Economics Explored

According to the Wall Street Journal, this episode’s guest, Andy Lee, is “The Tax Whiz With the Strangest Hustle on Wall Street”. He’s the founder and CIO of Parallaxes Capital, and he joins us to talk about tax receivable agreements (TRAs). Andy explained what TRAs are, how they come about for companies going public such as Shake Shack in 2015, and why he’s investing in them. Disclaimer: Nothing in this episode should be construed as financial or investment advice.  Please contact us with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored. About this episode’s guest: Andy Lee,  Founder and CIO of Parallaxes CapitalAndy founded Parallaxes Capital in 2017. Previously, he was with Lone Star Funds, focused on investing in the Americas. He began his career at Citigroup.Andy graduated from the University of Illinois at Urbana-Champaign with a Masters in Accountancy and a Bachelors in Finance and Accountancy.Andy has been featured in publications including Wall Street Journal, Capital Allocators, Institutional Investor, NBC, Forbes, ReOrg Radio and Fitch’s LevFin Insights. He has spoken at events and conferences for organizations such as the Association of Asian American Investment Managers (“AAAIM”) and leading academic institutions including the University of Illinois, University of Pennsylvania and Texas Christian University (“TCU”)When Andy is not working, he enjoys taking his corgi (Taco) on long walks.Fun Fact: Andy, rarely one to back down from highly ambitious goals, ran a marathon less than 180 days from ACL, MCL and PCL surgery.Source: https://parallaxescapital.com/our-team/What’s covered in EP237Introduction. (0:00)TRAs for companies going public in the US. (6:18)TRAs agreements and their value for private equity investors (i.e. pre-IPO owners). (12:52)Tax refunds, risk management, and investment opportunities. (19:57)TRAs and investment strategies. (24:47)TRAs and their potential as a diversified investment. (30:55)TakeawaysTRAs convert future corporate tax savings (e.g. from depreciation expenses) into current income streams.TRAs provide long-dated, typically 15-year income streams that can be sold by pre-IPO owners (e.g., private equity investors).   Private equity firms use TRAs to increase their earnings from the sale of businesses they’ve invested in. Ideal Candidates for TRAs are large, stable companies with predictable long-term profitability (e.g. Shake Shack), rather than high-growth tech startups which often lack immediate profitability.US tax expertise is required to properly analyze and invest in TRAs.Links relevant to the conversationWSJ article about Andy, “The Tax Whiz With the Strangest Hustle on Wall Street”: https://www.wsj.com/finance/investing/tax-whiz-strange-hustle-wall-street-d51ddbc6Parallaxes Capital: https://parallaxescapital.com/Lumo Coffee promotionLumo Coffee Discount: Visit Lumo Coffee (lumocoffee.com) and use code EXPLORED20 for a 20% discount until April 30, 2024.Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au. Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

This episode of Economics Explored features a deep dive into the ongoing housing crisis in Australia with John August, a Pirate Party of Australia official and Sydney radio host. Gene and John discuss the significant influence of immigration rates and building restrictions on housing availability and prices. They also consider potential policy solutions to ensure more equitable housing access, including developing a charter city named Turing. Please contact us with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored. About this episode’s guest: John AugustJohn August is the Treasurer of the Pirate Party Australia. John does computer support work in retail and shareholder communication. He is passionate about justice and ethics in our world, particularly as it plays out in law generally and intellectual property in particular. He has stood on behalf of the Pirate Party in the Federal seat of Bennelong and also as a Councillor for Ryde City Council.Along with technology and law John is also interested in spoken word and poetry. He broadcasts on community radio and hosts the program “Roving Spotlight” on Tuesdays from noon-2pm on Radio Skid Row Marrickville Sydney, and writes about his ideas on the website www.johnaugust.com.au. You can keep up to date with what John is up to via his Facebook page: