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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Katie and Matt discuss the DeepSeek shock, AI and GDP, Elon Musk's X buyout debt, trading in the dark and double levered Melaniacoin ETFs.

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Katie and Matt discuss a Vanguard tax oopsie, buffered Bitcoin ETFs, crypto utility, and a hedge fund model calibration oopsie.

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Matt and Katie discuss how hard it is to make money as a short-focused researcher, how not to get the best rate on a savings account, and whether ESG is about doing good or doing well.

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Katie and Matt discuss the return of the Fannie Mae and Freddie Mac trade, a business school class project that came true in real life, and taking cocoa out of commodity exchange warehouses.

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