My guest today for the second time is Mark Dow. Mark is one of my favourite thinkers on Macro, and his experience at the IMF, the US Treasury, and Wall Street gives him a truly unique perspective for the current moment. As we went through one of the biggest market and policy upheavals of my career, I reached out to Mark to help us make sense of this situation. We recorded this episode on Thursday, the 10th of April, and talked about the general principle behind tariffs, the global trading system, the goals of President Trump, and the market reaction. Please enjoy this 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.

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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 Invest Like the Best

(00:00:07) Understanding Tariffs: Historical Context and Rationale

(00:01:05) China's Role in Global Trade

(00:01:54) Impact of Automation on Jobs

(00:03:07) Trump's Trade Policies and Their Implications

(00:04:20) Challenges with Current Tariff Approaches

(00:05:37) Global Trade Imbalances and Misconceptions

(00:06:07) Market Reactions and Economic Consequences

(00:21:35) Political Shifts and Economic Policies

(00:25:56) Trump's Economic Policies and Wage Stagnation

(00:26:42) Tariffs and Their Impact on Small Businesses

(00:27:20) Market Reactions and Economic Surprises

(00:28:41) Equity and Credit Market Dynamics

(00:30:59) China's Strategic Moves and Market Implications

(00:33:49) The Fed's Role in Economic Stability

(00:39:00) Global Trade Relations and Soft Power

(00:49:08) Negotiating with Trump: Strategies and Challenges

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My guest today is Barry Ritholtz. As the founder & CIO of Ritholtz Wealth Management Barry manages assets of over $5B. He is also a famous author and commentator, fondly known as the 'Prickly Prophet of Wall Street' for his contrarian views. In this conversation, Barry shares the origin story and the ideas behind his latest book, "How Not to Invest." We also talk about how he’s remained a force in the industry while calling out powerful people, advice for curating the right information diet, and some of his biggest misses.  Please enjoy this conversation with Barry Ritholtz.

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

Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).

Show Notes

(00:00:00) Introduction: Why Write a Book on How Not to Invest?

(00:00:46) The Genesis of the Book: From Old Notes to New Ideas

(00:01:23) Debunking Financial Myths: The Core Concept

(00:02:01) The Writing Process: From Mind Maps to Manuscripts

(00:03:20) The Influence of Morgan Housel and the Final Push

(00:04:42) The Importance of Keeping Track: A Modern Phenomenon

(00:05:15) Early Career Lessons and Organizational Skills

(00:06:15) The Evolution of Financial Commentary

(00:07:24) The Impact of Bailout Nation and Market Predictions

(00:12:12) Debating Financial Titans: Respectful Disagreements

(00:16:25) Changing Perspectives: High-Frequency Trading and Hedge Funds

(00:23:17) The Halo Effect and Epistemic Trespass

(00:30:44) Billionaire Advice: Why It Doesn't Apply to You

(00:33:34) The Intersection of Media and Investing

(00:34:09) Handling Media Questions on Market Predictions

(00:35:06) Unpredictable Events and Market Reactions

(00:36:47) The Influence of Information and Propaganda

(00:38:19) Decision Making and Epistemology in Investing

(00:39:25) Curating a News Diet for Investors

(00:47:36) Behavioral Insights and Market Patterns

(00:49:43) Personal Investment Regrets and Lessons

(00:54:07) Technological Advancements in Investing

(00:59:07) Balancing Risk and Reward in Investments

(01:02:57) Concluding Thoughts and Future Plans

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My guest today is Evan Tindell. Evan graduated from MIT and became a professional poker player before entering the investing world. He’s now the co-founder and CIO of Bireme Capital, where he’s delivered over 19% annualized returns since 2016 by sticking to classic, old-school value investing. In this conversation, we talk about how Evan developed his philosophy, why he stuck with value through challenging cycles, and how he thinks about shorting meme stocks in a market dominated by narratives and momentum. We also dive into his views on the Mag 7, Tesla, Japan, and how he’s using AI tools for his research. Please enjoy this conversation with Evan Tindell

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

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

(00:00:29) The Cyclical Nature of Value Investing

(00:01:21) Challenges and Opportunities in Value Investing

(00:04:53) Short Selling Strategies and Risks

(00:09:39) Tesla and the Impact of Politics on Stocks

(00:15:40) The MAG Seven and Market Concentration

(00:25:44) Investment Opportunities in Japan

(00:32:13) The Role of AI in Modern Investing

(00:35:44) Market Outlook

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My guest today is Jonathan Birnbaum, the Founder and CEO of OpenYield. After over a decade in finance, Jon set out to tackle a challenge close to my heart—bringing a modern trading experience to the world of Fixed Income. Today, he breaks down how market structure, technology, and regulation have shaped the evolution of trading platforms. We also cover the challenges of modernizing bond trading, the role of liquidity providers, and the cold start problem. Please enjoy this conversation with Jon Birnbaum.

