Making Markets

My guest this week is Jim Bianco, the founder and President of Bianco Research. Jim is well-known on Wall Street for providing macro analysis since the nineties. Today, he takes us through his unique perspective on the economy. We start with his contrarian view on interest rates. We then cover the changes to the economy since COVID, such as remote work and the new consumer. We also talk about his new fixed-income ETF, Crypto, the Red Sea crisis, and more. Please enjoy this conversation with Jim Bianco. 

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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This episode is brought to you by 10 East. 10 East is a platform where qualified investors can co-invest on a deal-by-deal basis across private equity, private credit, real estate ventures, and other one-off opportunities typically unavailable through traditional channels. It's no surprise that founders, executives, and portfolio managers from leading investment firms are using 10 East to diversify their personal portfolios. Their level of sourcing and diligence is institutional grade. To learn more, check out 10east.com.

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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

(00:03:06) First Question - Predictions on the Future of Interest Rates

(00:07:24) The Impact of Global Events on Inflation

(00:11:03) The Influence of Housing Inflation on the Economy

(00:17:04) The Impact of Remote Work on the Economy

(00:28:45) Attitude Changes on Spending and Inflation

(00:30:48) The Concept of Revenge Travel

(00:31:53) The Role of Stimulus Checks in the Economy

(00:34:04) The Shift in Investment Strategies

(0042:01) The Creation of the Bianco Research Total Return Index

(00:51:32) The Potential of Cryptocurrency and Blockchain

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My guest this week is 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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This episode is brought to you by 10 East. 10 East is a platform where qualified investors can co-invest on a deal-by-deal basis across private equity, private credit, real estate ventures, and other one-off opportunities typically unavailable through traditional channels. It's no surprise that founders, executives, and portfolio managers from leading investment firms are using 10 East to diversify their personal portfolios. Their level of sourcing and diligence is institutional grade. To learn more, check out 10east.com.

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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 Edward Woodford, the CEO and Co-Founder of Zero Hash. Zero Hash builds software that allows businesses to launch crypto products quickly, simply, and compliantly. This is Edward’s second startup, and we start with his backstory before exploring crypto's major use cases like payments, tokenization, remittances, and payroll. We also cover the US regulatory landscape, his take on the ecosystem today, and more. Please enjoy this conversation with Edward Woodford.

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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This episode is brought to you by 10 East. 10 East is a platform where qualified investors can co-invest on a deal-by-deal basis across private equity, private credit, real estate ventures, and other one-off opportunities typically unavailable through traditional channels. It's no surprise that founders, executives, and portfolio managers from leading investment firms are using 10 East to diversify their personal portfolios. Their level of sourcing and diligence is institutional grade. To learn more, check out 10east.com.

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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

(00:03:06) First question - Navigating the challenges of a highly regulated industry

(00:04:18) Detailing the functions of Zero Hash

(00:06:31) Breaking down the business structure of Zero Hash

(00:08:31) Delving into jurisdictional regulatory challenges

(00:13:32) Addressing the issues Zero Hash resolves for clients

(00:17:52) Bridging cryptography with the mainstream economy

(00:20:54) Strategies for tokenizing assets

(00:26:35) Examining asset transfers on the blockchain

(00:32:34) Implementing global payroll solutions on the blockchain

(00:35:39) Allocating marginal dollars in the crypto space

(00:38:54) Assessing the current phase of the crypto cycle

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My guest today is George Robertson. George is a highly interesting and contrarian investor who started on Wall Street way back in 1981. We start this conversation with a few incredible stories from his colorful career. George then makes a compelling case for why the Fed no longer has any power and what’s really happening with the economy. We end the conversation with another provocative claim on the market for US treasuries. Please enjoy this conversation with George Robertson.

