My guest today is 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 Adam Abbas, Portfolio Manager and Head of Fixed Income at Oakmark. After recording over a hundred podcasts, I was thrilled to finally chat with another Fixed Income manager. We start with some valuable lessons from investing in the TMT sector, the impact of zero interest rates, and the role of monetary policy in the credit markets. We then explore today’s opportunities in fixed income, the growing influence of private credit, and the thinking behind launching a fund at Oakmark. Please enjoy this conversation with Adam Abbas. 

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

(00:00:24) The Apple 401k Anecdote

(00:00:45) Early Career and Investment Strategies

(00:01:39) BlackBerry vs. Apple: A Case Study

(00:03:54) Lessons from Lehman Brothers

(00:04:35) Navigating the TMT Sector

(00:10:40) High Yield Credit Market Insights

(00:10:59) Impact of Low Interest Rates

(00:12:29) Monetary Policy and Market Reactions

(00:14:15) The Role of the Federal Reserve

(00:17:49) Global Economic Considerations

(00:20:18) Inflation and Deficit Concerns

(00:23:40) Market Signaling and Investment Strategies

(00:27:21) Credit Market Analysis

(00:28:34) Underwriting and Credit Strategies

(00:29:07) Investment Opportunities in High Yield and Investment Grade

(00:29:40) Leveraged Loans and Floating Rate Instruments

(00:31:25) MBS Agency Paper vs. Corporates

(00:36:29) Private Credit Market Impact

(00:40:28) Oakmark's Fixed Income Strategy

(00:48:23) Boeing: A Case Study in Credit Risk

(00:53:33) Corporate Credit Cycle Sentiment

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My guest this week is Eric Seufert. In the words of Ben Thompson from Stratecherry, Eric is arguably the best writer and commentator on digital advertising, and today, he gives us a masterclass on the subject. We start by talking about Apple’s ATT framework, Meta’s recovery, and what the current ecosystem looks like. We also talk about X, advertising on the open web, and clearing many common misconceptions about targetted advertising. Please enjoy this conversation with Eric Seufert.

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

(00:00:32) Historical Paradigms in Digital Advertising

(00:01:01) Impact of Apple's ATT Policy

(00:02:01) The Hub and Spoke Model

(00:04:35) Post-ATT Advertising Landscape

(00:07:35) Apple's Competitive Strategy

(00:12:48) Meta's Adaptation and Recovery

(00:19:17) Rise of Retail Media Networks

(00:23:56) Twitter's Advertising Challenges

(00:26:47) Customer Base and Engagement Models

(00:27:44) Meta's Resilience to Advertiser Boycotts

(00:28:18) Understanding Cookies and Their Role in Advertising

(00:31:23) Apple's Impact on Third-Party Cookies

(00:33:44) Google's Approach to Cookie Deprecation

(00:38:06) The Future of Digital Advertising

(00:49:28) The Role of AI in Ad Creative Production

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My guest this week is Sam Rines, economist, author and Macro Strategist at WisdomTree. Sam was the first guest on Making Markets one year ago, where a lot of his takes proved to be highly accurate. So we decided to record part II one week before the election. We start with his base case for the election, the potential scenarios, and what has and hasn’t been priced in. We then move onto a wider discussion on the economy, including the fed, the strength of the US consumer, AI and Sam’s portfolio positioning. Please enjoy this conversation with Sam Rines.

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 the Guest: Sam Rines

(00:01:20) Election Scenarios and Market Implications

(00:03:39) Potential Policy Impacts on Markets

(00:07:50) Tax Policy and Economic Predictions

(00:16:19) The Fed's Influence and Market Reactions

(00:23:37) Unique Macro Research Approach

(00:24:46) Resilient American Consumer

(00:25:41) COVID's Impact on Savings and Spending

(00:26:32) Cruise Industry Rebound

(00:27:59) Travel and Leisure Boom

(00:30:02) Income-Driven Expansion

(00:30:53) Work-from-Anywhere Culture

(00:32:33) Corporate Strategies and AI

(00:39:11) Global Investment Insights

(00:45:14) Hopeful Market Outlook

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This week again, I’m again on the other side of the mic, as I’m interviewed by Joe Magyer, the founder of Seaplane Ventures. This is a wide-ranging conversation where we talk about the Fed rate cut, cover different asset classes including VC, PE, Fixed Income, and Public Equities, and my journey in building Canopy Capital. This episode first appeared on the Investing in Startups podcast hosted by Joe, which I highly recommend you check out. Please enjoy this conversation with Joe Magyer.

