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Odd Lots

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Bloomberg’s Joe Weisenthal and Tracy Alloway take you on a not-so random weekly walk through hot topics in markets, finance and economics.
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Two Researchers Explain How Quants Are Going To Revolutionize Long-Term Investing

35:38 | Dec 11th, 2017

When we think of computer-driven or "quant" investing, we often think fast moves, algorithms making buy and sell orders at incredibly short timeframes. So in theory, the likes of great long-term investors, like Warren Buffett, should be safe from the...Show More
How Instagram Turned Into a Giant Market for Food

33:58 | May 12th, 2017

Avocado toast, unicorn frappuccinos, and kale salads. Taking photos of your food and putting them on Instagram is a now a huge trend that's transforming markets in more ways than one. In this edition of the Odd Lots podcast we talk about how photogen...Show More
Why President Trump's Move Against Huawei Is Such A Big Deal

32:33 | Jun 3rd

Earlier this month, President Trump escalated the trade tensions against China by limiting exports of U.S. technology to Huawei. But what is Huawei, and why is this such a big deal? On this week's episode, we speak to Dan Wang, a technology analyst a...Show More
Bloomberg Presents "What Goes Up"

30:29 | May 29th

“What Goes Up” is a new show from Bloomberg that tracks the main themes influencing global markets. Hosts Sarah Ponczek and Mike Regan speak with guests about the wildest movements in markets and what they mean for your investments. The show is out n...Show More
Meet The Godfather Of Cryptocurrency

39:27 | May 27th

Bitcoin has been around for about ten years. But the dream of a decentralized, anonymous digital currency has been around for decades. On this week's podcast, we speak with one of the original godfathers of the space, David Chaum, an American cryptog...Show More
Bloomberg and Wondery Present: The Shrink Next Door

12:14 | May 23rd

Marty Markowitz had his share of problems. His parents had recently died. He had troubles at work. A failing relationship. He needed someone to help him through this rough patch in his life. So he decided to get some professional help from a psychiat...Show More
Behind the Scenes of Financial Fraud

36:10 | May 20th

If you lived in NYC a few decades ago, you probably have heard of Crazy Eddie, an electronics retailer that was famous for its outlandish ads on TV. What most people didn't know until after it went public, is that the company was built on financial f...Show More
What the Russian Revolution Can Teach Us About Bond Bubbles

32:08 | May 13th

When talking government bond defaults, plenty of people think of Argentina and Greece. But the biggest sovereign debt default of all time was arguably Russia’s repudiation of debt in 1918, after the Bolshevik revolution. In this episode, we speak to ...Show More
Introducing: Business of Bees

03:06 | May 9th

These days about one in three bites of food you eat wouldn’t be possible without commercial bee pollination. And the economic value of insect pollination worldwide is estimated to be about $217 billion. But as important as bees have become for farmin...Show More
How A Poker Pro 'Reads' His Opponents

32:35 | May 6th

Whenever poker is depicted on a TV show or in a movie there's a lot of emphasis placed on the art and science of reading the physical cues that players give off accidentally when attempting to conceal the motivations behind their bets. Poker pros cal...Show More
What Will Crypto’s Market Structure Look Like?

29:34 | Apr 29th

Recently, the cryptocurrency exchange Binance delisted a Bitcoin offshoot, causing its price to fall. Crypto’s market structure is still in its early days, and the move raises questions around decentralization and the power of exchanges. Alex Gordon-...Show More
The End of An Era for Odd Lots

34:02 | Apr 22nd

No, no, don't worry, the Odd Lots podcast isn't coming to an end. But for actual odd lots -- trades of securities in unusually-sized increments -- it's the end of an era. Some major banks announced recently that they're getting rid of their dedicated...Show More
Introducing "What Goes Up," A New Show From Bloomberg

02:28 | Apr 17th

On this new show from Bloomberg, hosts Mike Regan and Sarah Ponczek speak with expert guests each week about the main themes influencing global markets. They explore everything from stocks to bonds to currencies and commodities, and how each asset cl...Show More
Why Foreign Investors Cooled On U.S. Debt

41:40 | Apr 15th

There's something wrong with prices in funding and bond markets, according to this week's Odd Lots guest. Zoltan Pozsar is a former adviser to the U.S. Treasury turned strategist at Credit Suisse. He argues that sweeping changes in the world's money ...Show More
MMT And Emerging Markets

40:21 | Apr 8th

In discussions about Modern Monetary Theory (MMT) you often hear that while it may be true that the U.S. has the space to expand its deficits significantly, that it doesn't apply to emerging markets. On this week's episode of the Odd Lots podcast, we...Show More
From MMT Advocate To Outspoken Critic

36:55 | Apr 1st

Cullen Roche, the author of the financial blog Pragmatic Capitalism, explains why he went from an adherent of Modern Monetary Theory (MMT) to one of its loudest critics. 
A Critic of Cryptocurrencies Says Bitcoin Needs To Be Burnt With Fire

38:10 | Mar 25th

There's a problem in many debates about cryptocurrencies and blockchain technology. While many people are inclined to dismiss them as fraudulent ponzi schemes, most of those critics aren't particularly well informed by them, so their dismissals are h...Show More
The Evolution Of The Online Brokerage Business

32:02 | Mar 18th

The online brokerage business burst on the scene in the late 90s, as at-home traders were lured to try their hand at winning big in the stock market. These days, investors are inundated with the message that they shouldn't try stock picking, and that...Show More
What's Next For Chinese Trade Talks

34:21 | Mar 11th

China is front and center in the news again, thanks to the trade negotiations, as well as the National People's Congress, during which the government said it would target GDP growth between 6 and 6.5 percent. Brad Setser of the Council on Foreign Rel...Show More
Canada's Cannabis Market So Far

30:28 | Mar 4th

In mid-October last year, recreational cannabis became legal in Canada. Of course, there are all kinds of complications with any attempt to introduce such a new market. On this week's episode, we speak to Craig Wiggins, a member of a trio of analysts...Show More
How To Analyze An IPO

28:06 | Feb 25th

Some of Silicon Valley's biggest unicorns like Uber and Slack are expected to go public this year. But when companies finally pull the trigger and launch their IPOs, what factors should you keep in mind before investing? On this week's Odd Lots podca...Show More
Tech Stock Bubbles In the 17th Century

34:34 | Feb 18th

Jamie Catherwood is an investment analyst at Arthur J. Gallagher & Co. He's also a major financial history buff, and tells us the story of the tech stock bubble in the 17th century, when investors went crazy for schemes that facilitated underwater br...Show More
A Message from The Pay Check

01:23 | Feb 13th

The Pay Check is collecting stories for our upcoming season, and we want to hear from you! Did having a kid change your career trajectory or the way you work? If you have anything you want to share, call and leave us a voicemail at (212) 617-0166. St...Show More
Understanding The Big Tech Stocks

35:14 | Feb 11th

For years, the key to beating the stock market was to invest a lot in the big tech stocks like Facebook and Apple. But in 2018, they stumbled hard, amid a general selloff in the market, concerns about their growth potential, and concerns about regula...Show More
What To Know Ahead Of India's Election

35:14 | Feb 4th

India is going to have a general election in the months ahead, and so it's important to understand the state of the economy, and what incumbent Prime Minister Narendra Modi has accomplished during his five years in office. 
How Does The Chinese Economy Work?

