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  • My guest this week is Jannick Malling. At 13, Jannick was getting paid to make websites. 5 years later, he was an early employee at the high growth broker, Saxo Bank. Today, he’s a serial fintech entrepreneur and the co-founder and co-CEO of Public.com, an investing platform. In this episode, we dive into the brokerage industry. We talk about how new-age brokerages compete against giants like Fidelity and Schwab, the business models of investing platforms, the impact of AI and more. Please enjoy this conversation with Jannick Malling.

    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
    (00:02:59) First Question - The Rise of Mobile Investing and Its Impact
    (00:03:48) The New Generation's Approach to Investing
    (00:11:30) Exploring the Revenue Models of Modern Brokerages
    (00:14:05) The Controversy of Payment for Order Flow
    (00:23:35) The Revolutionary Impact of Fractional Shares
    (00:28:57) Venturing into the World of Corporate Bonds
    (00:29:30) Exploring the Nuances of Fixed Income and Equities
    (00:30:18) The Evolution of Brokerages
    (00:32:25) The Rise of AI in Financial Services
    (00:33:52) Navigating the Trust Landscape in Financial Services
    (00:42:00) Innovations in Investment: The Case for Music Royalties
    (00:47:33) The Future of Alternative Investments and Market Trends
    (00:51:02) Reflecting on Market Cycles and the Path Ahead
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  • My guest today is Paul Goodrich. Paul has spent his career organizing labor unions and fighting for labor rights. Today, he is the Vice President of Laborers' Union Local 151, a Massachusetts-based labor union for construction workers. In this episode, he makes a persuasive case for why we need labor unions and shows us the nuts and bolts of how they operate. Coming from Wall Street, which doesn't have the best view of Labor unions, it was very interesting and educative to hear from the other side. Please enjoy this conversation with Paul Goodrich.

    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.
    -----
    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
    (00:02:45) First Question - Paul's Journey into Labor Unions
    (00:04:22) The Impact of Labor Unions
    (00:06:46) Understanding the Mechanics of Private Labor Unions
    (00:08:10) The Economics of Union Labor: Balancing Wages, Benefits, and Market Dynamics
    (00:14:34) Perception vs. Reality of Union Labor
    (00:20:32) The Importance of Unions in Today's Economy
    (00:28:46) Comparing Unionization Across Industries
    (00:33:21) Navigating Non-Union Challenges and Political Leverage
    (00:34:34) The Role of State and Local Legislation
    (00:35:51) Labor Market Dynamics Post-COVID and the Future of Trades
    (00:39:10) - The Decline of Private Unions and the Rise of Public Unions
    (00:46:00) The Complex Landscape of Public Pensions and Financial Sustainability
    (01:00:49) The Future of Unionization
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  • My guest this week is the Anthony Pompliano, better known as Pomp. Pomp is an investor, entrepreneur and one of the biggest media personalities in the world of crypto. In today's conversation, we talk about Pomp’s early career, his evolution as a capital allocator, and how he views public and private investing today. We also talk about his early career at Facebook, his media business, and of course, Crypto. Please enjoy this conversation with Pomp.

    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.
    -----
    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 Media 
    (00:02:35) First Question - Crafting a lifestyle compatible with public life
    (00:05:24) The advantages of diverging from typical venture capitalist practices
    (00:07:54) Exploring unfair advantages in the investment sphere
    (00:12:58) Comparing internal and external investment strategies
    (00:14:11) The journey to launching a first business
    (00:20:34) Reflections on producing and sharing content
    (00:28:19) Emphasizing the need for diverse revenue streams
    (00:30:49) Tailoring content to fulfill specific objectives
    (00:35:31) Evaluating character within the investment community
    (00:40:50) Balancing established knowledge with current trends and news
    (00:45:06) Prioritizing being the chief marketing officer above other responsibilities
    (00:49:07) Discussing the downsides of public opinion sharing
    (00:55:00) Distilling the most profound recent lesson
    (00:59:05) Assessing the current phase of the Bitcoin cycle
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  • 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.
    -----
    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.
    -----
    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.
    -----
    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.
    -----
    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.
    -----
    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.

    -----
    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.
    -----
    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.

