Money Stuff: The Podcast

Matt and Katie discuss reader mail about tungsten cubes, monthly financial reporting, long-term levered ETFs, the shrinking public markets, betting on onion prices, betting on stock prices, limiting sharp bets, missing expectations and bonds being stupid.See omnystudio.com/listener for privacy information.

Matt and Katie discuss ARK heartbeat (?) trades, IPO allocations, ETFs as widgets, quarterly earnings, barriers to going public, structured notes, installment index puts and Katie’s vacation plans.See omnystudio.com/listener for privacy information.

Katie and Matt discuss the career advantages of losing a billion dollars, wounded lions, hedge fund comp structures and stock prices, Elon Musk’s comp structure, reasons for Tesla to invest in xAI, the New York City mayoral race, insider trading on prediction markets and Polymarket coming home.See omnystudio.com/listener for privacy information.

Katie and Matt discuss the taxation power, IEEPA, tariff refunds, government revenue sharing, voluntary tariffs, alternative/traditional asset manager partnerships, Goldman buying a little bit of T. Rowe, private assets in target-date funds, deal-contingent hedges, private equity becoming the main clients of investment banks (and hedge funds).See omnystudio.com/listener for privacy information.

Katie and Matt discuss Taylor Swift, dating podcasters, the betting markets/financial markets convergence, commodity insider trading, a magical money printing machine, weird preferred stocks, the crypto treasury boom, Money Stuff’s effect on academic tenure, IPO pops, private company pops and security-based swaps.See omnystudio.com/listener for privacy information.

Katie and Matt discuss reader questions about Blooming Onion futures, IPO pops, alternative treasury companies, sports bar hedging, no-penalty CDs, spirit securities, “internet personality” as a career and news anchor vocal training. See omnystudio.com/listener for privacy information.

Katie and Matt discuss Matt's vacation plans, Elon Musk's propensity to ruin them, Musk's new good-faith payment from Tesla, his work schedule, Tesla as a car company vs. Tesla as the future of life, Regulation FD, tone and body language, hedge funds vs. long-only investors, retail corporate access, on-cycle recruiting and the heat death of the universe.See omnystudio.com/listener for privacy information.

Katie and Matt discuss retail private assets, offsetting unicorn closed-end funds, Matt’s infrequent trading in his personal account, FX derivatives, unsophisticated clients, limited upside with unlimited downside, hurricanes, never-pay insurance policies and a call for mailbag questions.See omnystudio.com/listener for privacy information.

Katie and Matt discuss bird gender reveal parties, meme stocks, short squeezes, AI as a distillation of human wisdom, dispersion trades, ETF tax efficiency, heartbeats, everything will be a tokenized ETF, the Qs, ETF marketing budgets and the rule against perpetuities.See omnystudio.com/listener for privacy information.

Katie and Matt discuss search funds, post-MBA career paths, Katie’s future in horse barn ownership, search-fund flips, the Windsurf quasi-acqui-hire deal, Vanguard and Strategy, the function of index funds, owning the global financial portfolio and Perching Square Capital Management’s closed-end fund.See omnystudio.com/listener for privacy information.

Katie and Matt talk about dreams, Jane Street's Indian options trade, XAI, Tesla governance, sports gambling and prediction markets.See omnystudio.com/listener for privacy information.

Katie and Matt talk with Gappy Paleologo of Balyasny Asset Management about gardening leave, what makes a good quant researcher, factor models, the social function of hedge funds, AI and journalists as portfolio managers.See omnystudio.com/listener for privacy information.

Matt and Katie discuss Boomer-candy ETFs, autocallables, private-credit trading, volatility laundering and Mark Zuckerberg's hiring spree.See omnystudio.com/listener for privacy information.

Matt and Katie talk with their guest, Cliff Asness of AQR, about momentum, meme stocks, value, market timing, publishing, academics, explaining factors, how much to charge for alpha, private assets and machine learning. You can also watch this episode on YouTube. See omnystudio.com/listener for privacy information.

Matt and Katie discuss the Michael Saylor vs. Jim Chanos debate, financial gibberish, the mid-2000s federal clerkship hiring plan, private equity recruiting and mid-frequency trading.See omnystudio.com/listener for privacy information.

Katie and Matt discuss Wells Fargo’s asset cap, credit ratings conflicts of interest, private credit controversies in the insurance business, why BBB- is the best rating, Main Line real estate prices, Marshall Wace, hiring cheaters at hedge funds and signals from the sell side.See omnystudio.com/listener for privacy information.

Katie and Matt discuss Katie’s new bird, the legality of tariffs, the TACO trade, rooting for the nondelegation doctrine, implicit guarantees, the money to be made if Fannie Mae and Freddie Mac are re-privatized, stuffing Bitcoins into public companies and owning the global financial asset portfolio.See omnystudio.com/listener for privacy information.

