1 00:00:10,080 --> 00:00:13,360 Speaker 1: Hello, and welcome to another episode of the All Thoughts Podcast. 2 00:00:13,480 --> 00:00:16,639 Speaker 1: I'm Tracy Alloway and I'm Joe Wisenthal. Joe, it's my 3 00:00:16,680 --> 00:00:17,599 Speaker 1: favorite time of years. 4 00:00:18,560 --> 00:00:20,400 Speaker 2: That could mean so many things. 5 00:00:21,280 --> 00:00:25,119 Speaker 1: That's right, it's earning season again. No, it is the 6 00:00:25,160 --> 00:00:29,200 Speaker 1: holiday season, the festive season. More importantly, it is our 7 00:00:29,280 --> 00:00:31,840 Speaker 1: annual ask Me Anything episode. 8 00:00:32,000 --> 00:00:34,440 Speaker 2: I love the end of the year because rather than 9 00:00:34,520 --> 00:00:36,800 Speaker 2: you know, like coming up with new guests and like 10 00:00:36,800 --> 00:00:40,040 Speaker 2: figuring out what the big stories are, round up episodes 11 00:00:40,159 --> 00:00:43,360 Speaker 2: and sort of look backs and retrospective No, but for real, 12 00:00:43,760 --> 00:00:47,040 Speaker 2: I genuinely enjoyed this episode. 13 00:00:47,200 --> 00:00:49,160 Speaker 1: I like it. I like that it has that old 14 00:00:49,240 --> 00:00:52,720 Speaker 1: timey radio call in feel. And I always like to 15 00:00:52,800 --> 00:00:55,880 Speaker 1: hear what's sort of resonating with our listeners and what 16 00:00:55,920 --> 00:00:57,600 Speaker 1: they're curious to hear more about. 17 00:00:57,880 --> 00:01:00,840 Speaker 2: Totally, And you know, sometimes people are cure about us 18 00:01:00,880 --> 00:01:02,920 Speaker 2: and our careers and stuff, and I don't we don't 19 00:01:02,920 --> 00:01:04,880 Speaker 2: really like, I don't know, I'm not that into like 20 00:01:04,959 --> 00:01:07,840 Speaker 2: talking about ourselves. You know, I want to be the 21 00:01:07,880 --> 00:01:08,880 Speaker 2: question asker. 22 00:01:08,720 --> 00:01:10,880 Speaker 1: You know, that's why we went into journalism. 23 00:01:11,400 --> 00:01:14,520 Speaker 2: But it's fun to hear what people are curious about. 24 00:01:14,840 --> 00:01:17,200 Speaker 2: And every once in a while, I guess having the 25 00:01:17,280 --> 00:01:18,840 Speaker 2: microphones turned so to speak. 26 00:01:18,959 --> 00:01:23,080 Speaker 1: Yes, So we invited all of our listeners and readers 27 00:01:23,120 --> 00:01:27,520 Speaker 1: and discord subscribers to send in their questions, anything at 28 00:01:27,520 --> 00:01:29,840 Speaker 1: all that they wanted to ask us, and we have 29 00:01:29,880 --> 00:01:33,000 Speaker 1: a selection of those questions here. So, without further ado, 30 00:01:33,120 --> 00:01:35,360 Speaker 1: why don't we hear from our first. 31 00:01:35,120 --> 00:01:38,399 Speaker 3: Caller, Alfredo as of now I live in Bonn, Germany. 32 00:01:38,440 --> 00:01:41,679 Speaker 3: I had a question pertaining to how you actually started 33 00:01:41,680 --> 00:01:45,560 Speaker 3: the podcast where you got the idea. Now you two 34 00:01:45,600 --> 00:01:49,240 Speaker 3: went from being co workers to co hosts on a 35 00:01:49,280 --> 00:01:51,640 Speaker 3: podcast so niche and so interesting. 36 00:01:53,320 --> 00:01:55,760 Speaker 2: Thank you, Alfredo. I'll start with that one. There was 37 00:01:55,840 --> 00:01:59,920 Speaker 2: no real plan, I think. So Tracy and I started 38 00:02:00,120 --> 00:02:02,680 Speaker 2: working together here at Bloomberg in twenty fifteen, and we 39 00:02:02,680 --> 00:02:06,320 Speaker 2: were doing digital stuff and we've had a variety of jobs. 40 00:02:06,560 --> 00:02:09,519 Speaker 2: But uh, I think it was sometime in twenty fifteen 41 00:02:10,120 --> 00:02:14,080 Speaker 2: podcasts were getting big or starting to grow, and I 42 00:02:14,160 --> 00:02:16,320 Speaker 2: turned to Tracy and I said, you want to do 43 00:02:16,360 --> 00:02:20,480 Speaker 2: a podcast together? And she said, uh, yep, that's my 44 00:02:20,560 --> 00:02:21,280 Speaker 2: memory of it. 45 00:02:21,280 --> 00:02:22,959 Speaker 1: It's a good thing. I said, yes. What if I 46 00:02:23,040 --> 00:02:25,440 Speaker 1: said no, I have too much other stuff to do. 47 00:02:25,520 --> 00:02:27,120 Speaker 2: No's We did have a lot of stuff on our 48 00:02:27,120 --> 00:02:27,799 Speaker 2: plate in those days. 49 00:02:27,919 --> 00:02:30,160 Speaker 1: Yeah, that's right. I think at one point Joe and 50 00:02:30,200 --> 00:02:33,720 Speaker 1: I were doing three different jobs if you include the podcast. 51 00:02:33,840 --> 00:02:37,120 Speaker 1: You know, we were going on TV, we were managing 52 00:02:37,160 --> 00:02:40,800 Speaker 1: the Bloomberg News desk. Lots of stuff going on. But 53 00:02:41,000 --> 00:02:43,520 Speaker 1: I am really glad that we started it in twenty fifteen. 54 00:02:44,160 --> 00:02:45,960 Speaker 1: If you go back and listen to some of our 55 00:02:46,000 --> 00:02:49,960 Speaker 1: early episodes, don't well, now they are a little bit 56 00:02:50,000 --> 00:02:51,840 Speaker 1: embarrassing because you can tell that we were sort of 57 00:02:51,960 --> 00:02:54,880 Speaker 1: learning as we went, But they are also some of 58 00:02:54,880 --> 00:02:57,720 Speaker 1: my favorite episodes. So one of our very first ones 59 00:02:57,760 --> 00:03:01,280 Speaker 1: was an episode about the Banana of the Banana, how 60 00:03:01,280 --> 00:03:04,079 Speaker 1: the world ended up with a boring banana. There are 61 00:03:04,080 --> 00:03:09,160 Speaker 1: some really interesting episodes with an archaeologist Arthur Demerist. Those 62 00:03:09,160 --> 00:03:11,480 Speaker 1: are still they live free in my head. 63 00:03:11,520 --> 00:03:14,959 Speaker 2: Do you remember the catfish bubble episodes? Yes, we did 64 00:03:15,000 --> 00:03:17,720 Speaker 2: some real niche stuff back in the day, and of 65 00:03:17,760 --> 00:03:20,760 Speaker 2: course that I think that still exists. But we were 66 00:03:20,800 --> 00:03:23,160 Speaker 2: like the news was like, oh, what's that Like, We're 67 00:03:23,240 --> 00:03:25,000 Speaker 2: way off the news back in those days. 68 00:03:25,120 --> 00:03:27,679 Speaker 1: Yeah, but I'm glad we started it. It's turned into 69 00:03:27,840 --> 00:03:31,640 Speaker 1: a really great place to actually dive into topics and 70 00:03:31,800 --> 00:03:34,880 Speaker 1: learn more about them in a more I guess, intense 71 00:03:34,920 --> 00:03:39,200 Speaker 1: way than you can necessarily through other journalistic mediums. So yeah, 72 00:03:39,240 --> 00:03:40,040 Speaker 1: that's how it started. 