Odd Lots

In this engaging discussion, Patrick McGee, a Financial Times reporter and author of 'Apple In China', delves into Apple’s intricate ties with China. He explains how Apple's success is deeply intertwined with Chinese manufacturing and politics, making a swift move to India challenging. McGee highlights the emotional and economic complexities involved in shifting production, the influence of tariffs, and the broader geopolitical ramifications of Apple’s strategies. Listeners will gain insights into the fascinating balance Apple must strike between shareholder returns and national interests.

Stefan Ingves, former head of the Sveriges Riksbank, Rebecca Spang, a history professor at Indiana University, and economist Iñaki Aldasoro delve into the elusive definition of currency. They discuss the evolution from physical forms to digital money, highlighting how technology reshapes monetary systems. Trust becomes a key theme as they explore currency's role during financial crises and the impact of design on national identity. They also consider the implications of public versus private currencies, offering a rich perspective on what truly underpins value in our economies.

Krishna Memani, Chief Investment Officer at Lafayette College and former CIO at OppenheimerFunds, dives into the myth of diversification in investing. He discusses how U.S. tech stocks have dominated returns while international diversification has lagged. Memani critiques traditional investment strategies and suggests it's time to rethink finance theory in light of recent performance trends. The conversation touches on how changes in global markets, particularly in Europe, might influence future investment flows.

Michael Cembalest, the Chairman of market and investment strategy at JP Morgan Asset Management, shares insights from nearly 40 years of investment analysis. He discusses why he believes AI is the stock market's 'bet of the century.' Michael delves into the significant dominance of U.S. tech giants, the competitive landscape posed by Chinese advancements in AI, and potential profitability challenges. He also addresses the energy sector's evolving dynamics and critiques small modular nuclear reactors, painting a vivid picture of today's market trends.

Ronan Cosgrave, a partner at Albourne Partners, specializes in advising institutional investors on hedge funds and alternative assets. In this discussion, he highlights the recent surge in popularity of multi-strategy hedge funds among big investors. Cosgrave breaks down what makes these funds attractive, emphasizing factors like operational models, compensation structures, and performance accountability. He also examines how talent competition and team dynamics impact these funds' success and performance, shedding light on the intricacies of hedge fund management.

Zohran Mamdani, a progressive New York State Assemblyman and candidate for Mayor, shares his vision for a more affordable NYC. He advocates for bold ideas like rent freezes, universal childcare, and city-run grocery stores. Zohran discusses the challenges of housing and food access, emphasizing the need for more public services. He also proposes a new Department of Community Safety to address subway safety issues. With an insightful take on fiscal policy, he highlights the importance of higher taxes on the wealthy to fund these initiatives.

Steven Englander, the global head of G-10 FX research at Standard Chartered, dives into the recent surge in global interest rates, particularly highlighting the spike in Japanese government bonds. He discusses how a weakening dollar impacts the U.S. economy and dissect the complex dynamics of fiscal policies. The conversation touches on the 'sell America' narrative, investor concerns in uncertain markets, and the challenges central banks face during stagflation. Englander emphasizes the need for innovative approaches to tackle these economic hurdles.

Scott Bok, former CEO of Greenhill & Co. and author of 'Surviving Wall Street,' dives into the changing landscape of investing and capitalism. He reveals how bankers have acted as evangelists for shareholder primacy, particularly during the Reagan era. Bok shares insights on mergers and acquisitions, emphasizing the culture differences between traders and investment bankers. He also discusses the impacts of globalization and the rising trend of deglobalization, all while illustrating the strategic shift in corporate governance and deal-making in today’s economic climate.

Raphael Bostic, President of the Federal Reserve Bank of Atlanta, shares his insights on navigating economic uncertainty. He discusses the unpredictable nature of tariffs and their impact on monetary policy, revealing how these factors complicate forecasting. Bostic explains why he has dialed back expectations for aggressive rate cuts and emphasizes the importance of data-driven strategies. The conversation also touches on the ongoing challenges faced by small businesses and the evolving landscape of corporate strategies in a post-pandemic world.

Peter Tertzakian, founder of Studio.Energy and an energy industry veteran, shares insights on the oil industry's current state. He discusses the paradox of rising production costs alongside falling crude prices that threaten profitability. Tertzakian explores the impact of geopolitical factors and market volatility, questioning the future viability of oil production. He also highlights the growing demand for liquefied natural gas as a key player in the energy landscape, while addressing talent challenges and the need for innovation in extraction methods.