Making Markets Colossus

My guest this week is Bob Elliot, the CIO of Unlimited Funds. Before Unlimited, Bob was on the investment committee at Bridgewater and led Ray Dalio’s personal research team for a decade. I’m a big fan of Bob’s work and his twitter account and was excited to talk to him on all things Macro. We start by diving into the current market cycle and the US deficit, inflation and bond yields. Bob then explains the Fed’s reaction function and why he believes they are working with the wrong framework. We end by talking about gold, bitcoin, housing, commercial real estate and private equity. Please enjoy this conversation with Bob Elliot.

For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE.
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Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes.
Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.
Follow us on Twitter: @makingmkts | @ericgoldenx
Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).

Show Notes
(00:00:00) Welcome to Making Markets
(00:01:50) Understanding the Goldilocks Economy
(00:02:55) Comparing Economic Cycles
(00:04:02) Income-Driven Expansion Explained
(00:08:14) Wage Inflation Dynamics
(00:09:43) Impact of Asset Prices on Inflation
(00:16:18) Government Deficits and Economic Growth
(00:21:24) Federal Reserve's Role and Challenges
(00:26:58) The Role of Forward Guidance in Federal Reserve Policy
(00:27:44) Volatility and Misleading Predictions
(00:28:45) Market Reactions and Fed's Influence
(00:30:26) Understanding the Fed's Reaction Function
(00:31:53) Stock Market Dynamics and Earnings Growth
(00:33:17) The Case for Gold in a Portfolio
(00:38:46) Bitcoin vs. Gold: A Comparative Analysis
(00:41:34) Monetary Policy and Asset Correlations
(00:43:07) Housing Market Trends and Challenges
(00:45:12) Commercial Real Estate and Private Equity Concerns
(00:50:12) Market Consensus and Hedge Fund Strategies
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My guest this week is Ben Gordon, the CEO of Fractal. At Fractal, Ben runs a unique strategy, providing farmers with equity capital and investors exposure to a differentiated and uncorrelated asset class. Ben starts by making the case for investing in farmland and explaining why institutional ownership remains low in the category. We then dive into Fractal’s business model, what a typical deal looks like and where they fit in the agricultural capital stack. If you’re interested in this topic, I also recommend listening to our earlier episode called “Harvesting Alpha through Farmland.” Please enjoy this episode with Ben Gordon.

For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE.
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Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes.
Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.
Follow us on Twitter: @makingmkts | @ericgoldenx
Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).

Show Notes
(00:00:00) Welcome to Making Markets
(00:01:53) The Appeal of Farmland Investments
(00:04:23) Challenges and Opportunities in Farmland
(00:10:22) Fractal's Unique Business Model
(00:15:58) Investor Insights and Tax Benefits
(00:21:48) The Impact of Technology on Agriculture
(00:23:50) Farmland and ESG Investing
(00:26:23) Fractal's Vision and Strategy
(00:28:11) Scaling and Risk Management in Farmland Investments
(00:33:17) Historical Performance and Market Dynamics
(00:43:27) The Future of The Market for Farmland 
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My guest this week is Adam Terry, the co-founder and CEO of Cantrip. A few weeks ago, Aaron Edelheit came on the show and made the pitch for investing in Cannabis Beverages. Today, we talk to one of the leading operators in this space. This was a fun conversation where we really got into the weeds, pun intended, into the science of a very complicated plant and an equally complex regulatory landscape. We also talked about the vision for Cantrip and how Adam aims to build a defensible and valuable business. Please enjoy this conversation with Adam Terry.

For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE.
-----
Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes.
Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.
Follow us on Twitter: @makingmkts | @ericgoldenx
Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).