73 00:03:40,120 --> 00:03:42,120 Speaker 2: And I definitely didn't think this would be our main jobs. 74 00:03:42,160 --> 00:03:44,920 Speaker 2: I always figuring no side hobby of it, or it 75 00:03:44,960 --> 00:03:46,960 Speaker 2: was like a side job of a side job. So 76 00:03:47,680 --> 00:03:49,240 Speaker 2: when I turned to Tracey, I said, should we do 77 00:03:49,280 --> 00:03:52,440 Speaker 2: a podcast? It was definitely not like, this is what 78 00:03:52,480 --> 00:03:54,840 Speaker 2: we are going to do with our careers. So this 79 00:03:54,920 --> 00:03:55,480 Speaker 2: has been fun. 80 00:03:56,160 --> 00:03:59,240 Speaker 4: This is producer Kale. Before we go into our next question, 81 00:04:00,120 --> 00:04:02,640 Speaker 4: could you also say why and how you came up 82 00:04:02,680 --> 00:04:03,760 Speaker 4: with the name of lots. 83 00:04:04,520 --> 00:04:10,240 Speaker 1: Oh, we were looking for something that wouldn't necessarily pigeonhole 84 00:04:10,360 --> 00:04:14,600 Speaker 1: us in one topic, and I think all thoughts came 85 00:04:14,920 --> 00:04:19,280 Speaker 1: from It's a bond market term that I knew back then. 86 00:04:19,360 --> 00:04:23,479 Speaker 1: It's basically like an order of a non standard size, 87 00:04:23,960 --> 00:04:27,799 Speaker 1: and I thought the idea of oddity or non standard 88 00:04:27,880 --> 00:04:30,320 Speaker 1: size was kind of perfect for what we wanted to do, 89 00:04:30,400 --> 00:04:33,840 Speaker 1: because we wanted to dig into things that weren't necessarily 90 00:04:34,560 --> 00:04:37,640 Speaker 1: at the forefront of the news cycle, and we wanted 91 00:04:37,680 --> 00:04:39,640 Speaker 1: to do it in a slightly different way where we 92 00:04:39,720 --> 00:04:44,200 Speaker 1: wouldn't sacrifice nuance and detail, just for like, you know, 93 00:04:44,240 --> 00:04:47,159 Speaker 1: a five minute here are the important bullet points about 94 00:04:47,160 --> 00:04:50,160 Speaker 1: this particular topic. We wanted to cover it in a 95 00:04:50,200 --> 00:04:52,640 Speaker 1: slightly different way, and so I think the all Thot's 96 00:04:52,720 --> 00:04:53,840 Speaker 1: name turned out to be perfect. 97 00:04:53,920 --> 00:04:56,000 Speaker 2: Yeah, and I like the fact that, like, you don't 98 00:04:56,040 --> 00:04:57,480 Speaker 2: necessarily know what it's about. 99 00:04:57,560 --> 00:05:00,800 Speaker 1: I feel it's given us a lot of flexibility over 100 00:05:00,839 --> 00:05:01,200 Speaker 1: the years. 101 00:05:01,279 --> 00:05:05,160 Speaker 2: And finance media can be a little bit cliche, you know, 102 00:05:05,279 --> 00:05:07,880 Speaker 2: you can you just sort of pick some random words 103 00:05:07,920 --> 00:05:10,840 Speaker 2: like you're doing for jerad or poetry, like marketwire or 104 00:05:10,920 --> 00:05:13,320 Speaker 2: market whatever it is. And so I like that you 105 00:05:13,360 --> 00:05:16,400 Speaker 2: don't really it's not too it doesn't beat you over 106 00:05:16,440 --> 00:05:18,520 Speaker 2: the head with the idea that this is a markets 107 00:05:18,520 --> 00:05:20,200 Speaker 2: podcast or an economics podcast. 108 00:05:20,640 --> 00:05:23,479 Speaker 5: Hi, Tracy and Joe, I love the show. This is 109 00:05:23,560 --> 00:05:28,040 Speaker 5: Jeffrey ting from Chicago. I'm an actuary. And my question 110 00:05:28,120 --> 00:05:31,440 Speaker 5: for you too is at what point did you decide 111 00:05:31,480 --> 00:05:37,440 Speaker 5: to introduce each guest as the perfect guest in every episode? 112 00:05:37,560 --> 00:05:41,359 Speaker 2: I don't think we ever actually decided that. I think 113 00:05:41,480 --> 00:05:43,120 Speaker 2: if you go back and listen to a lot of 114 00:05:43,160 --> 00:05:46,080 Speaker 2: our old episodes, it took us a while to get 115 00:05:46,120 --> 00:05:51,000 Speaker 2: into a rhythm of even introductions are old. How we 116 00:05:51,080 --> 00:05:51,360 Speaker 2: do it. 117 00:05:51,440 --> 00:05:54,200 Speaker 1: Oh yeah, we used to include our full job titles 118 00:05:54,360 --> 00:05:56,400 Speaker 1: and it took like five minutes just to do the 119 00:05:56,440 --> 00:05:58,080 Speaker 1: introduction for ourselves. 120 00:05:58,240 --> 00:05:58,400 Speaker 6: Well. 121 00:05:58,480 --> 00:06:00,600 Speaker 2: Also, remember like we used to do this thing where 122 00:06:00,640 --> 00:06:02,279 Speaker 2: like we would sort of pretend that one of us 123 00:06:02,320 --> 00:06:04,760 Speaker 2: didn't know what the episode was gonna go. Oh yeah, 124 00:06:04,800 --> 00:06:06,239 Speaker 2: we did all kinds of stuff. 125 00:06:06,360 --> 00:06:08,640 Speaker 1: Sometimes it wasn't pretending though, because we were doing it 126 00:06:08,720 --> 00:06:11,600 Speaker 1: on such an ad hoc casual basis that sometimes we 127 00:06:11,680 --> 00:06:13,719 Speaker 1: genuinely didn't know who had been booked. 128 00:06:13,760 --> 00:06:16,320 Speaker 2: But one thing I'll say is that I learned by 129 00:06:16,360 --> 00:06:19,039 Speaker 2: the way. Our first ever guest was our colleague Tom Keane. 130 00:06:19,520 --> 00:06:22,080 Speaker 2: And one thing, having watched Tom Keen on TV over 131 00:06:22,120 --> 00:06:25,760 Speaker 2: the years, he is. One thing that he's great is 132 00:06:25,839 --> 00:06:28,360 Speaker 2: he sort of like puffs up the guests. And there's 133 00:06:28,360 --> 00:06:30,080 Speaker 2: a good reason for that. If the guest is here, 134 00:06:30,080 --> 00:06:32,440 Speaker 2: it's because you think they're great, because if they're not 135 00:06:32,480 --> 00:06:34,560 Speaker 2: the perfect guest, why are you talking to them? So 136 00:06:34,600 --> 00:06:36,960 Speaker 2: I sort of always thought that that was a great 137 00:06:37,040 --> 00:06:40,680 Speaker 2: thing that Tom did, which is make the guest feel special, 138 00:06:41,040 --> 00:06:43,840 Speaker 2: make the audience feel like, yeah, we're really excited about 139 00:06:43,839 --> 00:06:45,839 Speaker 2: talking to this person. So I think that's sort of 140 00:06:45,920 --> 00:06:49,680 Speaker 2: part of how it slipped into our consciousness. 141 00:06:49,080 --> 00:06:49,440 Speaker 7: To do that. 142 00:06:49,720 --> 00:06:52,600 Speaker 1: Yeah, none of the sort of taglines that people are 143 00:06:52,640 --> 00:06:55,520 Speaker 1: familiar with now, like let's leave it there, shall we 144 00:06:55,600 --> 00:06:59,040 Speaker 1: leave it there? None of that was premeditation. It just 145 00:06:59,120 --> 00:07:01,200 Speaker 1: kind of came naturally, and then we kept doing it. 146 00:07:01,240 --> 00:07:04,160 Speaker 1: And especially with the perfect Guest, I feel like if 147 00:07:04,160 --> 00:07:06,880 Speaker 1: you say it once, it's sort of an insult to 148 00:07:07,000 --> 00:07:09,200 Speaker 1: other people if you don't also call them. 149 00:07:09,080 --> 00:07:10,960 Speaker 2: In the perfect guest. Yeah, you can always say it, 150 00:07:11,000 --> 00:07:12,480 Speaker 2: but it's never intentional. 151 00:07:12,880 --> 00:07:13,800 Speaker 1: Yeah. 152 00:07:14,000 --> 00:07:16,240 Speaker 8: Hi, my name is Roy. I'm from Detroit, Michigan. And 153 00:07:16,280 --> 00:07:18,800 Speaker 8: my question was, how do you find the perfect guests? 154 00:07:19,240 --> 00:07:22,000 Speaker 8: If you have an idea for a specific episode, like 155 00:07:22,160 --> 00:07:25,280 Speaker 8: the legal cannabis market in New York or energy drinks 156 00:07:25,280 --> 00:07:29,560 Speaker 8: with small modular nuclear reactors, does the episode idea come first? 