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One of the primary drivers of elevated inflation — and the high cost of living in general — is the price of shelter. Whether you're buying or renting, housing is very expensive. Thankfully, over the last year
On Monday, the stock market tanked, seemingly in reaction to the emergence of DeepSeek, an open source AI model developed in China. Nvidia, the semiconductor giant that has been the largest winner of the AI boom, erased
The run-up in Big Tech stocks and all the hype over AI has put a bunch of investors on "bubble watch." One of those is Howard Marks , the co-founder and co-chair of Oaktree Capital Management. Howard is one of the most f
There's a lot of talk right now about concentration risk in US equities. For instance, the top 10 stocks in the S&P 500 currently account for 38% of the total index, compared to just 17.5% a decade ago. And all the b
In theory, all of this AI spending has to deliver some kind of return. Companies (or other end users) will have to get tangible value from its outputs in order to justify the billions spent on research, chips, energy, an
We all know that the new Trump administration is likely to be more friendly to the crypto industry than the Biden administration was. And we know that the industry has generally been rather supportive and enthusiastic ab
Odd Lots has been exploring the history of the eurodollar market in a special three-part series hosted by Columbia Law School's Lev Menand and the New York Fed's Josh Younger. But why should we care about the origins of
In this special three-part series, Odd Lots is exploring the history of the eurodollar market. By the 1970s, eurodollars are hitting the headlines — and not in a good way. While this new form of money initially act
In this special three-part series, Odd Lots is exploring the history of the eurodollar market. As we enter the turbulent 1960s, the eurodollar market has grown big enough to catch the eye of regulators. The Federal Reser
At more than $10 trillion outstanding, the eurodollar market is one of the biggest forms of shadow banking activity out there. It's also one of the most interesting markets in existence, allowing non-US banks to hold and
Regardless of your political ideology, it's easy to agree that government should work well; that it should be able to hire talented officials, and build things in a timely, cost-effective manner. Of course, what that mea
In the 1950s, a businessman, looking for a new way to settle his lunch tab, sparked a payments revolution and paved the way for today’s cashless economy. Now, the growing use of stablecoins like USDC is leading bus
One of the biggest stories in markets right now is the huge selloff in government bonds. And we're not just talking about the US here. The UK is seeing multi-year highs in long-end yields. So is Japan. And of course, the
Utilities in the US have a couple big jobs to do. On the one hand, they need to deliver affordable and reliable power to their customers. On the other hand, they also need to maintain and upgrade huge amounts of fixed in
If you look at various surveys, Americans feel grim about the state of the economy. But even outside of the economy itself, you see negative readings for faith in various American institutions. Pessimism seems to be in r
In the US right now, there is a lot of talk about a so-called "nuclear revival." But it remains to be seen whether we'll see a meaningful uptick in actual power generation, from either new reactors, or old reactors getti
As is becoming something of an annual tradition here, we recently asked Odd Lots listeners to send in any questions they have about the show to Tracy and Joe, via voice memo. We took as many as we could, and answered que
As 2024 comes to an end, Tracy and Joe once again look back at the year that was in Odd Lots. On this final episode of the year, we revisit 10 of the most fascinating, surprising and unforgettable facts and ideas that ca
Back in November, we released our series called Beak Capitalism, which took a look at the entire US economy through the lens of chicken. Then we went on the Money Stuff podcast, hosted by Matt Levine and Katie Greifeld,
The Biden administration made energy and climate a centerpiece of its administration, most notably through the Inflation Reduction Act. At the same time, we’ve seen a boom in US oil and gas production the last four
Last week, the Federal Reserve cut benchmark rates by 25 basis points, but simultaneously signaled a slower pace of cuts for next year. The guidance surprised markets and sparked a selloff in both stocks and bonds as tra
On Wednesday, the Federal Reserve cut interest rates by 25 basis points as expected. But it also raised its inflation outlook for 2025, and sees just two more cuts next year. The markets reacted violently to it, with the
The world of startup investing has undergone massive transformations amid the AI boom, changing capital markets, and an intense degree of competition from new entrants into the space. So what does it take to succeed in v
One of the minor culture wars in America has to do with electric stoves. To some, they're more energy efficient and better for air quality. To others, electric stove requirements represent government overreach, and a los
Geothermal is a promising technology to provide clean, low-cost, baseload power to the electricity grid. It works by getting heat from deep in the ground, using technology that is similar to that used in fracking. Despit
