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Odd Lots

Latest episodes

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Oct 26, 2020 • 53min

JPMorgan's Josh Younger on Rate Derivatives and Volatility Ahead of the Election

For months now, traders have been positioning for a major volatility spike around the November election. But what are markets really expecting, and how are investors hedging? On this episode, we speak with Josh Younger, a rate derivatives strategist at JPMorgan to discuss how he goes about finding signal in the market's noise, how traders are positioning, and what could be a shock to the market on election day.See omnystudio.com/listener for privacy information.
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Oct 22, 2020 • 54min

Benoît Cœuré On Central Bank Digital Currencies And The Future Of Monetary Policy

Central banks around the world are increasingly launching pilot projects to explore the possibility of issuing digital currencies. But how would they work and what would they accomplish? On this episode, we speak with Benoît Cœuré, the head of the BIS Innovation Hub and a former member of the ECB Executive Board. We discuss CBDCs as well as the future of monetary policy more broadly.See omnystudio.com/listener for privacy information.
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Oct 20, 2020 • 20min

Rep. Ro Khanna On Why Democrats Should Cut A Stimulus Deal With The White House

With just two weeks until the election, talks over a stimulus deal remain ongoing, with negotiations having picked up between House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin. Many of the disagreements haven't been about the price tag per se, but around language on such things as a national testing strategy and workplace liability. One of the most outspoken voices on the Democrat side, urging a deal, has been California Congressman Ro Khanna whose district encompasses much of Silicon Valley. He explains why, from his perspective, it's so important to get a deal done now. We also discuss the fiscal policy priorities of a theoretical Biden administration.See omnystudio.com/listener for privacy information.
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Oct 19, 2020 • 41min

A Volatility Arbitrage Trader On What Markets Are Saying Right Now

It's been an extraordinary year for traders of volatility. We had the crisis, we had this incredible surge in retail call options buying, and we have the election coming up. On this episode, we speak with Kris Sidial, a co-founder and vice president at The Ambrus Group, to discuss volatility arbitrage trading in this extraordinary environment.See omnystudio.com/listener for privacy information.
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Oct 15, 2020 • 52min

How Tobacco Became One Of The Greatest Investments In History

For over a century, tobacco stocks have been among the greatest investments in history, consistently outperforming other sectors decade after decade. But what is it about tobacco companies specifically that has led to this incredible performance? On this episode, we speak with financial advisor Lawrence Hamtil along with Gene Hoots, a financial advisor and the author of “Going Down Tobacco Road”, to discuss the extraordinary performance of this sector.See omnystudio.com/listener for privacy information.
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Oct 12, 2020 • 54min

Michael Hudson On Why The US Risks Becoming The Next Greece

In the wake of the Great Financial Crisis, you heard a lot of talk about the US becoming like Greece unless the budget deficit were brought under control. However, these warnings proved to be unfounded. That being said, there are risks of a different variety. On the latest Odd Lots, we speak with the economist Michael Hudson on the risk of too much private sector debt, which could lead to permanently degraded consumption and investment.See omnystudio.com/listener for privacy information.
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Oct 8, 2020 • 46min

What It Takes To Win At Quant Investing

Interest in quantitative investing strategies continues to grow; however, as the space gets more competitive, making money and winning gets harder and harder. Computation costs alone can be prohibitive. On the latest episode, we speak with Columbia Business School professor Ciamac Moallemi about how the world's best quant funds thrive.See omnystudio.com/listener for privacy information.
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Oct 5, 2020 • 50min

An IMF Economist On The Challenge Of Finding The Neutral Rate Of Interest

One of the guiding lights of Fed policy over the years has been the so-called Neutral Rate of Interest or R*. It's at this rate, theoretically, where the economy comes into balance, with full employment and stable prices. Yet, not only has discovering that level become challenging, but the premise itself has been called into question. On this episode, we speak with Peter Williams, an analyst and economist at the IMF, on what it takes to find the right level, and how the concept itself can be salvaged.See omnystudio.com/listener for privacy information.
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Oct 1, 2020 • 42min

Volatility Suppression Turned The Entire Economy Into One Big Carry Trade

Authors Tim Lee, Jamie Lee, and Kevin Coldiron discuss how the entire economy resembles a carry trade due to volatility suppression. They explore the role of central banks in driving the market, the impact of carry trades on the economy and markets, and the consequences of the rise of the carry regime. They also discuss potential solutions for breaking the cycle of sensitive policy and perpetuated financial asset cycles.
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Sep 28, 2020 • 42min

How All Financial Markets Turned Into The Same Big Trade

These days it seems like all financial markets are the same big trade. A gold chart looks like a Tesla chart, which looks like an Ethereum chart, which looks like a chart of a basket of cloud computing stocks. So why is this? And what could cause that to change? On this episode, we speak with Jared Woodard, the head of the Research Investment Committee at Bank of America, who recently published a report on exactly this. As Woodard explains it, the question starts with low growth and inequality, and the premium that investors will pay for certain types of securities in such an environment. He walked us through how that might change, and what investors can do in the meantime to discover under-appreciated values in the market.See omnystudio.com/listener for privacy information.

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