    -----
    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.
    -----
    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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  • My guest today is Michael Lee. Michael is a dealer in rare photographs and the director of Lee Gallery. Today, he takes us on a tour across this under-the-radar market. We talk about the difference between the primary and the secondary market, the buy side, and tastemakers. We also cover his process for finding buyers, pricing inventory and his view on NFTs.
    This is exactly the kind of esoteric market I wanted to explore when we transitioned the show to Making Markets, and I hope you enjoy this conversation with Michael Lee.

    For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.
    -----

    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
    (00:02:22) - (First question) - Steps to becoming an art dealer
    (00:04:22) - Examining funding aspects for art dealers
    (00:06:21) - The function of independent art traders
    (00:10:09) - Comparing reproducibility: photography versus painting
    (00:11:10) - Delving into the buyer's perspective on photography
    (00:13:13) - Discussing the absence of external authorities in photography ratings
    (00:17:09) - Investigating the influence of museums in art
    (00:19:21) - Forecasting future trends in the art market
    (00:23:27) - Unraveling how transactions occur in the art world
    (00:28:07) - Clarifying the role of art galleries
    (00:30:45) - The intricate process of art collection
    (00:35:50) - Addressing perceived pretentiousness in art
    (00:41:55) - Exploring royalties within the art industry
    (00:45:08) - Grasping the factors affecting art pricing
    (00:53:00) - Analyzing why photography is currently in a 'fear stage'
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  • My guest today is Pierce Crosby, the general manager of TradingView. TradingView has become the largest finance website in the world with 50 million users across 180 countries and Pierce takes us through this journey today. We talk about TradingView’s business model and their role in the brokerage industry, which is facing declining margins. We also cover how consumers use the platform today across different asset classes and geographies. Please enjoy this conversation with Pierce Crosby.

    For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.
    -----

    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
    (00:02:11) - (first question) The rise of TradingView's ubiquity in the trading market
    (00:02:53) - Exploring previous companies before joining TradingView
    (00:05:53) - Defining the services offered by TradingView
    (00:12:21) - Detailing the business model of TradingView
    (00:14:58) - Understanding how the company gained widespread acceptance
    (00:19:21) - Implementing charges for charting services
    (00:21:21) - Managing relationships with various brokers
    (00:24:02) - Categorizing the customer base
    (00:26:13) - Analyzing trends in mania-based trading
    (00:31:27) - Assessing the quality of TradingView's data
    (00:34:32) - Drawing comparisons between global markets
    (00:40:04) - Identifying exciting new areas for inclusion in TradingView
    (00:43:59) - Deliberating on the three main types of data sets
    (00:45:07) - Evaluating the current position in the market hype cycle
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  • Today's guest is Brandon Zick, the CIO of Ceres Partners. Brandon grew up on a farm and then worked in finance for a decade. In 2010, he returned to his agrarian roots at Ceres, where he manages a $1.4 Billion fund that invests in farmland.
    In this episode, Brandon gives us an in-depth look at this unusual asset class, including the supply and demand dynamics, the economics of farming, and how Ceres chooses which farms to invest in. Please enjoy this conversation with Brandon Zick.

    For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.
    -----

    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 
    (00:02:05) - (First question) - Appreciating the benefits of a farm upbringing
    (00:03:26) - Segmenting farmland across the United States
    (00:09:04) - Locating farms on the market
    (00:11:39) - Realizing profits from farm ownership
    (00:15:57) - Assessing the farmer population
    (00:18:57) - Confronting bankruptcy risks in farming
    (00:25:01) - Comparing operational and sales expenses
    (00:30:41) - Exploring the niche sector of farm funds
    (00:32:36) - The particulars of livestock investments
    (00:35:41) - Identifying crops with the lowest returns
    (00:38:08) - Navigating the farm acquisition process
    (00:47:12) - Strategies for risk diversification in agriculture
    (00:50:23) - Understanding turnover in the farming sector
    (00:54:36) - The economics of crop monetization
    (01:02:26) - Highlighting his most favored deal
    (01:04:42) - Effects of low interest rates on the agricultural market
    (01:07:23) - Analyzing the current phase of the market cycle
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  • My guest today is Will Peck. Will is the Head of Digital Assets at WisdomTree, where he oversees the firm’s digital assets, crypto, and blockchain initiatives. After speaking with WisdomTree’s CIO, Jeremy Schwartz, a few weeks ago it was great to explore their digital strategy with Will.
    We discuss the firm’s digital roots, the complexity around launching a bitcoin ETF, and their innovative app – WisdomTree Prime. Please enjoy my conversation with Will Peck.

