My guest today is Darren Fisk, founder and CEO of Forum Investment Group. Darren’s journey runs from a late-night $100 bet in a frat house that propelled him into Division 1 football to building a national real estate platform.

We try to keep the conversation as wide-ranging as his career, covering everything from cultivating drive and resilience in your children to managing debt and seizing opportunities in real estate. Along the way, Darren shares the lessons he’s carried from the locker room into the boardroom, the evolving landscape of commercial real estate, and the strategic differentiation of investment vehicles. Please enjoy this conversation with Darren Fisk.

For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE.

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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) Introduction and Welcome

(00:00:05) The $100 Bet: From Frat House to Division One Football

(00:02:16) Overcoming Challenges and Building Drive

(00:03:40) Instilling Drive in the Next Generation

(00:08:22) Transition to Real Estate

(00:08:27) Starting a Real Estate Firm During a Financial Crisis

(00:10:42) The Importance of Cash Flow in Real Estate

(00:14:35) Navigating Real Estate Cycles and Debt Management

(00:19:01) Investing in Multifamily Projects

(00:27:13) The Resilience of Multifamily Housing

(00:33:42) Economic Concerns and Wage Inflation

(00:34:54) Impact of High Interest Rates on Businesses

(00:35:19) Turnover and Market Efficiency in Real Estate

(00:36:59) Understanding Debt and Credit Vehicles

(00:40:59) Investment Strategies and Market Adaptation

(00:51:07) Challenges and Mistakes in Real Estate

(00:55:39) Balancing Business Growth and Personal Fulfillment

(01:04:06) Affordable Housing Solutions and Policy

(01:07:14) Current State of Multifamily Housing Market

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Today, we are replaying my conversation with Charlie Shrem. Charlie was a founding member of the Bitcoin Foundation and BitInstant - one of the earliest Bitcoin exchanges. In this episode, he takes us through his incredible life story-starting with how an Orthodox Jew from Brooklyn got into the wild world of Bitcoin. He then talks about how Bitcoin went from a toy to a real store of value, the wild success of BitInstant, his time in prison, and how he met Justin Trudeau through a robot. The story of Charlie’s adult life is in many ways mirrors the story of Bitcoin, and I hope you enjoy this episode with Charlie Shrem.

For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE.

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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

(00:01:51) Charlie's Early Life and Bitcoin Discovery

(00:05:23) The Rise of BitInstant and Legal Troubles

(00:08:12) Life After Arrest and Bitcoin's Early Community

(00:13:59) Bitcoin's Value and Early Transactions

(00:18:20) Libertarian Influence and Political Connections

(00:24:38) Gavin Andresen and the CIA Meeting

(00:25:53) The Birth of the Bitcoin Foundation

(00:26:19) Early Bitcoin Community Gathering in Austria

(00:27:03) Forming the Bitcoin Foundation

(00:28:09) Libertarian Movement and Porkfest

(00:29:19) Bitcoin's Early Adoption and Challenges

(00:31:06) BitInstant and the Rise of Bitcoin Transactions

(00:37:47) Legal Troubles and the Silk Road Connection

(00:44:18) Life After Prison and Bitcoin's Evolution

(00:47:25) Reflections on Bitcoin's Impact and Future

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My guest today is Zac Townsend, co-founder and CEO of Meanwhile. Insurance is a product nearly everyone touches, but few understand, and even fewer try to reinvent. Meanwhile is doing just that, building a fully licensed life insurance carrier that holds its reserves in Bitcoin. In this conversation, we talk about what makes insurance structurally hard to change, how Bitcoin opens up new design space, and why innovation here demands control over product, capital, and regulation all at once. Please enjoy this conversation with Zac Townsend.

For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE.