157 00:07:29,560 --> 00:07:31,840 Speaker 8: And if so, how do you find the right person 158 00:07:31,840 --> 00:07:32,440 Speaker 8: to speak to that? 159 00:07:32,760 --> 00:07:32,880 Speaker 9: Hi? 160 00:07:33,000 --> 00:07:36,240 Speaker 1: Roy from Michigan. So there are a couple of ways 161 00:07:36,240 --> 00:07:40,200 Speaker 1: we go about finding the proverbial perfect guests. So sometimes 162 00:07:40,280 --> 00:07:44,040 Speaker 1: we have an idea for an episode. So, for instance, 163 00:07:44,080 --> 00:07:46,160 Speaker 1: there's an episode that I really want to do right 164 00:07:46,200 --> 00:07:50,840 Speaker 1: now about why headlights on cars are so freaking bright nowadays, 165 00:07:51,320 --> 00:07:53,760 Speaker 1: And so we're sort of in the early processes of 166 00:07:53,840 --> 00:07:56,480 Speaker 1: trying to find good people for that, and the way 167 00:07:56,520 --> 00:07:59,880 Speaker 1: we typically go about it is we'll often look on Twitter, 168 00:08:00,120 --> 00:08:04,920 Speaker 1: because frankly, if your whole life is tweeting about one 169 00:08:05,080 --> 00:08:08,800 Speaker 1: particular topic, the chances are you would make a really 170 00:08:08,840 --> 00:08:11,640 Speaker 1: good Add Lots guest if you sort of eat, breathe, 171 00:08:11,840 --> 00:08:16,640 Speaker 1: and discuss particular topics. And also sometimes we'll just come 172 00:08:16,640 --> 00:08:20,120 Speaker 1: across someone who we think is very very interesting, who 173 00:08:20,160 --> 00:08:22,840 Speaker 1: we think would be fascinating to talk to, and so 174 00:08:22,960 --> 00:08:24,520 Speaker 1: we'll do it that way too. There's sort of a 175 00:08:24,600 --> 00:08:27,240 Speaker 1: variety of ways that we go about it. Sometimes we'll 176 00:08:27,280 --> 00:08:31,240 Speaker 1: read research, We'll pick out particular academics that we think 177 00:08:31,320 --> 00:08:34,360 Speaker 1: have done really interesting papers on a particular topic. We 178 00:08:34,360 --> 00:08:36,520 Speaker 1: can kind of come across them anyway. But I will 179 00:08:36,520 --> 00:08:39,560 Speaker 1: say in more recent years, one of the ways we 180 00:08:39,640 --> 00:08:43,840 Speaker 1: have been finding more people is through suggestions from listeners. 181 00:08:43,960 --> 00:08:47,200 Speaker 1: And so we sort of have this network now of 182 00:08:47,320 --> 00:08:50,720 Speaker 1: people in the All Lots world who might hear that 183 00:08:50,760 --> 00:08:54,800 Speaker 1: we are interested in doing a particular show topic, and 184 00:08:55,080 --> 00:08:57,200 Speaker 1: we'll make a suggestion for someone that they think is 185 00:08:57,240 --> 00:08:57,640 Speaker 1: really good. 186 00:08:58,240 --> 00:09:00,640 Speaker 2: Yeah, you know, a lot of the guests that we 187 00:09:00,760 --> 00:09:04,200 Speaker 2: have themselves will pitch a guest like, oh, you're interested 188 00:09:04,200 --> 00:09:06,400 Speaker 2: in that point, I know someone who'd be good. It 189 00:09:06,440 --> 00:09:08,440 Speaker 2: really is all different kinds of things. But you know, 190 00:09:08,440 --> 00:09:10,040 Speaker 2: at the end of a lot of episodes, we're like, 191 00:09:10,080 --> 00:09:12,120 Speaker 2: we should do an episode on this, we should do 192 00:09:12,160 --> 00:09:14,560 Speaker 2: an episode on that, And then someone hears that and 193 00:09:14,600 --> 00:09:16,960 Speaker 2: they said, hey, I know the perfect person. So it 194 00:09:17,000 --> 00:09:19,800 Speaker 2: really is sort of as the network and community and 195 00:09:19,880 --> 00:09:23,600 Speaker 2: audience builds, we get it makes it easier to find people. 196 00:09:24,200 --> 00:09:27,400 Speaker 10: Hey Tracy, Hey Joe, this is Ethan from Annapolis, Maryland. 197 00:09:27,880 --> 00:09:30,840 Speaker 10: With the cryptocurrency total market cap up over one hundred 198 00:09:30,840 --> 00:09:33,720 Speaker 10: percent this year to north on one point five trillion, 199 00:09:33,840 --> 00:09:35,960 Speaker 10: I was wondering what your guys general thoughts were on 200 00:09:36,000 --> 00:09:39,920 Speaker 10: the industry and its outlook going forward, and specifically if 201 00:09:39,960 --> 00:09:43,280 Speaker 10: you had looked into Solana or Avalanche or any of 202 00:09:43,320 --> 00:09:44,559 Speaker 10: the gaming things going on. 203 00:09:44,800 --> 00:09:46,440 Speaker 1: We can't escape crypto, can we. 204 00:09:47,200 --> 00:09:49,160 Speaker 2: You know what I think is really funny for so 205 00:09:49,320 --> 00:09:53,600 Speaker 2: he mentioned, I think the total market cap of all 206 00:09:53,800 --> 00:09:57,640 Speaker 2: cryptocurrencies is like one point seven billion or something like that, 207 00:09:57,840 --> 00:10:01,040 Speaker 2: which is kind of big, but like the market cap 208 00:10:01,120 --> 00:10:04,400 Speaker 2: of Apple is three billion. So what I kind of 209 00:10:04,400 --> 00:10:08,040 Speaker 2: find to be fascinating about the crypto industry so to speak, 210 00:10:08,200 --> 00:10:11,600 Speaker 2: is that the entire thing, which has like captured so 211 00:10:11,760 --> 00:10:15,959 Speaker 2: much public attention over the last decade and executives talk 212 00:10:15,960 --> 00:10:20,199 Speaker 2: about all the time, and this huge culture smaller still 213 00:10:20,200 --> 00:10:23,440 Speaker 2: the entire thing than one prominent companies, and there are 214 00:10:23,440 --> 00:10:26,280 Speaker 2: other companies that are you know, about as big as well, 215 00:10:26,360 --> 00:10:29,000 Speaker 2: So I kind of find that fascinating. For like, all 216 00:10:29,040 --> 00:10:32,880 Speaker 2: of this attention and fascination still feels kind of small 217 00:10:32,920 --> 00:10:33,120 Speaker 2: to me. 218 00:10:33,440 --> 00:10:36,079 Speaker 1: Yeah, absolutely, I mean, look, Joe and I could probably 219 00:10:36,640 --> 00:10:40,800 Speaker 1: do this entire show just talking about crypto. But part 220 00:10:40,840 --> 00:10:43,640 Speaker 1: of me thinks, I can't believe we're doing this again, 221 00:10:44,360 --> 00:10:46,320 Speaker 1: and some of the froth that we've seen in the 222 00:10:46,320 --> 00:10:49,200 Speaker 1: market is already reminiscent of stuff that was happening in like, 223 00:10:49,480 --> 00:10:51,960 Speaker 1: you know, twenty twenty, twenty twenty one. But the other 224 00:10:52,040 --> 00:10:54,440 Speaker 1: part of me, and I've written about this, thinks that 225 00:10:54,600 --> 00:10:59,240 Speaker 1: crypto kind of there's a reason people are really into it, 226 00:10:59,360 --> 00:11:02,160 Speaker 1: And personally, I think it has to do with like 227 00:11:03,520 --> 00:11:07,280 Speaker 1: it's so sort of post modern that you can make 228 00:11:07,320 --> 00:11:11,280 Speaker 1: it anything that you want it to be. And some 229 00:11:11,320 --> 00:11:15,240 Speaker 1: people have dubbed this the narrative flexibility of crypto, So 230 00:11:15,320 --> 00:11:18,200 Speaker 1: the idea that when it first started, you know, it 231 00:11:18,240 --> 00:11:20,280 Speaker 1: was sort of post two thousand and eight. Central banks 232 00:11:20,280 --> 00:11:22,680 Speaker 1: were intervening in the market for the first time in 233 00:11:22,720 --> 00:11:27,000 Speaker 1: a long time in such a dramatic way, and people 234 00:11:27,040 --> 00:11:31,080 Speaker 1: thought of it as like central bank proof currency, and 235 00:11:31,120 --> 00:11:33,560 Speaker 1: that was the big attraction. And then as it matured, 236 00:11:33,679 --> 00:11:35,960 Speaker 1: it was you know, it was digital gold, it was 237 00:11:36,120 --> 00:11:39,960 Speaker 1: inflation proof. Then earlier this year, when we had the 238 00:11:40,000 --> 00:11:44,160 Speaker 1: banking crisis, it was like an anti bank bank proof currency. 239 00:11:45,040 --> 00:11:47,760 Speaker 1: And it just sort of moves from thing to thing 240 00:11:47,960 --> 00:11:51,760 Speaker 1: to thing, and I think that gives it a resilience 241 00:11:52,040 --> 00:11:55,720 Speaker 1: or a sort of attraction that is far longer lived 242 00:11:55,840 --> 00:11:58,480 Speaker 1: than a lot of people give it credit for. That 243 00:11:58,480 --> 00:12:01,280 Speaker 1: doesn't necessarily mean that, you know, it's the future of 244 00:12:01,360 --> 00:12:03,760 Speaker 1: money or it's the way we're going to do transactions. 