Evan Tindell, co-founder and CIO of Bireme Capital, has made waves with his classic value investing strategy, yielding over 19% annualized returns since 2016. In this engaging chat, he discusses his journey from poker player to investor, the cyclical nature of value investing, and the complexities of shorting meme stocks. Tindell shares insights on Japan's corporate governance changes, the impact of major tech on investment trends, and how he's using AI tools to enhance research strategies. Tune in for a wealth of investment wisdom!

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.-----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 | @ericgoldenxEditing 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 Learn more about your ad choices. Visit megaphone.fm/adchoices

Phil Huber, Head of Portfolio Solutions at Cliffwater, brings his expertise in private credit and alternative investments to the conversation. He discusses the explosive growth of the private credit market, now at $1.2 trillion, and addresses common concerns about potential market bubbles and volatility. Huber emphasizes the importance of due diligence and manager selection while navigating this complex asset class. He also shares insights on the evolving role of alternative investments in wealth management and the strategic approaches to mitigate risks.

Hester M. Peirce, known as the "Crypto Mom" and SEC Commissioner, leads the SEC's new Crypto Task Force. She shares her vision for a balanced regulatory approach that fosters innovation while protecting investors. The conversation dives into the challenges of the Howey test and the need for clearer guidance on crypto assets. Peirce emphasizes the importance of collaboration between agencies and stakeholder input to refine regulations. Moreover, she advocates for empowering investors with essential information to navigate the evolving landscape of cryptocurrency.

Meb Faber, co-founder and CIO of Cambria Investments, shares his insights on taxation and diverse investment strategies. He explains the 351 exchange, highlighting its benefits for tax efficiency in portfolios. Meb also delves into managing concentrated stock positions and the advantages of ETF structures over mutual funds. The conversation covers trend analysis challenges, the importance of diversification, and innovations in fixed income investing. Lastly, he discusses the influence of political changes on investment products, including cryptocurrency ETFs.

In a surprising twist, markets surged in Q4 2024, with the S&P 500 climbing 23% and Bitcoin skyrocketing 150%. The discussion dives into Bitcoin's newfound institutional backing, particularly from BlackRock with its record ETF launch. Insights on AI's transformative impact raise questions about inflated valuations. Regulatory shifts are examined, highlighting tech leaders stepping into government roles. Finally, the evolving startup ecosystem reflects changes in venture capital attitudes, focusing on remote work's influence on company culture.

Eric Johnson, Senior Technology Editor at the Journal of Commerce, discusses the ever-evolving world of global logistics. He delves into the intricate journey of goods, the impact of technology, and the serious challenges posed by pandemics and labor strikes. The conversation touches on the rise of AI in logistics, transforming operations and decision-making processes. Johnson also analyzes the competitive dynamics within the industry and the significant role of data in navigating economic trends, all while addressing the balance between efficiency and resiliency in supply chains.

Charlie Shrem, a founding member of the Bitcoin Foundation and one of the earliest Bitcoin exchange creators, shares his incredible journey from a traditional Jewish upbringing in Brooklyn to the forefront of cryptocurrency. He discusses how Bitcoin evolved from a niche idea to a recognized asset, recounts the meteoric rise and challenges of BitInstant, and reflects on his prison experience. In a surprising twist, he even shares how he met Justin Trudeau through a robot, showcasing the unpredictable nature of his life intertwined with Bitcoin's growth.

Adam Abbas, Portfolio Manager and Head of Fixed Income at Oakmark, dives deep into the world of credit markets. He shares valuable lessons from the TMT sector and the impact of zero interest rates on investing. The conversation touches on the evolving landscape of fixed income, including the rise of private credit and potential future defaults. Adam also discusses strategic insights for high yield investments, emphasizing the delicate balance the Fed must maintain amid economic challenges. This engaging discussion is a must-listen for anyone interested in fixed income strategies.

Eric Seufert, a leading expert on digital advertising, shares his insights on the current landscape shaped by Apple's App Tracking Transparency policy. He discusses Meta's adaptation and recovery, alongside Twitter's advertising challenges. The conversation highlights misconceptions about targeted advertising and the balance between user privacy and effective marketing strategies. Seufert also explores the rise of retail media networks and the transformative impact of AI on advertising, emphasizing the need for transparency in a data-driven world.