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Making Markets

Colossus | Investing & Business Podcasts

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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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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 …
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My guest this week is Ben Gordon, the CEO of Fractal. At Fractal, Ben runs a unique strategy, providing farmers with equity capital and investors exposure to a differentiated and uncorrelated asset class. Ben starts by making the case for investing in farmland and explaining why institutional ownership remains low in the category. We then dive into…
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My guest this week is Adam Terry, the co-founder and CEO of Cantrip. A few weeks ago, Aaron Edelheit came on the show and made the pitch for investing in Cannabis Beverages. Today, we talk to one of the leading operators in this space. This was a fun conversation where we really got into the weeds, pun intended, into the science of a very complicat…
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My guest today is Tony Cappell, the Founding Partner at Chicago Atlantic. In 2018, Tony saw an opportunity to do private credit in Cannabis and has since built Chicago Atlantic is the largest lender in the space. We start by talking about the early days of Chicago Atlantic. We then move on to the challenges of underwriting in Cannabis, his views on…
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My guest today is Tom Dunleavy. Tom spent a decade in traditional finance before moving onto Web3. Today he is the Managing Director of the Crypto VC firm MV Global. We start this conversation by exploring the current state of public and private crypto investing. Tom then outlines the process of raising capital, the role of Key Opinion Leaders, the…
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My guest today is Corey Kluber. For those who don’t follow baseball, Corey Kluber was a 3-time MLB all star and one of the great pitchers of the last decade. Today, he takes us on quick tour through his career and what it takes to succeed as an elite athlete. We also talk about the market for athletes, his strong views on childhood athletics, his p…
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My guest today is Nir Kaissar. Nir is the founder and portfolio manager at Unison Advisors and one of my favorite economic commentators/columnists at Bloomberg. Today, he joins us for a wide-ranging discussion on the US economy. We start with the disconnect between the strong economic numbers and the sentiment amongst the population. We then cover …
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My guest today is Aaron Edelheit, the CEO and Portfolio Manager at Mindset Capital. Aaron has spent his career practicing value investing in overlooked industries, like housing after the 2008 recession or Cannabis today. But we start the conversation by talking about another overlooked topic- burnout and the importance of disengaging from work. We …
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Matt turns the mic on Eric for the quarterly recap where they reflect on a strong first quarter for 2024, the secular trends in market and investment structures, navigating the IPO market, and the next generation of investors. Please enjoy this episode of Making Markets. For the full show notes, transcript, and links to the best content to learn mo…
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My guest this week is Brutus Clay. Brutus is the Chairman and CEO of Runnymede Farms, the oldest operating thoroughbred farm in Kentucky. He takes us through the fascinating world of breeding and racing thoroughbreds. We talk about the buy side in this industry and the similarity to Venture Capital and Private Equity. We end by talking about the ho…
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Today we are revisiting this great episode with Jim Bianco, the founder and President of Bianco Research. Jim is well-known on Wall Street for providing macro analysis since the nineties. He takes us through his unique perspective on the economy. We start with his contrarian view on interest rates. We then cover the changes to the economy since COV…
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My guest today is Yossi Levi, better known as Car Dealership Guy, who has quickly become one of the most popular voices in the auto industry. Last year, I spoke to CDG about the US Car Market and the business model of car dealerships. Today's conversation covers Yossi's personal story and media business. We start with a quick overview of his fascin…
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My guest this week is Bored, the pseudonymous Twitter personality who shot to prominence as Bored Elon. Bored spent over a decade in the video games industry, supporting the launch of 100+ game titles, and today, he takes us on a deep dive through the industry. We start by talking about Crypto Gaming, why it’s failed to deliver on its promise, and …
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My guest this week is Jannick Malling. At 13, Jannick was getting paid to make websites. 5 years later, he was an early employee at the high growth broker, Saxo Bank. Today, he’s a serial fintech entrepreneur and the co-founder and co-CEO of Public.com, an investing platform. In this episode, we dive into the brokerage industry. We talk about how n…
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My guest today is Paul Goodrich. Paul has spent his career organizing labor unions and fighting for labor rights. Today, he is the Vice President of Laborers' Union Local 151, a Massachusetts-based labor union for construction workers. In this episode, he makes a persuasive case for why we need labor unions and shows us the nuts and bolts of how th…
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My guest this week is the Anthony Pompliano, better known as Pomp. Pomp is an investor, entrepreneur and one of the biggest media personalities in the world of crypto. In today's conversation, we talk about Pomp’s early career, his evolution as a capital allocator, and how he views public and private investing today. We also talk about his early ca…
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My guest this week is Jim Bianco, the founder and President of Bianco Research. Jim is well-known on Wall Street for providing macro analysis since the nineties. Today, he takes us through his unique perspective on the economy. We start with his contrarian view on interest rates. We then cover the changes to the economy since COVID, such as remote …
