Podcast
Making Markets
Hosted by Colossus | Investing & Business Podcasts · EN
Making Markets explores the psychology and structure that make up markets all over the world. Each week, Eric Golden speaks to experts about a different market so you can see what actually happens when money changes hands. From mainstream stock and bond markets to esoteric niches like vineyards, antique art, and crypto, we explain the transactions that underpin our economy. Visit joincolossus.com to find more episodes, transcripts and a library of content to continue your learning.
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Episodes
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Nik Lentz: UFC Fighter Turned Trader - [Making Markets, REPLAY]
Aug 23, 202400:46:32Tap to summarizeToday, we're replaying my episode with Nik “The Carny” Lentz. It's not every day you talk to a UFC fighter turned trader. And this conversation is both intense and insightful. We start by talking about Nik's journey from a difficult childhood to a UFC career and his philosophy on fighting, parenting, and life. We then cover his move to trading derivatives full-time and his approach to position sizing, risk management, and more. This is a different kind of episode, but one I thoroughly enjoyed listening back to, and I hope you feel the same.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 Show Notes (00:01:39) - (First Question) - Nik’s childhood and how he got into ultimate fighting(00:08:54) - Nik’s mentality when in the cage fighting(00:10:37) - Links between traumatic childhood and becoming a UFC fighter(00:11:48) - How Nik feels about his children potentially fighting in the future(00:13:29) - Nik’s earliest UFC fights and the importance of storytelling in the sport(00:21:35) - Insecurity and work ethic, getting the balance right to be able to perform at the top(00:26:35) - The relationship between drive and motivation and the kind of upbringing you have(00:28:52) - How Nik got into finance and his first moves in the market (00:33:00) - Nik’s development of his own investment process and how he manages risk(00:36:00) - Determining position sizes, when to get in, when to get out. The ratio between Nik’s low-risk trades versus his big swings(00:38:16) - The similarities between gambling and investing, Nik’s opinion on the apparent lack of differentiation (00:40:19) - Nik’s advice to young people looking to get started in investing(00:41:32) - Comparing the ups and downs of UFC fighting versus trading in the markets(00:43:32) - The process of walking away from fighting and whether Nik thinks he will ever walk away from investing Learn more about your ad choices. Visit megaphone.fm/adchoices
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Saurabh Mukherjea: The Case for Investing in India - [Making Markets, EP.42]
Aug 16, 202400:36:50Tap to summarizeMy guest today is Saurabh Mukherjea, the founder and Chief Investment Officer of Marcellus Investment Managers. Saurabh is one of the most articulate fund managers in India, and today, he lays out a compelling case for investing in the country. We start by contrasting India with China and explaining why China receives all the attention despite the much better results from the Indian market. We also cover the bull case for India, the rise of domestic inflows in India, the Indian bond market, and close with a discussion of the risks and the themes Saurabh is excited about over the coming years. Please enjoy this conversation with Saurabh Mukherjea.For the full show notes, transcript, and links to mentioned content, 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 | @ericgoldenxEditing 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(00:01:05) Meet Saurabh Mukherjee: India's Articulate Fund Manager(00:01:18) India vs. China: A Market Comparison(00:01:26) The Rise of Domestic Inflows in India(00:01:33) Challenges and Risks in Indian Markets(00:02:17) Why India is Oversold to American Investors(00:03:59) The Flow of Capital: India vs. China(00:08:30) The Impact of Political Dynamics on Markets(00:09:55) China vs. India: Private Sector Relations(00:11:19) Foreign Direct Investment (FDI) in China and India(00:13:37) Perceptions of Free Market Democracies(00:15:31) Media Influence and Market Trends(00:18:45) The Role of Domestic Investors in India(00:20:19) Wealth Distribution and Investment Trends(00:21:18) Impact of COVID-19 on Market Participation(00:24:16) Regulatory Perspective on Market Growth(00:24:38) Social Shifts Driving Market Trends(00:27:36) Angel Investing Boom(00:28:18) Debt and Corporate Balance Sheets(00:34:31) The Bull Case for India: Key Themes Learn more about your ad choices. Visit megaphone.fm/adchoices
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Herman Narula: Enabling the Metaverse - [Making Markets, EP.41]
