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Why do some countries become rich while others stagnate? And can you predict which countries become wealthy in advance of them actually increasing their collective GDP? The answer may lie in the complexity of each nation
There have been a number of news stories lately that seem straight out of science fiction. We've heard claims before Congress that the government is suppressing information regarding the existence of UFOs or aliens. Ther
Movie and TV productions have come to a nearly complete stop in Hollywood. Both the Screen Actors Guild and the Writers Guild of America are on strike, with the latter having halted work for the major studios over three
On September 14, the contract between the United Auto Workers and the Big Three carmakers (GM, Ford and Stellantis) is expiring — and the possibility of a strike is real. This comes at a delicate time for multiple reason
In the US, Tesla remains far and away the dominant maker of electric vehicles. But on a global scale, the situation is much more competitive. Over the last few years, Chinese EV makers have massively ramped up their expo
A key plank of the Biden administration's "Bidenomics" involves stronger antitrust enforcement and we've seen the White House empower agencies like the Department of Justice to step up actions on monopolies and other beh
When Silicon Valley Bank imploded, there was a lot of talk about the future of regional and community banks in the United States. Can they compete with the large, too-big-to-fail institutions? What will happen to their d
Last year, as the Federal Reserve hiked rates to the highest levels in decades, there were lots of warnings about an imminent collapse in the US housing market. But home prices have only dipped slightly since then and no
Artificial Intelligence is all the rage right now and most of the investor excitement has so far been focused on the companies providing the hardware and computing power to actually run this new technology. So how does i
We're in the midst of an AI mania of sorts. In public markets, investors are placing bets on the companies perceived as being the winners of this new wave of computing. Companies that aren't even in "tech" are touting th
Arizona recently announced new constraints on housing development in the areas around Phoenix. At issue is water rights and scarcity, which have been a challenge for the US Southwest for as long as people have been livin
Due to a combination of drought, climate change and booming growth, Arizona is facing looming water scarcity. But for all the sprawl and population increase, the overwhelming amount of water used in the state is not cons
Richard Koo literally wrote the book on balance sheet recessions, or the idea that large levels of debt can weigh on future growth for years and even decades to come. Now, the Nomura Research Institute chief economist se
Big cities like New York have two real estate problems. Housing is scarce and office buildings are empty (or at least under-utilized.) So there would seem to be an obvious solution: turn the offices into homes. And indee
President Biden recently made it clear that what we're seeing play out in the economy now is the result of "Bidenomics." The current expansion has defied the constant predictions of economic gloom. Every other day, it se
Every industry is trying to figure out just how AI or Large Language Models can be used to do business. But Bridgewater Associates, the world's largest hedge fund, has already been at it for a long time. For years, it ha
Zoltan Pozsar has built a reputation for covering the intricacies of money markets. For the past eight years, he published those insights as a strategist at Credit Suisse. But in this episode of the Odd Lots podcast, Poz
When the pandemic struck in 2020, the actor Ben McKenzie (who you might know from The OC and Gotham) had a lot of time on his hands. And like a lot of people, he suddenly got interested in crypto when an old friend of hi
More than a decade ago, GMO strategist James Montier published a paper predicting that corporate profit margins were destined to come down from "nosebleed" levels. Fast forward to 2023, and it's clear that hasn't happene
Saudi Arabia has been spending hundreds of millions of dollars snapping up international soccer stars in recent months, including legendary players like Cristiano Ronaldo and Karim Benzema, to boost the rosters of its Sa
We're used to thinking of modern finance as practically synonymous with computers. Banks are basically just big collections of Excel spreadsheets, keeping track of who owes what to whom. And most trading nowadays is done
De-dollarization is all the rage right now, with lots of talk about whether the US currency will be able to maintain its dominant status in the global financial system. But regardless of what happens in the future, it's
Steve Eisman is known for having bet against the housing market prior to the Great Financial Crisis in a trade immortalized by Michael Lewis in The Big Short . So what is he betting on now? In a special live episode of O
There are all kinds of societal concerns emerging out of the rise of artificial intelligence. Will it put us all out of work? Will fraudsters be able to use deepfakes — technology that can replicate our images and our vo
There's a lot of frustration about the government's ability to build things in the US. Subways. Bridges. High-speed rail. Electricity transmission. But there's another crucial area where the public sector often struggles