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

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

(00:01:31) Technological Advancements in Bond Markets

(00:02:19) Catalysts for Innovation in Equity vs. Fixed Income

(00:04:41) Impact of ETFs on Fixed Income Trading

(00:05:06) Emergence of New Market Participants

(00:07:33) Subsectors of Fixed Income and Technology Adoption

(00:08:45) Challenges in Electrifying the Bond Market

(00:10:59) OpenYield's Role in the Fixed Income Market

(00:15:16) Strategies for Building a Trading Venue

(00:18:00) Pricing Models in Bond Trading

(00:23:05) Future of Fixed Income Market Structure

(00:39:17) Future Outlook

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Today we are replaying my conversation with Phil Huber, the Head of Portfolio Solutions at Cliffwater. The private credit market has exploded recently, with Assets under management reaching a staggering $1.2T last year. I’ve been a little skeptical of this asset class, so I asked Phil to come on and convince me otherwise. We talk about the demand side of the equation, whether we are in a bubble, downside protection, due diligence, volatility and more. Phil also covers his backstory and his unique role at Cliffwater. Please enjoy this discussion with Phil Huber.

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

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

(00:01:04) Meet Phil Huber: Private Credit Expert

(00:01:39) Phil Huber's Career Journey

(00:05:34) The Evolution of Alternative Investments

(00:10:32) The Growth and Demand for Private Credit

(00:17:23) Private Credit Performance and Risks

(00:22:36) Due Diligence in Alternative Investments

(00:23:50) Emerging Trends in RIA Distribution

(00:24:28) The Role of Intellectual Honesty in Investment Decisions

(00:25:12) Understanding the Game of Access and Manager Selection

(00:26:47) Volatility Laundering in Private Assets

(00:28:47) The Journey of Writing and Sharing Knowledge

(00:32:58) The Role and Responsibilities at Cliffwater

(00:34:40) Exploring Interval Funds and Private Credit

(00:40:43) The Importance of Secondaries in Private Equity

(00:42:50) Current Sentiment in Private Credit

(00:43:33) Conclusion and Resources

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My guest today is SEC commissioner Hester Peirce, also known as the Crypto mom for her strong support of the industry. Commissioner Peirce was recently appointed as the head of the SEC’s new Crypto Task Force, and here, she lays out her overall, vision, key goals, and her thoughts on the Howie test and the tension between free markets and protecting investors. This is a short but very important episode just as web3 is on the cusp of a new beginning in America. Please enjoy this conversation with Commissioner Peirce. 

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

Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).

Show Notes

(00:00:00) Introduction and Previous Interviews Recap

(00:01:06) The Creation of the Crypto Task Force

(00:01:28) Goals and Challenges of the Task Force

(00:03:30) Engagement and Regulatory Adjustments

(00:06:18) Interagency Coordination and Legislative Efforts

(00:07:57) Sandbox and Howie Test Discussion

(00:12:55) Investor Protection and Autonomy

(00:14:57) Future Vision

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My guest today is Meb Faber, the co-founder and CIO of Cambria Investments, an RIA that manages over $2B in assets. Meb is also one of the biggest investing nerds I know, and today, we dive into a wide variety of topics, from taxation to portfolio construction to various asset classes.

We start by diving into the 351 exchange, its mechanics, and the problems it solves for investors. Meb then shares his broad view of the market, how Cambria combines value investing with trends, and the impact of concentration. We close by talking about fixed income, public and private markets, and a few hot takes. Please enjoy this conversation with Meb Faber.

