Odd Lots AMA Episode: Tracy and Joe Answer Listener Questions

Release Date: January 2, 2025

In this special AMA (Ask Me Anything) episode of Bloomberg's Odd Lots podcast, hosts Joe Weisenthal and Tracy Alloway engage directly with their listeners, answering a variety of questions that span the dynamic landscape of finance, markets, and economics. This long-form summary captures the essence of their discussions, highlighting key insights, notable quotes, and the natural flow of conversation that makes this episode both informative and engaging.

1. Introduction to the AMA Format

The episode kicks off with Joe and Tracy expressing their enthusiasm for the AMA format, emphasizing the interactive nature of the show.

• Joe Weisenthal [01:12]: "Tracy, it's time for our annual AMA."
• Tracy Alloway [01:16]: "Episode, the Annual Call In Show. This is my favorite time of the year. Joe."

They discuss the challenges and benefits of fielding listener questions, highlighting the blend of prepared content and spontaneous interaction that defines the AMA sessions.

2. Debating the Value of Cryptocurrency

Listener: Steve from Northville, New Jersey
Question: Proposes a "cage match" debate on the value of cryptocurrency.

Joe and Tracy delve into the complexities of debating cryptocurrency, acknowledging the polarized views surrounding it.

• Tracy Alloway [03:12]: "Steve, that's not a question, that's a request. But you know what, we'll take it."
• Joe Weisenthal [03:50]: "Most debates in public forums are like that. But if we can find the right guests who largely agree on like 99% of premises, maybe that's a good 2025 ambition."

They explore the evolving use cases of crypto and the challenges in maintaining a productive debate environment.

• Tracy Alloway [04:40]: "The use case or the envisioned cryptocurrency always seems to be changing. It makes it incredibly hard to have a reasonable discussion over the use case."

3. Favorite Industries and 2025 Exploration

Listener: Ryan Ross from New Jersey
Question: Asks about the hosts' favorite industries they've explored and their interests for 2025.

Tracy shares her newfound interest in agriculture, tying it to personal hobbies like gardening and a fascination with industrial agriculture.

• Tracy Alloway [06:07]: "One thing I really enjoyed diving into this year was doing a bit more on agriculture. I've become interested in gardening and growing my own food."

Joe expresses a desire to focus on the defense sector in the upcoming year, seeking listeners' input for potential guests.

• Joe Weisenthel [07:20]: "I really want to do more on defense in 2025. I want defense spending, the defense industrial base."

Tracy adds her interest in exploring the fertilizer industry, particularly focusing on the sustainability and impact of fertilizer use.

• Tracy Alloway [07:57]: "I really want to do a fertilizer episode. Like where fertilizer comes from and whether or not all the headlines you see about the land becoming less fertile."

4. Reflecting on Embarrassing Wrong Takes

Listener: Duncan
Question: Inquires about the hosts' most embarrassingly wrong takes over the past five years.

Joe reflects on his misjudgments in the crypto market and economic predictions, while Tracy candidly discusses her previous negative outlook on Bitcoin.

• Joe Weisenthel [08:37]: "I wouldn't have expected inflation to persist and be as elevated as long as it has."
• Tracy Alloway [09:30]: "I probably wrote my last bitcoin obituary in, like, 2017... I've written quite a few before I had my big, like, come to Jesus moment."

They emphasize the importance of adaptability and continuous learning in journalism and financial analysis.

5. Identifying the Most Significant Financial Story of the Year

Listener: Nick from Blue Sky
Question: Asks for the most significant financial story of the year.

Tracy highlights the increasing sophistication of companies in pricing strategies and its implications on public perception and fairness.

• Tracy Alloway [12:27]: "The episode we did a while back on companies getting smarter about how they're pricing their respective products... I think that's the most significant financial story."

Joe outlines three major global stories: the concentration of investments in tech and AI, China's rise as a manufacturing powerhouse, and the destabilizing effects of mobile technology on politics.

• Joe Weisenthel [13:43]: "The incredible rise of China as a manufacturing powerhouse... and the destabilizing effects of mobile technology."

6. AI Models Trained on Journalistic Content

Listener: Daniel from Seattle, Washington
Question: Seeks the hosts' opinions on AI models being trained on journalistic content.

Joe and Tracy discuss the implications of AI training on existing journalistic work, with a pragmatic outlook on technological advancement.

• Tracy Alloway [15:09]: "I feel kind of relaxed about this idea that it trained on basically the entirety of the Internet."
• Joe Weisenthel [15:43]: "I don't think me being upset is going to do very much."

They consider the future of journalism in an AI-driven world and the potential for journalists to develop their own AI tools.

7. Favorite Economists

Listener: Moise from Karachi, Pakistan
Question: Asks about the hosts' favorite economists and why.

