My guest today is Will Peck. Will is the Head of Digital Assets at WisdomTree, where he oversees the firm’s digital assets, crypto, and blockchain initiatives. After speaking with WisdomTree’s CIO, Jeremy Schwartz, a few weeks ago it was great to explore their digital strategy with Will.

We discuss the firm’s digital roots, the complexity around launching a bitcoin ETF, and their innovative app – WisdomTree Prime. Please enjoy my conversation with Will Peck.

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 

Show Notes:

(00:02:05) - First Question - How he became the head of Digital Assets at WisdomTree

(00:02:51) - Wisdom Trees first steps into the digital assets space

(00:04:50) - Why he thinks bitcoin is not a replacement for gold

(00:06:31) - His views on the US regulatory market and why launching in Europe is different  

(00:09:15) - FCC denial and what that means for GPTC 

(00:11:01) - The BlackRock twist that finally put things in motion  

(00:13:11) - The likelihood that similar businesses and assets will copy one another

(00:16:37) - Derby style launching and splitting the pot

(00:17:57) - Why he thinks ETFs make the most sense  

(00:20:13) - His macro take on where Bitcoin is

(00:21:29) - The reason why they chose the public market versus private 

(00:24:08) - How black listing is handled when a financial firm launches a token

(00:26:21) - What he thinks about the finality of settlement 

(00:27:53) - WisdomTree Prime’s focus on the wallet 

(00:31:24) - The big change for Wisdom Tree to build physical infrastructure 

(00:35:05) - He explains Prime

(00:36:16) - Stable coins and what they are invested in

(00:37:40) - How Wisdom Tree bond funds work

(00:37:59) - Creating funds around regulatory ambiguity 

(00:39:06) - How bond funds pay interest to tokens

(00:40:22) - Logistics behind moving tokens from a Prime wallet to another account  

(00:42:06) - Keeping record of tokens

(00:43:38) - He talks about the token opportunities they are most excited about  

(00:46:24) - Steps to get a stable coin to pay interest 

(00:47:17) - What he's most excited for Wisdom Tree clients to experience

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Today's guest is the anonymous Twitter account CarDealershipGuy, also known as CDG. I was excited for this episode because it combined two of my biggest interests - markets and cars- and CDG did not disappoint. We cover a lot of ground, starting with why car dealerships are such a great business. We then talk about the state of the car market in 2023, the auto worker's strike, discounting and lending, and a lot more. Please enjoy my conversation with CarDealershipGuy.

Note: this episode was recorded on 20 October, before the Auto Workers strike was resolved.

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 

Show Notes:

(00:01:50) - First Question - How he got the name The Car Dealership Guy 

(00:04:03) - CDG's background in the car industry 

(00:06:27) - The benefits of owning a new car dealership

(00:08:24) - Competing dealership franchises and building rules 

(00:08:48) - He debunks myths around manufacturers and poorly run dealerships

(00:09:40) - The benefit of consolidating dealerships

(00:11:19) - Where the profit margins have come from over the past few years

(00:11:50) - Covid's effect on the new and used car markets

(00:14:00) - How working from home during the pandemic impacted sales

(00:15:04) - Used versus new and the competition between the two markets

(00:17:04) - The economics of a used car life cycle 

(00:18:37) - Demand for used cars and how they change dealership purchasing 

(00:20:11) - High interest rates and potential market risks that could affect the market

(00:22:20) - He gives insight into the high-end vehicle market

(00:23:43) - How dealerships and manufacturers sell cars that aren't moving

(00:25:28) - How a new car dealership loses money   

(00:27:16) - The traditional car sale and its ability to change 

(00:28:50) - Leasing versus buying in today's market

(00:30:45) - Why leasing is popular and its benefits to the consumer

(00:31:28) - Reaching an inflection point in the car market 

(00:33:04) - The average consumer and their interest in tracking car prices

(00:34:31) - He explains how dealers expand their inventory

(00:34:53) - How the strike has impacted the industry 

(00:37:39) - He explains why car dealers are more like gamblers

(00:38:31) - The potential disruption the strike could have on the future market

(00:40:11) - Using auction markets as a barometer for prices

(00:41:00) - The most important type of vehicle to watch for market value positioning

(00:41:51) - Depreciation and resale on both electric and combustion engine vehicles

(00:44:45) - He talks to us about CDG and his podcast  

(00:47:06) - What would be a good $100,000 car purchase and what would be bad

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My guest today is Jeremy Schwartz. Jeremy is the Global Chief Investment Officer at WisdomTree. Before joining the group in 2005, he was the Head Research Assistant for Professor Jeremy Siegel and has helped co-author a number of books and papers with him over the years, including his popular "Stocks for the Long Run" book.