Katie and Matt talk with Ryan Patch and Jon Seale of Great Gotham Challenge about building puzzle hunts for the hedge fund manager who has everything.See omnystudio.com/listener for privacy information.

Matt and Katie discuss leveraging up your 401(k), everyone's love for putting private credit into retirement accounts, mortgages versus margin loans, college finance clubs, travel sports and how to get Elon Musk paid.See omnystudio.com/listener for privacy information.

Katie and Matt discuss Warren Buffett's retirement, his successor at Berkshire Hathaway, his other successor (Bill Ackman), OpenAI's restructuring, Sam Altman's incentives and Medicaid provider taxes.See omnystudio.com/listener for privacy information.

Matt and Katie talk about what Tesla is, splitting the roles of CEO and Technoking, the Musk attention auction, the benefits of not paying attention to X debt prices, and why everyone likes private assets.See omnystudio.com/listener for privacy information.

Matt and Katie talk general craziness, tariffs, Jerome Powell, volatility and predictability, plus Goldman pay, alts managers versus banks, Twenty One and negative Bitcoin per share.See omnystudio.com/listener for privacy information.

Matt and Katie answer reader questions about law firm IPOs, cyber horses, private credit marketplaces, S&P 500 basis ETFs, the option value of personal bankruptcy, names for children/horses/ETFs and ETFs of BDCs.See omnystudio.com/listener for privacy information.

Matt and Katie discuss fake tariff tweets, real tariff Truths, swaps, futures, basis trades and and ETF for shorting leveraged ETFs.See omnystudio.com/listener for privacy information.

Matt and Katie do not discuss tariffs but do discuss meme stock mini-IPOs, the stablecoin business, adult custodians of T-bills, booping some Circle coins, valuing X and xAI, X/xAI synergies, other possible Musk mergers, buying Tesla stock in order to complain about Elon Musk, and what we would do if someone gave us $7 million by mistake.See omnystudio.com/listener for privacy information.

Katie and Matt discuss the Endeavor deal, Carl Icahn, dodging brokers' phone calls, strategic holdings, a baby Berkshire boom, Katie's contact lens reorder, reinvesting crypto winnings in land, real-time-ish private stock prices, OpenAI's lack of stock volatility and distracting stock prices.See omnystudio.com/listener for privacy information.

Matt and Katie answer reader questions about the quality of cocoa beans, who picks the loans in private credit ETFs, whether everything is stupid now, how to work quant hedge fund money laundering into your novel and how to save on financial advisor fees.See omnystudio.com/listener for privacy information.

Katie and Matt discuss appraisal arbitrage, fighting and wrestling, official worries about private credit liquidity and indoor skiing in New Jersey.See omnystudio.com/listener for privacy information.

Matt and Katie discuss Citigroup's fat fingers and confusing computer screen, 23andMe's troubles, serial-killer cousins, ETF sales practices and taking a holistic view of customer service. See omnystudio.com/listener for privacy information.

Katie and Matt discuss Apollo and State Street's private credit exchange-traded fund launch, Bill Ackman's efforts to build his own Berkshire Hathaway, and memecoins as bankruptcy bidding currency.See omnystudio.com/listener for privacy information.

Katie and Matt discuss the fighting over OpenAI, paying for hedge funds' photocopies, whether hedge funds are worth it or you should just buy buffer ETFs, and Microsoft vs. Treasuries.See omnystudio.com/listener for privacy information.

Katie and Matt discuss Vanguard's big mutual fund fee cut, plans for private credit trading and the one glorious day when you could bet on the Pro Football Championship in your brokerage app.See omnystudio.com/listener for privacy information.

Katie and Matt discuss the DeepSeek shock, AI and GDP, Elon Musk's X buyout debt, trading in the dark and double levered Melaniacoin ETFs.See omnystudio.com/listener for privacy information.

Katie and Matt discuss a Vanguard tax oopsie, buffered Bitcoin ETFs, crypto utility, and a hedge fund model calibration oopsie.See omnystudio.com/listener for privacy information.

Matt and Katie discuss how hard it is to make money as a short-focused researcher, how not to get the best rate on a savings account, and whether ESG is about doing good or doing well.See omnystudio.com/listener for privacy information.

Katie and Matt discuss the return of the Fannie Mae and Freddie Mac trade, a business school class project that came true in real life, and taking cocoa out of commodity exchange warehouses.See omnystudio.com/listener for privacy information.

Katie and Matt answer reader questions about their paths into the world of finance, goth closing bell ceremonies, government insider trading, buying shares of other people's houses, "body language," the maximum number of ETFs and Martha Stewart.  Become a Bloomberg.com subscriber using our special intro offer at bloomberg.com/podcastoffer. You’ll unlock deep reporting, data and analysis from reporters around the world, plus access to a suite of subscriber-only newsletters.See omnystudio.com/listener for privacy information.