Both hosts express admiration for John Maynard Keynes, citing his profound influence on economic theory and his eloquent writing.

• Tracy Alloway [19:00]: "He's like, you know, sort of granddaddy of a modern economics theory... he has some amazing quotes."
• Joe Weisenthel [19:11]: "He's a good writer... He talks about how political shifts can change people's perceptions of the economy."

They discuss Keynes' insights on the interplay between politics and economic sentiment, highlighting the enduring relevance of his work.

8. Exploring the State of the Venture Capital Industry

Listener: Rosalind Luby from Westport, Connecticut
Question: Inquires whether the podcast will tackle the state of the venture capital industry in 2025.

Joe and Tracy affirm their interest in the venture capital sector, referencing recent episodes and expressing intent to delve deeper into its evolving dynamics.

• Tracy Alloway [22:08]: "We were recently in San Francisco and met with a few VCs. We will probably be back next year."

They touch upon factors like rising interest rates, the influx of new entrants post-COVID, and the influence of AI on venture capital strategies.

9. Career Lessons Learned

Listener: Unnamed
Question: Asks about the biggest lessons the hosts have learned from their careers that they wish they had known earlier.

Joe emphasizes the importance of meticulous research and factual accuracy, noting that the most insightful guests are often those who are detail-oriented.

• Joe Weisenthel [24:01]: "There is no substitute for names, dates and places. Having them memorized and using facts upon which to build ideas."

Tracy shares her evolving perspective on journalism, moving from valuing originality to appreciating the synthesis and presentation of ideas in new and accessible ways.

• Tracy Alloway [25:22]: "Being the person to pull it all together the best or explain it the best... not necessarily thinking that just because something isn't 100% new and original, that it's not worth writing."

They collectively highlight the value of continuous learning, adaptability, and the integration of detailed knowledge with broader conceptual understanding.

10. Advice for Young Professionals in Finance

Listener: Unnamed
Question: Seeks advice for young professionals aiming to make a meaningful impact in the financial industry.

Tracy advises aspiring professionals to clearly define their goals and understand the various avenues through which they can make an impact, whether it’s reforming the industry or generating wealth for clients.

• Tracy Alloway [27:12]: "Decide what the goal is... decide what that impact is going to be."

Joe complements this by encouraging young professionals to focus on excelling in their current roles, emphasizing that excellence opens doors and that rigid plans may not account for the unpredictable nature of the industry.

• Joe Weisenthel [28:08]: "Do whatever you're doing right now, try to do it well and that'll... The better you're doing at your job right now, the more likely doors will open for you."

11. Light-hearted Question: Chickens Trading Assets

Listener: Cynthia from Vancouver, Canada
Question: Asks which asset class and trading strategy Tracy would let her chickens trade, and whether they would outperform benchmarks.

Taking a humorous turn, Tracy entertains the whimsical idea of chickens trading "shit coins," suggesting a playful approach to asset selection.

• Tracy Alloway [29:05]: "I think chickens trading a variety of shit coins would be an interesting one."

Joe humorously recalls an anecdote about training chickens to trade, though he admits to possibly "hallucinating" the story.

• Joe Weisenthel [29:49]: "Maybe we should stop taking questions."

This segment adds a light-hearted conclusion to the AMA, showcasing the hosts' ability to balance serious financial discourse with moments of levity.

12. Conclusion

As the episode wraps up, Joe and Tracy thank their listeners for their engagement and contributions, expressing their excitement for future AMA sessions. They encourage listeners to leave positive reviews and subscribe to the podcast for more insightful discussions.

• Tracy Alloway [30:12]: "Thank you everyone so much for listening to Odd Lots this year."
• Joe Weisenthel [30:55]: "If you enjoy Odd Lots... please leave us a positive review on your favorite podcast platform."

They also promote upcoming events and sponsorships, ensuring listeners stay connected with the Odd Lots community.

Notable Quotes:

• Joe Weisenthel [24:01]: "There is no substitute for names, dates and places. Having them memorized and using facts upon which to build ideas."
• Tracy Alloway [25:22]: "Being the person to pull it all together the best or explain it the best... not necessarily thinking that just because something isn't 100% new and original, that it's not worth writing."
• Joe Weisenthel [28:08]: "Do whatever you're doing right now, try to do it well and that'll... The better you're doing at your job right now, the more likely doors will open for you."

This AMA episode of Odd Lots offers a comprehensive look into the minds of two leading financial journalists as they navigate listener inquiries with expertise and personality. Whether dissecting complex topics like cryptocurrency debates and AI’s impact on journalism or sharing personal career lessons, Joe and Tracy provide valuable insights that resonate with both seasoned professionals and curious newcomers in the financial world.