34:48 | Jan 28th

Matt Boesler, an economics reporter for Bloomberg, had the opportunity to report from Beijing for a few months in 2018. He shares with us his experience there, and what he learned from the opportunity. 
The 1MDB Scandal And The Nature of Debt

37:31 | Jan 21st

At the heart of government debt is a promise to pay back creditors. But governments sometimes don't do this - either by defaulting on their bonds or restructuring their debt. How are these decisions made? And what happens to borrowings that governmen...Show More
Making Bitcoin A Currency People Use

32:37 | Jan 14th

Even at Bitcoin’s recent peak, there was very little active use of the cryptocurrency in normal commerce. On this week's episode, we speak with Bitcoin maximalist Pierre Rochard of Bitcoin Advisory on why he's still a believer in the currency, and th...Show More
Introducing "Works For Me," A New Podcast From Bloomberg

03:26 | Jan 9th

On this new show from Bloomberg, hosts Francesca Levy and Rebecca Greenfield navigate the productivity industry by way of their own experiences. In each episode, one of the two becomes a human guinea pig as she tries to solve a specific work-related ...Show More
He Rode The Bitcoin Boom All The Way Up, And Down

34:21 | Jan 7th

The last two years have been an extraordinary ride for Bitcoin. It exploded in 2017, with the price nearing $20,000 per coin. Then in 2018 it totally collapsed. On this week's episode, we speak with Peter McCormack, a bitcoin trader, who bought in at...Show More
This is What Traders Will Be Watching In 2019

24:09 | Dec 31st, 2018

After a volatile 2018, few people in the market expect calm to return anytime soon. Politics, the Fed, and trade will continue to be major sources of uncertainty. And of course there will be numerous events that nobody is thinking about right now. On...Show More
These Were The Most Important Stories for Traders In 2018

25:10 | Dec 24th, 2018

2018 will go down as one of the most pivotal for financial markets since the financial crisis. We saw the return of significant volatility, amid poor returns in several asset classes. On this week's episode, host Joe Weisenthal speaks with Bloomberg ...Show More
How Passive Investing Could Change Capitalism

38:30 | Dec 17th, 2018

The biggest macro trend in investing is the rise of so-called "passive investing." But while this may have advantages for the individual investor, it raises a whole new host of issues, such as elevating the role of index designers, and decreasing the...Show More
The Market's Big Bet on Low Volatility

34:33 | Dec 10th, 2018

The past couple months have seen the return of volatility in markets. On this edition of Odd Lots, we speak to Chris Cole, the founder of Artemis Capital Management and a long-time watcher of volatility. Cole has argued that a lot of the investment s...Show More
How To Analyze The Currency Markets

32:10 | Dec 3rd, 2018

With assets like stocks and bonds, there are clear techniques you can use to value them. But what about currencies? They don't produce cash flows. They don't offer any particular claim on assets. They're all priced relative to other currencies. So ho...Show More
How Paul Volcker Views His Life

28:52 | Nov 26th, 2018

Paul Volcker is widely-regarded as single-handedly halting a period of severe inflation in the U.S. during the late 1970s and early 1980s. But the former chairmen of the Federal Reserve’s reputation wasn't always so secure. So how does he view his le...Show More
Why Blockchain May Never Benefit Corporations

36:01 | Nov 19th, 2018

For years, a common mantra among corporate executives has been that "the blockchain," the technology underlying Bitcoin and other cryptocurrencies, is where the real value lies in the future. But on this week's episode of Odd Lots, we speak to Angus ...Show More
This Is How The Unicorn Bubble Will Burst

35:35 | Nov 12th, 2018

So-called "unicorns" have become household names in recent years. Multi-billion dollar companies like AirBNB, Uber, and WeWork have become known for phenomenal growth, extraordinary valuations, and a general dearth of profits. That means these compan...Show More
Travel Genius, a New Show From Bloomberg

02:35 | Nov 6th, 2018

What’s the most sure-fire way to get a flight upgrade? How can you find the best, secret local restaurants by asking just one question? What's the first thing you should do when you get into a hotel room? On Bloomberg's new podcast Travel Genius, we'...Show More
How The Original Rogue Trader Rebuilt His Life

37:27 | Nov 5th, 2018

If there's one person associated with the term "Rogue Trader" it's Nick Leeson, who singlehandedly brought down Barings Bank in the early 90s, following a series of efforts to cover up bad trades. After the collapse of the bank, he spent time in a Si...Show More
Prognosis, a New Show From Bloomberg

02:16 | Nov 2nd, 2018

Where does a medical cure come from? 100 years ago, it wasn't uncommon for scientists to test medicines by taking a dose themselves. As medical technologies get cheaper and more accessible, patients and DIY tinkerers are trying something similar—and ...Show More
Why Eurodollars Might Be Ground Zero for De-Globalization

35:57 | Oct 29th, 2018

Eurodollars have nothing to do with the euro-dollar exchange rate. Instead, they're effectively a source of dollars that operates outside the control of the U.S. Jeff Snider, Head of Global Research at Alhambra, has a theory that recent market volati...Show More
Coming Soon: The New Economy

02:29 | Oct 24th, 2018

Bloomberg’s head of economics Stephanie Flanders calls on Bloomberg's worldwide network of reporters and expert commentators to cast a fresh eye on looming challenges for the world economy which affect us all.This 6 part podcast combines on the groun...Show More
What Will China’s Economy Look Like In 10 Years?

48:40 | Oct 22nd, 2018

China has a plan for how it wants to transform into a modern economy. But the future of China’s economy is complicated both by internal factors like debt-fueled growth, as well as external challenges like a potentially drawn out trade war with the U....Show More
Coming Soon: The ETF Story

02:22 | Oct 19th, 2018

The creation story of the first exchange-traded fund is actually the best way to understand how they work. And it's not just educational, it's entertaining. Like the PC and the MP3, the story of the creation of SPY -- which turned 30 this year -- is ...Show More
How To Analyze A Marijuana Stock

42:29 | Oct 15th, 2018

Marijuana stocks have been on a tear recently, as investors bet on the explosion of a brand new, legalizing market. But, how should investors actually go about trying to figure out which companies are well run and in a position to profit from this ma...Show More
Saudi Arabia's IPO Drama

33:53 | Oct 8th, 2018

A little over two years ago, Saudi Arabia revealed plans to IPO part of its huge state-owned national oil company. The listing would have been the largest in history and a centerpiece of the Kingdom's efforts to reduce its reliance on oil income and ...Show More
What David Barse Learned From Watching A Credit Fund Blow Up

38:03 | Oct 1st, 2018

David Barse was the CEO of Third Avenue Management when one of its credit funds melted down in late 2015. The collapse of the fund touched off a significant debate about market structure, and the appropriate way to invest in illiquid, distressed secu...Show More
How To Create The Safest Bank In America

49:57 | Sep 24th, 2018

What if there were a bank that could never experience a run? And furthermore, what if it paid higher interest rates on deposits than what you could get at other banks? That sounds pretty good, right? Well it might be possible. On this week's episode ...Show More
What Investors Should Know About The Correlation Between Bonds And Stocks

41:53 | Sep 17th, 2018

Sixty percent in equities/40 percent in bonds is a popular, general approach to structuring a diversified portfolio. In theory, when times are good, your stocks go up, and when times are bad, your bonds go up. But what if the correlation between bond...Show More
A Forensic Accounting Expert Explains How Companies Trick Investors

36:56 | Sep 10th, 2018

Companies have all kinds of discretion in how they recognize revenue and costs. Some of this is legit. Some of this is fraud. On this week's episode of the Odd Lots podcast, we speak with Howard Schilit, an expert in forensic accounting and the autho...Show More
Matt Levine Dissects Elon Musk's Controversial Tweet

32:47 | Sep 4th, 2018

There's been an intense debate about what Tesla CEO Elon Musk meant when he tweeted in early August that he was taking the company private and that funding was "secured.” Bloomberg Opinion writer Matt Levine discusses how securities regulators might ...Show More
The Time One Of Our Co-Hosts Launched His Own Cryptocurrency

27:00 | Aug 27th, 2018

Joe Weisenthal is a co-host of the Odd Lots podcast. He also once launched his own cryptocurrency called Stalwartbucks. On this week's episode, we speak with Guan Yang, who along with Weisenthal helped launch Stalwartbucks in the early weeks of 2014....Show More
An Emerging Markets Fund Manager Describes What's Happening In Turkey Right Now