245 00:12:03,800 --> 00:12:05,760 Speaker 1: And Joe and I have talked about this a lot 246 00:12:05,840 --> 00:12:09,200 Speaker 1: on the podcast, that the idea that despite you know, 247 00:12:09,280 --> 00:12:13,520 Speaker 1: more than a decade of cryptocurrency existing, we have yet 248 00:12:13,559 --> 00:12:16,760 Speaker 1: to see a real use case. I don't think like 249 00:12:16,920 --> 00:12:19,439 Speaker 1: either of us have been convinced of a real use 250 00:12:19,520 --> 00:12:23,040 Speaker 1: case here, But the fact that it's so kind of 251 00:12:23,120 --> 00:12:27,840 Speaker 1: detached from reality means that it is excellent for pinning 252 00:12:27,920 --> 00:12:30,520 Speaker 1: a narrative too, and we've seen that time and time 253 00:12:30,559 --> 00:12:31,560 Speaker 1: again at this point. 254 00:12:31,520 --> 00:12:33,840 Speaker 2: And I'll just add to the questioner like on some 255 00:12:33,880 --> 00:12:37,920 Speaker 2: of these alt layer ones like Evalanche and Solana, I 256 00:12:37,960 --> 00:12:41,199 Speaker 2: haven't checked in lately on the state of crypto games. 257 00:12:42,160 --> 00:12:44,160 Speaker 2: I sort of get it in theory, but I still 258 00:12:44,160 --> 00:12:47,080 Speaker 2: have yet to hear of one that's like genuinely fun 259 00:12:47,240 --> 00:12:50,560 Speaker 2: and not just a thing, you know. You know, we 260 00:12:50,600 --> 00:12:53,000 Speaker 2: started talked about this in our recent Magic episode where 261 00:12:53,040 --> 00:12:55,679 Speaker 2: Magic the gathering cards. You could make a lot of 262 00:12:55,720 --> 00:12:58,439 Speaker 2: money at some point if you held the right ones, 263 00:12:58,640 --> 00:13:01,080 Speaker 2: but the game was also just really fun to play. 264 00:13:02,120 --> 00:13:04,640 Speaker 2: If there's really a fun game in crypto that people 265 00:13:04,720 --> 00:13:09,040 Speaker 2: are excited about playing for the gameplay itself and it's 266 00:13:09,080 --> 00:13:11,520 Speaker 2: not really about making money on and if tas or something, 267 00:13:11,520 --> 00:13:13,120 Speaker 2: I would love to see one. So if someone wants 268 00:13:13,160 --> 00:13:15,360 Speaker 2: to shoot one to me and show it to me, 269 00:13:15,679 --> 00:13:16,600 Speaker 2: I'd love to check out. 270 00:13:33,520 --> 00:13:36,319 Speaker 6: My name is Scott from the University of Paso where 271 00:13:36,360 --> 00:13:39,200 Speaker 6: I teach business English. Tracy. I'm just sort of interested 272 00:13:39,360 --> 00:13:41,360 Speaker 6: because I think you once said in one episode that 273 00:13:41,400 --> 00:13:44,880 Speaker 6: you have an Austrian connection. Just sort of curious what 274 00:13:44,920 --> 00:13:45,800 Speaker 6: that connection is. 275 00:13:46,200 --> 00:13:48,760 Speaker 1: Hi, Scott, Yeah, sure that is an easy one. My 276 00:13:48,840 --> 00:13:53,120 Speaker 1: mother is Austrian. She's from a relatively small town called 277 00:13:53,160 --> 00:13:57,680 Speaker 1: Clogginfoot near the southern border with Italy, and I used 278 00:13:57,679 --> 00:13:59,680 Speaker 1: to go there all the time when I was a kid. 279 00:14:00,280 --> 00:14:02,960 Speaker 1: I tried my best to learn German, but as a 280 00:14:02,960 --> 00:14:05,640 Speaker 1: person who hates grammar, I will say it's a struggle. 281 00:14:05,679 --> 00:14:10,560 Speaker 1: I can understand pretty much anything, but my grammar is 282 00:14:10,600 --> 00:14:15,480 Speaker 1: still pretty bad. But yeah, I'm half Austrian. That's it. 283 00:14:15,880 --> 00:14:18,560 Speaker 8: My name is Gabrielle from Columbus, Ohio, and I'm a 284 00:14:18,600 --> 00:14:19,760 Speaker 8: huge fan of the podcast. 285 00:14:20,200 --> 00:14:22,080 Speaker 5: My question is, if you were forced to. 286 00:14:22,040 --> 00:14:26,280 Speaker 7: Make the case, how would you steal man Austrian economics. 287 00:14:27,080 --> 00:14:29,480 Speaker 1: That's a good one, Joe, you go first. 288 00:14:29,800 --> 00:14:33,960 Speaker 2: I could definitely do it. I mean I'm very ideologically millieable. 289 00:14:34,000 --> 00:14:36,520 Speaker 2: I don't have strong views on anything. So if someone said, 290 00:14:36,560 --> 00:14:40,360 Speaker 2: you know what, go steal man ex Austrian economics or 291 00:14:40,400 --> 00:14:42,800 Speaker 2: anything else, I'm sure I could do it. Look, I mean, 292 00:14:42,840 --> 00:14:47,280 Speaker 2: I think there's something real to this idea that monetary 293 00:14:47,320 --> 00:14:52,880 Speaker 2: constraints are important and that obviously you know that there 294 00:14:52,880 --> 00:14:56,520 Speaker 2: can be such thing obviously as too much money, too 295 00:14:56,560 --> 00:14:59,480 Speaker 2: much money printing, and that could cause inflation. It could 296 00:14:59,520 --> 00:15:04,400 Speaker 2: cause difficulty in uh business planning, et cetera. And so 297 00:15:04,480 --> 00:15:07,000 Speaker 2: the idea of like taking that to some extreme that 298 00:15:07,040 --> 00:15:11,160 Speaker 2: like you come up with some sort of optimal productive 299 00:15:11,640 --> 00:15:16,040 Speaker 2: outcome by virtue of some sort of very serious commitment 300 00:15:16,120 --> 00:15:20,320 Speaker 2: to monetary scarcity. I think there are weaknesses in this idea, 301 00:15:20,320 --> 00:15:23,360 Speaker 2: and I think there's almost a sort of utopian fantasy 302 00:15:23,440 --> 00:15:25,840 Speaker 2: that if we have an entire monetary system around to 303 00:15:26,280 --> 00:15:29,440 Speaker 2: enforcing that scarcity, then all kinds of problems get solved. 304 00:15:30,360 --> 00:15:33,320 Speaker 2: I think there's issues with Austrian theories of interest rates, 305 00:15:34,400 --> 00:15:38,400 Speaker 2: but I don't think that it core. You know, I 306 00:15:38,400 --> 00:15:41,440 Speaker 2: think you could tell an argument or tell a story 307 00:15:41,440 --> 00:15:45,280 Speaker 2: about Austrian economics that people would find compelling, like built 308 00:15:45,320 --> 00:15:47,800 Speaker 2: around this idea, I would I think I could do 309 00:15:47,840 --> 00:15:49,560 Speaker 2: it if given some practice. 310 00:15:49,760 --> 00:15:51,880 Speaker 1: Someone's going to force you to do this. Now, can 311 00:15:51,920 --> 00:15:53,960 Speaker 1: I just say, I'm very happy that this has turned 312 00:15:53,960 --> 00:15:58,160 Speaker 1: into an Austrian Austrian So okay, if I was forced 313 00:15:58,160 --> 00:16:01,200 Speaker 1: to steal man Austrian economics, I would simply call up 314 00:16:01,200 --> 00:16:04,680 Speaker 1: my dad and ask him to do it, probably while 315 00:16:04,720 --> 00:16:07,880 Speaker 1: stacking his horde of silver coins. That's what I would do. 316 00:16:09,000 --> 00:16:10,280 Speaker 1: Maybe that's a good show idea. 317 00:16:11,040 --> 00:16:12,400 Speaker 2: I Tracy, let's do it. 318 00:16:12,920 --> 00:16:16,520 Speaker 11: Hey, Tracy and Joe Ryan from Seattle, longtime listener. I 319 00:16:16,600 --> 00:16:19,400 Speaker 11: want to know what the two of you talked about 320 00:16:19,440 --> 00:16:23,200 Speaker 11: when the tapes stopped rolling after the infamous SBF episode. 