Making Markets Colossus

In this quarterly recap, Matt turns the mic on Eric to delve into the remarkable performance of Q2, with the S&P up 4% and NASDAQ up 8%. They discuss the ongoing market strength, particularly driven by mega-cap growth companies and AI investment. The conversation covers the complexities active managers face, the unique AI spending cycle, the role of big balance sheets, and significant capital deployment. They also touch on historical market trends, fixed income perspectives, election year influences, and the rise of crypto. Please enjoy this second quarterly recap of 2024.

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
(00:00:41) Active Management Challenges
(00:02:04) AI Boom and Market Dynamics
(00:04:54) Tech Giants and Capital Deployment
(00:08:12) Fixed Income Insights
(00:18:29) Small Cap and International Performance
(00:21:00) Election Year Market Impacts
(00:25:26) Future Market Outlook
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My guest today is Nat Eliason, an internet creator and writer of the new book Crypto Confidential. Nat takes us on his wild journey in Crypto, where he made and lost millions, worked on exciting projects, and suffered through hacks and scams. We also talk about the Olympus project, how he’s built a career on being early and why he’s devoting the next phase to writing. Please enjoy this wide-ranging conversation with Nat Eliason. 

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
(00:01:27) The Crypto Boom and Personal Journey
(00:05:28) Challenges and Setbacks in the Crypto World
(00:09:33) Risk Management and Financial Realizations
(00:12:33) The Olympus DAO Phenomenon
(00:23:51) Marketing and Community in Crypto
(00:26:36) The Rome Cult Movement
(00:27:11) Personal Note-Taking Journey
(00:27:49) The Rise of Rome
(00:30:59) Obsessive Interests and Career Challenges
(00:33:47) Writing and Career Reflections
(00:36:09) Exploring Fiction Writing
(00:44:11) The Dark Side of Crypto
(00:50:26) Current Crypto Market Insights
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My guest today is Richard Teng, the CEO of Binance. As a former regulator in Abu Dhabi, Richard was instrumental in making the city one of the world’s friendliest places for crypto. Today, he leads the world's largest crypto exchange into the post-CZ era. We talk about the painful lesson of the past year, working with regulators and putting the customer first. We also cover the Nigeria incident, the impact of the ETF, and why he’s bullish about the global regulatory outlook for Crypto. Please enjoy this conversation with Richard Teng.

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
(00:01:47) The Growth of Binance
(00:03:21) Crypto Adoption and Regulation
(00:03:50) Binance's Business Model
(00:06:52) Compliance and Regulatory Challenges
(00:19:11) The Role of Media in Crypto
(00:26:13) Global Crypto Adoption Trends
(00:29:28) Surprising Moves in Crypto Adoption
(00:29:50) Superpowers and Crypto Policies
(00:31:01) Emerging Markets and Crypto Challenges
(00:31:30) Nigeria's Crypto Struggles
(00:34:59) Global Crypto Regulation and Cooperation
(00:36:07) US Crypto Market and ETF Impact
(00:37:32) Crypto Trading Dynamics and User Insights
(00:48:00) Crypto Regulation Across the Globe
(00:54:30) Future of Crypto and Binance's Vision
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My guest this week is Phil Huber, the Head of Portfolio Solutions at Cliffwater. The private credit market has exploded recently, with Assets under management reaching a staggering $1.2T last year. I’ve been a little skeptical of this asset class, so I asked Phil to come on and convince me otherwise. We talk about the demand side of the equation, whether we are in a bubble, downside protection, due diligence, volatility and more. Phil also covers his backstory and his unique role at Cliffwater. Please enjoy this conversation with Phil Huber.

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 
(00:01:07) Transition from RIA to Buy Side
(00:02:13) Career Journey and Passion for Alternatives
(00:04:28) Understanding the Role of a CIO
(00:06:55) Evolution of Alternatives in Wealth Management
(00:08:23) Phases of Alternative Investments
(00:10:53) Growth and Demand for Private Credit
(00:15:48) Private Credit Performance and Risks
(00:28:08) Writing and Sharing Knowledge
(00:32:23) Role at Cliffwater and Fund Management
(00:40:07) Phil on The State of the Public and Private Credit Market
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My guest this week is B.B. Abbott. Over the past 25 years, BB has represented some of the generation’s biggest baseball stars, including Chipper Jones, Brian McCann, and past guest Corey Kluber. This was a short but action-packed episode, where we talked about the increasing intensity of childhood athletics, the economics of the player-agent model, and the impact of Name, Image, and Likeness, or NIL on College Baseball. We end up with a fascinating riff on how analytics has enriched scouting. Please enjoy this episode with B.B. Abbott. 

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
(00:01:04) Meet BB Abbott: Baseball's Top Agent
(00:01:48) The Evolution of Youth Sports
(00:02:24) Scouting and Specialization in Baseball
(00:06:14) The Role of Advisors and Agents
(00:08:29) Understanding NIL: Name, Image, and Likeness
(00:11:31) The Legal Landscape of NIL
(00:17:58) The Transfer Portal and Its Implications
(00:20:34) NIL's Impact on Professional Draft Decisions
(00:22:03) Evaluating and Valuing Players
(00:26:39) The Economics of Being a Sports Agent
(00:31:46) The Role of Data and Analytics in Scouting
(00:35:44) Competing in the Sports Agency Industry
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My guest this week is Bob Elliott, 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 Elliott.

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
(00:01:50) 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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