Making Markets

Joe Magyer, founder of Seaplane Ventures and an expert in venture capital, shares his insights during a fascinating discussion. He dives into the Federal Reserve's potential rate cuts and their impact on market dynamics. The conversation highlights the evolution of startup asset management and the importance of personalized investment strategies. Magyer also reflects on the emotional journey from corporate life to entrepreneurship and shares thoughts on the transformative prospects of Web3 technology for music and art.

The discussion highlights the S&P's impressive 6% rise in Q3 2024, spurred by a pivotal 50 basis point rate cut from the Federal Reserve. Insightful reflections on market sentiment and the complexities of predicting Fed actions are shared. The hosts analyze the effects of fiscal stimulus and wage inflation on private markets, while cautioning about risks like potential inflation resurgence and elevated government debt. They also explore the evolution of the private investment landscape and the shifting dynamics of the betting industry, providing an engaging glimpse into contemporary financial themes.

Robbie Cannon, founder of Horizon Investments, shares insights from his journey of building a $7B asset management firm. He discusses the evolution of the industry over 25 years, emphasizing the integration of technology like AI and the emergence of robo-advisors. Robbie highlights the blurred lines between wealth and asset management, the influence of private equity, and the shift towards personalized financial advice. He also explores how digital innovations are reshaping user experiences and the future landscape of financial services.

In this engaging conversation, Jerry Derevyanny, a partner at Bengal Capital with years of experience in the cannabis industry, delves into the intricacies of cannabis investing. He discusses the Ants versus Locusts framework, exploring market dynamics and sustainable strategies. Jerry contrasts the cannabis market with the alcohol industry, shedding light on branding and consumer expectations. The impact of U.S. elections on cannabis regulations and the emergence of THC beverages in convenience stores also make for intriguing insights in this unique sector.

David Nadig, the Financial Futurist for ETF Trends, shares his extensive 25 years of ETF experience. He dives into the impact of passive versus active investing, discussing how massive inflows into index funds may threaten market price discovery. Nadig explores the inelastic market hypothesis and its implications for volatility. He also tackles the role of informed versus uninformed traders and critiques traditional indexing flaws, urging a reflection on the state of modern capitalism and investment strategies.

Nir Kaissar, founder of Unison Advisors and a prominent economic commentator at Bloomberg, dives into the paradox of strong economic metrics paired with public discontent. The discussion highlights wage stagnation amidst rising corporate profits and the transparency crisis in compensation. Kaissar examines recession indicators and warns about risks in private equity. He also touches on the skepticism surrounding commercial real estate post-pandemic and analyzes the 'Magnificent Seven,' stressing the sustainability of their growth in the current market landscape.

Mark Dow, founder of behavourialmacro.com and a former economist at the US Treasury and IMF, challenges conventional economic wisdom. He explains why economists often struggle as investors and delves into his unique market approach. Mark argues that quantitative easing has minimal impacts and expresses a surprising lack of concern over US debt levels. He also discusses the psychological forces shaping market narratives and highlights the need for understanding financial stability in today's economy.

Nik Lentz, known as 'The Carny', is a former UFC fighter who boldly transitioned into trading. He shares his journey from a tough upbringing to a career in combat sports, highlighting the psychological similarities between fighting and trading. Nik dives into vital strategies like position sizing and risk management, emphasizing the importance of discipline. He reflects on his approach to parenting and the potential for his kids to follow in his fighting footsteps, revealing the deeper connections between personal struggles and professional success.

Saurabh Mukherjea, the founder and Chief Investment Officer of Marcellus Investment Managers, presents a compelling argument for why investors should focus on India over China. He discusses the rise of domestic inflows and shifts in foreign investments, particularly post-COVID. Saurabh highlights the importance of political contestability in India, encouraging accountability and growth. He also outlines emerging investment themes, such as the empowerment of women and evolving supply chains, which set India apart as an attractive investment destination.

Herman Narula, CEO of Improbable, is on a mission to create an open metaverse. He discusses the technological frameworks required for this ambitious project and the vital role of blockchain in gaming. The conversation touches on tackling AI regulation, challenges in the gaming industry, and innovative economic models that empower developers. Narula emphasizes the need for ethical practices in crypto gaming and advocates for a democratically governed metaverse where creativity thrives.