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

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

(00:00:27) Understanding the 351 Exchange

(00:01:26) Tax Efficiency and Investment Strategies

(00:02:23) Practical Applications and Examples

(00:04:07) Launching and Managing ETFs

(00:05:13) Investor Use Cases and Benefits

(00:09:25) Tax Implications and Compliance

(00:15:03) Future Innovations and Market Trends

(00:27:03) Value and Trend Investing Insights

(00:27:44) Valuation Warnings and Market Trends

(00:28:35) Historical Market Comparisons

(00:30:16) Trend Following Strategies

(00:34:18) Concentration in Major Stocks

(00:38:33) Product Development and Market Cycles

(00:40:33) Fixed Income Market Dynamics

(00:51:39) Private Equity and Public Markets

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In this Q4 2024 recap episode of Making Markets, Eric and Matt examine how markets defied bearish expectations, with the S&P 500 up 23% and Bitcoin surging 150%. Eric provides insight into Bitcoin's growing institutional adoption, particularly focusing on BlackRock's record-breaking Bitcoin ETF launch and its implications for the broader crypto market. He analyzes the impact of AI on markets and businesses, suggesting that while the technology is transformative, current valuations may be getting ahead of reality. The conversation explores changes in the regulatory landscape, particularly examining how tech industry leaders are increasingly taking on government roles. Eric wraps with observations about the evolving venture capital environment and startup culture, reflecting on how remote work has transformed the business landscape.

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

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

(00:01:04) Fourth Quarter and Full Year Recap

(00:04:49) Market Predictions for 2025

(00:09:34) Volatility and Market Dynamics

(00:12:31) Crypto Market Insights

(00:18:13) Bitcoin's Institutionalization

(00:22:25) The Momentum of Major Players in Crypto

(00:22:56) Challenges in Overhauling Archaic Systems

(00:24:05) The Role of Incumbents in Crypto Disruption

(00:25:25) Regulatory Changes and Their Impact

(00:25:52) Elon Musk's Influence and Style

(00:27:24) The Intersection of Technology and Regulation

(00:33:30) AI's Role and Future in Business

(00:37:08) The Reality of Being a Founder Today

(00:40:49) The Future of Work and Mental Health

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My guest today is Eric Johnson, the Senior Technology Editor at the Journal of Commerce. With over 20 years of experience covering the intersection of logistics and technology, Eric brings a wealth of knowledge to the table. In our conversation, we explore the complex and fascinating world of logistics—how goods move from point A to point B, the myriad players involved, and the role of technology. We also discuss the challenges posed by pandemics and other crises, the strike of the longshoremen, the availability of data, and more. Please enjoy this insightful discussion with Eric Johnson.

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

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

(00:01:43) Understanding Freight and Logistics

(00:03:10) The Journey of Goods: Point A to Point B

(00:06:46) Tracking and Technology in Logistics

(00:09:53) Pricing and Market Dynamics

(00:16:15) Impact of the Pandemic on Logistics

(00:24:03) Technological Advancements in Logistics

(00:27:40) Fragmentation and Data in the Logistics Industry

(00:31:15) The Russian Nesting Doll of Visibility Data

(00:31:54) VCs in Logistics: Successes and Failures

(00:33:44) Understanding Digital Freight Forwarders

(00:36:03) Flexport: The Kleenex of Logistics

(00:38:10) AI's Impact on Logistics

(00:41:28) Automation and Labor in Ports

(00:45:00) Economic Disruptions and Strikes

(00:50:48) Insurance and Contingency Planning in Logistics

(00:52:37) The Role of Data in Logistics

(00:57:48) Current Trends and Predictions in Logistics

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My guest today is Charlie Shrem. Charlie was a founding member of the Bitcoin Foundation and BitInstant - one of the earliest Bitcoin exchanges. In this episode, he takes us through his incredible life story-starting with how an Orthodox Jew from Brooklyn got into the wild world of Bitcoin. He then talks about how Bitcoin went from a toy to a real store of value, the wild success of BitInstant, his time in prison, and how he met Justin Trudeau through a robot. The story of Charlie’s adult life is in many ways mirrors the story of Bitcoin, and I hope you enjoy this episode with Charlie Shrem.

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

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

(00:01:51) Charlie's Early Life and Bitcoin Discovery

(00:05:23) The Rise of BitInstant and Legal Troubles

(00:08:12) Life After Arrest and Bitcoin's Early Community

(00:13:59) Bitcoin's Value and Early Transactions

(00:18:20) Libertarian Influence and Political Connections

(00:24:38) Gavin Andresen and the CIA Meeting

(00:25:53) The Birth of the Bitcoin Foundation

(00:26:19) Early Bitcoin Community Gathering in Austria

(00:27:03) Forming the Bitcoin Foundation

(00:28:09) Libertarian Movement and Porkfest

(00:29:19) Bitcoin's Early Adoption and Challenges

(00:31:06) BitInstant and the Rise of Bitcoin Transactions

(00:37:47) Legal Troubles and the Silk Road Connection

(00:44:18) Life After Prison and Bitcoin's Evolution

(00:47:25) Reflections on Bitcoin's Impact and Future

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