This Time Is Different

By Malcolm Ethridge and Ricky MulveyBusiness Technology Investing

This Time Is Different episodes

May 12 Investing in 2026 vs. 1999
This isn’t just like the dot-com boom, but you’ll find pockets of “irrational exuberance” if you look a little bit. Ricky Mulvey and Malcolm Ethridge discuss:
- How arena football shows the “dark part” of the American Dream.
- Why Malcolm believes that parts of the stock market are overheated and what he’s actually doing with his own money.
- If Robinhood can be a casino and a long-term financial advisor.
- Who is making most of the money on prediction markets.
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Hosts: Malcolm Ethridge, Ricky Mulvey
Engineer: Tim Sparks

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56 min
May 05 OpenAI Is Leaking, Big Tech is Earning
Someone at OpenAI leaked that it is missing targets, but they didn't leak the numbers. That's either a red flag or a setup. Malcolm Ethridge and Ricky Mulvey discuss:
The OpenAI leak: why leak a miss without leaking the actual numbers?
Meta deception, the magic trick concept that might explain how big companies manage investor expectations
Big tech earnings: Meta's ad machine is working, and Malcolm explains why Amazon's chip business may be the most underrated AI story
Starbucks vs. the K-shaped economy: what delivery orders and $6 California gas tell us about where the real cracks are showing.
Why the stock market keeps shrugging off the Iran War.
Micron skepticism: listener question on a stock up almost 6x in 12 months that still looks cheap on paper
Tim Cook's legacy and the three problems for new CEO John Ternus.
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Hosts: Malcolm Ethridge, Ricky Mulvey
Engineer: Tim Sparks

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54 min
April 28 The AI Bill is Coming Due
The companies building the AI future are the same ones laying off thousands of employees. This means that the AI story is changing. LLMs aren’t taking jobs quite yet, but AI companies that took on mountains of debt are cutting staff while interest rates rise.

Malcolm Ethridge and Ricky Mulvey discuss:
Why Malcolm sold his entire ASML position and trimmed Nvidia.
The AI debt trap: how Microsoft, Meta, and Oracle are cutting jobs to pay for the AI buildout.
Advice if you ever get a “voluntary buyout” from your boss
The used EV flood. 600,000 leased EVs return to dealerships next year; more than the number of all used EVs sold last year.
How automakers’ accounting mistakes could be good news for car buyers
The Michael Jackson biopic, and the disconnect between critics, movie goers, and the economy.
Why Malcolm is buying American Express and betting on the K-shaped economy
Contact us: [email protected]
We are proud to be in the Airwave Media network! Please contact [email protected] if you would like to advertise on our podcast.
Hosts: Malcolm Ethridge, Ricky Mulvey
Engineer: Tim Sparks

Learn more about your ad choices. Visit megaphone.fm/adchoices
1 hr 11 min
April 21 Why Are Stocks at All-Time Highs?
Is the stock market ignoring the war in Iran? And why did Allbirds shoot up 800% in one single day?

Jason Moser joins Ricky Mulvey to talk about:

How solid earnings results are powering stock prices.
Why Allbird’s pivot to AI is one of the most insane business stories ever.
Ricky’s reporting on suspicious trades in the futures market.
Stocks and ETFs that JMo has been buying.

Host: Ricky Mulvey
Guest: Jason Moser
Engineer: Tim Sparks

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45 min
April 14 Are Space Stocks Overheated?
SpaceX could be the biggest IPO in history. Is this the beginning of the space economy, or peak optimism?

Ricky and Malcolm sit down with Yuri Khodjamirian, CIO of Tema ETFs, which runs the NASA ETF, an actively managed space fund.
They discuss:
Why falling launch costs are the key to the space economy.
How a publicly traded ETF can own non-public shares of SpaceX.
If AST SpaceMobile is a real opportunity or too far along in the hype cycle.
The hidden SpaceX suppliers that investors may want to know.