https://www.facebook.com/profile.php?id=100063805005395What’s covered in EP236Introduction. (0:00)Housing crisis in Australia, with a focus on supply and demand issues, affordability, and government policies. (2:44)Population growth, immigration, infrastructure, and housing affordability in Australia. (8:04)Housing affordability and land value taxation. (13:40)A Georgist approach to taxing land. (22:05)Immigration and foreign aid in Australia. (31:24)Reducing immigration and addressing housing challenges in Australia. (37:46)Immigration policy, infrastructure, and zoning regulations in Australia. (41:45)Potential for charter cities (e.g. Turing) and high-speed rail links. (47:34)Foreign aid, shipping, and taxation. (53:35)TakeawaysThe housing crisis in Australia is exacerbated by high immigration levels and stringent building restrictions, which affect affordability.Policy debates are intensifying around whether to restrict immigration to ease housing demand or to relax zoning restrictions on development to boost supply.The concept of "upzoning," similar to Auckland’s approach, could be a viable solution to create more housing in existing urban areas.Proponents of high immigration levels often overlook the infrastructural and social costs associated with a rapidly increasing population through high immigration rates.The discussion of housing involves not only economic metrics but also the quality of life and housing accessibility for all population segments.Links relevant to the conversationLeith Van Onselen on immigration and housing: https://www.macrobusiness.com.au/2024/04/albo-lies-his-way-out-of-rental-crisis/Previous episode with Natalie Rayment: https://queenslandeconomywatch.com/2021/04/16/missing-middle-housing-podcast-chat-with-natalie-rayment-of-wolter-consulting/John’s conversation with Cameron Murray on housing: https://www.mixcloud.com/Johnorg/roving-spotlight-28-november-reviewing-a-pirate-look-at-the-housing-market-with-cameron-murray/Freightened documentary about the cost of shipping: https://thoughtmaybe.com/freightened/Lumo Coffee promotionLumo Coffee Discount: Visit Lumo Coffee (lumocoffee.com) and use code EXPLORED20 for a 20% discount until April 30, 2024.Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au. Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

In this episode, show host Gene Tunny engages with Dr Dan Mitchell in a frank discussion about the US’s looming debt crisis. The conversation covers Dan’s new book, co-authored with Les Rubin, The Greatest Ponzi Scheme on Earth: How the US Can Avoid Economic Collapse. In the episode, Dan talks about the unsustainable trajectory of federal debt, the consequences of government overspending, and the tough choices needed to avert economic disaster. Hear how Dan reacts to the Modern Monetary Theory view that debt and deficits aren’t a problem. Please contact us with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored. About this episode’s guest: Dr Dan MitchellDaniel J. Mitchell is a top expert on fiscal policy issues such as tax reform, the economic impact of government spending, and supply-side tax policy. Mitchell is a former senior fellow with The Cato Institute and The Heritage Foundation and served as an economist for Senator Bob Packwood and the Senate Finance Committee. His articles can be found in such publications as the Wall Street Journal, New York Times, Investor's Business Daily, and Washington Times. He is a frequent guest on radio and television and a popular speaker on the lecture circuit. Mitchell holds bachelor's and master's degrees in economics from the University of Georgia and a Ph.D. in economics from George Mason University. What’s covered in EP235Introduction. (0:00)US government debt and entitlement programs. (4:48)Government spending and its impact on the economy. (9:05)US government spending, Social Security, and fiscal policy. (14:06)US retirement systems and entitlement programs. (18:32)Medicare reform and the federal budget. (24:05)US budget deficits and entitlement programs. (27:59)Taxes, spending, and economic growth. (33:01)Kyle Kulinksi clip. (38:11)Dan responds to Monetary Monetary Theory (41:00).Entitlement programs and government spending. (44:40)TakeawaysThe US federal debt is soaring, with projections showing a large increase in the debt-to-GDP ratio in the coming decades.Government spending, particularly on entitlement programs, is the primary driver of