32:10 | Aug 20th, 2018

Are you confused about the crisis in Turkey? Today's episode will get you cleared up. This week on Odd Lots, we spoke to Paul McNamara, an investment manager at GAM Investments, and a long-term veteran of the emerging markets world. He explained the ...Show More
How Wall Street Started Selling You Financial Products

26:11 | Aug 13th, 2018

Open any financial publication and you'll see ads for investment products: exchange-traded funds, mutual funds, and the like. Those ads can tell you a lot about what investors are currently thinking and feeling about the market. But did you ever wond...Show More
How A Post-Keynesian Economist Sees The Markets Right Now

37:29 | Aug 6th, 2018

Srinivas Thiruvadanthai is the Director of Research at the Jerome Levy Forecasting Center, and one of the most interesting commentators on markets and the economy. He's also an economist who fits into the post-Keynesian school of thought. The post-Ke...Show More
Even The World's Greatest Investors Have Made Horrible Mistakes

31:26 | Jul 30th, 2018

Here's some good news for investors: If you've ever made a disastrous trade, you're not alone. All of the greats have made horrible moves as well. On this week's Odd Lots podcast, we speak to Michael Batnick, the director of research at Ritholtz Weal...Show More
Why Understanding Financial Fraud Is The Secret To Understanding Business

35:39 | Jul 23rd, 2018

If you want to understand how the human body works, you can't just look at healthy humans. You need to examine the ill, so you can see how the body breaks down and where its weak spots are. And so if you want to understand how business works, it make...Show More
How to Listen to What the Market Is Trying to Tell You

38:13 | Jul 16th, 2018

For years, it was pretty quiet in markets. Stocks kept making new highs and volatility drifted to fresh lows. That's changed in recent months and there's now plenty to keep investors busy, including fears of a trade war and signs that the economy be ...Show More
This Is What's Actually Happening When The Government Auctions Bonds

29:19 | Jul 9th, 2018

Thanks to the tax cuts, the U.S. deficit is expected to surge again. And of course that's brought greater attention to the government's semi-regular Treasury auctions. But the government borrowing money isn't like a household borrowing money, and ana...Show More
The Internet Is Secretly Powered By Billions Of Tiny Auctions

33:13 | Jul 2nd, 2018

Everyone knows that online advertising pays for a massive chunk of the internet that people know and love, whether it's social networking sites, news, photo sharing apps, or anything else. But how do the ads get delivered to your desktop or phone? On...Show More
The Creator of VaR Explains How Large Banks Measure The Risk Of Their Own Portfolios

35:38 | Jun 25th, 2018

Earlier this year, markets were spooked by blow-ups in a number of volatility-linked products. But dealing with volatility is the foundation of risk management on Wall Street and there's a particular model that's become pervasive among big investors ...Show More
Meet The Chicago Floor Trader Who Helped Inspire The Tea Party Movement

36:29 | Jun 18th, 2018

A pivotal moment in U.S. political history is when CNBC's Rick Santelli went on a gigantic rant against Obama's stimulus programs while on the floor of the Chicago Board of Trade. The rant is credited by some as having helped galvanize the Tea Party ...Show More
The Inventor Of 'Bond Vigilantes' Explains Why They Just Showed Up In Italy

32:54 | Jun 11th, 2018

Longtime market analyst Ed Yardeni came up with the term "Bond Vigilantes" to describe the way bond market participants can punish governments who run economically irresponsible policies. When Yardeni used it in the 80s, it referred to US fiscal poli...Show More
This Is How The Chocolate Market Actually Works

36:53 | Jun 4th, 2018

When you're eating a chocolate bar, there's a good chance you're not thinking about the complex commodity market that allows cocoa beans to make it into a tasty snack. But obviously cocoa trading is a huge business. On this week's Odd Lots podcast, w...Show More
What the Finance Industry's All-Night Scavenger Hunt Is Actually Like

35:03 | May 28th, 2018

For years, big banks, hedge funds and other investment firms took part in an epic scavenger hunt in New York. Inspired by the 1980 movie, “Midnight Madness,” teams of quants and traders would stay out all night competing to figure out some of the wor...Show More
This Is China's Plan To Be A Technology Powerhouse By The Year 2025

30:36 | May 21st, 2018

The recent trade tensions between the Trump administration and China has shone a light on the country's ambitions to become a technology powerhouse, as one of the complaints is that China unfairly extracts intellectual property from multinationals en...Show More
Inside the Multi-Year Quest to Create a Bitcoin ETF

31:19 | May 14th, 2018

When Bitcoin first began generating headlines, there were some who thought the cryptocurrency was a fraud and others who thought it was the next big thing. Greg King, CEO of Rex Shares LLC, was one of the latter. Like the Winklevoss twins, he set out...Show More
Bonus: The Pay Check, a New Podcast

03:34 | May 9th, 2018

It’s a big, expensive, global mystery. Why do women still make less money—a lot less—than men? In the US, the average woman makes 80 cents to every dollar a man makes. Launching May 9, the Pay Check is an in-depth investigation into what that 20 perc...Show More
This Is How The Paparazzi Business Really Works

29:11 | May 7th, 2018

Everybody probably has some vague idea of what the paparazzi do. They ride around on motorcycles, hounding celebrities, and hopefully snapping photos of them in embarrassing situations. But how do the business and economics really work? How do the ph...Show More
These Stories Of Horse Racing Gamblers Will Get You Psyched For The Kentucky Derby

24:36 | Apr 30th, 2018

The Kentucky Derby is coming up in early May, and it's time to get excited. On this week's Odd Lots podcast, we talk to Bloomberg editor David Papadopoulos, who in addition to his day job has been betting on horses for a long time. In our discussion,...Show More
Why The Entire Way We Talk About Millennials Is Wrong

35:02 | Apr 23rd, 2018

When it comes to millennials, the media has certain tropes that it likes to go back to. Millennials love avocados. Millennials aren't into homebuying. Millennials are always killing off this or that product or service. But what if the consumption len...Show More
We're Nominated For A Webby Award, And We Need Your Help!

02:05 | Apr 16th, 2018

We've been nominated for a Webby Award in the business podcast category, and we need the support of our listeners to help us win. Go online to https://www.webbyawards.com/ and vote now. And thanks for listening!
Why A Florida Orange Grove In 1946 Is The Key To Understanding Regulation Of ICOs

28:15 | Apr 16th, 2018

By now, everyone's heard of ICOs (Initial Coin Offerings) where companies issue their own currency-like tokens. They boomed massively in 2017, alongside the whole cryptocurrency craze. But very few people really get what they are, and how they fit in...Show More
This Is What A Trade War With China Would Actually Look Like

40:31 | Apr 9th, 2018

Recent threats to impose tariffs on Chinese goods, coupled with China's own retaliatory announcements have raised the prospects of a trade war between the world's two biggest economies. But what is a trade war, and what would be the economic ramifica...Show More
An Economist Explains Why Losing Weight Is Kind Of Like Defeating Inflation

37:27 | Apr 2nd, 2018

A lot of people would probably agree that there's something wrong with much of the traditional advice in how to lose weight -- or at least how it's implemented. The economist Miles Kimball has lost weight using a different approach. He's increased hi...Show More
The World's Most Controversial Interest Rate Is Haunting Us Again

31:16 | Mar 26th, 2018

Remember LIBOR? The London Interbank Offered Rate measures the cost of money when banks borrow from each other. It famously blew out during the financial crisis, but for a long time since then it's been dormant. Only lately it's started to creep high...Show More
What It Was Like In The Glory Days Of Trading Currencies In The Pits

38:07 | Mar 19th, 2018

These days, when you think of trading, you think of people sitting at a desk with a bunch of monitors, watching charts, and maybe making decisions based on algorithmic signals. Of course if you imagine a trader a few decades ago, you think of someone...Show More
For The First Time In Years, Why People Are Suddenly Talking About Inflation Again

36:23 | Mar 12th, 2018

For years, nobody seemed particularly concerned about inflation. Outside of a few blips, in the wake of the financial crisis, people have become accustomed to low inflation, and central banks providing ample stimulus to the economy. But suddenly that...Show More
Why The Human Brain Loves To Be Lied To