You can do a lot of things with the click of a button nowadays. You can get insurance, open a bank account, or trade 347 different stocks all at once via an ETF. But one thing you definitely can't do via a single click,
AI software and the hardware that enables it have been hugely popular investments this year. But there have still been limiting factors on the sector, including a shortage of compute to power so many new start-ups. Inves
In the 2010s, we saw an incredible boom in the venture capital space, fueled in part by cheap capital as well as cheap compute. Fast forward to today, and many things look very different. We're not in the ZIRP era anymor
For years, investors have relied on the classic 60/40 portfolio of stocks and bonds. The idea behind this was simple: bonds tend to go up when stocks go down, so the two things should act as a natural hedge. But when inf
It's trite to say that there is a high degree of uncertainty right now, for macro forecasters and investors. It also happens to be true. The new administration is promising major policy changes in areas like tariffs, imm
The election of Donald Trump, with his promise of more tariffs and a much tighter stance on immigration is a source of major macro uncertainty. To some it marks the end of a certain neoliberal consensus about globalizati
When it comes to credit investing (or really any investing), there's an analytic art in deciding the right price to pay for a security. But often that's only part of the challenge. First you need someone to want to sell
In the Zirp era of the mid-2010s, credit markets were booming and investors were clamoring for anything that would produce yield. So they were willing to accept fewer legal protections embedded in bond and loan documenta
For years, the Harvard Endowment has easily been the largest endowment of any university. But as of right now, it's at risk of losing its crown to the University of Texas. So what happened? It's a combination of things i
How did China become the economic behemoth that it is today? One pivotal moment was, obviously, it's ascension into the WTO. Prior to that, the era of reform under Deng Xiaoping was obviously crucial. But obviously no si
After his victory, Donald Trump announced that Elon Musk and Vivek Ramaswamy would be leading up a new Department of Government Efficiency in order to crack down on wasteful, fraudulent spending inside the federal govern
In the final episode of our special three-part series exploring the US economy through the chicken industry, we’re taking a look at market competition. Chicken in the US is dominated by a handful of huge poultry processo
The Odd Lots team is analyzing the US economy through the lens of chicken. In this second episode of our special three-part series, we look at the birds themselves and the people who farm them. Because the way we actuall
Everybody loves chicken. And, it turns out, that this humble bird can tell us quite a lot about the way the world works. In this three-part series, the Odd Lots team is exploring some of the thorniest issues facing the U
Last week the Federal Reserve opted to cut interest rates by 25 basis points, which was what the market expected it to do. But things get more uncertain from here on out. Inflation has been softening this year, but there
Over the last roughly 15 years, we've seen a migration of certain types of risks outside of regulated deposit-taking banks. Private credit has boomed, shifting lending activity away from the banks. Multi-strategy hedge f
There was a a point in time when Twitter used to be good for breaking news. Social media outlets like Instagram and Facebook were great for keeping up with friends. There used to be websites that people would refresh thr
The US election is over and Donald Trump has won a second term as president. Stocks have rallied on Trump's win, of course, but some of the more interesting moves have taken place in the bond market. Not only have yields
It's Election Day in the US, so there's no need for any real explanation of what's at stake. Last night in New York City, we hosted a special live Odd Lots event, where we interviewed some of our regular guests on stage
The Biden administration has overseen a revival of so-called industrial policy in a way that we haven't seen in years. Major efforts are underway to revive or reinvigorate US production of semiconductors, batteries, and
There's something of a uranium cult out there: the investors and traders who believe that nuclear is the future of energy, and therefore this crucial commodity will end up being a huge winner. And over the last several y
China is making steady progress in its quest to dominate key industries of the future, despite years of US tariffs, export controls and sanctions. Check out this special episode of Bloomberg's Big Take Asia podcast, as h
In 2015, China identified several key industries of the future for which it aimed to compete at the technological frontier. The 'Made in China 2025' plan included expansion in things like EVs, solar power, batteries, sem
Florida has been struck by two big hurricanes this year, setting off a wave of damage and, of course, new insurance claims. As we all know by now, insurance rates in places like Florida, Louisiana, and California have ju
Shares of Boeing, America's biggest aerospace manufacturer, have plummeted 40% so far this year. The company is facing a string of challenges, including fatal crashes of its 737 Max jet, a door blowing off another 737 ai