Unhedged

Sam Bankman-Fried, founder of FTX crypto exchange, takes the stand in his fraud trial. The episode explores the lack of a smoking gun in the government's case, discusses Sam's testimony and performance in court, and debates a startup news organization. They also mention a t-shirt introduced as evidence and make predictions about a court case.

Explore why the stock market is down despite strong GDP and wages. Discuss factors affecting the market, the potential for a recession, and the impact of inflation. Reflect on personal experiences and thank listeners for their support.

US economy grew 4.9% in Q3, fueled by resilient American consumers. Look at factors supporting consumer spending like low mortgage rates and a strong labor market. Wage growth story and potential concerns for the economy. Analyzing supply and demand, inflation, and supply disruptions. Optimism about Morgan Stanley and its new CEO.

Discussion on the disappointing Chinese stock market growth due to slow growth, property issues, and geopolitical tensions. The uncertainty in China's property sector and reliance on global supply chains adds to the challenge. The podcast explores the risks of investing in China, including government influence, geopolitics, and regulatory risks. Famous investors Bill Ackman and Bill Gross change their stance on selling treasuries. Plus, a discussion on cycling safety in London.

In this podcast, the FTX court case is discussed, including high-profile witnesses, financial manipulations, an alternative balance sheet, and the role of CZ. Michael Lewis's influence and undisclosed activities are explored, as well as the close partnership between Alameda and FTX. Predictions are made about the trial, such as the possibility of Sam Bankman-Fried testifying and his chances of acquittal.

Discussion on the recent impressive performance of Japan's stock market and the significant changes happening in corporate Japan that have contributed to this rally. Growing investor interest in Japanese equities, driven by a weak yen and increased focus on corporate governance. Exploring the significance of Japan's cultural and market dynamics, including corporate reform, global investors, and structural reform. Discussion of an employment lawsuit over expensed sandwiches and drinks, expressing mixed feelings about the situation. Also, company expenses, VC bros, and the significance of not interfering with the expense department in corporate life.

Private equity struggles due to rising interest rates and turns to financial engineering. Concerns raised about its long-term viability. PE deals decrease, higher funding costs, and debt burdens investors. The significance of the US dollar as the dominant currency and challenges facing Birkenstock's IPO are explored.

This podcast explores the impact of the Middle East conflict on the global economy, focusing on oil, gold, and the Japanese yen. They discuss the immediate effect of conflicts on oil prices, the role of the yen as a haven trade, and the competition between gold and government bonds. They also touch on running a half marathon and predicting private equity returns.

The podcast delves into the US election and the economic arguments between Democrats and Republicans. It discusses the impact of rising gas prices and housing costs on the economy. It also assesses the employment picture and highlights the strong US consumption-driven economy. The hosts explore voting factors, third quarter earnings, and cryptocurrency books.

The podcast explores the recent surge in US government bond yields and the correlation between bond yields and stock prices. It discusses deficits in bond markets, fiscal challenges faced by governments, and the unpredictability of bond markets. The hosts also reflect on their incorrect predictions and discuss the weakness of the Japanese yen and potential intervention.