27:36 | Mar 5th, 2018

In theory, people should want to know accurate facts about the state of the world. In practice, it's not so simple. Because of the way we evolved, and how our brains work, there are often things that we prioritize above the truth (such as fitting in ...Show More
Coming Soon: Decrypted Season 2

02:46 | Feb 27th, 2018

Decrypted returns on March 6th with a brand new season. Here's a sneak peek of what's in store. We'll be releasing new episodes every Tuesday starting next week. 
The NYC Fiscal Crisis Of The 1970s Has Some Important Lessons For Today

33:00 | Feb 26th, 2018

In the 1970s, NYC teetered on the verge of bankruptcy. This crisis lead to the dismantling of the city's generous social safety net. On this week's Odd Lots podcast, we speak to Kim Phillips-Fein, historian and author of "Fear City: New York's Fiscal...Show More
How One Of The Most Profitable Trades Of The Last Few Years Blew Up In A Single Day

29:23 | Feb 19th, 2018

In recent years, one of the easiest ways to make money in this market has been to bet on low volatility. Up until recently, markets have been exceptionally tranquil, and trades predicated on that tranquility continuing have made a fortune. But two of...Show More
Coming Soon: What'd You Miss This Week

02:00 | Feb 12th, 2018

This month, Bloomberg is excited to bring you a brand new show. Every Friday on What'd You Miss This Week, we'll feature the most interesting interviews from Bloomberg's daily market close show, "What'd You Miss" hosted by Scarlet Fu, Julia Chatterle...Show More
Annie Duke Explains How To Apply Poker Skills To Markets And Other Business Decisions

33:18 | Feb 12th, 2018

Anyone who watched poker on TV during the golden age of coverage a few years ago is familiar with Annie Duke. She's one of the most famous poker players of the era, and is one of the winningest women poker players of all time, with 38 money finishes ...Show More
Why One Of The Most Successful Quant Funds Decided To Create Its Own Video Game

31:04 | Feb 6th, 2018

Quantitative finance is red hot. These days, basically everyone (banks, hedge funds etc.) is hiring mathematicians and coders. So what differentiates one quant shop from any other? On this week's episode of the Odd Lots podcast, we speak to Alfred Sp...Show More
How The Opioid Crisis And The Trump Administration Are Changing Middle America's Economy

28:39 | Jan 29th, 2018

If you cover the economy from New York City or Abu Dhabi, it's easy to get caught up in a media bubble. But the U.S. economy is obviously not a monolith. On this week's episode of the Odd Lots podcast, we speak to Jeff Korzenik, the Chief Investment ...Show More
How Radical Demographic Shifts Around The World Are Changing How Assets Are Valued

26:47 | Jan 22nd, 2018

When we think about financial assets, we usually think of their price as being derived from some set of intrinsic characteristics. A stock price may be a function of growth, margins, interest rates, and a few other things. For government bonds, we mi...Show More
This Explains Why Modern Markets Developed Where They Did

29:50 | Jan 15th, 2018

For centuries, markets were highly-personalized things, often controlled by select groups of people who traded based on long-established and closely-knit relationships. Closed networks -- such as merchant guilds in 16th century Europe -- could ensure...Show More
This Is What It Was Actually Like To Live Through The Tech Bubble

28:43 | Jan 8th, 2018

We talk a lot about bubbles on this podcast. Often we talk about them from the perspective of a trader or speculator. But what about the people whose lives get caught up directly in the craziness? On this week's episode of the Odd Lots podcast, we sp...Show More
These Will Be The Big Markets And Economics Stories In 2018

15:29 | Jan 2nd, 2018

On last week's episode of Odd Lots, Bloomberg's Chris Nagi and Matt Boesler gave us their takes for the biggest stories of the past year. So naturally, for this week's episode, we look ahead. Chris and Matt are back in the studio to give us their pre...Show More
These Were The Biggest Markets And Economics Stories of 2017

14:45 | Dec 26th, 2017

The year is over, and now's the time to look back at the big stories of the past year. On this week's episode, we're joined by Chris Nagi and Matt Boesler of Bloomberg News to discuss what they saw as the dominant themes of 2017. For Nagi, it was the...Show More
This Is How Algorithms Impact Every Aspect Of Our Lives, from News to Credit Scores to Stocks

33:08 | Dec 18th, 2017

Algorithms. People talk about them all the time, particularly in relation to markets. But who actually designs them, and what do they do? On this week's episode of the Odd Lots podcast, we speak with Frank Pasquale, a law professor at the University ...Show More
An MIT Professor Explains His Original Theory For How Markets Really Work

29:44 | Dec 4th, 2017

There are two popular schools of thought with regards to how markets work. There's the efficient markets hypothesis (EMH) which says that it's basically impossible to beat the market, because all information is completely priced in at all times (more...Show More
Coming Soon: Trillions, a New Podcast

03:38 | Nov 28th, 2017

Money goes where it's treated best. That simple truth is a big reason why more and more money—trillions, in fact—flows into a powerful, low-cost tool that's quietly transformed investing in recent years. Exchange-traded funds, or ETFs, let you invest...Show More
Why Historic Relationships in Markets Have Been Totally Upended

27:35 | Nov 27th, 2017

This month we saw a small sell-off in markets that got big attention. How did we get to the point where a 1 percent fall in the S&P 500 over the course of a week is huge news? And are we about to enter a time when it becomes much more normal to see m...Show More
The World's Foremost Expert Explains How To Value Stock

32:25 | Nov 20th, 2017

In this age of algorithms and quants, you hear less and less about good old stock picking. You know, like the style of investing associated with Warren Buffet or Benjamin Graham. But that doesn't mean you can't still dive into a balance sheet or cash...Show More
This Is How a Currency Trader Actually Picks What to Buy and Sell

33:25 | Nov 13th, 2017

Most asset classes move in a fairly straightforward manner. They're either going up or down at any given time. But when it comes to currencies it's not that simple. Since they're all traded against each other (the pound vs. the dollar, the pound vs. ...Show More
History Has Some Ominous Warnings for Investors in Initial Coin Offerings

22:23 | Nov 6th, 2017

You can't go a day without hearing about ICOs or Initial Coin Offerings. By taking advantage of a regulatory gap and buzz surrounding cryptocurrencies, companies are raising millions of dollars by launching their own coins. But what's the point of th...Show More
Everything You've Been Taught About How to Value a Stock Might Be Wrong

27:26 | Oct 30th, 2017

Investors are constantly poring over income statements from big companies to figure out whether they should buy or sell the business's stock. But should they bother? In this week's episode, Joe and Tracy talk to Feng Gu, a professor at SUNY Buffalo, ...Show More
ETFs Are Eating the Financial World and They're Not Done Yet

26:35 | Oct 23rd, 2017

By now, almost everyone in financial markets is familiar with ETFs (exchange-traded funds), and how they allow investors to move quickly in and out of a basket of stocks with a few clicks. But perhaps people don't realize quite how revolutionary they...Show More
How One Trader Won Big While Everyone Else Panicked on Black Monday

30:54 | Oct 16th, 2017

On Monday October 19th, 1987, the Dow Jones fell 508 points in a one day crash that will forever be known as "Black Monday". In honor of the 30th anniversary, Joe and Tracy talk to Blair Hull, managing partner of Hull Trading Co., who was actively tr...Show More
What We Can Learn About Market Liquidity By Looking At Everyday Life

33:54 | Oct 9th, 2017

"Liquidity" is one of the most widely-talked about yet least understood concepts in markets. Roughly speaking, a market is liquid if you can transact in it without affecting the price significantly. But there's little agreement about why some markets...Show More
Inside the Changing World of the Sell-Side Analyst

38:38 | Oct 2nd, 2017

The world of sell-side analysts has been upended in recent years with intense competition, new technology and regulation in the form of MIFID. At the same time, many of the issues being faced by the analyst industry are similar to the ones now faced ...Show More
Revisiting The Strange Story Behind the Beanie Babies Bubble