321 00:16:23,760 --> 00:16:24,480 Speaker 1: That's a good one. 322 00:16:24,600 --> 00:16:25,400 Speaker 2: Yeah. 323 00:16:25,480 --> 00:16:28,120 Speaker 1: I mean I think we were mostly still in shock, 324 00:16:28,400 --> 00:16:31,520 Speaker 1: and if you listen to the episode, you can sort 325 00:16:31,520 --> 00:16:33,720 Speaker 1: of hear it at the end when we do the outro. 326 00:16:34,480 --> 00:16:36,720 Speaker 1: I mean, we are in shock and we literally say 327 00:16:36,840 --> 00:16:37,760 Speaker 1: I don't know what to say. 328 00:16:38,840 --> 00:16:41,480 Speaker 2: Yeah, you know, the one thing I'll say is that 329 00:16:41,480 --> 00:16:44,680 Speaker 2: that was a rare moment in life where I knew 330 00:16:44,720 --> 00:16:47,520 Speaker 2: something major had happened right then that people would talk 331 00:16:47,520 --> 00:16:49,560 Speaker 2: about for a long time, and that in this sort 332 00:16:49,560 --> 00:16:52,760 Speaker 2: of like history of crypto or whatever, this would be 333 00:16:52,760 --> 00:16:54,640 Speaker 2: a mile marker. And I mean, you know, the week 334 00:16:54,720 --> 00:16:58,040 Speaker 2: after that episode recorded or air, sorry, the week after 335 00:16:58,080 --> 00:17:01,640 Speaker 2: that aired, SBF was in the Bahamas on stage with 336 00:17:01,720 --> 00:17:05,480 Speaker 2: Bill Clinton and the former UK Prime Minister Tony Blair 337 00:17:05,480 --> 00:17:07,840 Speaker 2: at their big conference, and I just remember thinking to 338 00:17:07,880 --> 00:17:10,440 Speaker 2: my and he was in shorts and sneakers and they 339 00:17:10,440 --> 00:17:12,880 Speaker 2: were in suits, and I just remember thinking to myself, okay, 340 00:17:12,920 --> 00:17:16,399 Speaker 2: And one week he sort of described crypto more or 341 00:17:16,480 --> 00:17:19,040 Speaker 2: less as a Ponzi scheme. And then a week later 342 00:17:19,520 --> 00:17:21,760 Speaker 2: on stage with these two heads of STATA, I was like, 343 00:17:22,080 --> 00:17:25,679 Speaker 2: this is a turning point, and I just intuitively felt 344 00:17:25,680 --> 00:17:27,560 Speaker 2: it in real time right then. 345 00:17:27,720 --> 00:17:32,159 Speaker 1: It was very surreal. One journalistic process question. I mean, 346 00:17:32,200 --> 00:17:34,880 Speaker 1: we knew we were going to write the comments up 347 00:17:34,960 --> 00:17:38,240 Speaker 1: and publish an article, so we set about doing that, 348 00:17:38,280 --> 00:17:41,080 Speaker 1: and one thing we made sure to do was we 349 00:17:41,119 --> 00:17:45,080 Speaker 1: made sure that the resulting story was free outside of 350 00:17:45,080 --> 00:17:49,080 Speaker 1: the Bloomberg paywall, so that anyone could read it, and 351 00:17:49,160 --> 00:17:52,000 Speaker 1: so that it could kind of get as many legs 352 00:17:52,040 --> 00:17:55,760 Speaker 1: as it could as a sort of I guess public service. 353 00:17:56,040 --> 00:17:59,879 Speaker 2: Also, the headline of that story was SBF described yield 354 00:18:00,000 --> 00:18:02,680 Speaker 2: I left Matt Levine stunned. I feel like that was 355 00:18:02,720 --> 00:18:07,840 Speaker 2: a recognition that part of the story was leaving a stunt, 356 00:18:08,160 --> 00:18:10,159 Speaker 2: leaving mad stunned, and so we sort of recognized that 357 00:18:10,160 --> 00:18:11,840 Speaker 2: at the time. It wasn't just that he sort of 358 00:18:12,119 --> 00:18:16,280 Speaker 2: described very clearly of the ponzonomics, but that our milder 359 00:18:16,520 --> 00:18:18,199 Speaker 2: sort of gape. He said the. 360 00:18:18,240 --> 00:18:22,280 Speaker 1: Quiet part out loud, which was the major surprise there. 361 00:18:22,320 --> 00:18:23,159 Speaker 1: I think when I. 362 00:18:23,160 --> 00:18:25,280 Speaker 9: Miss Corey, i'mrom New York City, what would you say? 363 00:18:25,359 --> 00:18:26,959 Speaker 9: Is your most unpopular food opinion? 364 00:18:27,160 --> 00:18:31,000 Speaker 1: Most unpopular food opinion. I can't tell what's popular and 365 00:18:31,040 --> 00:18:31,720 Speaker 1: what isn't. 366 00:18:31,920 --> 00:18:32,160 Speaker 6: Now. 367 00:18:32,720 --> 00:18:37,360 Speaker 1: Oh, I hate uh intermittent fasting. I think it's an 368 00:18:37,359 --> 00:18:43,960 Speaker 1: incredibly clever rebranding of what women have for decades called 369 00:18:44,359 --> 00:18:47,800 Speaker 1: dieting or crash dieting. And we were very much not 370 00:18:48,040 --> 00:18:52,360 Speaker 1: encouraged to talk about dieting in a public setting, especially 371 00:18:52,480 --> 00:18:56,919 Speaker 1: the office. But somehow, if you're intermittent fasting, it's completely 372 00:18:56,960 --> 00:18:59,560 Speaker 1: acceptable to wander around the office and say that you're 373 00:18:59,600 --> 00:19:02,600 Speaker 1: about to faint because you haven't eaten for three days. 374 00:19:02,800 --> 00:19:08,159 Speaker 2: That's a really good take. My I really like almost 375 00:19:08,200 --> 00:19:10,360 Speaker 2: all food. I consider myself like sort of like an 376 00:19:10,480 --> 00:19:14,480 Speaker 2: enthusiastic omnivoral try anything. This might be sort of scandalous, 377 00:19:14,800 --> 00:19:21,080 Speaker 2: but I'm not into like locks or smoked fish Joes. 378 00:19:21,160 --> 00:19:22,639 Speaker 1: Oh, I hate locks, okay. 379 00:19:23,080 --> 00:19:24,560 Speaker 2: And I feel like, you know, I grew up like 380 00:19:24,600 --> 00:19:28,000 Speaker 2: a Jewish family, like people eating bagels and locks and 381 00:19:28,040 --> 00:19:30,399 Speaker 2: all that stuff, and I just like, I feel like 382 00:19:30,400 --> 00:19:31,240 Speaker 2: I should like it. 383 00:19:31,480 --> 00:19:34,679 Speaker 1: I like fish, You like sushi that we've had sushi totally? 384 00:19:35,200 --> 00:19:41,199 Speaker 2: Uh, smoked fish generally, it's just what those various flavors 385 00:19:41,240 --> 00:19:43,359 Speaker 2: of fish that people put on bagels. It doesn't do 386 00:19:43,400 --> 00:19:43,760 Speaker 2: it for me. 387 00:19:44,600 --> 00:19:48,119 Speaker 1: I generally don't like fish very much, as you know. Actually, 388 00:19:48,200 --> 00:19:50,600 Speaker 1: this is a funny story. The first time Joe ever 389 00:19:50,680 --> 00:19:53,840 Speaker 1: invited me over to his place for dinner, he asked 390 00:19:53,840 --> 00:19:55,920 Speaker 1: me if there is anything I don't eat, and I said, 391 00:19:55,920 --> 00:19:58,359 Speaker 1: I'm not a big fan of fish, and then he 392 00:19:58,760 --> 00:20:01,320 Speaker 1: sorry about that, and then he made a poke ball 393 00:20:02,200 --> 00:20:04,879 Speaker 1: with raw tuna for dinner and it was very good. 394 00:20:04,960 --> 00:20:07,400 Speaker 1: And it's not that I will never eat fish, it's 395 00:20:07,440 --> 00:20:09,240 Speaker 1: just not it's not my favorite. I kind of have 396 00:20:09,320 --> 00:20:10,560 Speaker 1: to be in the right mood for it. 397 00:20:10,600 --> 00:20:12,400 Speaker 2: I was in those days. 398 00:20:12,480 --> 00:20:31,040 Speaker 1: Yeah, thank you for sharing your poke passion, Joe. 399 00:20:33,040 --> 00:20:36,000 Speaker 9: My name is Mike. I'm from New York and my 400 00:20:36,160 --> 00:20:39,000 Speaker 9: question is really for the producers. How big of prima 401 00:20:39,040 --> 00:20:42,399 Speaker 9: donnas are Joe and Tracy off the mics or are 402 00:20:42,440 --> 00:20:44,840 Speaker 9: they really easy to deal with? And if you're not 403 00:20:44,840 --> 00:20:47,840 Speaker 9: going to answer that question, my question for Joe and 404 00:20:47,880 --> 00:20:53,719 Speaker 9: Tracy is in the era of Venmo and Zell, is 405 00:20:54,000 --> 00:20:57,280 Speaker 9: fed now a solution in search of a problem or 406 00:20:57,359 --> 00:21:00,480 Speaker 9: is there a real use case for it? 407 00:21:00,600 --> 00:21:02,720 Speaker 1: Should we let the producers answer that question? 