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We know that retail activity, much of it on Robinhood, has been surging since last spring once the lockdowns began. But just how big of an impact is it really having? Is it going to be limited to just GameStop and a few
The GameStop short squeeze is one of the most extraordinary events to ever happen in markets. But does it have political significance? Some are saying that it represents the manifestation of Occupy Wall Street, that it i
We're seeing historic change happening in real time in the chip industry. The old leaders are going away, and new players and new models are emerging, particularly around fabless chips. On this episode, we speak with Chr
Everyone is talking about GameStop. The physical games retailer that was left for dead has been one of the hottest stocks of the year, surging well over 50x since its lows in late 2020. But how did it come about? Why Gam
We've been talking a lot on the podcast about semiconductors. The stumble of Intel. The general troubles with US manufacturing, and, of course, the rise of TSMC. But, for a long time, the Chinese government has endeavore
In every conversation about computer chips, it always comes back to the dominant player: TSMC. Founded in the 1980s, it's far and away the biggest and most advanced manufacturer. And, as our guest points out, it's virtua
It goes without saying that 2020 was a year like no other when it comes to the markets. A historic crash, and then a raging recovery, all set against the backdrop of a pandemic and deeply depressed economy. One implicati
The coronavirus crisis snarled global shipping in early 2020 as borders were closed, but lots of people expected it to improve as vessels returned to position. Instead, more than a year later, the shipping crisis has onl
The U.S. was once a manufacturing leader in semiconductors. That's no longer the case, given the rise of contract manufacturing and outsourcing, the dominance of Taiwan Semiconductor, and Intel's own design stumbles. But
One of the surprising developments in the last year was the boom in SPACs. The so-called blank check companies raised more money in 2020 than they had in the several years prior combined. But why? Why did a year that saw
We're in a rare moment where chess is popular in the United States. There are two big factors driving it. One is the smash hit Netflix show "The Queen's Gambit." The other is the rise of Twitch streaming, as gamers play
It's been pointed out that, after the Black Death in Europe, real wages surged because there was such a shortage of labor in the aftermath. But what was the structure of the economy that allowed this transfer of power to
Economics is all about improving living standards, but rarely does the dismal science deal with social justice or talk about how a lack of it could actually hinder growth. In this episode, UBS Global Chief Economist Paul
2020 has been an absolutely extraordinary year for the economy. In March, we saw the fastest economic contraction in history with an extraordinary surge in unemployment. Now, as the year closes out, we've had a housing b
This past summer, the business intelligence software company MicroStrategy made waves when it put some of its extra cash into Bitcoin. Then, as Bitcoin ran up, it bought more, and the stock has now soared thanks to the b
We talk a lot about quantitative trading on the podcast, but typically from a rather big picture perspective, and not at the level of actually building the systems needed for trading and data analysis. On this episode, w
On a recent episode of Odd Lots, we talked about Intel, and how the former dominant American semiconductor company was stumbling. But big things are happening in the chip industry beyond the manufacturing woes of one com
It's obviously been an extraordinary year for markets and the economy for reasons that don't need stating at this point. But what does 2021 have in store? Can the current trends continue? We talked with two of the smarte
It's no secret that some African nations went on a borrowing spree in recent years, tapping both international markets and sovereign lenders such as China to finance massive infrastructure projects. But all that debt is
For years, the IMF was generally of the view that free trade was good, and that open capital flows were also good. But in recent years, the latter view has started to change. Increasingly the IMF, while continuing to pro
With developed economies still operating well below pre-crisis levels, central banks face substantial pressure to pursue stimulative policies on an ongoing basis. But what more can they do with the tools at hand? And how
For years, Intel has been the pre-eminent U.S. semiconductor company. But lately, the company has stumbled. This past summer, shares in the company plunged after it said it was experiencing delays in the production of it
There are many similarities between cryptocurrencies and social networks. And the rise of payment apps like Venmo make the link between payments and social media explicit. But this convergence between money and social me
Traditional quant strategies that try to screen for stocks that are "cheap" have had an extremely rough period. So is this just a temporary setback that will eventually mean revert, or are the existing strategies dead an
Bitcoin has been on a tear lately, but it's been a bit unclear as to what's driving it. But whatever's driving it, co-host Tracy Alloway has given up her longtime skepticism on the digital currency and now believes in it
The politics of taxes are always fraught. In theory, everyone wants to pay less of them and bristle at the prospect of paying more. But it turns out that our feelings are more complicated and nuanced. On this episode, we
Investors have always had to pay attention to what's going on in Washington DC, but this year it's been on a whole new level. Between virus response policy, fiscal stimulus talks, and, of course, the recent election, the
This year's stock market boom has coincided with a boom in new listings. There have been plenty of IPOs, numerous SPACs, and an uptick in companies doing direct listings on the exchange. That third category has gotten re
Measuring a company's book value is a classic practice among investors seeking to understand how much a firm's actual assets are worth. But what happens when a firm's assets are not things like buildings, factories, and
The IPO of Ant Financial will go down as one of the most extraordinary deals of all time. And in general, Chinese internet companies have been huge winners in the post-crisis period. But what does it take to really analy
The COVID-19 crisis has pushed central banks around the world into uncharted territory. Typically when we talk about this, it's from the perspective of the Fed or the ECB. But this has also been an extraordinary period f
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,
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 Be
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 ha
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
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 th
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,
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 epi
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
In a carry trade, an investor borrows money cheaply to buy an asset that yields more. As long as nothing changes overall, the investors get to pocket the spread. In our latest episode, our guests argue that more and more
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
Back in 2017, during the Bitcoin boom, there were a number of different attempts to use blockchain technology to improve a host of businesses and industries. Many of those were cynical attempts to cash in on the bubble,
Crypto is hot this year again. In 2020, we've not only seen a substantial rally across a lot of different coins, there's been an emergency of new experiments, categories, and protocols. Is it more sustainable this time a
The use of so-called "alternative data" has been gathering attention for some time. Investors have been looking at things like credit cards or satellite photos of Walmart parking lots for insights into businesses before
One of the most intriguing subplots to the 2020 stock market boom has been the speculative fervor with which investors have dived into this market. And it's not just that participants have bought a lot of stock, but that
SPACs have been around a long time. The basic premise is that a group of people raise a bunch of money from public market investors, with the premise of then going out to buy a specific, individual company. They're seen
It's fun to talk about what money is, but often it's hard to connect the dots and make it actually relevant to the discussion of the economy and markets. But, in this episode, we do just that. Our guest is Jacob Goldstei
Paul McCulley is a former Managing Director at PIMCO and a legend of the industry, having helped coin phrases such as "shadow banking" and the "Minsky moment." On this episode, we discuss the history of economic policy i
The Fed is facing historic challenges for two reasons. The first is the coronavirus and the task of facilitating the economic recovery. The second challenge is one that precedes the crisis, and it has to do with how the
There are some sectors of the real estate market, such as suburban residential housing, that are doing just fine throughout this crisis. However, other areas are facing true existential risk. The value of commercial real