30:51 | Sep 25th, 2017

To wrap up our series on financial bubbles, the Odd Lots podcast looks back at an early episode, focusing on one of the most iconic bubbles of the 20th century: Beanie Babies.Two market bubbles stand out from the late 1990s. Technology stocks that we...Show More
The Baseball Card Bubble Can Tell You A Surprising Amount About How Markets Work

37:34 | Sep 18th, 2017

There's a good chance that if you were a boy in the early 90s that you were a collector of baseball cards. For a few years, the baseball card industry went from being a niche collectible to a massive industry. It was, for a brief period, a legitimate...Show More
How an Austrian Economist Explains The Tulip Bubble

33:14 | Sep 11th, 2017

The tulip bubble is the quintessential bubble. If you want to call something a bubble, just mutter something about tulips, and everybody will know what you're arguing. But what was the tulip bubble, really, and how did it form? To get a unique perspe...Show More
This Is What Happened During The Great Florida Real Estate Bubble

28:45 | Sep 4th, 2017

During the 2008 financial crisis, Florida was an epicenter of the real estate meltdown. But for decades before that, the state has been characterized by booms and busts. In this week's episode of the Odd Lots podcast, we spoke with Arva Moore Parks, ...Show More
This Is What All Great Stock Market Bubbles And Crashes Have in Common

30:41 | Aug 28th, 2017

Markets are at their most exciting when they're in a bubble. Spectacular fortunes can be made and lost in the blink of an eye. So how do bubbles form and end? On this week's episode of the Odd Lots podcast we talk to Scott Nations, the president and ...Show More
What Looking Inside a Bank Archive Can Tell Us About Modern Finance

25:44 | Aug 21st, 2017

Royal Bank of Scotland has been around, in one form or another, for hundreds of years. The company keeps artifacts from its lengthy history in an archive that features everything from a customer ledger kept during the Great Plague and Great Fire of L...Show More
The Biggest Lesson Investors Should Have Learned From the Crisis

39:33 | Aug 14th, 2017

It's been 10 years since the start of the credit crunch that eventually led to the global financial crisis. For many investors, the events of 2007 to 2008 shook their entire understanding of how markets are meant to work. In this week's episode of th...Show More
What Diner's Club Card Reveals About the Nature Of Money

33:12 | Aug 7th, 2017

We use money everyday, but it's rare to actually think about what money is or what it represents. And in fact many of the people who are the closest to it -- academics, traders, etc. -- understand it the least. On this week's episode of Odd Lots, we ...Show More
How The Bond Market Changed During A Veteran Trader's Decades On Wall Street

24:59 | Jul 31st, 2017

Most people have some kind of hazy conception of how the stock market works. Stocks are simple to understand, and there are only so many of them out there to trade. But the bond market is a whole different beast, and in some ways it remains way behin...Show More
What It's Like to Suddenly Become a Bond Manager in the Credit Crisis

22:14 | Jul 24th, 2017

We talk a lot on Odd Lots about the idea of investing. But what's it like to actually have to put money to work in some of the trickiest investing environments in history? David Schawel was an equity analyst who suddenly became the manager of a portf...Show More
Why Wheat is the World's Most Exciting Market Right Now

32:20 | Jul 17th, 2017

Financial markets around the world are stuck in a long period of low volatility and boredom. But one pocket is seeing some wild action -- grains. Spring wheat (a form of high-protein wheat grown in the northern Midwest) has been on a tear, alongside ...Show More
How A Former Wall Street Trader Cracked The World Of Betting On Baseball

29:21 | Jul 10th, 2017

It's no secret that a lot of people in finance like to bet on things. But how many of them take the time to actually beat the house in gambling? On this week's Odd Lots, we talk to Joe Peta, a former Lehman Brothers trader, and the author of "Trading...Show More
Why a Natural Gas Company Is Shaking the World of Islamic Finance

26:11 | Jul 3rd, 2017

Earlier this month, Dana Gas, a UAE-based company, rocked the world of Islamic finance by announcing that one of its Shariah-compliant bonds was, well, no longer Shariah-compliant. On this week's episode of Odd Lots, we speak to veteran Dubai-based j...Show More
This Is What a Real-Life Wendy Rhoades Actually Does

25:35 | Jun 23rd, 2017

On the TV show "Billions," one of the most important characters is Wendy Rhoades, the psychologist at Axe Capital who helps traders get out of their slumps. What viewers may not realize is that the job exists in real life. On this week's Odd Lots, we...Show More
Inside The Booming World of Initial Coin Offerings

27:42 | Jun 16th, 2017

By now everyone's heard of Bitcoin, and probably has an opinion on it. But the world of cryptocurrencies has a new object of fascination: ICOs. Whereas the tech boom in the 90s was characterized by an obsession with IPOs, these ICOs (initial coin off...Show More
The True Story Of America's Catfish Gold Rush

30:19 | Jun 9th, 2017

America has had many well-known booms and busts in its history: Real estate, internet stocks, Beanie Babies... too many to list. But did you know there was once a catfish gold rush? Yep, starting in the 1970s, farmers in the south, in states like Mis...Show More
Why Everyone's Talking About the VIX and 50 Cent

32:01 | Jun 2nd, 2017

For the past few years, everyone in markets has been talking about nothing. Market moves have been subdued and the Chicago Board Options Exchange's Volatility Index, better known as the VIX, recently sank to its lowest in about three decades. We spea...Show More
Poker Legend Phil Hellmuth Has Advice That Traders Should Hear

36:43 | May 26th, 2017

Phil Hellmuth is one of poker's biggest stars. His success is undeniable, as he's won 14 bracelets at the World Series of Poker, more than anyone else. And his outsize personality at the table has earned him the nickname "The Poker Brat." But while H...Show More
What a 150-Year Old Indian Railway System Tells Us About Trade

35:47 | May 19th, 2017

It's no secret that international trade has been criticized lately. But why exactly are countries generally happy to trade within their borders -- from one state or town to another, for example -- but more reluctant to trade across international ones...Show More
How a Fund Manager's Trying to Fix Some of the Mideast's Issues

34:45 | May 5th, 2017

When you think about the Middle East what springs to mind? Perhaps oil, maybe political instability, terrorism or even war. On this week's episode of the Odd Lots podcast we speak to someone who's trying to tackle the region's biggest issues in new a...Show More
One Of The Top Chess Players Talks Computers & Options Trading

39:13 | Apr 28th, 2017

On this week's episode of the Odd Lots podcast, we talk to Hikaru Nakamura, one of the best chess players in the world. Currently ranking in the top seven, Nakamura achieved grandmaster status at a younger age than Bobby Fischer did. These days in ad...Show More
How to Use Pop Music to Forecast the Stock Market

29:43 | Apr 21st, 2017

When most people analyze the stock market, they look at stuff like revenues, earnings, valuations, and economic conditions. But some people like to look at the Billboard music charts or what kinds of films are popular at any given moment. On this wee...Show More
What Happens When Markets As We Know Them Cease to Exist

26:45 | Apr 13th, 2017

What if you woke up tomorrow and found the U.S. stock market was closed for good? That happened to investors in the Russian market after the communist revolution in 1917, leading to huge losses for people who had put their money in what was then one ...Show More
Inside the Hidden Cycles That Rule Markets and Life

41:11 | Apr 7th, 2017

History, as you may have heard, has a tendency to repeat. But does it repeat in ways that are measurable and predictable? We speak with Peter Borish, a veteran investor and trader who is currently chief strategist at the Quad Group. His experience re...Show More
This Is How You Know When the Stock Market Is in a Bubble

30:23 | Mar 31st, 2017

One of the most fascinating market phenomenons is the bubble. When they occur, fortunes are made and lost, and the full spectrum of human emotions, from fear to greed, are on display. But what defines a bubble exactly, and how do you know when you're...Show More
How a Fund Manager Teaches His Kids About Money and Banking