408 00:21:03,520 --> 00:21:06,240 Speaker 4: Since we have about half a dozen producers on the 409 00:21:06,240 --> 00:21:12,120 Speaker 4: show currently, I will say, uh, for the listeners, Joe 410 00:21:12,160 --> 00:21:15,560 Speaker 4: and Tracy are probably the easiest people I've ever worked 411 00:21:15,560 --> 00:21:17,240 Speaker 4: with as a pretty Kale. 412 00:21:17,480 --> 00:21:19,679 Speaker 1: That is incredibly sweet, Kale. I feel like I have 413 00:21:19,720 --> 00:21:21,520 Speaker 1: to say, you've only been working for us for like 414 00:21:21,560 --> 00:21:24,920 Speaker 1: two months, but I appreciate that. But I'm sure it'll 415 00:21:24,920 --> 00:21:25,399 Speaker 1: get worse. 416 00:21:26,200 --> 00:21:28,960 Speaker 4: I'm sure it will, but it's also there. Joe and 417 00:21:29,000 --> 00:21:31,680 Speaker 4: Tracy are both the most willing to do their their 418 00:21:31,760 --> 00:21:34,679 Speaker 4: job every single day. I've worked with people who are 419 00:21:34,680 --> 00:21:37,440 Speaker 4: maybe a little bit more reluctant to do this and 420 00:21:37,520 --> 00:21:39,040 Speaker 4: you know, oh we have to go and we have 421 00:21:39,080 --> 00:21:42,720 Speaker 4: to re record something, we have to you know, let's 422 00:21:42,760 --> 00:21:46,040 Speaker 4: schedule one more episode for that same day. And Joe 423 00:21:46,080 --> 00:21:49,320 Speaker 4: and Tracy are always completely willing and actually probably more 424 00:21:49,359 --> 00:21:52,320 Speaker 4: often than not, pegging us to do more work. So 425 00:21:52,960 --> 00:21:55,639 Speaker 4: they are the most willing and the most kind of 426 00:21:55,680 --> 00:21:57,879 Speaker 4: on the spot capable people that I've worked with. 427 00:21:58,119 --> 00:22:01,120 Speaker 2: It is very kind, that's true. I will just say 428 00:22:01,160 --> 00:22:04,040 Speaker 2: on that last point, like, I really enjoy this job. 429 00:22:04,400 --> 00:22:06,720 Speaker 2: I really. I think it's like a real privilege to 430 00:22:06,760 --> 00:22:08,919 Speaker 2: get to host odd lots. So when you say, like 431 00:22:08,960 --> 00:22:12,240 Speaker 2: we're into doing it, I really am, and I sort 432 00:22:12,280 --> 00:22:15,560 Speaker 2: of feel the I guess, you know, it's an honor. 433 00:22:15,600 --> 00:22:17,119 Speaker 2: It's great to be able to do this job, and 434 00:22:17,119 --> 00:22:19,280 Speaker 2: that people listen to us. And so the idea of 435 00:22:19,840 --> 00:22:21,760 Speaker 2: not wanting to put in the work or not being 436 00:22:21,880 --> 00:22:25,639 Speaker 2: enthusiastic about showing up and recording even when there's something 437 00:22:25,680 --> 00:22:28,840 Speaker 2: you know, extra takes time, like Ite's unfathomable to me. 438 00:22:29,480 --> 00:22:31,879 Speaker 1: Yeah, part of me still, I still can't believe that 439 00:22:31,920 --> 00:22:34,800 Speaker 1: this is our main job now and we basically get 440 00:22:34,920 --> 00:22:37,760 Speaker 1: paid to talk about things that we're interested in and 441 00:22:37,800 --> 00:22:39,879 Speaker 1: to learn more about them. The other thing that I 442 00:22:39,920 --> 00:22:43,040 Speaker 1: would say is Cale is one hundred percent correct that 443 00:22:43,119 --> 00:22:46,240 Speaker 1: probably the main source of tension between us and the 444 00:22:46,280 --> 00:22:49,480 Speaker 1: producers is that we constantly kind of want to tear 445 00:22:49,560 --> 00:22:54,320 Speaker 1: up the schedule because we found something new and interesting. Yeah, exactly, 446 00:22:54,359 --> 00:22:57,760 Speaker 1: and we want to get it out asap. And nine 447 00:22:57,800 --> 00:23:01,240 Speaker 1: times out of ten they are comple deletely quilling and 448 00:23:01,240 --> 00:23:05,520 Speaker 1: accommodating and very flexible and will let us kind of 449 00:23:06,000 --> 00:23:08,840 Speaker 1: do that on a regular basis. So thank you guys 450 00:23:08,600 --> 00:23:12,200 Speaker 1: for bearing with us in our enthusiasm to get stuff 451 00:23:12,240 --> 00:23:12,800 Speaker 1: out quickly. 452 00:23:13,760 --> 00:23:14,800 Speaker 4: Always our pleasure. 453 00:23:15,359 --> 00:23:18,320 Speaker 1: Oh yeah, as for the other question to me and 454 00:23:18,440 --> 00:23:19,960 Speaker 1: Joe about FED now. 455 00:23:20,359 --> 00:23:20,960 Speaker 11: I think it's. 456 00:23:20,880 --> 00:23:24,840 Speaker 1: Really interesting because part of me cannot believe that the 457 00:23:25,000 --> 00:23:28,919 Speaker 1: US has existed for so long without this kind of 458 00:23:29,080 --> 00:23:33,000 Speaker 1: real time settlement program. And I think in our episode 459 00:23:33,320 --> 00:23:37,200 Speaker 1: with Michael Barr, I mentioned this that in the UK, 460 00:23:37,359 --> 00:23:41,200 Speaker 1: I can remember when an equivalent system came into being. 461 00:23:41,320 --> 00:23:43,679 Speaker 1: I think it was like two thousand and eight or 462 00:23:43,720 --> 00:23:46,040 Speaker 1: something like that. It was more than a decade ago, 463 00:23:46,520 --> 00:23:48,439 Speaker 1: and here we are in twenty twenty three and the 464 00:23:48,480 --> 00:23:53,880 Speaker 1: FED is unveiling and equivalent. That said, you're absolutely right 465 00:23:53,960 --> 00:23:59,280 Speaker 1: that there is instantaneous payment technology that already exists. There's 466 00:23:59,320 --> 00:24:02,080 Speaker 1: also the clear House system, and I think it's kind 467 00:24:02,119 --> 00:24:06,400 Speaker 1: of interesting that the FED has basically created a competitor 468 00:24:06,440 --> 00:24:10,040 Speaker 1: to the Clearinghouse payment system. And again we spoke about 469 00:24:10,040 --> 00:24:12,240 Speaker 1: this with Michael Barr. It's going to be really interesting 470 00:24:12,280 --> 00:24:14,960 Speaker 1: to see the take up for the FED system, how 471 00:24:15,000 --> 00:24:18,840 Speaker 1: it compares with the Clearinghouse one, and whether or not 472 00:24:18,880 --> 00:24:22,520 Speaker 1: we see different types of payments sort of splitting on 473 00:24:22,600 --> 00:24:23,560 Speaker 1: those two channels. 474 00:24:24,560 --> 00:24:28,680 Speaker 4: Right now, it's just myself and our rotator Oshna in 475 00:24:28,720 --> 00:24:31,600 Speaker 4: the studio because all the other producers are currently out 476 00:24:31,640 --> 00:24:37,040 Speaker 4: with COVID and one of them our show lead Carmen 477 00:24:37,240 --> 00:24:41,160 Speaker 4: has a question for Joe and Tracy. While she's having 478 00:24:41,840 --> 00:24:44,640 Speaker 4: COVID induced fever dreams. She's wondering if you have ever 479 00:24:44,680 --> 00:24:47,240 Speaker 4: had any odd lots related dreams or nightmares. 