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My guest this week is Haseeb Qureshi, managing partner at Dragonfly Capital. From making millions through poker before the age of 21, to going viral for an article on negotiation, to being hired personally by Naval Ravikant to be a crypto VC, Haseeb’s life could be a Netflix movie. We dive into that backstory and all he’s learned about the relation…
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My guest today is Edward Woodford, the CEO and Co-Founder of Zero Hash. Zero Hash builds software that allows businesses to launch crypto products quickly, simply, and compliantly. This is Edward’s second startup, and we start with his backstory before exploring crypto's major use cases like payments, tokenization, remittances, and payroll. We also…
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My guest today is George Robertson. George is a highly interesting and contrarian investor who started on Wall Street way back in 1981. We start this conversation with a few incredible stories from his colorful career. George then makes a compelling case for why the Fed no longer has any power and what’s really happening with the economy. We end th…
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My guest today is David Kalk. David used to run Peter Thiel’s Macro Fund and is currently the CIO of Reflexive Capital where he spends most of his time managing the Crypto-focussed Liquid Trading fund. We start the conversation by asking where we are in the new regime. We then talk about reflexivity and how it applies in crypto. We also cover his t…
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Today Matt turns the mic on Eric for the quarterly recap where they talk all things Bitcoin ETF, a strong fourth quarter for 2023, an interesting kick-off to 2024, and Eric's current outlook on the market (anxiety). Please enjoy this episode of Making Markets. For the full show notes, transcript, and links to the best content to learn more, check o…
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My guest this week is Mark Dow. Mark started his career as an economist with the US Treasury and the IMF before he joined Wall Street. Today, he is the founder of behavourialmacro.com and runs a fund that combines his skillsets as a trader and an economist. In this discussion, we get into why economists are usually bad investors and how Mark approa…
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My guest today is Howard Lindzon. It’s impossible to summarize Howard’s resume, but he’s best known for founding StockTwits and as a private and public market investor. We start this conversation with a hilarious story of his early career at CBS. We then talk about a variety of other topics, like saying no when Fred Wilson brought him the Twitter d…
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My guest today is Eric Jorgenson - the author of two books that I really enjoyed- "The Almanack of Naval Ravikant" and "The Anthology of Balaji." In this conversation, he tells us what he learned from studying these great minds and the experience of writing the two books. We also talk about the spread of anti-capitalistic ideas, techno-optimism the…
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My guest this week is Caroline Taylor. An art valuation expert, Caroline founded the Appraisal Bureau to bring data and analytics to the highly subjective world of art appraisals. We start the conversation with Caroline’s backstory before talking about the appraisal process for both fine art and NFTs and the problem that the Appraisal Bureau is sol…
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My guest today is Michael Lee. Michael is a dealer in rare photographs and the director of Lee Gallery. Today, he takes us on a tour across this under-the-radar market. We talk about the difference between the primary and the secondary market, the buy side, and tastemakers. We also cover his process for finding buyers, pricing inventory and his vie…
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My guest today is Pierce Crosby, the general manager of TradingView. TradingView has become the largest finance website in the world with 50 million users across 180 countries and Pierce takes us through this journey today. We talk about TradingView’s business model and their role in the brokerage industry, which is facing declining margins. We als…
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Today's guest is Brandon Zick, the CIO of Ceres Partners. Brandon grew up on a farm and then worked in finance for a decade. In 2010, he returned to his agrarian roots at Ceres, where he manages a $1.4 Billion fund that invests in farmland. In this episode, Brandon gives us an in-depth look at this unusual asset class, including the supply and dema…
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My guest today is Will Peck. Will is the Head of Digital Assets at WisdomTree, where he oversees the firm’s digital assets, crypto, and blockchain initiatives. After speaking with WisdomTree’s CIO, Jeremy Schwartz, a few weeks ago it was great to explore their digital strategy with Will. We discuss the firm’s digital roots, the complexity around la…
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Today's guest is the anonymous Twitter account CarDealershipGuy, also known as CDG. I was excited for this episode because it combined two of my biggest interests - markets and cars- and CDG did not disappoint. We cover a lot of ground, starting with why car dealerships are such a great business. We then talk about the state of the car market in 20…
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My guest today is Jeremy Schwartz. Jeremy is the Global Chief Investment Officer at WisdomTree. Before joining the group in 2005, he was the Head Research Assistant for Professor Jeremy Siegel and has helped co-author a number of books and papers with him over the years, including his popular "Stocks for the Long Run" book. Since joining WisdomTree…
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Today's guest is 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 …
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This is Eric Golden and my guest this week is by Corey Hoffstein, the Founder and Chief Investment Officer of Newfound Research. Corey offers a fascinating and distinctive take on investing, which we delve into during our discussion. We cover topics like portfolio allocation, diversification and the innovative approach known as Return Stacking. We …
