Podcast
Boxes and Lines
Hosted by Ronan Ryan, John Ramsay · EN
In today's equity markets, the devil’s in the details. This is a podcast for traders, asset managers, and anyone who wants to understand the machinations, politics, and incentive structures underpinning our shared markets.
With irreverence and insight, IEX’s Ronan Ryan and John “JR” Ramsay hold court on market structure with Wall Street’s most savvy market practitioners, sharing their insiders’ view on how Wall Street really works. You'll never trade the same way again.
16episodes
Episodes
Newest firstAll episodes
The Great Wealth Transfer – With Stephanie Luedke
1w ago00:36:35Tap to summarizeWhat happens when $84 trillion changes hands? In this episode of Boxes and Lines, Ronan and JR talk with Stephanie Luedke, Head of Private Wealth at Neuberger Berman, about the forces reshaping wealth management. Stephanie discusses the massive generational transfer of wealth underway between boomers, Gen X, and millennials, how younger investors are changing expectations around values-based investing, and why trust will always remain at the center of financial advice. She also reflects on her unconventional path from aspiring ballerina to finance, women’s shifting presence in financial services in recent years, and the money advice her dad gave her that’s stuck with her years later.
Transcribe →The Secret Is There Is No Secret - With Ben Carlson
3w ago00:32:05Tap to summarizeRonan and JR sit down with Ben Carlson, Director of Institutional Asset Management at Ritholtz Wealth Management, co-host of the Animal Spirits podcast, and author of the new investing book Risk and Reward. The book uncovers one of the hardest truths in investing: there’s no secret formula. Ben gets into how investor behavior matters more than stock picking, how volatility and uncertainty shape decision-making, and why long-term discipline still beats chasing the latest market craze. Plus: pushups as currency.
Transcribe →From the Navy to the NFL to Wall Street with Phil McConkey
May 400:33:37Tap to summarizeRonan's boyhood dreams come true when New York Giant Phil McConkey, who was part of the team's 1986 championship win, stops by Boxes and Lines. Phil entered the financial services world after retiring from the NFL in 1989, later joining Academy Securities where he is now vice chairman. Academy Securities is a disabled veteran-owned and operated investment bank, and nearly half of its employees are military veterans. This includes Phil, who served as a Navy officer and helicopter pilot before joining the Giants at the age of 27. Phil joins Ronan and JR for a wide-ranging conversation about the connections between football and finance, leadership and what it means to fail and get back up - even when you still feel like "the skinny kid from Buffalo."
Transcribe →Retail Nation - Boxes and Lines Lite
Apr 1600:18:20Tap to summarize“Retail investor” used to mean one thing: long-term and passive. Not anymore. In this episode of Boxes and Lines, Ronan and JR unpack how retail trading has grown into a wide spectrum: from traditional hands-off 401(k) investors to 24/7 app-driven traders navigating options, predictions markets, and beyond. Plus: JR goes full “concerned grandfather.” Hit play.
Transcribe →That's Odd! -- Boxes and Lines Lite
Mar 2600:12:10Tap to summarizeWhat is the “best price” and who actually gets to see it? Ronan and JR are talking odd lots (trades smaller than 100 shares) and why they now make up the majority of transactions. Regulatory changes mean that odd lot quotes will be used to compute the NBBO. It’s a deceptively small topic with implications for market transparency and execution quality. Plus: Boston accents, unwanted socks, and Ronan asking at least one “smaht” question.
Transcribe →TD Securities' Reid Noch On What Prediction Markets, Tokenization, and 24/7 Trading Mean for Market Structure
Feb 1800:31:46Tap to summarizeRonan Ryan and John Ramsey are joined by Reid Noch, Vice President of U.S. Equity Market Structure at TD Securities, for a wide-ranging conversation on three of the most talked-about (and most misunderstood) topics right now. Reid walks through how prediction markets are evolving beyond sports betting, why tokenization is as much a regulatory story as a technology one, and how changes in settlement, liquidity, and market hours could reshape participation across retail and institutional trading.
Transcribe →What the Market Knows Before We Do: Dave Nadig on 2026
Jan 2800:34:48Tap to summarizeETF.com's Dave Nadig is back on Boxes and Lines for our annual check-in on what's going to actually matters in markets for the year ahead, even if we never quite get to a formal list of “predictions.” Instead, Ronan and JR talk with Dave about what the last year revealed: record ETF flows and launches, what feels like a wild-west phase of financial innovation, rising speculation, and the blurring line between active and passive investing. They also explore tokenization, regulation, and why ETF plumbing may be sturdier than many critics assume. Social posts:
Transcribe →The Better Halves of Boxes and Lines: A Holiday Special!
Dec 2200:33:31Tap to summarizeIn this very special holiday edition of Boxes and Lines, Ronan and JR once again hand over the mics to the people who know them best (and roast them best), their spouses. Back by popular demand, Kara Ryan and Nick Buzard join the show for a special holiday edition of Boxes and Lines' spouses interviews. This episode features Nick’s incredible recovery after quintuple bypass surgery, the Ryans’ big Antarctica adventure, UFO sightings, ducks, awful gift-giving, in-law stories, and a hopeful toast to 2026. Settle in, grab a drink, and celebrate the close of 2025 with the Boxes and Lines family.
Transcribe →Boxes and Lines Light: The 2025 Year-End Recap
Dec 1200:20:38Tap to summarizeFrom the industry’s sprint toward extended hours to retail’s continued dominance to the ongoing debate around tokenization, Ronan and JR are breaking it all down. Stick around to the end for a beautiful "tribute" to their friendship this year.
Transcribe →Breaking the Rules with the Motley Fool's David Gardner
Oct 200:49:52Tap to summarizeRonan and JR sit down with David Gardner — co-founder of investor education juggernaut The Motley Fool, host of podcast Rule Breaker Investing, and author of a new book by the same title, Rule Breaker Investing: How to Pick the Best Stocks of the Future and Build Lasting Wealth. From getting booed on The View for making a dud stock pick (that later went 30x). to breaking the mold of buttoned-up Wall Street, David shares why optimism and long-term thinking can go far.
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