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Hosts: Malcolm Ethridge, Ricky Mulvey
Guest: Yuri Khodjamirian
Engineer: Tim Sparks

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53 min
April 07 Is OpenAI the next WeWork?
OpenAI just wrapped up a $122 billion funding round, but some investors are having trouble selling OpenAI stock in private markets.
Malcolm Ethridge and Ricky Mulvey discuss:
- Investing during the uncertainty of the Iran War, and one sector where investors may find some safety.
- Oracle’s 30,000 employee layoff.
- How more student loans are in default than subprime mortgages during the 2008 financial crisis.
- A listener selling his Pokemon card collection for an engagement ring.
Contact us: [email protected]
We are proud to be in the Airwave Media network!
Please contact [email protected] if you would like to advertise on our podcast.
Hosts: Malcolm Ethridge, Ricky Mulvey
Engineer: Tim Sparks

Learn more about your ad choices. Visit megaphone.fm/adchoices
53 min
March 31 Take Afroman Seriously, Not Elon Musk
Five minutes before Trump announced a halt to Iran airstrikes, a trader reportedly bought $1.5 billion in S&P 500 futures and sold $200 million in oil futures. The orders were four to six times larger than anything else in the market at that moment. Huh. Isn't that interesting?
Also: Afroman won his defamation trial against Ohio police officers. Ricky and Malcolm discuss the economic lessons from the trial.
Malcolm and Ricky also talk about:

- Crypto-backed mortgages. What could go wrong?
- Why Pokemon card collectors don't trust the stock market
- Malcolm's latest stock purchase, Okta.
- The scrum that left airport security workers without paychecks.
- Why More Americans are starting businesses — and the pickleball bubble
Contact us: [email protected]
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Hosts: Malcolm Ethridge, Ricky Mulvey
Engineer: Tim Sparks

Learn more about your ad choices. Visit megaphone.fm/adchoices
55 min
March 24Is America FINALLY Pushing Back on Online Gambling?
Seven states now allow full online casinos on your phone, such as slots and blackjack. But, two states, Virginia and Massachusetts, just shelved iGaming bills. Is the tide turning on mobile gambling?
Ricky and Malcolm also dig into why gold is falling even as the Iran war drags on, and break down the short report targeting SoFi.
In this episode, they discuss:
(4:40) Why retail investors are pulling back from gold — and what that signals

(15:11) Who economically benefits from a war in Iran?

(22:15) SoFi's short report and whether Anthony Noto's response was good enough.

(35:30) Why states that said yes to sports betting are saying no to the next step of online gambling.

(43:30) Why gambling addiction is more dangerous than other vices.
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Hosts: Malcolm Ethridge, Ricky Mulvey
Engineer: Tim Sparks

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55 min
March 20 The Great Wealth Transfer w/ Hanna Horvath Pt. 2
The Great Wealth Transfer is such a big conversation that we're dedicating two shows to the topic.
Hanna Horvath, CFP®, writes Your Brain on Money. She joins Ricky and Malcolm for the second part of their conversation about the Great Wealth Transfer. In this episode, they discuss:
- The effect of inheritances on romantic relationships.
- Family wealth and the creation of bad art.
- How the tax system punishes work and rewards investment income.
- If there are any solutions for the "inheritocracy."
Check out Hanna’s Substack: https://yourbrainonmoney.substack.com/
Contact us: [email protected]
We are proud to be in the Airwave Media network! Please contact [email protected] if you would like to advertise on our podcast.
Hosts: Malcolm Ethridge, Ricky Mulvey
Guest: Hanna Horvath
Engineer: Tim Sparks

Learn more about your ad choices. Visit megaphone.fm/adchoices
44 min
March 17 The Iran War Impacts Your Investments, Live Nation's Settlement Changes Nothing
Ricky Mulvey and Malcolm Ethridge take a breath and explain why right now is a bad time to make big money decisions. They discuss:
- The economics of the Iran War, and Ricky breaks down some of his reporting on the cost of the conflict.
- Robinhood’s new investment vehicle for retail investors to buy private companies, and why Malcolm won’t pick up shares.
- Live Nation’s $300 million proposed settlement, and why it’s a “speeding ticket” for the company.
- Chamath Palhapatiya telling a retail investor to be grateful for capital losses.
Contact us: [email protected]
We are proud to be in the Airwave Media network! Please contact [email protected] if you would like to advertise on our podcast.
Hosts: Malcolm Ethridge, Ricky Mulvey
Engineer: Tim Sparks

Learn more about your ad choices. Visit megaphone.fm/adchoices
57 min

About This Time Is Different

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Long-form conversations that challenge consensus thinking about markets, money, and the economy. We question the narratives everyone else accepts and welcome contrarian ideas.