For years, venture capital firms have been pouring money into start-ups, trying to get a piece of the next Amazon or Apple. Valuations for new tech companies soared, and many of them took to crypto to explore new forms of raising money. That included issuing tokens to venture capital funds who sometimes then flipped them to retail investors. Now, Silicon Valley seems to be crashing back down to Earth. And an industry that's all about sourcing more and more money at higher valuations, is having to contend with down rounds. Meanwhile, many of the tokens sold by start-ups have lost value during the crypto crash. On this episode we speak with long-time angel investor and co-host of the 'All-In' podcast Jason Calacanis, who was early into companies like Uber, Calm and Robinhood. He predicts that Silicon Valley is about to learn a very expensive lesson.See omnystudio.com/listener for privacy information.

Every time a crisis hits, you get a new round of people warning about the end of US dollar dominance. The Covid crisis and its aftermath is no exception. It may be that the world will change over the long run in some way that does help to dislodge the greenback. But in the meantime, concerns about a looming recession mean that the dollar is booming against other currencies. It's at a 20-year high against the euro, and it's soared against the yen as well. So why has the dollar been rising? And what is the impact of that on the world economy? On this episode, we speak with Jon Turek, the founder of JST Advisors, and the author of the Cheap Convexity Blog, about why the dollar's been so strong, and the risk of a potential "doom loop" that will drag down the global economy.See omnystudio.com/listener for privacy information.

This week, Twitter sued Elon Musk, attempting to force him to make good on his 44 billion buyout offer for the company. This story has already been surreal in many ways, and now we might get an actual trial out of it in a Delaware court. So what should we expect, in terms of the process and the law? On this episode we speak with Bloomberg Opinion columnist Matt Levine, who has been chronicling the whole saga in his newsletter Money Stuff. He walks us through the general legal arguments, and what to expect in a theoretical trial.See omnystudio.com/listener for privacy information.

If you've ever interacted with hardcore Bitcoin maximalists you might find some of them, at least, to be... abrasive. And it's not just no-coiners who are the target of their scorn. The real enemies are ex-maxis, who are viewed as apostates. Nic Carter, a co-founder and GP at the VC firm Castle Island Ventures, has been a longtime Bitcoiner. He has been in the sapce for a long time. He is a prolific writer. He has extolled the monetary case for Bitcoin. And he's defended the environmental aspects of mining. But he also recently revealed an investment in a non-Bitcoin crypto company that's made him a persona non-grata in the laser eyes world. On this episode, he talks about the world of Bitcoin maximalists, why he is investing elsewhere, what they get wrong, the toxicity of their culture, and also why in spite of it all, he still considers himself a Bitcoiner.See omnystudio.com/listener for privacy information.

The market for US Treasuries is arguably one of the most important and liquid markets in the world. But it's been experiencing a number of hiccups in recent years, such as the sudden selloff of March 2020. And in more recent weeks, yields on US government debt have also spiked as the Federal Reserve raises interest rates. Some of that makes sense as the central bank makes big changes to its forecast for inflation and markets adjust to the new path. But the degree of the moves has also led some traders to conclude that there's a problem in the way this huge market is functioning. So why does a market that should be pretty boring keep experiencing all this drama? On this episode, we bring back Josh Younger, Managing Director and Global Head of ALM Research and Strategy at JPMorgan, to talk about why bonds keep going through all these shocks and what can be done to minimize them. See omnystudio.com/listener for privacy information.

The first real explosive Internet IPO was a company called TheGlobe.com. It was kind of a proto-social networking/message board site, and on the day it went public in 1998, its shares soared 606%. Its co-founders were briefly worth around $100 million each. They become overnight celebrities, known for their extravagant lifestyles and even their fashion choices. Of course, it all came to an end when the tech bubble collapsed. So what is the experience of a bubble collapsing and watching all of your wealth vanish actually like? On this episode, we spoke with TheGlobe.com Co-Founder and Co-CEO Stephan Paternot, about the IPO, and the moment he knew it was all coming to an end. We also discussed how he went from ultra-rich to needing help from his parents to pay the rent, and what it was like bouncing back from that psychologically.See omnystudio.com/listener for privacy information.

Inflation was running hot even before Russia invaded Ukraine, but disruption in Europe's bread basket certainly hasn't helped matters and there are now plenty of warnings that a global food shortage could be looming. Even if the normal cycle of sowing crops and harvesting them can keep going uninterrupted in Ukraine, wheat exports would still need to get out of the country. With Russia currently blockading the Black Sea, this seems like a major challenge. In this episode of Odd Lots, former Nato Supreme Allied Commander Admiral James Stavridis presents one idea to get Ukrainian grains out and to the rest of the world. He suggests reaching back to a military playbook last used in the Tanker War between Iraq and Iran.See omnystudio.com/listener for privacy information.

'Markets can stay irrational for longer than you can stay solvent' is a classic maxim for investors, but it holds true for journalists too. In this episode, we speak with the Financial Times's Dan McCrum and Paul Murphy (Tracy's old boss) about their multi-year effort to expose fraud at Wirecard, a German payments giant that went spectacularly belly-up after billions of dollars were found to have gone missing. Dan, who's just written a book about his experience called "Money Men," explains how he first spotted problems at what was once described as "Europe's greatest fintech," and how hard it was to convince others of the truth. Rather than going after Wirecard itself, German authorities went after the journalists and short-sellers who were warning of the scheme.See omnystudio.com/listener for privacy information.

The situation in energy right now seems bleak. But while everyone is focused on the high price of gasoline, or the frailty of the electrical grid, advances are still being made to decarbonize, and make our energy system more robust. It's jut not getting as much attention right now. But what can the public sector do to accelerate this process? On this episode of the podcast, we speak with Jigar Shah, the Director of the Loan Programs Office at the DOE, about the frailties of the existing energy system, and how they're working to accelerate the fix. See omnystudio.com/listener for privacy information.

There are a lot of challenges facing emerging markets right now. For a start, the dollar has been pretty strong, heaping pressure on governments that have borrowed in a foreign currency. Meanwhile, energy and food prices are soaring. These are two things that emerging markets often have to import, or subsidize for their citizens. Put it altogether and you have a toxic mix facing developing nations, and we've already seen acute problems emerge in Sri Lanka and Lebanon. On this episode, we speak with Jay Newman, a long-time EM debt specialist and a former portfolio manager for Elliott Management. Jay has a wealth of experience in emerging markets -- including successfully going head-to-head with Argentina after the country defaulted on its debt. In this episode, he describes how the world is in for one of the worst EM debt crises in decades, and gives us his thoughts on how foreign investors should approach these markets. He’s just published his first novel, a financial, political thriller: Undermoney. See omnystudio.com/listener for privacy information.