Odd Lots
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Odd Lots
Bloomberg's Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets and economics. Join the conversation every Monday, Thursday, and Friday
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Lev Menand and Nathan Tankus on Why Fed Independence Is Now Hanging by a Thread
Last August, President Trump made the unprecedented choice of moving to fire Fed governor Lisa Cook. The administration claimed she was being terminat...
Why Soccer Analytics Works Like Volatility Arbitrage Trading
American sports fans have long been comfortable talking in the language of stats and analytics. Soccer embraced the 'moneyball' revolution later; the...
NY Governor Kathy Hochul on Her One Year Data Center Moratorium
On July 14, New York Governor Kathy Hochul announced a one-year moratorium on new large data center projects in the state. It's the nation's first suc...
Why AI Might Actually Create More Work for Lawyers
It seems obvious that among the many industries that AI might disrupt, the legal profession might face some of the most adverse outcomes. When clerica...
The Korean Levered ETFs Shaking Markets All Around the World
Retail participation in the stock market is booming. And of course the biggest story in markets is the AI trade, which has created an incredible amoun...
One of the World's Largest Hedge Funds on Its 86x Growth in Token Spending
We've gone through a number of a technological revolutions in investing, whether it was the dawn of the high frequency trading era or the introduction...
These Are the Sharps Actually Making Money on Prediction Markets
Here's a couple things about prediction markets. A lot of it is pure gambling and speculation, much of it on things with very little economic relevanc...
How a Major Grocery Store Chain Can Dramatically Lower the Cost of Food
In June, grocery giant Aldi opened a store just off of Times Square in Manhattan. It's the company's first location in Midtown and, according to their...
What Dan Wang Saw on His Last Trip to China
There's this weird contradiction that hovers almost all conversations regarding the Chinese economy. On the one hand, the growth and rising material p...
Baidu's CFO on How It Became a Full-Stack AI Player
In the China tech space, Baidu is now a full-stack player in the AI industry. The company makes its own chips, has its own AI models (Ernie), its own...
How Lenovo's CFO Is Allocating Capital During One of History's Biggest Booms
We know that companies around the world are investing heavily in AI. So intense is the race to win the AI battle, that it feels like there's almost no...
Rory Johnston on Why His $200 Oil Prediction Didn't Turn Out Right
The Strait of Hormuz has (mostly) re-opened! Crude prices are still up since the start of the war with Iran, but popular predictions earlier this year...
How the 1994 World Cup Transformed the Business of Football Forever
The last time the World Cup came to the US was 1994. Before then, the World Cup was an enormously popular event with surprisingly limited commercial s...
Grace Shao on What the World Should Know About Chinese AI
China's AI industry has changed a lot since DeepSeek released its cheap frontier model last year, and briefly sent US tech stocks falling. After being...
How Substack Creators Are Covering This Strange Markets Era
We closed out our New York live show on May 28 with a panel that featured three of our favorite Substackers: James van Geelen of Citrini Research, Sam...
Anthropic's Co-Founder and Top Economist on Doing Research at the AI Frontier
There’s a lot to unpack with AI right now — everything from its potential impacts on the labor market and society to more extreme questions about exis...
Jeremy Grantham on How to Tell If a Bubble Is About to Burst
Jeremy Grantham, co-founder and long-term strategist of GMO, has a long history of calling bubbles. As he recounts in his new memoir, The Making of a...
The Iran War’s Lasting Scars Across Asia
An interim deal to reopen the Strait of Hormuz offers relief, but Asia’s economic woes are far from over. Beyond the chokepoint, the conflict has forc...
Carmen Li's Plan to Build a Futures Market for Compute
When we spoke to DRW's Don Wilson last year, he talked about building out a GPU market that might be bigger than oil. Now, a year later, he is working...
Anjney Midha's Plan to Radically Lower the Price of Compute
Anjney Midha wrote the first check to Anthropic. He teaches a viral course at Stanford on how AI works. And he was, until recently, a partner at a16z....