Aug 9, 202400:49:18Tap to summarizeMy guest this week is Herman Narula, the CEO of Improbable. Improbable is an ambitious company that is building the infrastructure for an open metaverse. We dive into his vision for the metaverse, the technical requirements, the economic model, the role of blockchain, and more. We also cover the issues with AI regulations and the gaming industry. Please enjoy this conversation with Herman Narula.For the full show notes, transcript, and links to mentioned content, 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 | @ericgoldenxEditing 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(00:01:54) Improbable's Journey and Vision(00:03:28) Challenges and Learnings in Tech and Business(00:05:16) The Evolution of Improbable and the Metaverse(00:08:23) Blockchain and Gaming: A New Frontier(00:18:14) Technical Innovations and Future Prospects(00:24:35) Building Your Own Metaverse Ecosystem(00:24:50) Value Accrual and Business Model(00:25:19) Venture Building and Equity Participation(00:26:01) Unique Experiences and Better Economics(00:26:36) Massive Multiplayer Capabilities(00:28:38) Creative and Social Experiments(00:30:57) Governance and IP Protection(00:36:13) Regulation of Technology and AI(00:45:21) AI in Game Development Learn more about your ad choices. Visit megaphone.fm/adchoices
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Sajith Pai: Unpacking India - [Making Markets, EP.40]
Aug 2, 202400:40:58Tap to summarizeMy guest today is Sajith Pai, a VC at Blume Ventures. Sajith is one of the leading thinkers on India, and today he takes us on a journey to understand this massive, fast-growing, and challenging market. We cover many of the unique features that define the country, such as the lack of trust and the low levels of debt. We also talk about segmenting the Indian consumer, the business models that work in India, the incredible rise of the startup ecosystem, and more.If you want to learn more, I recommend you check out the 10-part Colossus series, Return on India. Please enjoy this episode with Sajith Pai.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 | @ericgoldenxEditing 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) Introduction to Sajith Pai and the Indian Market(00:02:22) Challenges and Opportunities in the Indian Market(00:04:54) Cultural Differences: Trust and Credit in India(00:07:31) The Duopoly Phenomenon in Indian Industries(00:11:01) Comparing India with Other Emerging Markets(00:16:13) The Venture Capital Landscape in India(00:21:24) Indian Consumer Market Dynamics(00:21:54) Built in India for India: Success Stories(00:23:06) Unique Indian Business Models(00:24:48) Built in India for the West: Insights(00:26:49) Government and Regulatory Environment(00:28:56) Investment Landscape and Competition(00:34:29) Exit Opportunities and Challenges(00:37:41) Advice for Indian Founders(00:39:57) Current Market Sentiment Learn more about your ad choices. Visit megaphone.fm/adchoices
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Quarterly Market Recap: Q2 2024 - [Making Markets, EP.39]
Jul 26, 202400:29:40Tap to summarizeIn 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.-----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 | @ericgoldenxEditing 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 Learn more about your ad choices. Visit megaphone.fm/adchoices
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Nat Eliason: The Wild World of Crypto - [Making Markets, EP.38]
Jul 19, 202400:54:47Tap to summarizeMy 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.-----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 | @ericgoldenxEditing 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 Learn more about your ad choices. Visit megaphone.fm/adchoices
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Richard Teng: Binance's Next Chapter - [Making Markets, EP.37]
Jul 12, 202400:56:38Tap to summarizeMy 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 | @ericgoldenxEditing 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 Learn more about your ad choices. Visit megaphone.fm/adchoices
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Phil Huber: The Case for Private Credit - [Making Markets, EP.36]
Jul 5, 202400:43:56Tap to summarizeMy 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.-----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 | @ericgoldenxEditing 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 Learn more about your ad choices. Visit megaphone.fm/adchoices
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B.B. Abbott: Nurturing Tomorrow's Baseball Stars - [Making Markets, EP.35]
Jun 28, 202400:38:04Tap to summarizeMy 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 | @ericgoldenxEditing 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 Learn more about your ad choices. Visit megaphone.fm/adchoices
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Bob Elliott: The Goldilocks Economy - [Making Markets, EP.34]
Jun 21, 202400:53:51Tap to summarizeMy 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 | @ericgoldenxEditing 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 Learn more about your ad choices. Visit megaphone.fm/adchoices
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