Since joining WisdomTree, Jeremy has been instrumental in developing their world-renowned ETF expertise, and that is the focus of our discussion today. We break down the investment wrapper, explore why some ETFs have become massive and learn why they aren't as popular in fixed income. Please enjoy my conversation with Jeremy Schwartz.

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 

(00:01:47) - First Question - A summary of Jeremy’s paper he wrote with Professor Siegel

(00:04:31) - An explanation of how the S&P committee adds companies to their list 

(00:05:59) - A hypothesis on passive investing and its pros and cons for the S&P

(00:07:51) - What investors do when a company hits zero

(00:09:40) - The 7 market cap companies and how they impact the index  

(00:10:47) - A snapshot of WisdomTree and its business

(00:12:53) - The 2006 competing products and SEC’s resistance to ETFs  

(00:15:09) - How a create /redeem system works 

(00:18:06) - The definition of a simple ETF basket is

(00:18:53) - How banks avoid taxes when transferring equities

(00:20:16) - Jeremy’s strongest argument against ETFs

(00:21:58) - How authorized participants make money from ETFs  

(00:23:11) - The early push backs of ETFs 

(00:25:02) - Index rules and who can post performance

(00:27:17) - A breakdown of CRSP (Center for Research in Security Prices??)  

(00:27:45) - The pros of self indexing and capitalizing on the ETF market

(00:28:57) - The reason why fixed income ETFs haven't shared the similar growth of other ETFs

(00:30:46) - The bond market and its major flaws

(00:32:20) - Common themes of successful products

(00:36:51) - Similar themes of products that do not work out 

(00:38:41) - Where the Bitcoin ETF stands today 

(00:40:14) - Which ETF providers will have access the the Bitcoin ETF  

(00:43:18) - When the Bitcoin ETF might be available 

(00:43:33) - The likelihood of non-bank providers stepping in to provide Bitcoin ETFs

(00:44:22) - How providers find out and ETF has been approved

(00:44:54) - Jeremy’s most popular tweet is

(00:45:27) - Alternative data sets and why they are important  

(00:47:49) - The distribution of mortgages and how many people do not have them 

(00:49:45) - Professor Siegel's view on the market

(00:51:40) - Where Jeremy thinks we are in the cycle

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Today's guest is Nik “The Carny” Lentz. It's not every day you talk to a UFC fighter-turned-trader, and this conversation is both intense and insightful. We start by talking about Nik's journey from a difficult childhood to a UFC career and his philosophy on fighting, parenting, and life.

We then cover his move to trading derivatives full-time and his approach to position sizing, risk management, and more. Please enjoy this unique kind of episode with Nik Lentz.

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 

Show Notes 

(00:01:39) - (First Question) - Nik’s childhood and how he got into ultimate fighting

(00:08:54) - Nik’s mentality when in the cage fighting

(00:10:37) - Links between traumatic childhood and becoming a UFC fighter

(00:11:48) - How Nik feels about his children potentially fighting in the future

(00:13:29) - Nik’s earliest UFC fights and the importance of storytelling in the sport

(00:21:35) - Insecurity and work ethic, getting the balance right to be able to perform at the top

(00:26:35) - The relationship between drive and motivation and the kind of upbringing you have

(00:28:52) - How Nik got into finance and his first moves in the market 

(00:33:00) - Nik’s development of his own investment process and how he manages risk

(00:36:00) - Determining position sizes, when to get in, when to get out. The ratio between Nik’s low-risk trades versus his big swings

(00:38:16) - The similarities between gambling and investing, Nik’s opinion on the apparent lack of differentiation 

(00:40:19) - Nik’s advice to young people looking to get started in investing

(00:41:32) - Comparing the ups and downs of UFC fighting versus trading in the markets

(00:43:32) - The process of walking away from fighting and whether Nik thinks he will ever walk away from investing

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This is Eric Golden and my guest this week is by Corey Hoffstein, the Founder and Chief Investment Officer of Newfound Research. Corey offers a fascinating and distinctive take on investing, which we delve into during our discussion. We cover topics like portfolio allocation, diversification and the innovative approach known as Return Stacking. We wrap up with lessons learned from 15 years of running an Asset Management firm. Please enjoy this conversation with Corey Hoffstein