How a Vibecoded Newsletter Is Making the Hay Market More Transparent
The hay market is not a transparent market: It is very fractured by types of hay, whether it is alfalfa or clover hay. There are a few opaque, illiqui...
Why Tomatoes Are the Most Expensive They've Been in Four Decades
In April, the price of tomatoes was around $2.69 per pound — the highest seen in some four decades. And tomatoes aren't the only food getting more exp...
How CoreWeave Sees the Market for Compute Right Now
When we last spoke to Brannin McBee, the co-founder and chief development officer of cloud company CoreWeave, his business was not yet public and sour...
Why Susquehanna Is Building a Prediction Markets Business
Prediction markets that enable you to bet on pretty much everything are everywhere nowadays. But there's still a big question over whether they can ex...
Inside Hudson River Trading's Blistering Token Burn
Today’s episode, which was recorded at our recent live show at New York’s City Winery, follows up on a conversation we had with Iain Dunning, head of...
Goldman Sachs CEO David Solomon on Running a Bank in the Age of AI
There's a lot of debate about the future of AI — not just whether it will produce the returns investors are expecting, but also if AI will lead to mas...
The Hidden Plumbing of Commodity Finance
We talk about the commodity supply chain all the time. We talk about the ports and the trucks and the ships and all of that. But there's another dimen...
How the Invention of Rope Gave Us Modern Civilization
Rope is easy to take for granted. It seems obvious and straightforward. But of course, it had to be invented. Early humans discovered that by twisting...
Gita Gopinath on Why Interest Rates Have Surged All Around the World
There's been a massive selloff in the bond market and rates are rising all around the world. Japan, Korea, the UK... You name it. Gita Gopinath, Harva...
Brendan Greeley on the Real 500-Year History of the Dollar
We love talking about money. And of course, we love talking about the dollar, in all its varieties — from bank deposits to eurodollars to stablecoins....
What It Takes to Run One of London's Most Popular Pubs
As our listeners know, restaurants are great microcosms for macro-economic trends. They sit at the intersection of everything from consumer confidence...
Architect Norman Foster on Why the West Struggles to Build Big
Not many people think of designing buildings as an exercise in economics, but the entire process is defined by constraints around resources (both phys...
'The Assassin' Fahmi Quadir on How to Survive as a Short-Seller
A short seller is a gumshoe who roots out a particular story about a specific company and brings it to light. And Fahmi Quadir, the founder and CIO of...
Why Cerebras CEO Andrew Feldman Built The World's Largest Computer Chip
Size is the name of the game for the AI chipmaker Cerebras: Their chips are truly massive, about the size of a dinner plate. According to Andrew Feldm...
Deutsche Bank's Ozan Tarman and Aditya Singhal on Understanding the Macro Risks
It is hard to have a markets conversation that isn't out of date within a minute or two. But we think this one, with Ozan Tarman and Aditya Singhal of...
Why the Price of Oil, Beef, Electricity, and Everything Else Makes No Sense
Whether it's the price of a barrel of Brent crude or a pound of beef, it's clear prices are skyrocketing for all kinds of goods and commodities. Price...
Stripe's John Collison on How Agentic Commerce Will Reshape the Internet
The internet is made for shopping. For years, the main inputs for e-commerce transactions involved targeted ads, algorithmic recommendations, SEO, and...
Why SocGen's Albert Edwards Sees Double-Digit Inflation Coming Back
Making a long career as a bear at a sell-side institution is tough. Generally financial markets have done quite well which means forecasting doom and...
Martin Wolf on the 'Terrifying' Superpower That the US Wields
Last year, when we talked to Martin Wolf, the global order seemed like it was being upended after President Trump unveiled his sweeping tariffs agains...
Samanth Subramanian on the Undersea Cables That Keep the Internet Alive
In 2006, then-Senator Ted Stevens coined an infamous term for how to understand the internet: It's a "series of tubes." The funny thing is, that's a f...