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

(00:00:15) First Question - A quick background of his investment career

(00:06:27) Basic tenants to think about when starting in trading 

(00:12:41) Fed reaction functions before the market got weird 

(00:17:17) How the Fed lost the power of the reaction function  

(00:19:19) Outcomes of the Fed buying trillions in assets 

(00:22:04) How pushing out risk spectrums does not inflate assets

(00:26:13) Difficulties behind trying to start inflation before covid  

(00:28:42) Reasons covid unleashed fiscal spending

(00:30:21) His estimate on how much money the government put into the economy  

(00:34:55) What the salesman macro pitch got so wrong 

(00:36:52) His view on why rates are going higher

(00:38:54) Whether raising funds is the right thing to do

(00:39:27) The driver behind the higher rates call 

(00:41:52) Conventional mortgage numbers versus NGDP numbers

(00:42:20) The housing narrative compared to supply and demand 

(00:44:35) Recession structure without bank involvement 

(00:45:55) How high-frequency trading has impacted market forces 

(00:48:48) His view on how one person can drastically shift the market

(00:51:31) Where he thinks we are in the sentiment cycle

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My guest today is David Kalk. David used to run Peter Thiel’s Macro Fund and is currently the CIO of Reflexive Capital where he spends most of his time managing the Crypto-focussed Liquid Trading fund. We start the conversation by asking where we are in the new regime. We then talk about reflexivity and how it applies in crypto. We also cover his trading process, how he evaluates new tokens, Solana's resurgence, the Bitcoin ETF and more. Please enjoy this conversation with David Kalk.

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

(00:01:48) First question - Assessing the current state of cryptocurrency

(00:04:44) Exploring the concept of reflexivity

(00:11:57) Unpacking the structure of Reflexive Capital

(00:27:16) Positioning crypto within the broader risk asset context

(00:30:42) Strategies for researching the crypto market

(00:37:43) Non-crypto funds' perspectives on crypto trends

(00:43:41) Delving into the significance of pricing in crypto

(00:51:08) Evaluating the current phase of cryptocurrency investment

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Today Matt turns the mic on Eric for the quarterly recap where they talk all things Bitcoin ETF, a strong fourth quarter for 2023, an interesting kick-off to 2024, and Eric's current outlook on the market (anxiety). Please enjoy this episode of Making 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

(00:01:00) First question - Thoughts on the Bitcoin ETF approval 

(00:06:26) What’s next and whether we might see an Ethereum ETF

(00:10:39) Reasons why an Ethereum ETF might fail

(00:13:23) Eric’s transition from crypto markets back to traditional markets

(00:18:24) Transferable skills from succeeding in niche markets  

(00:20:21) Breaking into markets guarded by gatekeepers 

(00:24:34) Top market performers living in hyper-paranoid states 

(00:30:56) Whether or not a 20-year-old Buffett would trade crypto today  

(00:33:11) General outlook on venture capital speculation writ large 

(00:37:58) Things to consider about the emerging AI sector in the near future

(00:43:11) Eric’s crazy idea about algorithms

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My guest this week is Mark Dow. Mark started his career as an economist with the US Treasury and the IMF before he joined Wall Street. Today, he is the founder of behavourialmacro.com and runs a fund that combines his skillsets as a trader and an economist. In this discussion, we get into why economists are usually bad investors and how Mark approaches markets. We also cover some provocative ideas - including how Quantitive Easing and Tightening have little effect and why Mark's not worried about US debt. Please enjoy this great 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 Making Markets

(00:02:12) First question Discussing why economists often struggle with trading and investing

(00:05:32) Strategies for aligning with market movements

(00:16:06) Exploring reasons why a recession hasn't occurred yet 

(00:25:32) Delving into the inflation dynamics of 2010 

(00:31:18) Assessing the effects of interest rates on high-value assets 

(00:34:13) Evaluating the current position in the market risk cycle

(00:40:28) Investigating the perceived absence of risk in the market 

(00:43:14) Reflecting on Modern Monetary Theory (MMT) 

(00:49:19) Analyzing the relationship between asset price inflation and income inequality

(00:53:57) Identifying the most promising sector in the current market cycle

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My guest today is Howard Lindzon. It’s impossible to summarize Howard’s resume, but he’s best known for founding StockTwits and as a private and public market investor. We start this conversation with a hilarious story of his early career at CBS. We then talk about a variety of other topics, like saying no when Fred Wilson brought him the Twitter deal, his investing philosophy, the degen economy, and a lot more. Please enjoy this conversation with the one and only Howard Lindzon.

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

(00:01:48) First Question - He explains the acquisition of WallStrip to CBS

(00:04:27) How he was phantom fired from CBS  

(00:04:58) Comedy and his career path background 

(00:07:41) Why he likes comedians  

(00:09:49) How he plays the social media game well

(00:11:15) Fred Wilson and the early days of Youtube

(00:12:13 Going from TheStreet to Twitter

(00:16:28) The trade off of sharing investment pros and cons publicly on Stocktwits 