fiscal imbalance.Addressing the debt crisis requires significant policy changes, including reforming entitlement programs like Social Security and, to a lesser extent, Medicare and Medicaid.Reforming Social Security through personal retirement accounts could save trillions over the long run.Lessons from other countries show that fiscal discipline and restructuring can improve economic stability.Links relevant to the conversationThe Greatest Ponzi Scheme on Earth: How the US Can Avoid Economic Collapse: https://www.amazon.com.au/Greatest-Ponzi-Scheme-Earth-Economic/dp/1637632770 Dan’s bio: https://mises.org/profile/daniel-j-mitchellDan’s International Liberty blog: https://danieljmitchell.wordpress.com/Dan’s post “OECD Economic Research Finds that Government Spending Harms Growth”: https://danieljmitchell.wordpress.com/2016/11/28/oecd-economic-research-finds-that-government-spending-harms-growth/Dan’s post “The IMF, The Laffer Curve, And Supply-Side Economics”: https://freedomandprosperity.org/2022/blog/the-imf-the-laffer-curve-and-supply-side-economics/Lumo Coffee promotionLumo Coffee Discount: Visit Lumo Coffee (lumocoffee.com) and use code EXPLORED20 for a 20% discount until April 30, 2024.Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au. Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

In this episode, we delve into the controversy surrounding the Prospera charter city in Honduras, which has embraced libertarian principles and adopted Bitcoin as legal tender and a unit of account. The city is currently embroiled in a legal battle with the Honduran government. Gene asks Jeffrey Mason, from Charter Cities Institute, what it all means for the future of charter cities. Jeffrey provides some good examples of how charter cities still have a lot of potential, and he talks about projects CCI is involved in in Africa, particularly in Zanzibar. Tune in to gain insights into the intersection of governance, economics, and innovation in the context of charter cities.Please get in touch with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored. About this episode’s guest: Jeffrey Mason, Head of Research, Charter Cities Institute Jeffrey joined CCI as a Researcher in 2019. His research interests include urban economics, structural transformation, special economic zones, and technology ecosystems. He has worked on policy advisory projects in Nigeria, Tanzania, Zambia, and Honduras, among other countries. Prior to joining the Charter Cities Institute, Jeffrey worked as an MA Fellow at the Mercatus Center at George Mason University. He holds a BA in economics from the University of Maryland and an MA in economics from George Mason University. His writing has been featured in publications including City Journal, Works in Progress, Investment Monitor, Quartz Africa, and The American Mind.What’s covered in EP234Introduction. (0:00)Honduran ZEDEs: zones for employment and economic development. (4:12)Honduran ZEDEs and impacts on local communities. (9:41)Investor-state dispute settlement mechanisms. (15:15)Charter cities and their potential to improve governance and economic growth. (20:37)Charter cities and urban development in Zanzibar. (26:15)Affordable housing development in Zanzibar, Tanzania. (30:56)Urban development and new city projects. (39:27)TakeawaysThe controversy surrounding Prospera in Honduras highlights the risks and uncertainties involved in charter city projects.The concept of charter cities is evolving, with a growing emphasis on affordability, local engagement, and sustainable development to ensure their long-term success.Legal and political stability, along with government partnerships, are crucial for the success of charter cities, as demonstrated by the contrasting experiences of Prospera and the Zanzibar project, Fumba Town, that Charter Cities Institute is involved in.Links relevant to the conversationJeffrey’s bio: https://chartercitiesinstitute.org/people/jeffrey-mason/Ryan Grim’s report at the Intercept “Honduras Ratchets Up Battle With Crypto-Libertarian Investors, Rejects World Bank Court”: https://theintercept.com/2024/03/19/honduras-crypto-investors-world-bank-prospera/Counter Points report “Honduras GOES TO WAR With Crypto Bros”, CCI's involvement with Fumba Town: https://chartercitiesinstitute.org/fumba-town/Fumba Town: https://chartercitiesinstitute.org/fumba-town/EP147 with Kurtis Lockhart on charter cities: https://economicsexplored.com/2022/07/11/charter-cities-a-public-private-partnership-ppp-model-w-kurtis-lockhart-ep147/Lumo Coffee promotionLumo Coffee Discount: Visit Lumo Coffee (lumocoffee.com) and use code EXPLORED20 for a 20% discount until April 30, 2024.Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au. Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Michael Johnston, CFA of WealthChannel and show host Gene Tunny dissect the pressing issues facing the US Social Security system. Amid predictions of future insolvency, they discuss the demographic trends, financial realities, and policy adjustments needed to safeguard retirement incomes for future generations.Please contact us with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored. About this episode’s guest: Michael Johnston, CFAMichael Johnston, CFA is a financial industry veteran with a passion for improving outcomes for retail investors.Following stints in corporate finance and investment banking, Michael founded ETF Database (ETFdb) and grew it into the largest independent media property covering exchange-traded funds (ETFs). Under Michael’s leadership, the company achieved a commanding position within the ETF industry and played a key role in the “low cost revolution” that saw hundreds of billions of dollars flow from expensive mutual funds to low cost ETFs.ETFdb is now a part of TSX Group, a publicly-traded financial services company that operates the Toronto Stock Exchange.Michael co-founded WealthChannel with a mission of helping investors achieve financial independence by radically simplifying retirement planning and investing. Michael is responsible for WealthChannel’s content and education initiatives, including its flagship WealthChannel Academy.Michael graduated from the University of Notre Dame with a degree in finance, and now resides in Oregon with his wife and son. He is active in his community as a member of the Board of Directors of the Lane Regional Air Protection Agency (LRAPA) and a volunteer at Hosea Youth Services.What’s covered in EP233[00:02:59] Sustainability of Social Security.[00:03:52] Retirement crisis in America.[00:09:43] Americans living longer.[00:13:25] Social Security trust fund depletion.[00:17:38] Social Security sustainability.[00:18:59] Social Security Funding Solutions.[00:24:36] Frankenstein policy solutions.[00:27:50] Immigration and Social Security.[00:30:46] Retirement age and social security.[00:35:54] Retirement savings statistics.[00:38:19] Retirement and financial literacy.[00:41:26] Retirement savings options in the States.[00:45:02] Social Security explained.[00:50:26] Social Security and retirement accounts.TakeawaysSocial Security Sustainability: The Social Security program in the US faces sustainability challenges due to changing demographics and financial dynamics.Retirement Crisis: There is a retirement crisis in the US, with nearly half of Americans having no retirement savings and relying heavily on Social Security for income in retirement.Potential Solutions: Various solutions were discussed, including raising the retirement age, adjusting cost-of-living adjustments, and increasing contributions to shore up the system.Individual Retirement Accounts: The US offers tax-effective retirement savings options like 401(k)s and Roth IRAs, but many Americans are not effectively using these tools.Comparison with Other Countries: The discussion highlighted differences in retirement systems between the US and countries like Australia, where superannuation accounts play a significant role in retirement planning.Links relevant to the conversationMichael Johnston’s bio: https://wealthchannel.com/about/michael-johnston/Wealth Channel Academy, Michael Johnston's initiative to demystify retirement planning: https://wealthchannel.comLumo Coffee, sponsor of the episode offering antioxidant-rich coffee: https://lumocoffee.comSocial Security Administration: https://www.ssa.gov/Millions of Americans nearing retirement age with no savings - CBS News: https://www.cbsnews.com/news/millions-of-americans-nearing-retirement-age-no-savings/EP87 – Saving & investing for retirement: 401(k)s, IRAs, mutual funds, ETFs, etc: https://economicsexplored.com/2021/05/15/ep87-saving-investing-for-retirement-401ks-iras-mutual-funds-etfs-etc/Lumo Coffee promotionLumo Coffee Discount: Visit Lumo Coffee (lumocoffee.com) and use code EXPLORED20 for a 20% discount until April 30, 2024.Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au. Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