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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

(00:01:20) Understanding Term Life Insurance

(00:03:22) Exploring Whole Life Insurance

(00:05:00) The Principal-Agent Problem in Insurance

(00:07:59) Investment Strategies and Tax Implications

(00:13:46) Challenges in the Insurance Industry

(00:17:59) Founding an Insurance Startup

(00:25:22) Bitcoin and Life Insurance

(00:42:14) Future of Bitcoin and Insurance

(00:44:50) Final Thoughts

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Eric and Matt dive into the fascinating dynamics of the market from the past quarter. Despite a 10% rise in the S&P 500, the quarter was marked by significant early volatility due to unexpected tariff announcements. The discussion covers the impact of tariffs on markets, the influence of global trade tensions, and the interplay between short-term and long-term market reactions. They also delve into the implications of AI and new technologies on market trends and the potential for volatility driven by algorithmic trading. The episode explores the role of the US Federal Reserve, the evolving market perception of Bitcoin, and the broader economic impacts of geopolitical events. 

For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE.

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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

(00:01:34) Market Reactions to Tariffs

(00:03:38) Trump's Strategy and Market Dynamics

(00:06:33) Volatility and Market Structure

(00:15:33) Geopolitical Tensions and Market Impact

(00:20:28) AI Revolution and Market Sentiment

(00:24:25) The Gold Rush Analogy in Business

(00:25:43) Private Investment Trends and Mega Funds

(00:26:26) Yale's Investment Strategy and Its Impact

(00:27:22) Challenges in Private Equity Liquidity

(00:29:46) Jerome Powell and the Federal Reserve

(00:30:51) The Role of the Fed in Economic Stability

(00:34:25) Trump's Influence on Treasury and Fed Dynamics

(00:40:31) The Impact of AI and Inflation on the Economy

(00:43:34) Bitcoin's Maturation and Market Dynamics

(00:47:04) Concluding Thoughts on Market Trends

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Today, we are revisiting my conversation with 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.

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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

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My guest today is Sid Malladi, founder of Nuvo. Behind every product, from wine to lumber to steel, is a complex web of B2B relationships, built slowly, at high cost, and constrained by risk. Nuvo aims to change that by building a digital network that accelerates onboarding, visibility, and trust. In this conversation, Sid takes us through that journey. We discuss the frictions that define B2B trade, the cold-start challenge of building a network from scratch, and how Nuvo approaches trust like a FICO score for businesses. We also explore the broader macro forces shaping supply chains today, from tariffs to AI, and why the most resilient companies are those creating deeper, more flexible webs of trade relationships.

For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE.

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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) Introduction to Novo and B2B Trade

(00:03:05) Challenges in B2B Trade Partnerships

(00:08:16) Novo's Digital Network Solution

(00:11:19) Scaling and Network Effects

(00:17:14) Operational Efficiency and Revenue Growth

(00:19:19) Macro Forces and Technology Adoption

(00:24:38) Consumer vs. B2B Dynamics

(00:24:58) Credit Networks and Margins

(00:25:59) Building Private Networks

(00:26:51) Early Discoveries and Business Models

(00:28:02) The Role of Centralized Data

(00:31:11) Risk Management in B2B Trade

(00:31:51) Novo's Approach to Risk and Visibility

(00:35:11) Integrating with Government and Private Systems

(00:38:04) Challenges and Opportunities in Trade Networks

(00:43:27) Adapting to Market Volatility

(00:46:42) Future Plans and Expansion

(00:49:09) Industry Outlook

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Today we are replaying my conversation with Robbie Cannon. Robbie founded Horizon Investments in 1999 and grew the company to $7B in AUM before selling in 2021. Today, he takes us on a tour of the asset management industry.  We cover many fascinating topics, such as the industry's evolution over 25 years, the blurring of lines between wealth and asset management, oligopolies in finance, the impact of private equity, the role of technology and AI, and more. Please enjoy this conversation with Robbie Cannon.

For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE.

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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

(00:01:06) Evolution of Wealth and Asset Management

(00:04:18) Blurred Lines in Financial Services

(00:14:18) Private Equity and Financial Advisors

(00:17:05) Robo Advisors and Technological Integration

(00:26:07) Evaluating Compatibility and Money in Motion

(00:27:06) Peer Collaboration and Industry Insights

(00:29:05) Strategic Asset Allocation for 2024

(00:29:46) Challenges for Emerging Managers

(00:32:16) AI in Asset Management

(00:45:27) Digital Solutions and Future Trends

(00:49:36) The Evolution of Financial Advice

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My guest today is Daniel Dicker, a seasoned oil trader, former floor broker at the NYMEX, and well-known expert on energy markets. Over a three-decade career, Daniel has seen the full arc of oil’s role in financial markets—from a bellwether commodity to a sidelined input. In this conversation, we explore why oil has fallen off the radar for many investors, and what signs might bring it roaring back. We also discuss why renewables aren’t ready, how nuclear fits in, and the unexpected reasons he might start buying oil again. Please enjoy this conversation with Daniel Dicker.

