Odd Lots

Bloomberg’s Joe Weisenthal and Tracy Alloway take you on a not-so random weekly walk through hot topics in markets, finance and economics.
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We live in a world of generally expensive stock markets and bank equities trading at 30-year lows. So says John Hempton, co-founder of hedge fund Bro…
The amount of negative-yielding debt keeps climbing and now includes bonds issued by emerging market countries and some junk-rated companies. On this…
It's no secret that a lot of the trade tensions between the U.S. and China have centered on technology, and China has accused the U.S. of trying to s…
Last month, Facebook announced it was launching its own cryptocurrency called Libra. Facebook says Libra is going to have all sorts of benefits, incl…
Of all the "Unicorn" startups in recent years, perhaps none induces more skepticism than WeWork. Thanks to its gigantic losses and unusual business p…
There's always bears out there predicting that the stock market will tank. But many of them aren't worth listening to because they're always saying t…
Bitcoin has been around for roughly a decade now, but people have been working on the dream of an anonymous, digital currency for a lot longer than t…
The vast majority of global trade is still denominated in U.S. dollars, making cross-border flows about currencies as much as manufactured goods. On …
There's been a series of historic marches in Hong Kong, with millions of people taking to the streets to protest against an extradition bill that the…
Famous, unique pieces of art are inherently illiquid. They don't sell very often, and pricing is inherently difficult to estimate. Nonetheless, it's …
South Korean boy band BTS is rarely connected to economics, but as the biggest success to come out of K-Pop, it arguably should be. On this week's ep…
Earlier this month, President Trump escalated the trade tensions against China by limiting exports of U.S. technology to Huawei. But what is Huawei, …
Bitcoin has been around for about ten years. But the dream of a decentralized, anonymous digital currency has been around for decades. On this week's…
If you lived in NYC a few decades ago, you probably have heard of Crazy Eddie, an electronics retailer that was famous for its outlandish ads on TV. …
When talking government bond defaults, plenty of people think of Argentina and Greece. But the biggest sovereign debt default of all time was arguabl…
Whenever poker is depicted on a TV show or in a movie there's a lot of emphasis placed on the art and science of reading the physical cues that playe…
Recently, the cryptocurrency exchange Binance delisted a Bitcoin offshoot, causing its price to fall. Crypto’s market structure is still in its early…
No, no, don't worry, the Odd Lots podcast isn't coming to an end. But for actual odd lots -- trades of securities in unusually-sized increments -- it…
There's something wrong with prices in funding and bond markets, according to this week's Odd Lots guest. Zoltan Pozsar is a former adviser to the U.…
In discussions about Modern Monetary Theory (MMT) you often hear that while it may be true that the U.S. has the space to expand its deficits signifi…
These days, everyone is being asked their opinion of Modern Monetary Theory (MMT). And while mainstream pundits and economists universally dismiss it…
There's a problem in many debates about cryptocurrencies and blockchain technology. While many people are inclined to dismiss them as fraudulent ponz…
The online brokerage business burst on the scene alongside the internet bubble of the late 90s, as at-home traders were lured to try their hand at wi…
China is front and center in the news again, thanks to the trade negotiations, as well as the National People's Congress, during which the government…
In mid-October of last year, recreational cannabis became legal in Canada. Of course, there are all kinds of complications with any attempt to introd…
Some of Silicon Valley's biggest unicorns like Uber and Slack are expected to go public this year. But when companies finally pull the trigger and la…
Tech stocks have been all the rage in recent years, and of course there was a huge bubble in tech stocks less than 20 years ago. But it turns out tha…
For years, the key to beating the stock market was to invest a lot in the big tech stocks like Facebook and Apple. But in 2018, they stumbled hard, a…
India is going to have a general election in the months ahead, and so it's important to understand the state of the economy, and what incumbent Prime…
How does the Chinese economy work? What data is the most revealing about where the Chinese economy is headed? On this week's episode of the Odd Lots …
At the heart of government debt is a promise to pay back creditors. But governments sometimes don't do this - either by defaulting on their bonds or …
Bitcoin is now over 10 years old, and by all accounts it's exceeded anything people could've imagined for it. But even at its recent peak, there was …
The last two years have been an extraordinary ride for Bitcoin. It exploded in 2017, with the price nearing $20,000 per coin. Then in 2018 it totally…
After a volatile 2018, few people in the market expect calm to return anytime soon. Politics, the Fed, and trade will continue to be major sources of…
2018 will go down as one of the most pivotal for financial markets since the financial crisis. We saw the return of significant volatility, amid poor…
The biggest macro trend in investing is the rise of so-called "passive investing," as investors shun individual security selection, and instead just …
The past couple months have seen the return of volatility in markets, with the S&P 500 jumping 1 percent last Monday and then falling more than 3 per…
With assets like stocks and bonds, there are clear techniques you can use to value them. But what about currencies? They don't produce cash flows. Th…
Paul Volcker is one of the most famous Federal Reserve chairs of all time. He's now widely-regarded as single-handedly halting a period of severe inf…
For years, a common mantra among corporate executives has been that "the blockchain," the technology underlying Bitcoin and other cryptocurrencies, i…
So-called "unicorns" have become household names in recent years. Multi-billion dollar companies like AirBNB, Uber, and WeWork have become known for …
If there's one person associated with the term "Rogue Trader" it's Nick Leeson, who singlehandedly brought down Barrings Bank in the early 90s, follo…
There's a huge market out there that doesn't get much attention: Eurodollars. These have nothing to do with the euro-dollar exchange rate. Instead, e…
China has a plan for how it wants to transform into a modern economy. But the future of China’s economy is complicated both by internal factors like …
Marijuana stocks have been on a tear, as investors bet on the explosion of a brand new, legalizing market. But beyond the obvious big picture story, …
A little over two years ago, Saudi Arabia revealed plans to IPO part of its huge state-owned national oil company, Saudi Aramco. With a potential val…
David Barse was the CEO of Third Avenue Management when one of its credit funds melted down in late 2015. The collapse of the fund touched off a sign…
What if there were a bank that could never experience a run? And furthermore, what if it paid higher interest rates on deposits than what you could g…
Sixty percent in equities/40 percent in bonds is a popular, general approach to structuring a diversified portfolio. In theory, when times are good, …
On the surface, you might think that accounting is straightforward. You add up all your revenues, subtract your costs, and voila, the difference is h…
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