This episode explores the crucial role of efficient financial management in driving business performance and productivity. Guest Andrew Walker, a seasoned financial consultant, shares his extensive experience advising businesses on utilizing data for improved cash flow and strategic decisions. Walker emphasizes the transformation from traditional bookkeeping to strategic financial planning as businesses scale.Please contact us with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored. About this episode’s guest: Andrew Walker, CEO, Improcus Andrew, with over 30 years of executive management and accounting experience, across global and local markets, brings a depth of experience and credibility built across the manufacturing, retail, franchise, construction and transport sectors. Whether as CEO or on the shop floor, Andrew understands the challenges and demands of business. Andrew has an intuitive understanding of business in both financial and functional areas. His work experience includes:CEO of Improcus, a South East Queensland business improvement consultants company/business and has worked with 100 companies in 10 years with an aggregate annual turnover of $1.0b CEO of AAF Industries Plc, a London stock exchange listed company specialising in design, manufacture and installation of modular buildings in Europe. The Group also included a laboratory furniture manufacturing business and a scaffolding division.CFO BTR Dunlop Ltd, listed on the Johannesburg Stock Exchange, responsible for all South African operations and the Financial Controller for Africa reporting to BTR PLc. Turnover R1.0billionDivisional Finance Director of Dorbyl Automotive Components consisting of 16 divisions supplying various automotive components to OEM’s.Financial Controller for the Aberdare Power Group, the largest manufacturer of power cables in South AfricaWhat’s covered in EP232Introduction (0:00)Streamlining business processes to improve cash flow. (4:15)Automating business processes for efficiency and growth. (9:19)Improving business performance through financial analysis. (13:54)Financial management and growth in a business. (18:30)Financial management and business growth. (23:55)When businesses need a CFO or financial controller. (28:52)Private equity, AI, and business trends. (32:09)Business software and data analysis. (36:22)Business productivity, taxes, and insolvency. (42:37)Financial reporting and cash flow management in businesses. (46:54)TakeawaysThe Peter Principle in Finance: Promotion beyond competence in finance roles can critically hinder a business’s growth. It's crucial to elevate financial management capabilities as the business scales.Automation and Efficiency: Leveraging modern software and automating processes can significantly reduce time and errors in financial reporting, enabling quicker strategic decisions.Strategic Role of Chief Financial Officers: A CFO’s role transcends traditional bookkeeping, focusing on external growth opportunities, mergers, acquisitions, and stakeholder management. Understanding when to transition from a bookkeeper to a CFO is key for business evolution.Data Utilization for Decision Making: Effective use of data, including forecasting and performance analysis, is essential for driving strategic business decisions and identifying areas for improvement.Cash Flow Management: Proactive cash flow forecasting and management are critical for navigating financial challenges and seizing opportunities, underscoring the importance of a competent finance department.Abbreviations used in the showATO - Australian Taxation OfficeBOM - Bill of materialsCFO - Chief financial officerCV - constant velocity, as in CV jointDIFOT - Delivery in full on timeERP - Enterprise resource planningGST - Goods and Services TaxIPO - Initial public offeringPAYG - Pay as you goLinks relevant to the conversationImprocus Business Improvement SpecialistsCustomer Success Stories – Get inspired by our customers (jedox.com)Why Jedox? | Simple – Adaptable – IntegratedAlan Jackson (businessman) - WikipediaLumo Coffee Discount: Visit Lumo Coffee (lumocoffee.com) and use code EXPLORED20 for a 20% discount until April 30, 2024.Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au. Full transcripts are available a few days after the episode is first published at www.economicsexplored.com