(00:18:45) His public investment process versus his private investment process

(00:21:31) He explains how the market is rigged

(00:23:58) Passing on the opportunity to invest in early Twitter 

(00:26:38) The Cabal and the investment process 

(00:29:32) Founder scenarios that keep him from making deals  

(00:35:10) Network effects amongst sharing venture capital and how it works  

(00:38:41) Advice he has for new founders looking for venture capitalists

(00:42:24) Support and advice for his family wanting to found startups 

(00:44:18) Challenges and joys in private and public investing 

(00:47:58) He explains the rich man, angry man, degenerate man investment theme

(00:51:17) Sports betting and it’s market effects 

(00:53:18) His view on crypto investments and Mt. Gox 

(00:57:19) The Luckin Coffee fraud and his opinion on market opportunities  

(01:00:49) His optimism for the future 

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My guest today is Eric Jorgenson - the author of two books that I really enjoyed- "The Almanack of Naval Ravikant" and "The Anthology of Balaji." In this conversation, he tells us what he learned from studying these great minds and the experience of writing the two books. We also talk about the spread of anti-capitalistic ideas, techno-optimism the economics of publishing and more. Please enjoy this conversation with Eric Jorgenson.

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

(00:01:46) - (First question) - What can money not buy?

(00:02:46) - When Eric started contemplating that question  

(00:03:52) - Be the person who takes the notes; The Almanack of Naval Ravikant, The Anthology of Balaji

(00:07:43) - How he approached writing Naval’s book 

(00:10:21) - Ways that writing the book changed him and the people around him 

(00:13:20) - Something most people get wrong about Naval 

(00:15:45) - Not all billionaires are the same

(00:18:34) - The inherent fear of new technology 

(00:24:58) - When technologists went from being heroes to villains 

(00:29:41) - Thinking about countries like companies 

(00:33:05) - The competition that keeps the US growing; Atlas Shrugged

(00:34:57) - Things he’s learned about Balaji’s nature

(00:36:58) - Balaji’s public rise during the pandemic 

(00:40:10) - How true the prediction was about Bitcoin going to a million 

(00:41:35) - The audience overlap for his two latest books

(00:42:55) - Going from being a writer to a writer and a publisher 

(00:46:59) - Publisher royalties and self-publishing economics 

(00:50:48) - Sourcing talent in the era of excessive content

(00:55:26) - Writing in refreshing and engaging styles 

(00:57:59) - Who he’d like to write about next

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My guest this week is Caroline Taylor. An art valuation expert, Caroline founded the Appraisal Bureau to bring data and analytics to the highly subjective world of art appraisals. We start the conversation with Caroline’s backstory before talking about the appraisal process for both fine art and NFTs and the problem that the Appraisal Bureau is solving in this space. We also cover several unique aspects of the art market, such as Block Trading, Irrevocable Bids, the place of NFTs in the Art world, and more. Please enjoy this conversation with Caroline Taylor.

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) - Why Deutsche Bank has an art collection

(00:02:54) - Caroline’s background in art 

(00:03:57) - A basic overview of the curation of art for a corporate collection

(00:04:32) - The balance between investing in value or genuine interest in the pieces

(00:06:00) - Caroline’s moves after the corporate art curation for Deutsche bank

(00:08:15) - How advisory fees are structured in the buying process

(00:10:47) - Appraiser ratings and determining their proficiency in valuing unique items

(00:14:26) - Other valuation methods beyond insurance

(00:17:32) - The complexities of irrevocable bids at an auction

(00:19:10) - Profits from using low irrevocable bids and the long-term valuation of acquiring art through auctions

(00:20:13) - Other unconventional bidding methods beyond room-based and irrevocable bids 

(00:21:15) - A background of Dmitri Cherniak's 'The Goose' NFT, which sold at Sotheby's Auction for $6.2M

(00:23:36) - The breakdown of the audience at Sotheby’s auction for The Goose

(00:25:10) - Caroline’s journey to becoming the sole approved appraiser of NFTs in the insurance market

(00:28:36) - The nuanced valuation of CryptoPunks from an art appraisal perspective

(00:30:57) - How she initiated Appraisal Bureau to address the lack of neutrality in the market

(00:35:18) - Caroline’s validation process, especially when significant discrepancies arise

(00:35:37) - Navigating customer segmentation within Caroline’s clientele

(00:37:37) - The potential impact of artificial intelligence

(00:40:44) - How Appraisal Bureau conducts thousands of appraisals yearly without being able to disclose what they’re working on and who they’re working with 

(00:41:32) - NFTs impact on bringing new people into the art world, Eric attending Art Basel

(00:42:12) - NFTs permeating the traditional art world with positioning in places like MoMA

(00:43:10) - Caroline’s opinion on the NFT market transitioning from a tough phase into a hopeful outlook

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