The Puck: Venture Capital and Beyond

Jim Baer

The Puck: Venture Capital & Beyond showcases the innovative forethought that defines the venture capital world. Join us as we follow the puck and explore what this community has to offer. Listen as we have in-depth conversations, gaining insights and lessons from well-established VCs, entrepreneurs, and other leading technology experts. We will learn about their successes, challenges, and how they got to where they are today. Along the way we will discover what investors most look for in who they invest in and what to avoid when making your pitch. We will also follow industry leaders to understand the cutting-edge technologies and trends that continue to shape our world.

  1. Episode 114: Doug Noland

    15H AGO

    Episode 114: Doug Noland

    Is the largest financial bubble in history hiding in plain sight? In this episode of The Puck, Jim Baer sits down with veteran market analyst Doug Noland, a longtime chronicler of credit cycles and financial bubbles. Noland argues that today’s risks aren’t just about stocks, crypto, or housing—they’re embedded in the very structure of the global financial system. Drawing on more than three decades of analysis, Noland explains how modern finance has shifted from traditional bank lending to a complex web of hedge funds, repo markets, shadow banking, and government-backed liquidity. The result, he argues, is a global credit system fueled by leverage and speculative liquidity that may now be approaching a dangerous turning point. The conversation explores how hedge funds are using massive leverage in Treasury markets, why private credit and “shadow banking” have become central to the economy, and how AI financing could represent the next stage of speculative lending. If liquidity begins to unwind, the consequences could ripple through markets, private credit, real estate, and technology investment simultaneously. Jim and Doug also examine the difficult policy trap facing central banks: print more money and risk inflation—or tighten conditions and trigger a broader credit unwind. Whether you believe a crisis is imminent or not, this episode offers a deep look at how modern financial systems actually work—and why the next disruption could be very different from the last one.

    44 min
  2. Episode 113: Mark Zandi of Moody's

    FEB 19

    Episode 113: Mark Zandi of Moody's

    What happens when record stock prices meet record government debt — and nobody really knows what’s under the hood? This week on The Puck, Jim Baer sits down with Mark Zandi, Chief Economist at Moody's Analytics, for a wide-ranging conversation on bubbles, private credit, shadow banking, AI exuberance, and the growing tension inside the Treasury market. Zandi explains: - Why today’s equity valuations are historically stretched - Whether AI enthusiasm is becoming institutionalized speculation - How serious the private credit and shadow banking risks really are - Why commercial real estate and crypto may be deflating “gracefully” - The real fragility inside the U.S. bond market - Whether government debt is manageable — or quietly destabilizing Is the economy stronger than it looks? Or more fragile than we think? A thoughtful, honest debate about systemic risk, fiscal reality, and what could derail 2026.

    42 min
  3. Episode 112: Bill Gurley

    FEB 12

    Episode 112: Bill Gurley

    What do most people regret at the end of their careers? According to legendary venture capitalist Bill Gurley, it’s not the failures — it’s the risks they never took. In this wide-ranging episode of The Puck, Jim Baer sits down with Gurley — longtime Benchmark partner, early Uber board member, and author of Running Down a Dream — for a candid conversation on boldness, bubbles, AI speculation, venture capital cycles, and America’s structural challenges. Gurley reflects on: - Why “boldness regret” weighs heavier than failure - How to turn passion into mastery — and why most people don’t - The resume arms race and why young people feel trapped - AI: real revolution or speculative excess? (Hint: both) - Venture capital’s evolution — from discipline to burn-at-all-costs - Why five-year AI forecasts may set companies up to stumble - Regulatory capture in healthcare and education - State-by-state competition as America’s hidden advantage From Austin’s music scene to Silicon Valley’s capital cycles, Gurley delivers battle-tested insights from decades at the center of tech’s biggest waves. If you care about careers, markets, AI, or the future of the U.S. economy, this episode is essential listening.