Ben Fraser, Managing Director of Aspen Funds, argues, “There's a huge opportunity to get into fossil fuel production.” He discusses macro-driven alternative investments, investable megatrends, including the disruption to energy markets as advanced economies decarbonise, and the outlook for the US economy, particularly inflation. Disclaimer: this episode presents general information only and is not financial or investment advice.Please contact us with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored. About this episode’s guest: Ben Fraser Ben Fraser is the Chief Investment Officer at Aspen Funds, where he combines his analytical nature with a passion for delivering outstanding client service and strong returns through out-of-the-box investments. With a professional background that spans over a decade, Ben has become an expert in the field of investment management and has worked for several reputable financial institutions.Ben is the co-host of the Invest Like a Billionaire podcast, where he joins his father, Robert, co-founder and CFO of Aspen Funds, along with co-founder Jim Maffuccio, to discuss economic trends and best practices for alternative investing.Prior to joining Aspen, Ben served as a Commercial Lender at First Business Bank, one of the top SBA lenders in the nation. There, he specialized in government-backed loan originations, specifically SBA and USDA loans. Before that, he worked as a Commercial Credit Underwriter for Crossfirst Bank, where he personally underwrote over $125MM in C&I and CRE loans across various industries.Ben also has experience working in the asset management industry, having served as a key member of the team at Tortoise Capital Advisors. At Tortoise, he helped grow institutional managed accounts from ~$3BN AUM to ~$7BN AUM.Ben holds an MBA from Azusa Pacific University and a Bachelor of Science in Finance from the University of Kansas, where he graduated magna cum laude. Ben’s commitment to excellence and his ability to deliver strong returns for clients make him an invaluable asset to the Aspen Funds team.What’s covered in EP23100:00:04 - Global Energy from Fossil Fuels (excerpt from interview)00:00:33 - Introduction to Economics Explored Podcast00:01:06 - Guest Introduction: Ben Fraser of Aspen Funds00:02:08 - Aspen Funds' Investment Focus00:05:17 - Accredited Investors and Investment Opportunities00:06:04 - Expanding Accredited Investor Definitions00:08:47 - Alternative Investments and Client Strategy00:11:29 - Investable Megatrends for the Next Decade00:13:03 - Inflation and Energy Market Outlook00:15:37 - Private Credit in Real Estate00:20:37 - Commercial Real Estate Market Dynamics00:23:42 - Energy Investments and Fossil Fuel Outlook00:29:10 - OPEC's Influence on Oil Prices00:31:28 - Gold, Bitcoin, and Investment Hedges00:35:09 - US Fiscal Policy and Debt Concerns00:38:40 - Closing RemarksTakeawaysMacro-Driven Alternative Investments: Aspen Funds focuses on macro-driven alternative investments, which involve understanding long-term economic trends to identify investment opportunities.Investable Megatrends: Aspen Funds has identified investable megatrends for the next decade, including higher inflation for longer and an energy crisis due to a transition to green energy.Opportunities in Real Estate: Aspen Funds sees opportunities in private credit within the real estate market, particularly in the midsection of the capital stack, where risk can be reduced while achieving good returns.Energy Market Insights: Ben Fraser discusses the impact of transitioning to green energy on fossil fuel production, highlighting potential supply shortages and investment opportunities in fossil fuel production.Views on Gold and Bitcoin: Ben Fraser comments on gold and Bitcoin as alternative investments, acknowledging their role as hedges against fiat currency but cautioning against heavy allocations due to the risks involved.Links relevant to the conversationAspen FundsInvest Like a Billionaire PodcastFull transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Analyzing Australia's gender pay gap data, Dr. Leonora Risse discusses factors like occupational segregation and societal norms. They debate the impact of 'greedy jobs' and the need to address gender inequities, while exploring the transparency of data sources and the importance of company actions aligning with gender equality initiatives.

