnam

46:07 The Red Baron and early battles

56:10 Challenges in Combat Situations

01:05:34 Threatened to get court marshalled, but ultimately saved hundreds of soldiers

01:20:09 Instead of R&R - Getting shot and nearly killed

01:32:20 Transition from Military to Entrepreneurship

01:35:09 Start of Melmed Realty 

01:38:11 Biggest changes in society

01:39:46 Rapid Fire Stories and Advice about Life and Business

01:44:10 Mule Story

01:45:00 Horse story

01:48:53 Importance of mentors

01:52:39 Caught up and drinking Kool aid

01:57:01 Attitude and Mindset - new neighborhood story

01:58:26 Bill Veeck Story

02:03:02 What would you do today? Disney Opportunity

02:07:07 Final Words of Wisdom... Ask the hard questions

02:09:02 If you've got something to say - say it.

02:11:59 Trust your gut.