    51 min
  4. Episode 111: Jimmy Wales

    JAN 8

    Episode 111: Jimmy Wales

    What does it take to build trust on the internet—at global scale? In Episode 111 of The Puck: Venture Capital & Beyond, Jim Baer sits down with Jimmy Wales, co-founder of Wikipedia, to explore why trust—not technology—is the true foundation of open systems. Wales reflects on Wikipedia’s evolution from a scrappy experiment into one of the most trusted information sources in the world, and why neutrality, transparency, and purpose matter more than algorithms or scale. The conversation centers on ideas from his new book, The Seven Rules of Trust, including how institutions earn trust, how they lose it, and what it takes to build systems that last. Baer and Wales also dive into: Why trust across journalism, politics, and business is collapsing How Wikipedia governs bias without a single “editor-in-chief” The role of funding models in preserving independence Why AI systems struggle with transparency and attribution What the decline of local journalism means for democracy How open debate—done fairly—can be a path toward social cohesion In a world increasingly shaped by algorithms, outrage, and information overload, this episode offers a sober, thoughtful look at how trust is built—and why it remains indispensable.

    53 min
  5. Episode 110: Jack Goldstone

    12/10/2025

    Episode 110: Jack Goldstone

    In this episode of The Puck, Jim Baer sits down with Jack Goldstone—the Hazel Chair Professor of Public Policy at George Mason University and one of the world’s foremost scholars on revolutions and social change. Goldstone has advised the National Intelligence Council, the World Bank, and the U.S. State and Defense Departments. His latest book, Revolutions: A Very Short Introduction, distills decades of research into why societies unravel—or endure. Jim and Jack explore how rising debt, political polarization, elite fragmentation, and declining public trust mirror the early stages of historic revolutionary periods. They discuss China’s global ambitions, the impact of social media algorithms, the stagnation facing America’s working class, and what it would take to restore stability and rebuild a shared national purpose. Goldstone offers a candid assessment of where the U.S. stands in 2025—and why compassionate, unifying leadership will be essential to avoid deeper turmoil. A wide-ranging and timely conversation about the forces reshaping democracy, the risks ahead, and the paths that might still lead America toward renewal.

    54 min
  6. Episode #109 — Vincent Deluard: Fiscal Dominance, Inflation Waves & the Future of the U.S. Economy

    11/25/2025

    Episode #109 — Vincent Deluard: Fiscal Dominance, Inflation Waves & the Future of the U.S. Economy

    Global macro strategist Vincent Deluard joins Jim Baer for a direct, data-driven conversation about the new economic regime taking shape in the U.S. and around the world. Deluard explains why fiscal dominance now outweighs monetary policy, why inflation is proving sticky, and how generational inequality, asset bubbles, and rising deficits are reshaping politics and markets. A concise, unfiltered look at the forces shaping the next decade of markets, democracy, and everyday life.

    52 min
  7. Episode 108: Matthew Continetti on Conservatism’s Next Chapter

    11/06/2025

    Episode 108: Matthew Continetti on Conservatism’s Next Chapter

    On this week's episode, Jim talks with Matthew Continetti about the real story of the American Right—how conservatism evolved, why populism exploded, and what’s coming next. Sharp history, clear analysis, and a roadmap for understanding today’s politics.

    52 min
  8. Episode 107: Francis Fukuyama Revisits The End of History

    10/16/2025

    Episode 107: Francis Fukuyama Revisits The End of History

    Jim Baer talks with Francis Fukuyama — author of The End of History and the Last Man — about the fragility of liberal democracy in an age of rising authoritarianism and deepening polarization. They discuss political decay in the U.S., geopolitical threats from Russia and China, and the outsized influence of social media. Fukuyama also shares a practical vision for rebuilding effective governance through an “abundance agenda” that cuts through gridlock and proves democracy can still deliver.

    43 min
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4.9
out of 5
32 Ratings

About

The Puck: Venture Capital & Beyond showcases the innovative forethought that defines the venture capital world. Join us as we follow the puck and explore what this community has to offer. Listen as we have in-depth conversations, gaining insights and lessons from well-established VCs, entrepreneurs, and other leading technology experts. We will learn about their successes, challenges, and how they got to where they are today. Along the way we will discover what investors most look for in who they invest in and what to avoid when making your pitch. We will also follow industry leaders to understand the cutting-edge technologies and trends that continue to shape our world.

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