Andrew Einhorn from LevelFields shares insights into leveraging AI for financial market analysis. Their innovative platform is designed to detect critical events affecting stock prices, enabling investors to react swiftly. The conversation covers the benefits of AI in democratizing financial information and the future implications for investment strategies. Disclaimer: Nothing in this episode should be considered financial or investment advice. Always conduct your own research or consult a financial advisor before making investment decisions.Please contact us with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored. About this episode’s guest Andrew EinhornAndrew Einhorn is the visionary CEO and co-founder behind Level Fields, a groundbreaking company leveraging artificial intelligence (AI) to revolutionize the way investors interact with the stock market. With a career deeply rooted in technology and finance, Einhorn has dedicated himself to democratizing access to advanced investment strategies, making it possible for the average investor to make informed decisions swiftly and with confidence. Before establishing Level Fields, Einhorn led a successful event monitoring system company for a decade, serving publicly traded companies and offering insights into how market events affect stock prices. His passion for utilizing technology to enhance market transparency and fairness has led to the creation of Level Fields' AI-driven platform, designed to scan the market for events impacting stock prices, thereby leveling the playing field between retail investors and the larger, more resource-rich players in the market.What’s covered in EP229Introduction. (0:00)Using AI to analyze financial news and announcements. (2:47)Using AI for stock market analysis and avoiding fraudulent companies. (7:19)AI applications and their limitations. (13:38)Using AI to analyze market data for investment insights. (18:24)AI-powered stock market analysis. (23:26)AI-powered investment research platform for retail investors. (28:01)Using AI to analyze audio transcripts for investment insights. (33:12)Using AI for event monitoring and investment analysis. (38:45)Using historical data for investment strategies. (44:10)AI's role in investing and the financial establishment's reaction. (49:19)Takeaways1. AI can help democratize access to investment strategies by scanning vast amounts of market data and financial reports that individual investors cannot monitor themselves.2. Understanding how historical events have impacted stock prices can provide insights on predicting future price movements and avoiding losses from overreacting to news.3. While AI is not a crystal ball, it can be a useful tool for investors when combined with human judgment, by automating tedious research tasks and identifying potential opportunities that may otherwise be missed.Links relevant to the conversationLevelFields website: https://www.levelfields.ai/Andrew’s interview on the Side Hustle City podcast: https://www.sidehustle.money/1350142/14348901-revolutionizing-investing-andrew-einhorn-unveils-levelfields-the-game-changing-tool-in-stock-market-analysisThanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au. Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

This episode examines the need for tax reform in Australia and reviews various options for overhauling the country's tax system. Simon Cowan joins host Gene Tunny from the Centre for Independent Studies to discuss issues like bracket creep, the tax system's progressivity, mining royalties, and negative gearing. They also analyse the political strategies around the stage three tax cuts and how expenditure reform, including controlling the growth of programs like the NDIS, is needed to reduce the tax burden. Cowan argues the tax system has become too reliant on income tax and higher-income individuals. Please get in touch with us with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored. About this episode’s guest Simon CowanSimon Cowan is Research Director at the CIS. He is a leading commentator on policy and politics, with a regular column in the Canberra Times newspaper, frequent interviews on Sky and the ABC, and multiple appearances before parliamentary committees discussing the budget, citizenship, taxation and health policy. He has written extensively on government spending and fiscal policy, with a specific focus on welfare and superannuation policy. He earlier work focused on government industry policy, defence and regulation.What’s covered in EP228Australian tax system overhaul and cost of living relief. (0:04)Tax bracket creep and its impact on income. (5:14)Tax system and progressivity. (9:44)Tax cuts and political strategy in Australia. (15:29)Tax system in Australia, income tax reliance, and potential changes. (21:13)Taxation, welfare, and the burden on working-age population. (26:02)Tax reform and its challenges in Australia. (31:03)Taxation and resource extraction in Australia. (38:05)Australian tax system and potential reforms. (45:42)Takeaways1. Australia's tax system has become overly reliant on income tax and needs to diversify its revenue sources.2. Bracket creep is a real problem that has not been adequately addressed, particularly for higher-income earners.3. Both major political parties have taken cynical, short-term positions on tax reforms that are not in the community's best interests.4. Expenditure reform, including controlling the growth of programs like the NDIS, is needed to reduce the tax burden.5. Lowering company taxes could boost business investment and economic growth in Australia.Links relevant to the conversationSimon’s article on the stage 3 tax cuts:https://www.cis.org.au/commentary/opinion/labors-tax-backflip-all-the-easier-against-an-opposition-with-no-spine/AFR article (pay-walled) “Royalty hike and IR overhaul threaten critical mineral pipeline: BHP”:https://www.afr.com/policy/economy/royalty-hike-and-ir-overhaul-threaten-critical-mineral-pipeline-bhp-20231119-p5el3yQLD Government announcement on coal royalty hike:https://statements.qld.gov.au/statements/95467Grattan Institute’s view on tax reform:https://grattan.edu.au/news/thats-not-tax-reform-this-would-be-tax-reform/Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au. Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.