Show Notes
(00:00:00) Welcome to Making Markets
(00:01:40) The 2018 Farm Bill and THC Drinks
(00:06:38) Understanding Delta 9 and Delta 8 THC
(00:10:00) THC vs. CBD: Key Differences
(00:13:57) Natural vs. Synthetic Cannabinoids
(00:16:42) The Rise of THC Beverages
(00:21:25) Regulatory Challenges and Market Growth
(00:25:29) Cantrip's Production Process
(00:27:17) Challenges in Dispensary Product Regulations
(00:28:41) The Complexity of Beverage Production in Dispensaries
(00:30:45) Regulation of Alcoholic Beverages vs. THC Drinks
(00:34:00) Market Dynamics and Brand Building in THC Beverages
(00:40:57) Cantrip's Customer Demographics and Product Strategy
(00:46:51) The Future of The Cannabis and Beverage Industry
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My guest today is Tony Cappell, the Founding Partner at Chicago Atlantic. In 2018, Tony saw an opportunity to do private credit in Cannabis and has since built Chicago Atlantic is the largest lender in the space. We start by talking about the early days of Chicago Atlantic. We then move on to the challenges of underwriting in Cannabis, his views on the industry and on competition from other lenders. We end with a discussion on the overall private credit market. Please enjoy this conversation with Tony Cappell. 

For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE.
-----
Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes.
Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.
Follow us on Twitter: @makingmkts | @ericgoldenx
Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).

Show Notes
(00:00:00) Welcome to Making Markets
(00:02:31) Entering the Cannabis Private Credit Market
(00:04:54) Challenges and Opportunities in Cannabis Lending
(00:08:12) Market Segmentation and State Regulations
(00:11:51) Credit Risk and Market Dynamics
(00:15:12) The Life Cycle of A Cannabis Deal
(00:20:12) Diversification Across State Regulations
(00:23:47) Brand Power and Regulatory Concerns
(00:28:13) Impact of 280E and Rescheduling
(00:33:13) Private Credit and Investment Strategies
(00:36:44) Challenges and Opportunities in Cannabis Lending
(00:45:12) Private Credit Market Outlook
(00:50:31) Entering Into an Agreed Asent in Cannabis Investing
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My guest today is Tom Dunleavy. Tom spent a decade in traditional finance before moving onto Web3. Today he is the Managing Director of the Crypto VC firm MV Global. We start this conversation by exploring the current state of public and private crypto investing. Tom then outlines the process of raising capital, the role of Key Opinion Leaders, the meta-use case of crypto and the implications of on-chain liquidity. We then close on the regulatory environment in the US. Please enjoy this conversation with Tom Dunleavy. 

For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE.
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Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes.
Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.
Follow us on Twitter: @makingmkts | @ericgoldenx
Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).

Show Notes
(00:00:00) Welcome to Making Markets
(00:01:15) Exploring the Dynamics of Public and Private Crypto Investing
(00:06:49) Unpacking the Process of Raising Capital in Crypto
(00:14:01) The Role of Key Opinion Leaders (KOLs) in Crypto Funding
(00:19:49) Evaluating Different Sources of Capital
(00:25:31) The Growing Theme of Chain Abstraction
(00:29:59) Navigating the Regulatory Landscape and the Future of Crypto
(00:33:51) The Political Nature of Crypto
(00:27:10) The Next Catalyst For Crypto
(00:40:41) Final Thoughts and the Road Ahead for Crypto
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My guest today is Corey Kluber. For those who don’t follow baseball, Corey Kluber was a 3-time MLB all star and one of the great pitchers of the last decade. Today, he takes us on quick tour through his career and what it takes to succeed as an elite athlete. We also talk about the market for athletes, his strong views on childhood athletics, his plans for the future and more. As a Boston resident, it was an honor and privilege to interview a former star from the Boston Red Sox. Please enjoy this episode with Corey Kluber.

For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE.
-----
Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes.
Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.
Follow us on Twitter: @makingmkts | @ericgoldenx
Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).

Show Notes
(00:00:00) Welcome to Making Markets
(00:03:16) The Evolution of Youth Sports and Parental Pressure
(00:04:06) College Athletics, Scouting, and the Draft Process
(00:11:53) Navigating the Professional World: Agents and Contracts
(00:16:04) The Impact of NIL on College Sports and Beyond
(00:19:25) Economics of Being a Pro Baseball Player
(00:22:00) The Mindset of a Professional Athlete
(00:24:08) Insights into Player Perspectives and Offseason Dynamics
(00:32:02) Transitioning from Professional Sports to Retirement
(00:33:33) Media Relations and Athlete Narratives
(00:35:04) Improving Baseball's Appeal and Pace of Play
(00:40:27) The Future of Baseball and Labor Relations
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