A lot has happened since we last spoke to Brad Setser in April 2020, towards the beginning of the Covid-19 pandemic. For a start, Setser was appointed to be a trade advisor in the Biden administration during a period of
Earlier this year, Odd Lots talked about the idea of companies taking advantage of bottlenecks and other disruptions to raise their prices. Since then, the notion of this type of corporate-led inflation has burst into th
If you think interest rates seem high right now, you might be operating with too short of a perspective. For a longer-term perspective, you'd want to talk to someone like Jim Grant. On this episode of the Odd Lots podcas
Earlier this year, it emerged that the London Metals Exchange had been holding a bunch of bags filled with stones instead of the nickel needed to back trades for major commodities players, including Trafigura. Before tha
The US government is spending billions of dollars to build out state-of-the-art domestic semiconductor manufacturing capacity. But spending money is no guarantee of success. In fact, there are already worries that the CH
Stewart Butterfield has been at the forefront of two epochal turning points for tech. First, he was the co-founder of the photo sharing site Flickr, that was one of the defining brands of the so-called Web 2.0 and the wo
In 2011, then-Vice President Biden had a front row seat to a bruising debt ceiling standoff between President Barack Obama and House Speaker John Boehner. That fight arguably derailed the Obama presidency and the nascent
There's a lot of discussion these days about de-dollarization and whether the US dollar will lose its standing as the world's sole reserve currency. Generally, people seem open to the idea, but they also don't see many g
A couple of years ago, it was an amazing time to have a truck or be a trucker. The goods economy was absolutely booming. Prices were booming. Supply chains were broken. Everyone wanted access to more freight. Fast forwar
We're still in the middle of a "crypto winter" with the price of coins well off their highs from back in 2021. But debates over how to regulate them are heating up, with significant disagreements among US politicians and
Terry Duffy is the chairman and CEO of CME Group, the world's biggest derivatives exchange and a trading behemoth whose name is synonymous with Chicago's financial industry. In this wide-ranging interview, Duffy talks ab
The 2010s saw the rise of a number of digital media startups like BuzzFeed News, Gawker Media, Vice, Business Insider and others who were set to usher in a new era of news consumption, displacing legacy outlets like the
The Federal Reserve has hiked rates rapidly over the last 18 months, and yet inflation remains surprisingly high. Perhaps what's most surprising is that even in the most rate sensitive area of the economy -- housing -- t
Nobody knows for sure who is going to make all the money when it comes to artificial intelligence. Will it be the incumbent tech giants? Will it be startups? What will the business models look like? It's all up in the ai
Disruptions caused by the pandemic have revealed deep flaws in our supply chain for physical goods. Certain market failures that have been left to fester for years were suddenly exposed. But some parts of the economy wer
Some supply chain crises are acute. A bottleneck at the ports. A shortage of semiconductors. These can get fixed, to some extent, with concerted policy choices. But other crises are slower moving and don't have one easy
There's been a lot of discussion about the possibility of "de-dollarization," or the idea that the world could move away from using the dollar as the de facto global reserve currency. Some of this desire makes sense. Not
The big headlines from March's banking crisis have receded and balances at some of the Federal Reserve's emergency lending facilities, like the discount window, are starting to fall. But if you look closely, there are st
Marijuana has been legalized in a number of places in the US now, but what New York is trying to do with its legal weed market is somewhat unique. Not only is the state trying to use legalized weed to raise tax revenue a
In some respects, selling legalized cannabis should be like many other consumer goods business. You make a product people recognize and then sell it to as many of them as possible. But even if attitudes towards pot -- an
New York City has long been seen as a holy grail for the legal weed industry, with millions of potential customers. And last year New York state started handing out licenses for its first recreational cannabis shops, the
Over time, we expect the world to get richer. Yes, there are disruptions and setbacks (and we have seen several large ones in the last few years) but the expectation is to see growth and an increase in material wealth. A
In August of last year, the White House signed the CHIPS and Science Act of 2022, a bipartisan effort to bring more advanced semiconductor manufacturing onto US shores. Of course, it already has plenty of critics. There
In the last month or so, two macro risks have become top of mind for investors. One is the stability of regional banks. The other is the weakness in the commercial real estate market. On some level, they're separate stor
Nassim Taleb has never been shy about expressing his viewpoints on a wide range of topics. But lately he's been getting into verbal tussles with people who have long looked up to his wisdom. Whether it's Bitcoiners, vent