For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE.

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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

(00:00:43) The Changing Role of Oil in the Economy

(00:01:56) Financialization and Speculation in Oil Markets

(00:04:55) Impact of Renewables and ESG on Oil

(00:07:01) Government Policies and Oil Prices

(00:14:45) Strategic Petroleum Reserve and Market Manipulation

(00:17:38) Recession Risks and Corporate Earnings

(00:23:35) Media Coverage of Commodities

(00:24:36) Investment Strategies in Energy

(00:25:19) Oil Market Dynamics and Bankruptcies

(00:26:46) Buffett's Investment in Occidental

(00:28:28) Renewable Energy and Carbon Capture

(00:30:37) Nuclear Energy Investments

(00:37:27) Geopolitics and Oil Supply

(00:39:47) OPEC's Challenges and Strategies

(00:42:46) Future of Oil Prices

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In this quarterly market recap, Matt Reustle turns the mic on Eric to analyze the tumultuous market environment of Q1 2025. They discuss the significant market downturn following the implementation of unexpected tariff policies, with the S&P down over 8% and Nasdaq down 12.5% by mid-April. Eric provides insights into how surprisingly high tariff announcements completely upended market expectations, the bond market's volatile reaction, and potential implications for corporate earnings and economic growth. The conversation explores the complex relationship between the US and China, concerns about capital flight, the Fed's challenging position between inflation and growth concerns, and how political decisions are creating unprecedented uncertainty in global markets.

For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE.

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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) First Quarter 2025 Market Recap

(00:02:10) Market Reactions and Expectations

(00:07:09) Tariffs and Trade Tensions

(00:08:51) Impact on Global Trade and Economy

(00:21:14) China's Role and Market Dynamics

(00:24:31) The US-China Economic Strategy

(00:25:10) Trump's Tariff Tactics

(00:26:50) The Federal Reserve's Focus

(00:28:11) Impact of Tariffs on Inflation

(00:29:53) Negotiation Strategies and Global Trade

(00:32:52) Market Reactions and Investor Strategies

(00:41:32) Private Credit and Equity Concerns

(00:43:14) Political Shifts and Tariff Policies

(00:44:16) Future Outlook

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My guest today for the second time is Mark Dow. Mark is one of my favourite thinkers on Macro, and his experience at the IMF, the US Treasury, and Wall Street gives him a truly unique perspective for the current moment. As we went through one of the biggest market and policy upheavals of my career, I reached out to Mark to help us make sense of this situation. We recorded this episode on Thursday, the 10th of April, and talked about the general principle behind tariffs, the global trading system, the goals of President Trump, and the market reaction. Please enjoy this 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.

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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 Invest Like the Best

(00:00:07) Understanding Tariffs: Historical Context and Rationale

(00:01:05) China's Role in Global Trade

(00:01:54) Impact of Automation on Jobs

(00:03:07) Trump's Trade Policies and Their Implications

(00:04:20) Challenges with Current Tariff Approaches

(00:05:37) Global Trade Imbalances and Misconceptions

(00:06:07) Market Reactions and Economic Consequences

(00:21:35) Political Shifts and Economic Policies

(00:25:56) Trump's Economic Policies and Wage Stagnation

(00:26:42) Tariffs and Their Impact on Small Businesses

(00:27:20) Market Reactions and Economic Surprises

(00:28:41) Equity and Credit Market Dynamics

(00:30:59) China's Strategic Moves and Market Implications

(00:33:49) The Fed's Role in Economic Stability

(00:39:00) Global Trade Relations and Soft Power

(00:49:08) Negotiating with Trump: Strategies and Challenges

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