Money Stuff: The Podcast Horse Pilates: A Mailbag Episode
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Jan 2, 2026 Listeners dive into the intriguing world of earnings calls, where analysts showcase skills for access. The hosts critique hedge fund culture, discussing the balance of curiosity and sociability. They share favorite money-making quotes from legends like Buffett. The mechanics of ETFs versus mutual funds reveal the secrets of trading. A bold idea emerges for sportsbooks to act as prediction market makers. Plus, the elegance of horse dressage is compared to Pilates, highlighting the beauty of performance adrenaline.
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Why Analysts Ask Public Questions
- Sell-side analysts ask public earnings-call questions as a form of marketing and public goods provision that builds reputation and client relationships.
- Matt Levine says good public questions win investor trust, company access, and help brokers arrange corporate access meetings.
Puzzle Solvers Run Finance
- Many top finance professionals are motivated more by puzzle-solving than by money, which helps them outperform purely money-driven peers.
- Levine notes this leads to talented but sometimes eccentric hires who can also produce frauds or blowups.
Limits Of Proxy Advisors' Power
- Proxy-advisory firms (ISS, Glass-Lewis) are persuasive, not authoritative, and exert most influence on low-stakes votes.
- Levine notes buyers could change recommendations, but clients would likely switch providers if advice became biased.
