Making Markets

In this engaging discussion, Robbie Cannon, founder of Horizon Investments, shares his expertise on the asset management world. He reflects on the industry's evolution over the past 25 years, highlighting the blurring lines between wealth and asset management. The conversation dives into the rise of robo-advisors, the challenges posed by private equity, and the transformative role of technology and AI. Robbie emphasizes how these shifts create both opportunities and obstacles for financial advisors, ultimately aiming to empower clients in today's complex financial landscape.

Daniel Dicker, a seasoned oil trader with over three decades at the NYMEX, delves into the evolving energy landscape. He discusses why oil has diminished in investor focus and identifies signals for its potential resurgence. Dicker critiques the current state of renewables, emphasizes the role of nuclear energy, and shares unexpected reasons that might lead him back to investing in oil. He also explores the impact of government policies and geopolitical factors on oil markets, providing a comprehensive view of today's energy challenges.

In this quarter's recap, major indices saw significant downturns, with the S&P down over 8% and Nasdaq 12.5%. Unexpected tariff policies triggered market unpredictability, deeply affecting investor sentiment. The bond market also reacted sharply, raising concerns about corporate earnings and economic growth. The complex U.S.-China relationship and fears of capital flight add layers of uncertainty. Discussions highlight the Fed's balancing act between combating inflation and fostering growth in this tumultuous climate.

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

Barry Ritholtz, the founder and CIO of Ritholtz Wealth Management, shares insights as a renowned commentator, known as the 'Prickly Prophet of Wall Street.' He discusses his new book, aiming to debunk financial myths and the importance of a critical information diet. Ritholtz emphasizes the fallacy of assuming expertise in financial advice, critiques billionaire investment models for average investors, and explores the evolving nature of market predictions. With a blend of humor and humility, he navigates the complexities of investing in today's world.

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.