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I'm thrilled to welcome you all to the first episode after the rebranding to Making Markets. This is a wide-ranging discussion on the economy with Samuel Rines - economist, author and managing director of Corbu LLC. We cover where we are in the economic cycle, 'excuseflation', the state of the consumer and the different sectors of the American econ…
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In place of our usual quarterly market recap, we have a special announcement to make. The scope of this show, Web3 Breakdowns, will expand and rebrand to Making Markets. Eric and Matt discuss what is changing, why, and, importantly, what will stay the same. For the full show notes, transcript, and links to the best content to learn more, check out …
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This is Eric Golden. Today we're replaying my conversation with William Quigley. He co-founded one of the earliest consumer VC funds, wrote the first institutional check for PayPal, and helped build the first major stablecoin, Tether. This is a favorite episode of the year, as William combined his lessons from his decades in technology with a stron…
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This is Eric Golden and today we’re going to break down the mechanics behind three major blockchains: Bitcoin, Ethereum and Solana. Blockchain is a term you hear a lot, both in this show and in Web3 more generally. But what do they actually mean and how do they work? That is the subject we’re going to cover today and something I’ve wanted to do for…
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This is Eric Golden, and today we’re replaying one of my favorite conversations with 0xFoobar. Foobar is a developer and investor who writes a must-read newsletter called The Variable. We discuss the tradeoff between privacy and compliance, how culture and law shape each other, and his views on crypto regulation. When I interviewed 0xfoobar 11 mont…
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Today, we're continuing our series of replays this week with the first episode we ever published. Almost two years ago to the day, I sat down with Patrick to talk about the Bored Ape Yacht Club. I hope you enjoy listening back to this episode as much as I did recently and I'll be back with new episodes, including our Q3 recap, very soon. For the fu…
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Today we are revisiting my conversation with Austin Campbell. After my interview with Mike Dudas, I had asked, who is the smartest person I can talk to about Stablecoins? He instantly responded, you need to speak with Austin, and as you'll hear, I think he's right. Austin spent 15 years in traditional finance before managing $22bn of Stablecoin res…
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Hello Web3 listeners, this is a special episode drop. Earlier this year, Eric joined Matt Reustle and Dom Cooke on their Making Media podcast to talk about his experience hosting Web3 Breakdowns. In this episode, you'll hear about the art of interviewing, how long it takes to get better, and a behind-the-scenes look at hosting this show. Making Med…
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This is Eric Golden and my guest today is Nick Neuman, the CEO of Casa. Casa offers crypto users a secure and straightforward way to self-custody their assets, and today, we dive into this critical topic. We talk about the problems of self-custody, Casa’s solution, the recent addition of Ethereum to their platform, and the trade-off between securit…
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This is Eric Golden and my guest today is Jack Neureuter. Jack is a Senior Research Analyst at Fidelity Digital Assets where he helps institutions make sense of the crypto ecosystem. Our conversation centers on three main themes - Bitcoin, Ethereum, and the institutional view on Crypto. We start by talking about where we are in the Bitcoin Cycle. W…
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This is Eric Golden and my guests today are Adam Zarazinski and Cameron Smith of Inca Digital. Inca is a Crypto Data and Analytics company that serves clients ranging from DARPA to banks to crypto exchanges, making Adam and Cameron well versed on a wide variety of topics. Our conversation covers how Inca built a business model on top of open-source…
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This is Eric Golden, and my guest today is Luca Netz. Luca grew up with nothing but made millions before his 25th birthday by building and selling multiple businesses. Two years ago, he spent $2.5M to buy the Pudgy Penguins NFT project and has since turned it into one of the best-run NFT projects in the world. In the episode, Luca explains why the …
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This is Eric Golden, and my guest this week is Alex Thorn. Alex was an early Bitcoin evangelist and former Director of Blockchain Research and Crypto VC at Fidelity. Today, he is the head of research at Galaxy Digital where he consistently publishes some of the most insightful work in the space. Alex starts by telling us how he went from working at…
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This is Matt Reustle and we are back with another quarterly review. I joined Eric to talk about everything that happened in the second quarter of 2023—most of this quarter seemed to focus on regulatory headlines, scrutiny from the SEC, and unexpected rulings in the Ripple case. So we dive into what those mean and what it looks like on the horizon. …
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This is Eric Golden and my guest today is Gary Coover. Gary spent 8 years building Samsung’s innovation arm, Samsung Next, before he was drawn into the Web3 world. Today, he is the Chief Operating Officer of Superlayer, a venture studio focused on building Crypto startups. We start this conversation by analyzing what went wrong in the industry over…
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This is Eric Golden and my guest today is William Quigley. William has had a fascinating career working on the frontier of technology. He co-founded one of the earliest consumer VC funds, wrote the first institutional check for PayPal, and helped build the first major stablecoin, Tether. We start with a quick tour of his career and then dive into t…
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