Making Markets

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.

Sajith Pai, a VC at Blume Ventures and a prominent thinker on India, dives into the complexities of India's market. He explains the cultural dynamics affecting trust in e-commerce, emphasizing the preference for cash payments due to skepticism. The discussion highlights the unique venture capital landscape, where low consumer debt coexists with rising startups. Pai also touches on transforming informal markets and the distinct challenges investors face when exiting. His insights illuminate the opportunities and innovative business models emerging in this vibrant economy.

Delving into the remarkable Q2 market performance, they talk about active management challenges and AI boom. Tech giants' capital deployment, fixed income insights, and election year influences are discussed. Also, they touch on small cap performance, international markets, and the rise of crypto.

Nat Eliason, author of Crypto Confidential, shares his rollercoaster journey in the crypto world, discussing his wins, losses, and experiences with hacks and scams. He touches on the Olympus project, building a career on early adoption, and his transition to writing. The conversation also covers marketing in crypto, the Rome cult movement, and the challenges of career interests.

Former regulator turned Binance CEO Richard Teng discusses lessons learned, working with regulators, customer focus, Nigeria incident impact, ETF influence, and positive global crypto regulatory outlook.