30:47 | Mar 27th, 2017

Plenty of people pay their kids an allowance to teach them the value of hard work and earning money. But our guest on this week’s Odd Lots podcast takes it to the next level. Toby Nangle is a fund manager at Columbia Threadneedle Investments, who als...Show More
What the Berkshires Learned by Launching its Own Currency

30:41 | Mar 24th, 2017

"Buy local" is a mantra that has appeal across the political spectrum. Small communities have preached this gospel for a long time. Our current president advocates a version on a national scale. So how do you put it into practice? One experiment has ...Show More
How the Biggest Bull Market Could Go on for a Whole Lot Longer

29:51 | Mar 10th, 2017

A few weeks ago on the Odd Lots podcast, we talked to Paul Schmelzing, a Ph.D candidate at Harvard, who explained how the bull market in U.S. Treasuries could come to a screeching halt. This week we examine the other side of the debate. Our guest is ...Show More
The Incredible True Story of the Real Life 'Trading Places'

37:27 | Mar 3rd, 2017

If you have any interest at all in finance, then it's mandatory to have seen the 1983 movie "Trading Places." You remember, right? Two wealthy Philadelphia commodity brokers bet on whether anyone, even down-and-out Eddie Murphy, can be trained to bec...Show More
Could Buddhism Save The Global Economy?

29:24 | Feb 24th, 2017

There's a widespread sense that something remains broken in the global economy. Despite a comeback in official measures of economic performance, like GDP and the unemployment rate, there's a widespread sense of disillusionment and discontentment with...Show More
How Poker Explains the Battle of Passive and Active Investing

30:29 | Feb 17th, 2017

Among the biggest trends in the world of markets is the rise of passive investing. Rather than pay high fees to active mutual fund managers (who often fail to beat the market), people are pouring money into passive strategies that track major indices...Show More
Why It's Really Hard to Create a New Currency in a Revolution

28:47 | Feb 10th, 2017

Creating a new form of money is always tough. Will it hold its value? Will people trust it? Will people use it? All these challenges are even tougher if you're in the middle of a political chaos. On this week's Odd Lots, we speak with Rebecca Spang, ...Show More
Why Negotiating a Ransom Is the Trickiest Trade in the World

30:44 | Feb 3rd, 2017

There are all sorts of reasons why markets break down. A lack of trust. Incomplete information. Divergent incentives. A lack of experienced actors. So it's hard to imagine a trickier market than kidnapping. Emotions are running rampant. You know very...Show More
64: Stay in School, Even if You're Planning to Join the Mob

26:58 | Jan 27th, 2017

It's almost a truism that better-educated people earn more money. But suppose you're not interested in a normal job? What if you want to go into the mafia? Well, it turns out that you should still stay in school. On this week's Odd Lots podcast, we s...Show More
63: This Is How Monetary Policy Works in The Islamic State

28:21 | Jan 20th, 2017

The Islamic State is mostly discussed in terms of its threat to the safety and security of the world. But as a geopolitical entity, its leadership has to deal with mundane considerations such as operating a financial system. So how does it work? On t...Show More
62: How The Biggest Bull Market Could Come Crashing Down

27:53 | Jan 13th, 2017

The stock market is currently in one of its longest bull markets ever, but that doesn't hold a candle to what's going on bonds. According to Paul Schmelzing, a PhD candidate at Harvard and a visiting researcher at the Bank of England, you have to go ...Show More
61: Here's What's Going to Happen in 2017

29:16 | Jan 6th, 2017

Welcome to the start of the new year! 2016 defied almost everyone's expectations, but that won't stop us from making predictions for 2017. On this episode of Odd Lots, we're joined by our Bloomberg News colleagues as we look ahead and forecast what w...Show More
60: These Were the Most Interesting Stories of 2016

31:53 | Dec 23rd, 2016

It was quite a year, 2016! Trump and Brexit alone made it one for the history books. But there was more than political upheaval. In this end-of-year episode of Odd Lots, we speak to five reporters and editors from Bloomberg News to find out what they...Show More
59: What Sneakers Can Tell You About How Financial Markets Work

27:20 | Dec 16th, 2016

One of our favorite topics here at Odd Lots is market structure. On multiple occasions, for example, we've talked about how trading bonds is fundamentally different than trading stocks. This week our guest is Josh Luber, who has built a market for a ...Show More
58: Ignore Investing's Mathematical Underpinnings at Your Peril

25:58 | Dec 9th, 2016

What's the optimum amount of money you should bet on a particular outcome? The answer is dictated by mathematics, yet plenty of people still go against the laws of numbers and probabilities when it comes to investing. This week, we speak with Victor ...Show More
57: Was November the Start of a Huge Turning Point In Markets?

27:38 | Dec 2nd, 2016

Something huge happened in November. No, we're not talking about the U.S. presidential election. We mean the worst month in history for the the Bloomberg Barclays Global Aggregate Total Return Index, a bond market index that's more than two decades o...Show More
56: How To Launch Your Own Form Of Money

24:52 | Nov 25th, 2016

By now you've probably heard of Bitcoin. But Bitcoin isn't the only digital currency. In fact, there are hundreds of "altcoins" out there, all of which are different from Bitcoin in varying degrees. One of the hottest new currencies is ZCash, a digit...Show More
55: Here Are The Signs That A Civilization Is About To Collapse

29:15 | Nov 18th, 2016

All great civilizations eventually collapse. It's inevitable. So what are the signs of their demise? On the latest edition of Odd Lots, we speak with Arthur Demarest, a professor at Vanderbilt University who specializes in the end of civilization. De...Show More
54: How Trump Did Something Yellen, Draghi Could Only Dream Of

28:16 | Nov 11th, 2016

There's a lot to process from last week's U.S. election. One surprising thing already is the market reaction. Equities surged following the vote, and interest rates are sharply higher. Market measures of inflation expectations and Fed hikes now sugge...Show More
53: Why We Stopped Trusting Experts

31:05 | Nov 4th, 2016

One could argue that "expert" has become a bad word. People routinely roll their eyes at the advice of experts and sometimes mock them. Perhaps nowhere is this more clear than the Federal Reserve. In the 90s, Alan Greenspan was lauded as the author o...Show More
52: What Math Models of Herding Cows Can Teach Us About Markets

31:53 | Oct 28th, 2016

Investors are often said to exhibit herding behavior when they follow each other into crowded positions — creating market bubbles that are susceptible to sudden pops when everyone begins stampeding for the exit. This week we take the analogy literall...Show More
51: Why Everyone Is Freaking Out About Globalization

34:32 | Oct 21st, 2016

Dani Rodrik, a professor of International Political Economy at Harvard University, was writing about the downside of globalization before it was cool. The rise of Republican presidential nominee Donald Trump, the U.K.'s decision to leave the European...Show More
50: What Slavoj Žižek Would Say About Poker and the Peso

31:56 | Oct 14th, 2016

What does psychoanalytic philosophy tell us about capitalism? In this edition of Odd Lots, we speak to Ole Bjerg, a professor at the Copenhagen Business School. Bjerg studies the work of Slavoj Žižek, a Slovenian philosopher, and also writes about ma...Show More
49: The Man Who Wants to Better Trading by Slowing It (Correct)

36:35 | Oct 12th, 2016

Brad Katsuyama has racked up oceans of newspaper ink since being propelled into the public spotlight as the protagonist of Michael Lewis's book on high-frequency trading, Flash Boys. The 38-year-old co-founder and chief executive of IEX, an exchange ...Show More
48: The Lost History of Financial Market Modernization

28:27 | Oct 3rd, 2016

How is it that stocks are traded on electronic exchanges in the blink of an eye but bonds still trade over-the-counter by phone and sometimes even by fax? Today we discuss one of the most pervasive mysteries of market structure with Chris White, the ...Show More
47: Why it's Time to Stop Using the Word 'Disruption'