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

Show Notes 

(00:02:00) - (First Question) The origins of the 60/40 portfolio

(00:04:30) - How to tackle the allocation problem when it comes to 60/40 

(00:08:15) - How Corey deals with the doubters when the strategy doesn’t work 

(00:12:00) - Reasons why it makes sense to continue to participate even when there have been periods of underperformance

(00:15:00) - Diversification in futures and stocks to create a less volatile investment journey

(00:19:15) - The origins of return stacking

(00:28:00) - Skepticism, evolution, and potential risks associated with portable alpha

(00:33:30) - The need for careful risk management and the importance of rebalancing when using leverage to amplify investment returns

(00:36:30) - Using historical data to determine the funding rate

(00:40:00) - Implied funding rates and the spread between futures markets and spot markets

(00:44:45) - The complexity of measuring market positions and strategies when it comes to futures and bonds

(00:46:30) - The challenges Corey faced when starting an asset management firm

(00:52:45) - The importance of presenting products in an understandable way for investors

(00:54:30) - Examples of products or investment ideas that Corey got wrong

(00:58:30) - The competitive nature of the ETF landscape and the importance of branding

(01:02:00) - Corey’s success navigating the challenging landscape of the ETF space

(01:05:15) - Fee competition and brand differentiation have led to firms exploring regulatory grey areas

(01:06:30) - The distinction between speculation and investing

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I'm thrilled to welcome you all to the first episode after the rebranding to Making Markets. This is a wide-ranging discussion on the economy with Samuel Rines - economist, author and managing director of Corbu LLC. We cover where we are in the economic cycle, 'excuseflation', the state of the consumer and the different sectors of the American economy.

I hope you enjoy the kick off of "Making Markets" 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 

Show Notes

(00:02:00) - (First question) - What Sam believes The Fed is likely to do based off the current economic cycle

(00:05:00) - The inflationary pressure on The Fed even though tech is replacing the workforce

(00:06:40) - His explanation of price over volume

(00:09:30) - How temporary price over volume is and its impact on consumer spending 

(00:13:40) - Current consumer spending money and where it's coming from 

(00:16:15) - Ignoring the coastal markets and focus on middle America

(00:18:30) - What he thinks is slowing consumers

(00:20:00) - The revenge of the middle and its meaning for economic stability   

(00:21:15) - His view on soft landings in the market and which sectors are affected  

(00:23:30) - His take on the travel and leisure sector 

(00:25:30) - A look at the current residential and commercial real estate markets   

(00:30:00) - Red flag market areas he thinks people should be weary of 

(00:32:00) - Contagion risk caused by potential private sector collapses    

(00:34:00) - Whether he thinks The Fed missteps or not 

(00:36:15) - Global turmoil and its impact on market portfolios  

(00:39:30) - How he positions his portfolio building based off of global risk

(00:41:00) - Sam's favorite out-of-consensus bet

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In place of our usual quarterly market recap, we have a special announcement to make. The scope of this show, Web3 Breakdowns, will expand and rebrand to Making Markets. Eric and Matt discuss what is changing, why, and, importantly, what will stay the same. 

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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Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, 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: @Web3Breakdowns | @ericgoldenx | @patrick_oshag 

Show Notes

(00:01:27) - (First question) Rebranding from Web3 Breakdowns to Making Markets

(00:06:08) - Why fixed-income investors are obsessed with markets

(00:10:28) - The analysis of companies versus applying analysis to asset classes

(00:12:42) - What it was like to cover the volatility of the cryptocurrency market

(00:20:40) - Why you should have confidence in the cryptocurrency market 

(00:26:09) - What type of guests will appear on the Making Markets podcast 

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This is Eric Golden. Today we're replaying my conversation with William Quigley. He co-founded one of the earliest consumer VC funds, wrote the first institutional check for PayPal, and helped build the first major stablecoin, Tether. This is a favorite episode of the year, as William combined his lessons from his decades in technology with a strong first-principle understanding of blockchains. I hope you enjoy my conversation with William Quigley.

We will be releasing new episodes along with an exciting update about the show within the next few weeks.

