In this episode of Ticker Talk, we’re joined by Matt Leibowitz, Founder and CEO of Stake, to unpack how a former lawyer and market maker saw a massive access gap for everyday Australians and built a platform to make investing in US shares simple.
Matt shares his story from Perth (after being born in Cape Town) to studying law and finance, training at Allens, then moving into high performance trading and market making, including formative years in Chicago, where markets are part of the city’s DNA.
We then dive into the origin of Stake: why buying US shares used to be buried in forms, fees and friction, and how the mission became clear, make investing in US shares easier than Aussie shares.
The conversation also goes bigger picture on liquidity and market structure in Australia, why small caps suffer when liquidity dries up, and what “access first” really means for the next generation of investors. Plus, a lighter look at Matt’s world outside work, NBA obsession, “focus time” during Nuggets games, and the winter cycling gloves he still keeps as a reminder that you can do hard things.
What you’ll learn:
- Matt’s path from law to trading and why being “the dumbest in the room” can be powerful
- The frictions that made US investing unnecessarily hard for Australians
- Stake’s “build the skateboard, not the car” approach to product and growth
- Why liquidity matters and what happens when it disappears from the bottom end of the market
- What modern retail investors really want: access, tools, and ambition
Timestamps:00:00 - Intro
00:38 - Matt’s background: Cape Town to Perth to Sydney
04:40 - Colorado exchange, 9/11, and the Nuggets fandom
07:10 - Allens, law, and the pivot into markets
09:20 - Market making, Chicago, and learning fast
17:03 - The idea behind Stake: fixing access to US shares
21:10 - Liquidity, small caps, and Australian market structure
26:58 - Product philosophy: skateboard vs car
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