480 00:24:48,800 --> 00:24:51,800 Speaker 1: Oh, I know why she's asking this. It's because I 481 00:24:51,880 --> 00:24:55,320 Speaker 1: posted in our little internal office chat. I posted a 482 00:24:55,400 --> 00:24:59,399 Speaker 1: dream last week that was very all plotzy. Okay, I 483 00:24:59,440 --> 00:25:04,440 Speaker 1: will I will answer this. I have extremely literal dreams 484 00:25:04,640 --> 00:25:07,560 Speaker 1: that you can very easily connect with things that happened 485 00:25:07,600 --> 00:25:13,240 Speaker 1: to me during that particular day. So recently, we had 486 00:25:13,320 --> 00:25:16,359 Speaker 1: drinks with some of our listeners who are active in 487 00:25:16,440 --> 00:25:18,920 Speaker 1: the discord, and one of them gave us a very 488 00:25:19,000 --> 00:25:22,960 Speaker 1: nice present. It was some chocolate from Germany. It's really delicious. 489 00:25:22,960 --> 00:25:27,000 Speaker 1: I've eaten it all already. And that day, I think 490 00:25:27,119 --> 00:25:30,160 Speaker 1: during one of our recordings, I also I mispronounced something 491 00:25:30,240 --> 00:25:32,520 Speaker 1: and so one of the producers asked me to re 492 00:25:32,520 --> 00:25:35,800 Speaker 1: record a sentence, which is not an unusual practice in 493 00:25:35,880 --> 00:25:40,679 Speaker 1: podcast land. And that night I had a dream where 494 00:25:40,960 --> 00:25:43,520 Speaker 1: we met with one of our listeners and he gave 495 00:25:43,640 --> 00:25:47,240 Speaker 1: us a present. It was like a card game, sort 496 00:25:47,280 --> 00:25:50,439 Speaker 1: of like Cards against Humanity, and the name of the 497 00:25:50,480 --> 00:25:55,600 Speaker 1: game was he dropped a consonant and she swallowed a. 498 00:25:55,680 --> 00:25:57,919 Speaker 2: Vow and it was amazing. 499 00:25:58,080 --> 00:26:02,560 Speaker 1: It was literally a game for spotting podcast hosts verbal tics. 500 00:26:02,760 --> 00:26:06,000 Speaker 1: So if someone misstated something or mispronounced something, you would 501 00:26:06,040 --> 00:26:08,560 Speaker 1: play a card, and I guess you would win by 502 00:26:08,640 --> 00:26:12,320 Speaker 1: like playing the most cards or spotting the most verbal tics. 503 00:26:12,400 --> 00:26:15,680 Speaker 1: And so yes, you can actively see me working out 504 00:26:15,840 --> 00:26:17,480 Speaker 1: my issues in my dreams. 505 00:26:17,960 --> 00:26:20,480 Speaker 2: As far as I know, I don't recall having like 506 00:26:20,720 --> 00:26:23,159 Speaker 2: I can't think of one right now, but just Tracy, like, 507 00:26:23,560 --> 00:26:27,199 Speaker 2: I don't think that game sounds that fun. No, but 508 00:26:27,240 --> 00:26:29,399 Speaker 2: I think that's a great name for a game, and 509 00:26:29,480 --> 00:26:31,280 Speaker 2: so I think you should come up with a game 510 00:26:31,320 --> 00:26:34,200 Speaker 2: called was it He dropped a consonant, she dropped. 511 00:26:33,920 --> 00:26:35,640 Speaker 1: Out, she swallowed a val Yeah, it's a. 512 00:26:35,560 --> 00:26:37,600 Speaker 2: Great name for a game, So you got to figure 513 00:26:37,600 --> 00:26:39,280 Speaker 2: out a game for it. I just don't think there's 514 00:26:39,280 --> 00:26:42,760 Speaker 2: a big enough market for spotting podcast host verbal tics. 515 00:26:42,920 --> 00:26:43,240 Speaker 2: I have. 516 00:26:43,760 --> 00:26:46,480 Speaker 1: I have a lot of like very literal finance trades. 517 00:26:46,720 --> 00:26:49,040 Speaker 1: You know, when Ackman did really well on his treasury 518 00:26:49,040 --> 00:26:50,960 Speaker 1: trades this year, I had a dream that he like 519 00:26:51,000 --> 00:26:52,719 Speaker 1: called me up and asked me for a date, and 520 00:26:52,760 --> 00:26:56,480 Speaker 1: his pitch was literally like I had a really good 521 00:26:56,560 --> 00:26:58,760 Speaker 1: year in the bond market. You want to come out 522 00:26:58,760 --> 00:26:59,399 Speaker 1: and talk about it. 523 00:26:59,520 --> 00:27:00,360 Speaker 2: It's amazing. 524 00:27:00,520 --> 00:27:03,240 Speaker 1: Yeah, that's probably Tmimi. 525 00:27:03,359 --> 00:27:06,200 Speaker 4: Yeah, we need all of the analysts and our audience 526 00:27:06,320 --> 00:27:08,240 Speaker 4: to get on these stats. 527 00:27:10,160 --> 00:27:13,000 Speaker 1: Hi, Joe and Tracy. My name is Devin, and I'm sure, 528 00:27:13,280 --> 00:27:15,920 Speaker 1: And we were wondering, what's something that you've previously covered 529 00:27:15,920 --> 00:27:18,440 Speaker 1: on odd lots that you most want to revisit in twenty. 530 00:27:18,200 --> 00:27:20,960 Speaker 10: Twenty four, or kind of the inverse, if there's anything 531 00:27:21,000 --> 00:27:22,200 Speaker 10: that you thought was going to be a really big 532 00:27:22,240 --> 00:27:24,120 Speaker 10: deal of twenty twenty three that turned out not really 533 00:27:24,160 --> 00:27:24,359 Speaker 10: to be. 534 00:27:24,400 --> 00:27:28,480 Speaker 1: So I love that there's like a couple calling in 535 00:27:28,600 --> 00:27:32,000 Speaker 1: and alternating sentences. Are they finishing each other's sentence? 536 00:27:32,119 --> 00:27:33,040 Speaker 2: Is extremely sweet? 537 00:27:33,119 --> 00:27:36,160 Speaker 1: Yeah, Okay, something that we want to cover in twenty 538 00:27:36,200 --> 00:27:39,160 Speaker 1: twenty four. That's pretty easy, And we kind of alluded 539 00:27:39,200 --> 00:27:41,280 Speaker 1: to this earlier when we were talking about our producers. 540 00:27:41,280 --> 00:27:45,679 Speaker 1: But our major challenge is sort of streamlining all the 541 00:27:45,680 --> 00:27:48,920 Speaker 1: things that we want to talk about and choosing among them. 542 00:27:48,960 --> 00:27:52,080 Speaker 1: But I would say insurance is a big one for 543 00:27:52,240 --> 00:27:55,160 Speaker 1: us right now, and I think it's kind of under 544 00:27:55,280 --> 00:28:01,560 Speaker 1: discussed even within financial journalism, despite being this absolutely massive industry. 545 00:28:02,080 --> 00:28:06,399 Speaker 1: I guess Historically it just hasn't been that sexy a topic. 546 00:28:06,560 --> 00:28:09,960 Speaker 1: But we are starting to see the real world impact 547 00:28:10,119 --> 00:28:13,680 Speaker 1: of insurance and it feels to me like, I think 548 00:28:13,720 --> 00:28:15,760 Speaker 1: there was a book written about this a long time ago, 549 00:28:15,800 --> 00:28:17,560 Speaker 1: and I read it, and I really wish I could 550 00:28:17,600 --> 00:28:20,680 Speaker 1: remember the title and the author of it. But there's 551 00:28:20,720 --> 00:28:23,840 Speaker 1: an argument to be made that in the current environment 552 00:28:23,840 --> 00:28:25,960 Speaker 1: where we are seeing these sort of like one off 553 00:28:26,080 --> 00:28:30,440 Speaker 1: risks multiplying or you know, cascading disruptions, whatever you want 554 00:28:30,440 --> 00:28:33,919 Speaker 1: to call it, the insurers kind of become the arbiters 555 00:28:34,280 --> 00:28:40,680 Speaker 1: of behavior and accepted industry practice. They're the ones making 556 00:28:40,680 --> 00:28:43,960 Speaker 1: the decisions about whether or not they're going to compensate 557 00:28:43,960 --> 00:28:46,520 Speaker 1: you for particular things, whether or not what you're doing 558 00:28:46,640 --> 00:28:50,240 Speaker 1: is acceptable in their minds. And you've seen bits and 559 00:28:50,280 --> 00:28:53,440 Speaker 1: pieces of this right so obviously real estate in Florida. 