28:43 | Sep 23rd, 2016

"Disruption," "incubation," "innovation"... you hear these words nonstop these days as people talk about the incredible changes taking place in society thanks to technology. This week on the Odd Lots podcast our guest tells us we all need to stop. Or...Show More
46: Space Robots Are Helping Hedge Funds Invest

29:20 | Sep 16th, 2016

The most valuable commodity for investors is information, and hedge funds and asset managers are going to great lengths to get it -- even to outer space. This week on the Odd Lots podcast, Tracy Alloway and Bloomberg View columnist Matt Levine are jo...Show More
45: Why A Whistleblower Walked Away From Over $8 Million

34:29 | Sep 12th, 2016

Could you walk away from a reward of over $8 million? The guest on our latest episode of the Odd Lots podcast did just that. Eric Ben-Artzi was a risk officer at Deutsche Bank who concluded that his bank was mis-marking the assets of part of his deri...Show More
44: What a 12-Year Knows About Money That an Economist Doesn't

33:00 | Sep 2nd, 2016

"What is money?" This seemingly simple question has the ability to drive people crazy. Is it a unit of account? Is it something about exchange? Does it have to be blessed by the government or backed by something hard? On this week's podcast, we speak...Show More
43: Seinfeld Can Teach You Everything You Need About Economics

22:15 | Aug 29th, 2016

The hit show Seinfeld is often referred to as the show about nothing, but maybe it's actually a show all about economics. Alan Grant is an associate professor of economics at Baker University and a proprietor of The Economics of Seinfeld, a website t...Show More
The Millennial Generation Is Stagnant And Older People Are Part

27:06 | Aug 22nd, 2016

In developed economies, younger generations have faced stagnant wages, mediocre employment prospects and dizzying costs of homeownership. One culprit: The generations that came before. Policies that helped older generations recieve strong pensions an...Show More
41: Billionaires Help Tell the Story of Brazil's Boom and Bust

32:30 | Aug 15th, 2016

The 2016 Summer Olympics in Rio de Janeiro have been tainted by protests, economic slowdown, and a massive political scandal. In this episode we take a look at Brazil's boom and bust as told through the prism of the country's elite. Alex Cuadros is t...Show More
40: Why Summer Has Just Gone on Sale

21:34 | Aug 8th, 2016

This week is the summer edition of Odd Lots and we're talking about the market forces shaping the price of two essential ingredients for any pool party: inflatable toys and barbecue meat. Bloomberg Reporter Polly Mosendz walks us through the $4 milli...Show More
39: The Insurance Market for Modern-Day Pirates

21:57 | Jul 29th, 2016

This week Odd Lots takes to the high seas to discuss how modern-day pirates in the form of illegal fishers are able to take out insurance policies on their blacklisted boats. We speak with Dana Miller, a marine scientist who published a study last mo...Show More
38: The Fed Made a Massive Mistake Letting Lehman Go

26:30 | Jul 25th, 2016

There's nothing better than financial crisis hindsight and earlier this month we got a big dose of it in the form of a 218-page paper by Laurence Ball, Department of Economics Chair at Johns Hopkins. In the paper, Ball makes the case that — contrary ...Show More
37: Why We Are Increasingly Divided Into Ideological Bubbles

23:53 | Jul 18th, 2016

The result of the U.K.'s Brexit referendum blindsided many and led to acrimonious accusations by supporters on either side of the vote. In the U.S., the rapid rise of Donald Trump and Bernie Sanders as presidential candidates has similarly surprised....Show More
36: How A Quant Saw Huge Changes That Took Place on Wall Street

30:19 | Jul 11th, 2016

Emanuel Derman was one of the pioneers of quantitative finance, having gone from studying physics to working on Wall Street in 1985. His memoir, My Life as a Quant, is a must-read book that tracks the evolution of finance in recent decades as it's be...Show More
36: How A Quant Saw Huge Changes That Took Place on Wall Street

30:19 | Jul 11th, 2016

Emanuel Derman was one of the pioneers of quantitative finance, having gone from studying physics to working on Wall Street in 1985. His memoir, My Life as a Quant, is a must-read book that tracks the evolution of finance in recent decades as it's be...Show More
35: There Was a Huge Opportunity The Night of the Brexit Vote

23:16 | Jul 1st, 2016

In the runup to the Brexit vote polls were mixed. Some showed remain winning. Others showed leave winning. Nonetheless, markets, pundits, and bookmakers always seemed to be pretty sure that remain was going to win. Whoops! In this episode of Odd Lots...Show More
34: The Highway Built by Oil Markets and Political Intrigue

20:53 | Jun 27th, 2016

On this week's episode we take a trip down one particular road on the Gulf peninsula to explore how sudden market shocks — and the political discord that sometimes comes with them — can help shape the physical space around us. In the 1960s, the Middl...Show More
33: How ``Fed Watching'' Became a Thing

25:27 | Jun 20th, 2016

When Federal Reserve Chair Janet Yellen speaks, the world watches — and one group watches especially closely. ``Fed watchers'' have made a career out of analyzing and dissecting the words and actions of Fed policymakers, particularly in the aftermath...Show More
32: The Amateur Activists Who Took On The Foreclosure Machine

27:16 | Jun 13th, 2016

The Great Recession was characterized by a historic and gigantic wave of foreclosures all around the country. Left and right, people were being removed from their homes. But because of the explosion of mortgage securitization -- the slicing and dicin...Show More
31: Welcome Aboard Starship Bank

19:37 | Jun 6th, 2016

David Hendler made his reputation as a bank analyst at the independent research firm CreditSights Inc., foreseeing many of the problems that led to the financial crisis of 2008 and vocally criticizing the "too good to be true" trading profits posted ...Show More
30: How Finance Took Over the World

23:46 | May 27th, 2016

The U.S. spends 8 percent of its GDP on finance -- twice the amount it did 40 years ago, according to economist Brad DeLong. That figure set off a wave of soul-searching recently as commentators asked how ``the financialization of the world'' came to...Show More
29: How an Old-School Chess Shop Survives in Modern New York

25:02 | May 23rd, 2016

At a time when retail sales are dominated by online behemoths like Amazon Inc. and big chain stores, independent brick-and-mortar shops are under growing pressure. Imad Khachan defies the odds to run the Chess Forum in New York's Greenwich Village. H...Show More
28: Finance's Hot New Thing Ended Up In An Old-School Scandal

26:33 | May 13th, 2016

Peer-to-peer lending was supposed to disrupt the traditional way people borrowed money. Instead of going to some giant, soulless institution, online platforms offered a way for people to post what they needed to borrow money for, and for other indivi...Show More
27: Kentucky Derby Edition: Flip This Horse

30:52 | May 4th, 2016

If you're like most people, you only bet on horses once a year, the day of the Kentucky Derby. You might try to cram a little beforehand, bone up about the favorites, and then place an ignorant losing wager. This year can be different! On this week's...Show More
26: How To Make Money By Betting On The U.K.’s Big Referendum

23:06 | May 2nd, 2016

In less than two months, the U.K. will vote on whether to leave the EU in the so-called Brexit referendum. The stakes are potentially massive for the economies of the U.K. and Europe, for the London financial industry and for the British pound. Gambl...Show More
25: Americans Are Miserable, and It's Swaying The Election

28:15 | Apr 25th, 2016

How can you tell whether people in any given country are happy or not? That's the topic we wrestle with on the latest edition of the Odd Lots podcast. First we talk to Peter Atwater of the firm Financial Insyghts about the growing signs that a signif...Show More
24: Meet The Most Important Country Singer in Economics

23:31 | Apr 15th, 2016

Country music lost a legend when Merle Haggard passed away earlier this month at the age of 78. At first glance, there doesn't seem to be much connection between Haggard's music and markets (excluding the fact that he once pined for the days of silve...Show More
23: Iceland Jailed Its Bad Bankers But People Are Still Angry