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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Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, 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: @Web3Breakdowns | @ericgoldenx | @patrick_oshag 

Show Notes

(00:01:57) - (First question) - His career in VC and gaming prepared him for the world of crypto

(00:11:25) - Exploring the potential of blockchain and crypto

(00:16:04) - Blockchain's ideal applications

(00:22:43) - Tether's origin story and its role in enabling arbitrage trading

(00:30:28) - Building trust, tokenization, and Tether's reserves in stablecoin development

(00:38:09) - Tether's redeemability, trust, and market dynamics in cryptocurrency

(00:43:44) - Trust, convenience, global risks, and regulatory considerations in stablecoins

(00:48:30) - US banking dominance, Tether's struggle with banking relationships in regulation

(00:53:25) - Tether's growth reflects demand for freedom and challenges with banking

(00:57:00) - WAX's purpose-built blockchain facilitated NFT growth and trust in collectibles

(01:06:34) - What he is most excited to build over the next six months and six years

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This is Eric Golden and today we’re going to break down the mechanics behind three major blockchains: Bitcoin, Ethereum and Solana. Blockchain is a term you hear a lot, both in this show and in Web3 more generally. But what do they actually mean and how do they work? That is the subject we’re going to cover today and something I’ve wanted to do for sometime. My guest for this episode is Keone Hon. Keone is a Math Prodigy who spent close to a decade building systems for high-frequency trading. Today, he is the co-founder and CEO of Monad Labs and is building a blockchain alternative to Ethereum and Solana. He has that rare blend of deep technical knowledge and the ability to communicate clearly, so he is the perfect guest for this episode. Please enjoy my conversation with Keone.

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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Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, 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: @Web3Breakdowns | @ericgoldenx | @patrick_oshag 

Show Notes

(00:02:47) - (First question) - An analogy to explain how crypto and blockchain work

(00:11:20) - Scenarios to further explore his schoolyard analogy for Bitcoin

(00:17:03) - The reality of the math and power balance surrounding blockchain technology

(00:23:28) - Expanding the analogy to explain Ethereum

(00:25:26) - The broad impact of Ethereum on smart contracting and proof of staking

(00:29:08) - Major differences between proof-of-work versus proof-of-stake models

(00:31:09) - Comparing Solana’s stateless design to the older chains

(00:34:44) - The added privacy and speed advantages enabled by Solana

(00:35:56) - The real security and risk profiles of these major chains

(00:38:09) - Explaining Solana’s parallel transactions 

(00:40:52) - Why the creation of new chains and further chain optimization still matters

(00:42:27) - Why he got interested in the problem of chain efficiency and accessibility

(00:44:54) - How crypto tech continues to build upon itself and expand to new use cases

(00:48:34) - How Monad is building their blockchain to solve inefficiencies in crypto markets

(00:50:09) - How he thinks about competition given the open-source nature of the space

(00:52:12) - The process of actually building and testing a new chain

(00:55:49) - What motivates him to continue building

(00:56:53) - Diffusing a new blockchain innovation to users and coders

(00:58:38) - What he’s most excited to see built over the next six months and six years

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This is Eric Golden, and today we’re replaying one of my favorite conversations with 0xFoobar. Foobar is a developer and investor who writes a must-read newsletter called The Variable. We discuss the tradeoff between privacy and compliance, how culture and law shape each other, and his views on crypto regulation.

When I interviewed 0xfoobar 11 months ago, the crypto world couldn’t have been more different. Today, as the industry moves toward court cases and regulation, the issues raised in this episode remain as relevant as ever. I hope you enjoy listening, and we’ll be back soon.

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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Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, 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: @Web3Breakdowns | @ericgoldenx | @patrick_oshag 

Show Notes

[00:02:02] - [First question] - How he built such a robust technical background in his career that lead him to crypto 

[00:04:42] - The trade off between compliance and privacy and his take on it writ large

[00:07:27] - Whether or not people have given up on the idea that privacy of transaction matters 

[00:11:17] - The current technical framework for what exists in privacy today for crypto

[00:14:07] - Defining a zero knowledge proof and explaining the process to do one 

[00:18:55] - The public ledger incentivizing other economic models and the ways crypto will be used in the future that might not be what we imagine today 

[00:20:14] - People want to experiment but doing so can involve blind risk unless they’re familiar with the space 

[00:22:00] - Reversible transactions and why they’re harmful 

[00:26:37] - Opensea’s flagging involvement and whether or not we’ll have a cash-like layer built on top of the irreversible chain   

[00:29:26] - Minimizing crypto purchase risk and protecting participants with a transaction cooling process or holding period 

[00:32:46] - The ways in which law and culture shape each other 

[00:34:14] - Examples of how culture affects crypto in ways that laws don’t yet 

[00:36:31] - DeFi protocol hacks and how the culture should handle that kind of behavior 

[00:40:49] - His thoughts on the current takes of trying to bring regulation by enforcement to the crypto space

[00:43:18] - His current area of focus is lately and what he enjoys doing the most 

[00:46:50] - What he’s most excited to see built in the next six months and six years

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