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

(00:00:19) Overview of Canopy Capital

(00:00:44) The Evolution of Asset Management

(00:01:54) The Importance of Tax Individualized Investing

(00:02:44) Starting the Podcast Journey

(00:03:16) Crypto: From Skepticism to Interest

(00:04:18) Exploring Various Asset Classes

(00:06:08) Challenges and Rewards of Podcasting

(00:11:12) Competitiveness in Different Asset Classes

(00:16:38) Insights on Venture Capital

(00:22:59) Building a Venture-Backed Company

(00:24:18) The Founder’s Dilemma: Risk and Innovation

(00:25:17) A Career at Fidelity: Reflections and Decisions

(00:27:17) The Transition: From Intrapreneur to Entrepreneur

(00:30:21) Market Insights: The Fed and Economic Cycles

(00:36:27) Investment Strategies: Observing and Predicting

(00:39:40) Web3 and Crypto: Future Prospects

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Eric and Matt share insights on the market's performance through the third quarter of 2024, highlighting the S&P rising by 6% and a significant 50 basis point rate cut by the Federal Reserve, the first since the pandemic. Eric reflects on market sentiment and the complexities of predicting Fed actions, addressing the contrasts between past and present credit cycles, and emphasizing the importance of leverage awareness. They also delve into the impact of fiscal stimulus, wage inflation, and private market trends, while considering potential risks like inflation resurgence and government debt levels. Lastly, the conversation touches on the private markets, their growth, and the role of corporate credit and gives perspective on potential election volatility for next quarter. 

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

(00:00:23) Fed Rate Cuts and Market Reactions

(00:01:32) Leverage and Market Dynamics

(00:03:07) Fiscal Stimulus and Wage Inflation

(00:06:14) Global Economic Trends and Risks

(00:11:04) Fed Policies and Historical Perspectives

(00:16:06) Inflation Concerns and Market Implications

(00:19:34) Investor Strategies and Fed Data Analysis

(00:23:17) Fed's Easing Cycle: Market Reactions

(00:23:33) Election Volatility and Market Expectations

(00:24:08) Split Government and Market Stability

(00:27:45) Corporate Credit Spreads and Economic Indicators

(00:34:17) Private Markets and Investment Trends

(00:41:01) Sports Betting and Market Regulation

(00:44:02) Predictions

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My guest this week is 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 Jerry Derevyanny, a partner at Bengal Capital, a cannabis investing firm. Jerry has been a part of the regulated Cannabis industry since 2014, and today he shares the nuances of investing in this growing and unique industry. I enjoyed listening to Jerry’s frameworks for the industry, such as Ants versus Locusts, the similarities and differences between Alcohol and Cannabis, capital allocation, and valuation. We also cover politics, the farm bill, and what the future of the Cannabis industry may look like. Please enjoy this conversation with Jerry Derevyanny.

Bengal Capital's substack here.

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 to Cannabis Investing

(00:00:30) Changing Investment Strategies

(00:01:10) Highlighting Grown Rogue

(00:02:33) Cannabis Market Dynamics

(00:05:28) State-by-State Market Analysis

(00:11:15) Capital Cycles in Cannabis

(00:18:24) Federal Legalization and Its Impacts

(00:29:56) Hemp-Derived THC and Market Trends

(00:34:47) Conclusion and Future Outlook

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My guest this week is David Nadig. David is the Financial Futurist for ETF Trends and ETF Database and has had over 25 years of ETF experience. We start off by acknowledging the debate over active and passive investing. David and I discuss the potential dangers of passive funds on market discovery, the inelastic markets hypothesis, and the effects of massive inflows into index funds. This episode explores how leverage and options trading interact with these market dynamics and the broader implications on capitalism and market structures. Please enjoy my conversation with David Nadig.

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

(00:01:25) The Passive vs Active Debate

(00:03:02) Impact of Passive Investing on Market Pricing

(00:04:02) Flow and Market Cap Multiplier Effect

(00:07:20) Daily Leverage and Market Volatility

(00:10:35) Uninformed vs Informed Traders

(00:19:19) Opportunities and Risks in Passive Investing

(00:21:52) Opportunities in Forced Selling and Crisis

(00:22:17) The Shift from Public to Private Markets

(00:24:46) Challenges in Private Equity Liquidity

(00:29:46) The Broken System of Capitalism

(00:35:30) Insurance Problems and Government Role

(00:37:02) Thoughts on Capitalism's Future

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My guest today is Nir Kaissar. Nir is the founder and portfolio manager at Unison Advisors and one of my favorite economic commentators/columnists at Bloomberg. Today, he joins us for a wide-ranging discussion on the US economy. We start with the disconnect between the strong economic numbers and the sentiment amongst the population. We then cover indicators of recessions, the potential for a systemic crisis in Private Equity, the magnificent seven, and more. Please enjoy this excellent conversation with Nir Kaissar.

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

(00:02:07) - Exploring Economic Disparities Amidst a Booming Economy

(00:02:53) - The Living Wage Crisis in the U.S.

(00:04:30) - Unpacking the Wage Stagnation Puzzle

(00:07:12) - The Transparency and Productivity Dilemma

(00:09:18) - Innovative Solutions for Economic Inequality

(00:12:41) - Government's Role in Redistributing Wealth

(00:18:31) - Addressing the Retirement Savings Gap

(00:19:26) - Debunking Recession Predictions and Economic Indicators

(00:29:10) - The Potential Risks in Private Equity and Real Estate

(00:32:55) - The Growing Influence of Private Equity

(00:34:55) - The Unprecedented Scale of Private Capital

(00:36:28) - The Need for Transparency in Private Equity

(00:38:06) - Exploring Systemic Risks and Distribution Concerns

(00:40:37) - The Changing Landscape of Commercial Real Estate

(00:43:03) - Rethinking Bailouts and Sovereign Wealth Funds

(00:46:29) - The Debate on Government Intervention and Economic Stability

(00:56:08) - Public Securities and the Magnificent Seven

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