Matt and Katie answer reader questions about law firm IPOs, cyber horses, private credit marketplaces, S&P 500 basis ETFs, the option value of personal bankruptcy, names for children/horses/ETFs and ETFs of BDCs.

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Matt and Katie discuss fake tariff tweets, real tariff Truths, swaps, futures, basis trades and and ETF for shorting leveraged ETFs.

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Matt and Katie do not discuss tariffs but do discuss meme stock mini-IPOs, the stablecoin business, adult custodians of T-bills, booping some Circle coins, valuing X and xAI, X/xAI synergies, other possible Musk mergers, buying Tesla stock in order to complain about Elon Musk, and what we would do if someone gave us $7 million by mistake.

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Katie and Matt discuss the Endeavor deal, Carl Icahn, dodging brokers' phone calls, strategic holdings, a baby Berkshire boom, Katie's contact lens reorder, reinvesting crypto winnings in land, real-time-ish private stock prices, OpenAI's lack of stock volatility and distracting stock prices.

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Matt and Katie answer reader questions about the quality of cocoa beans, who picks the loans in private credit ETFs, whether everything is stupid now, how to work quant hedge fund money laundering into your novel and how to save on financial advisor fees.

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Katie and Matt discuss appraisal arbitrage, fighting and wrestling, official worries about private credit liquidity and indoor skiing in New Jersey.

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Matt and Katie discuss Citigroup's fat fingers and confusing computer screen, 23andMe's troubles, serial-killer cousins, ETF sales practices and taking a holistic view of customer service. 

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Katie and Matt discuss Apollo and State Street's private credit exchange-traded fund launch, Bill Ackman's efforts to build his own Berkshire Hathaway, and memecoins as bankruptcy bidding currency.

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Katie and Matt discuss the fighting over OpenAI, paying for hedge funds' photocopies, whether hedge funds are worth it or you should just buy buffer ETFs, and Microsoft vs. Treasuries.

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Katie and Matt discuss Vanguard's big mutual fund fee cut, plans for private credit trading and the one glorious day when you could bet on the Pro Football Championship in your brokerage app.

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