    For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.
    -----

    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:
    (00:02:05) - First Question - How he became the head of Digital Assets at WisdomTree
    (00:02:51) - Wisdom Trees first steps into the digital assets space
    (00:04:50) - Why he thinks bitcoin is not a replacement for gold
    (00:06:31) - His views on the US regulatory market and why launching in Europe is different  
    (00:09:15) - FCC denial and what that means for GPTC 
    (00:11:01) - The BlackRock twist that finally put things in motion  
    (00:13:11) - The likelihood that similar businesses and assets will copy one another
    (00:16:37) - Derby style launching and splitting the pot
    (00:17:57) - Why he thinks ETFs make the most sense  
    (00:20:13) - His macro take on where Bitcoin is
    (00:21:29) - The reason why they chose the public market versus private 
    (00:24:08) - How black listing is handled when a financial firm launches a token
    (00:26:21) - What he thinks about the finality of settlement 
    (00:27:53) - WisdomTree Prime’s focus on the wallet 
    (00:31:24) - The big change for Wisdom Tree to build physical infrastructure 
    (00:35:05) - He explains Prime
    (00:36:16) - Stable coins and what they are invested in
    (00:37:40) - How Wisdom Tree bond funds work
    (00:37:59) - Creating funds around regulatory ambiguity 
    (00:39:06) - How bond funds pay interest to tokens
    (00:40:22) - Logistics behind moving tokens from a Prime wallet to another account  
    (00:42:06) - Keeping record of tokens
    (00:43:38) - He talks about the token opportunities they are most excited about  
    (00:46:24) - Steps to get a stable coin to pay interest 
    (00:47:17) - What he's most excited for Wisdom Tree clients to experience
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  • Today's guest is the anonymous Twitter account CarDealershipGuy, also known as CDG. I was excited for this episode because it combined two of my biggest interests - markets and cars- and CDG did not disappoint. We cover a lot of ground, starting with why car dealerships are such a great business. We then talk about the state of the car market in 2023, the auto worker's strike, discounting and lending, and a lot more. Please enjoy my conversation with CarDealershipGuy.

    Note: this episode was recorded on 20 October, before the Auto Workers strike was resolved.

    For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.

    -----

    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:
    (00:01:50) - First Question - How he got the name The Car Dealership Guy 
    (00:04:03) - CDG's background in the car industry 
    (00:06:27) - The benefits of owning a new car dealership
    (00:08:24) - Competing dealership franchises and building rules 
    (00:08:48) - He debunks myths around manufacturers and poorly run dealerships
    (00:09:40) - The benefit of consolidating dealerships
    (00:11:19) - Where the profit margins have come from over the past few years
    (00:11:50) - Covid's effect on the new and used car markets
    (00:14:00) - How working from home during the pandemic impacted sales
    (00:15:04) - Used versus new and the competition between the two markets
    (00:17:04) - The economics of a used car life cycle 
    (00:18:37) - Demand for used cars and how they change dealership purchasing 
    (00:20:11) - High interest rates and potential market risks that could affect the market
    (00:22:20) - He gives insight into the high-end vehicle market
    (00:23:43) - How dealerships and manufacturers sell cars that aren't moving
    (00:25:28) - How a new car dealership loses money   
    (00:27:16) - The traditional car sale and its ability to change 
    (00:28:50) - Leasing versus buying in today's market
    (00:30:45) - Why leasing is popular and its benefits to the consumer
    (00:31:28) - Reaching an inflection point in the car market 
    (00:33:04) - The average consumer and their interest in tracking car prices
    (00:34:31) - He explains how dealers expand their inventory
    (00:34:53) - How the strike has impacted the industry 
    (00:37:39) - He explains why car dealers are more like gamblers
    (00:38:31) - The potential disruption the strike could have on the future market
    (00:40:11) - Using auction markets as a barometer for prices
    (00:41:00) - The most important type of vehicle to watch for market value positioning
    (00:41:51) - Depreciation and resale on both electric and combustion engine vehicles
    (00:44:45) - He talks to us about CDG and his podcast  
    (00:47:06) - What would be a good $100,000 car purchase and what would be bad
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  • My guest today is Jeremy Schwartz. Jeremy is the Global Chief Investment Officer at WisdomTree. Before joining the group in 2005, he was the Head Research Assistant for Professor Jeremy Siegel and has helped co-author a number of books and papers with him over the years, including his popular "Stocks for the Long Run" book.
    Since joining WisdomTree, Jeremy has been instrumental in developing their world-renowned ETF expertise, and that is the focus of our discussion today. We break down the investment wrapper, explore why some ETFs have become massive and learn why they aren't as popular in fixed income. Please enjoy my conversation with Jeremy Schwartz.