Katie and Matt discuss insider trading in private companies, the process of generating financial acronyms, supermarket antitrust, the grand reopening party of a Kings supermarket in New Jersey, and MicroStrategy's index inclusion, convertible bonds, and whole deal. Become a Bloomberg.com subscriber using our special intro offer at bloomberg.com/podcastoffer. You’ll unlock deep reporting, data and analysis from reporters around the world, plus access to a suite of subscriber-only newsletters.See omnystudio.com/listener for privacy information.

Katie and Matt talk about levels of financial celebrity, The Onion's efforts to buy Infowars out of bankruptcy, whether DEI is securities fraud, and committing insider trading after getting fired. Become a Bloomberg.com subscriber using our special intro offer at bloomberg.com/podcastoffer. You’ll unlock deep reporting, data and analysis from reporters around the world, plus access to a suite of subscriber-only newsletters.See omnystudio.com/listener for privacy information.

Katie and Matt discuss whether index funds are illegal, whether ESG investing leads to cartel-like profits, whether jury duty for index fund investors is a good idea and whether we are in a golden age for selling private credit firms. Become a Bloomberg.com subscriber using our special intro offer at bloomberg.com/podcastoffer. You’ll unlock deep reporting, data and analysis from reporters around the world, plus access to a suite of subscriber-only newsletters.See omnystudio.com/listener for privacy information.

Katie and Matt sit down with Tracy Alloway and Joe Weisenthal, hosts of the Odd Lots podcast, to discuss their new series on the chicken industry, Ray Dalio’s connection to McNuggets, cheap protein, the Victorian chicken bubble, factory farming and Chicken Libor. You can listen to Odd Lots' Beak Capitalism here, here, and here. Become a Bloomberg.com subscriber using our special intro offer at bloomberg.com/podcastoffer. You’ll unlock deep reporting, data and analysis from reporters around the world, plus access to a suite of subscriber-only newsletters.See omnystudio.com/listener for privacy information.

Matt and Katie discuss the Adani bribery charges, the future of FCPA enforcement, MicroStrategy's Bitcoin strategy and the technology and legality of short squeezes. Become a Bloomberg.com subscriber using our special intro offer at bloomberg.com/podcastoffer. You’ll unlock deep reporting, data and analysis from reporters around the world, plus access to a suite of subscriber-only newsletters.See omnystudio.com/listener for privacy information.

Matt and Katie talk about merger arbitrage, affordable luxury handbags, burrito bowl sizing, securities fraud and double Warren Buffett. Become a Bloomberg.com subscriber using our special intro offer at bloomberg.com/podcastoffer. You’ll unlock deep reporting, data and analysis from reporters around the world, plus access to a suite of subscriber-only newsletters.See omnystudio.com/listener for privacy information.

Matt and Katie discuss the price of garlic, anticompetitive price disclosure, the private credit gold rush and (allegedly) downloading quant models and fleeing the country. Become a Bloomberg.com subscriber using our special intro offer at bloomberg.com/podcastoffer. You’ll unlock deep reporting, data and analysis from reporters around the world, plus access to a suite of subscriber-only newsletters.See omnystudio.com/listener for privacy information.

Katie and Matt talk on Halloween about what election market prices might mean, how to defer taxes and Super Micro's auditors resigning in a huff.See omnystudio.com/listener for privacy information.

Katie and Matt discuss taking tests to buy risky investments, growing up from meme stocks to boring retirement investing, and what happens when ESG funds smoke the occasional cigarette. Become a Bloomberg.com subscriber using our special intro offer at bloomberg.com/podcastoffer. You’ll unlock deep reporting, data and analysis from reporters around the world, plus access to a suite of subscriber-only newsletters.See omnystudio.com/listener for privacy information.

Matt and Katie talk with their first guest, John Collison, the co-founder and president of Stripe, about the financial services business, why payments are hard, what's good about crypto, why IPOs don't matter and how to fly planes.See omnystudio.com/listener for privacy information.

Katie and Matt discuss large ponies, small horses, puzzle hunts, portfolio trading, Jane Street’s lack of a CEO, tax deferral, covered calls and yieldmaxxing.See omnystudio.com/listener for privacy information.

Katie and Matt discuss bond haircuts, literal haircuts, sports gambling, single-stock 0dte gambling and private assets in retirement accounts.See omnystudio.com/listener for privacy information.

Katie and Matt discuss nonprofits, capped-profits, for-profits, chatbot brokers, chatbot ETFs and biblically responsible investing. See omnystudio.com/listener for privacy information.