29:58 | Apr 8th, 2016

Iceland is known for geothermal beauty, fishing and as the birthplace of Bjork. It also made international headlines in 2008 thanks to a banking crisis that tipped the country into recession and reverberated around Europe. Now, Iceland is back in the...Show More
22: The Unbearable Brightness of Being a Shadow Bank

27:51 | Apr 4th, 2016

A high-flying hedge fund manager lost everything back in 2007 after an accounting scandal prompted investors to pull money from his $12 billion fund. Almost a decade later, Dan Zwirn has been cleared of all wrongdoing by U.S. securities regulators an...Show More
21: The Fraught Life of a Dumpster-Diving U.S. Short-Seller

26:03 | Mar 28th, 2016

Short-selling, the practice of betting against stocks by agreeing to sell equities that you don't own, has been in the headlines recently. The share price of Valeant Pharmaceuticals International Inc. has fallen nearly 90 percent from its peak since ...Show More
20: The Time NYSE Floor Traders Tried to Prank President Reagan

27:02 | Mar 21st, 2016

For years, the image of a stock market trader was synonymous with images of Testosterone-fueled traders wheeling and dealing on the floor of big exchanges. But change has swept stock markets in recent years, diminishing their role in everyday trading...Show More
Episode 19: Pow! Pow! El-Erian Talks Central Bank Ammunition

23:39 | Mar 14th, 2016

Asset purchases! Currency devaluations! Low interest rates! Negative interest rates! And... more? The world's central banks have unleashed a torrent of unconventional monetary policy since the 2008 financial crisis, hoping to heal economic wounds and...Show More
Episode 18: The Obscure Report That Spawned the ETF Industry

29:43 | Mar 7th, 2016

In 1987, investors watched in horror as the Dow Jones Industrial Average plunged 22 percent in an event that became known as "Black Monday." Months later, the U.S. Securities and Exchange Commission published an 840-page report into the incident; in ...Show More
Episode 17: How One Analyst Uncovered a $7 Billion Fraud

25:58 | Feb 29th, 2016

In late 2008, as markets tanked thanks the the global financial crisis, two massive Ponzi schemes unraveled. One was the $17.5 billion fraud engineered by Bernie Madoff. The other was the smaller but no less interesting one run by R. Allen Stanford, ...Show More
Episode 16: Making Money When Everyone Else is Losing Theirs

23:19 | Feb 22nd, 2016

Everybody knows by now that a handful of hedge funders made a fortune by betting against housing before the market crashed back in 2008. But, people who bought at the bottom, when everyone else was panicking, also did extremely well. In the latest ep...Show More
How a Rural Irish Farmer Became an Expert on the Euro Crisis

30:43 | Feb 16th, 2016

In theory, anyone with an internet connection can became an expert on just about anything from just about anywhere. In the latest edition of Odd Lots, we speak with Lorcan Roche Kelly, a cattle farmer, and former explosives engineer in rural Ireland ...Show More
Episode 14: The World’s Only Stand-Up Economist

25:07 | Feb 8th, 2016

On today’s episode, we’re taking the “dismal” out of the dismal science by interviewing Yoram Bauman, who bills himself as the world’s only stand-up economist. Join us for a Laffer curve-a-minute romp through the humor of homo economicus. Along the w...Show More
Episode 13: How a Professor Won Gambling on an Obscure Sport

26:39 | Feb 1st, 2016

Episode 13: Everyone dreams of being able to win almost every time when gambling. Of course, whether it's blackjack, horse betting, poker or the stock market, it's really hard to consistently win. But one professor, armed with advanced mathematical k...Show More
Episode 12: How a Consultant Foresaw the 2015 Commodities Crash

24:27 | Jan 25th, 2016

On this episode, co-host Tracy Alloway is joined by Bloomberg Markets reporter Luke Kawa for a journey back in time. As the global elite mingle at the World Economic Forum's annual meeting in Davos, Switzerland, we look back at a WEF gathering five y...Show More
Episode 11: How David Bowie Became a Financial Product

34:02 | Jan 19th, 2016

When the world lost David Bowie this month, it lost one of modern music's undisputed geniuses. Less well-known is Bowie's contribution to the financial world. In this episode of Odd Lots, hosts Tracy Alloway and Joe Weisenthal speak with David Pullm...Show More
Episode 10: How the World Ended Up With a Boring Banana

31:56 | Jan 11th, 2016

This week, we're taking on one of the most fragile commodities markets around. No, it's not oil (though we do get to that later in the program), it's the market for bananas. Dangerously reliant on a single, boring breed of the tropical fruit, banana ...Show More
Episode 9: The 2016 Predictions Episode

23:01 | Jan 4th, 2016

(Bloomberg) -- It’s a new year and a new episode of Odd Lots. Co-hosts Joe Weisenthal and Tracy Alloway have re-stoked our proverbial holiday fire, refilled our wine glasses and are ready to continue our conversation with a newly relaxed group of Blo...Show More
Episode 8: These Were Our Favorite Stories of 2015

23:08 | Dec 28th, 2015

(Bloomberg) -- Gather ‘round the Odd Lots fire. Co-hosts Joe Weisenthal and Tracy Alloway have assembled a collection of Bloomberg News reporters and editors to spread holiday cheer by sharing their favorite market stories and happenings of 2015. We ...Show More
Episode 7: How One Woman Tried To Sound Housing Crash Alarm

23:09 | Dec 21st, 2015

The film “The Big Short” has sparked lots of attention about the origins of the financial crisis and the people who saw it coming. While lot of attention is being paid to a few men who made a fortune on the housing collapse, this week Tracy and Joe t...Show More
Episode 6: Meet The Man Who Made Millions Trading Mules

25:51 | Dec 14th, 2015

This week we're thinking about what it means to be a trader in today's electronified markets and contrast it with trading in the era of horse and buggies. That's right, we're going back in time to talk mule trading and the story of the legendary Ray ...Show More
Episode 5: 6,000 Years of Interest Rates

23:32 | Dec 7th, 2015

(Bloomberg) -- What better way to prepare for what may be the first U.S. rate hike in almost a decade than to tour 6,000 years of interest-rate history? This week, Joe and Tracy speak with NYU Stern finance professor Richard Sylla, co-author of A His...Show More
Episode 4: Can a Hedge Funder Cut Prescription Drug Costs?

20:38 | Nov 30th, 2015

(Bloomberg) -- Hedge-fund manager Kyle Bass has a plan that could cut the high cost of prescription drugs in the U.S. -- and make himself a lot of money. The strategy: Take short positions in a number of pharmaceutical companies while also trying to ...Show More
Episode 3: The Strange Story Behind the Beanie Babies Bubble

23:29 | Nov 23rd, 2015

(Bloomberg) -- Two market bubbles stand out from the late 1990s. Technology stocks that were supposed to make everyone a zillionaire. The other: A series of mass-produced stuffed animals priced at $5 each. Odd Lots hosts Joe Weisenthal and Tracy Allo...Show More
Episode 2: Under the Hood of the $8 Trln Corporate Bond Market

21:06 | Nov 16th, 2015

(Bloomberg) -- It's definitely big and it might be broken. It's the bond market! The corporate bond market, that is. In the second episode of Odd Lots, hosts Tracy Alloway and Joe Weisenthal talk corporate debt with Chris White, the creator of a Gold...Show More
Episode 1: Tom Keene on Mathiness and His Favorite Guitar

22:44 | Nov 6th, 2015

(Bloomberg) -- Tracy Alloway and Joe Weisenthal kick off the Odd Lots podcast by interviewing the legendary television and radio host Tom Keene. On Tom’s mind this week: Fat tail risks, mathiness on Wall Street and how he rediscovered his favorite gu...Show More
The Odd Lots Preview

03:46 | Nov 4th, 2015

(Bloomberg) -- Welcome to Episode Zero of the Odd Lots podcast! Every week, hosts Joe Weisenthal and Tracy Alloway take you on a not-so random weekly walk through hot topics in markets, finance and economics. In this introduction, Joe and Tracy discu...Show More