    For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.

    -----

    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 

    (00:01:47) - First Question - A summary of Jeremy’s paper he wrote with Professor Siegel
    (00:04:31) - An explanation of how the S&P committee adds companies to their list 
    (00:05:59) - A hypothesis on passive investing and its pros and cons for the S&P
    (00:07:51) - What investors do when a company hits zero
    (00:09:40) - The 7 market cap companies and how they impact the index  
    (00:10:47) - A snapshot of WisdomTree and its business
    (00:12:53) - The 2006 competing products and SEC’s resistance to ETFs  
    (00:15:09) - How a create /redeem system works 
    (00:18:06) - The definition of a simple ETF basket is
    (00:18:53) - How banks avoid taxes when transferring equities
    (00:20:16) - Jeremy’s strongest argument against ETFs
    (00:21:58) - How authorized participants make money from ETFs  
    (00:23:11) - The early push backs of ETFs 
    (00:25:02) - Index rules and who can post performance
    (00:27:17) - A breakdown of CRSP (Center for Research in Security Prices??)  
    (00:27:45) - The pros of self indexing and capitalizing on the ETF market
    (00:28:57) - The reason why fixed income ETFs haven't shared the similar growth of other ETFs
    (00:30:46) - The bond market and its major flaws
    (00:32:20) - Common themes of successful products
    (00:36:51) - Similar themes of products that do not work out 
    (00:38:41) - Where the Bitcoin ETF stands today 
    (00:40:14) - Which ETF providers will have access the the Bitcoin ETF  
    (00:43:18) - When the Bitcoin ETF might be available 
    (00:43:33) - The likelihood of non-bank providers stepping in to provide Bitcoin ETFs
    (00:44:22) - How providers find out and ETF has been approved
    (00:44:54) - Jeremy’s most popular tweet is
    (00:45:27) - Alternative data sets and why they are important  
    (00:47:49) - The distribution of mortgages and how many people do not have them 
    (00:49:45) - Professor Siegel's view on the market
    (00:51:40) - Where Jeremy thinks we are in the cycle
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  • Today's guest is Nik “The Carny” Lentz. It's not every day you talk to a UFC fighter-turned-trader, and this conversation is both intense and insightful. We start by talking about Nik's journey from a difficult childhood to a UFC career and his philosophy on fighting, parenting, and life.
    We then cover his move to trading derivatives full-time and his approach to position sizing, risk management, and more. Please enjoy this unique kind of episode with Nik Lentz.

    For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.

    -----

    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 
    (00:01:39) - (First Question) - Nik’s childhood and how he got into ultimate fighting
    (00:08:54) - Nik’s mentality when in the cage fighting
    (00:10:37) - Links between traumatic childhood and becoming a UFC fighter
    (00:11:48) - How Nik feels about his children potentially fighting in the future
    (00:13:29) - Nik’s earliest UFC fights and the importance of storytelling in the sport
    (00:21:35) - Insecurity and work ethic, getting the balance right to be able to perform at the top
    (00:26:35) - The relationship between drive and motivation and the kind of upbringing you have
    (00:28:52) - How Nik got into finance and his first moves in the market 
    (00:33:00) - Nik’s development of his own investment process and how he manages risk
    (00:36:00) - Determining position sizes, when to get in, when to get out. The ratio between Nik’s low-risk trades versus his big swings
    (00:38:16) - The similarities between gambling and investing, Nik’s opinion on the apparent lack of differentiation 
    (00:40:19) - Nik’s advice to young people looking to get started in investing
    (00:41:32) - Comparing the ups and downs of UFC fighting versus trading in the markets
    (00:43:32) - The process of walking away from fighting and whether Nik thinks he will ever walk away from investing
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