560 00:28:54,200 --> 00:28:57,600 Speaker 1: The fact that insurance is becoming incredibly expensive and in 561 00:28:57,600 --> 00:29:02,120 Speaker 1: some cases prohibitively so, is really interesting. But also, you know, 562 00:29:02,200 --> 00:29:05,600 Speaker 1: like tankers in the Middle East, whether or not insurers 563 00:29:05,680 --> 00:29:09,640 Speaker 1: are going to find it acceptable for people to keep 564 00:29:09,760 --> 00:29:12,200 Speaker 1: going on the same routes that they historically have been. 565 00:29:12,280 --> 00:29:15,120 Speaker 1: There are all these decisions being made by insurers that 566 00:29:15,160 --> 00:29:18,680 Speaker 1: are having real life consequences, and I really want to 567 00:29:18,680 --> 00:29:21,080 Speaker 1: dig more into that totally. 568 00:29:21,120 --> 00:29:24,720 Speaker 2: It's interesting that like insurance just does not get the 569 00:29:24,760 --> 00:29:28,440 Speaker 2: attention other sectors of finance. And I would add to 570 00:29:28,480 --> 00:29:33,160 Speaker 2: that accounting, and there's these huge accounting companies, and accounting 571 00:29:33,240 --> 00:29:38,360 Speaker 2: is so interesting, and whether it's sort of forensic accounting, 572 00:29:38,840 --> 00:29:41,560 Speaker 2: whether it's just sort of how the rules of accounting 573 00:29:41,680 --> 00:29:46,080 Speaker 2: end up influencing real life because obviously people make business 574 00:29:46,120 --> 00:29:50,440 Speaker 2: decisions in part because of you know, in part because 575 00:29:50,480 --> 00:29:53,720 Speaker 2: of accounting. Like it's not just it's not just scorekeeping, 576 00:29:53,760 --> 00:29:56,640 Speaker 2: it really matters. And so sort of related to this 577 00:29:56,760 --> 00:29:59,600 Speaker 2: idea that there's huge squaths of money and finance that 578 00:29:59,720 --> 00:30:01,800 Speaker 2: just don't get much attention. I would like to do 579 00:30:01,840 --> 00:30:02,320 Speaker 2: more on that. 580 00:30:02,920 --> 00:30:05,800 Speaker 1: We were talking about listener gifts before. One of the 581 00:30:05,800 --> 00:30:08,280 Speaker 1: best gifts I ever got was actually when I was 582 00:30:08,320 --> 00:30:12,360 Speaker 1: on ft Alphaville, someone sent me a leather bound copy 583 00:30:12,560 --> 00:30:16,280 Speaker 1: of a really famous and very good accounting book and 584 00:30:16,480 --> 00:30:19,160 Speaker 1: that was amazing and I still have it and I've 585 00:30:19,160 --> 00:30:21,400 Speaker 1: been meaning to put it on my desk, so I 586 00:30:21,400 --> 00:30:22,720 Speaker 1: should probably do that in the new year. 587 00:30:23,320 --> 00:30:24,840 Speaker 9: Hey, I'm Claude from New York. 588 00:30:25,120 --> 00:30:27,320 Speaker 6: Tracy what'd you do with the coal in your basement? 589 00:30:29,160 --> 00:30:29,840 Speaker 1: I've burned it all. 590 00:30:29,920 --> 00:30:32,160 Speaker 2: It's such a popular question. How many times have you 591 00:30:32,240 --> 00:30:33,680 Speaker 2: been asked this, Tracy, quite. 592 00:30:33,480 --> 00:30:38,680 Speaker 1: A few times. The non interesting reality is that I 593 00:30:38,800 --> 00:30:41,440 Speaker 1: used it. I burned it in the coal stove. The 594 00:30:41,480 --> 00:30:45,040 Speaker 1: house we bought in Connecticut that were renovating had absolutely 595 00:30:45,120 --> 00:30:49,080 Speaker 1: zero insulation. When we bought it, it was very, very cold. 596 00:30:49,520 --> 00:30:52,560 Speaker 1: There's an old coal stove in the kitchen. We learned 597 00:30:52,720 --> 00:30:56,719 Speaker 1: how to use it. It worked pretty well. It heated 598 00:30:56,800 --> 00:30:59,440 Speaker 1: almost the entire house. We had a basement full of 599 00:30:59,440 --> 00:31:04,080 Speaker 1: coal us going for a complete winter. And then this 600 00:31:04,200 --> 00:31:09,320 Speaker 1: summer we insulated the attic, which I highly recommend doing 601 00:31:09,400 --> 00:31:12,920 Speaker 1: for energy efficiency purposes, but it is not a fun 602 00:31:13,040 --> 00:31:16,080 Speaker 1: job to blow in insulation. But now we have insulation, 603 00:31:16,240 --> 00:31:18,920 Speaker 1: and so we've used up all the coal and we're 604 00:31:18,960 --> 00:31:21,880 Speaker 1: just running normal heating oil and the house has been 605 00:31:21,880 --> 00:31:22,440 Speaker 1: pretty warm. 606 00:31:22,960 --> 00:31:26,600 Speaker 7: So I'm John, I'm from New York, and I did 607 00:31:26,680 --> 00:31:29,360 Speaker 7: actually cancel a first date to be here and ask 608 00:31:29,400 --> 00:31:32,440 Speaker 7: this question. So I wanted to know what Tracy's favorite 609 00:31:32,520 --> 00:31:33,520 Speaker 7: light sweet crude song. 610 00:31:34,920 --> 00:31:37,720 Speaker 1: Oh man, Okay, two things on that I would like 611 00:31:37,760 --> 00:31:42,479 Speaker 1: to apologize to whoever your date was, but I guess 612 00:31:42,920 --> 00:31:47,640 Speaker 1: thank you for being there. Secondly, I have yet to 613 00:31:47,720 --> 00:31:50,640 Speaker 1: listen the scary embarrassing. No, I have yet to listen 614 00:31:50,680 --> 00:31:53,960 Speaker 1: because I'm waiting for your show, which is tomorrow, and 615 00:31:54,000 --> 00:31:55,640 Speaker 1: I want to be I want to go into it 616 00:31:55,680 --> 00:32:00,560 Speaker 1: completely blind and be completely wowed by your performance. So 617 00:32:00,600 --> 00:32:02,240 Speaker 1: no pressure, Joe. 618 00:32:02,560 --> 00:32:06,320 Speaker 2: I'll okay, I'll accept that excuse, but then will you 619 00:32:06,360 --> 00:32:08,960 Speaker 2: please give it some Spotify listens after that to boost 620 00:32:09,000 --> 00:32:09,440 Speaker 2: our numbers? 621 00:32:09,440 --> 00:32:11,240 Speaker 1: Well, I also don't have Spotify. 622 00:32:11,040 --> 00:32:12,160 Speaker 2: Apple, whatever you use. 623 00:32:12,280 --> 00:32:15,600 Speaker 1: I will I Well, to be fair, I've been talking 624 00:32:15,680 --> 00:32:18,440 Speaker 1: about your show in many, many episodes, so it's not 625 00:32:18,520 --> 00:32:20,320 Speaker 1: like I haven't been picking you up. 626 00:32:20,640 --> 00:32:22,800 Speaker 2: That's totally true, but you've done more than enough. 627 00:32:22,920 --> 00:32:25,680 Speaker 1: I genuinely want to go into it just completely blind 628 00:32:25,840 --> 00:32:28,440 Speaker 1: and listen to it there, and I'm really I'm super 629 00:32:28,520 --> 00:32:32,080 Speaker 1: excited about it. We're recording this on December eighteenth, and 630 00:32:32,200 --> 00:32:36,760 Speaker 1: it's tomorrow on the nineteenth. Should I wear like country clothes? 631 00:32:37,200 --> 00:32:37,600 Speaker 2: Definitely? 632 00:32:37,720 --> 00:32:37,920 Speaker 5: Yes? 633 00:32:38,040 --> 00:32:38,320 Speaker 6: Yeah? 634 00:32:38,400 --> 00:32:42,080 Speaker 4: Yeah, all right, okay, So our last question, once again 635 00:32:42,320 --> 00:32:46,000 Speaker 4: comes from your producers, and we're wondering if you weren't 636 00:32:46,000 --> 00:32:48,800 Speaker 4: doing this with us, if you weren't covering finance, is 637 00:32:48,800 --> 00:32:51,200 Speaker 4: there any other topic you would ever podcast about. 638 00:32:51,520 --> 00:32:54,120 Speaker 2: Ooh. For me, you would definitely have to be something 639 00:32:54,200 --> 00:32:57,520 Speaker 2: music related like that is the when I'm not sort 640 00:32:57,560 --> 00:33:01,080 Speaker 2: of in finance mind, I listen to music all the 641 00:33:01,160 --> 00:33:04,200 Speaker 2: time as much as I can, and that is definitely 642 00:33:04,920 --> 00:33:06,959 Speaker 2: you know, I say that is the one thing that 643 00:33:07,120 --> 00:33:09,960 Speaker 2: you know. I've been obsessed with music of various flavors 644 00:33:09,960 --> 00:33:13,080 Speaker 2: and genres my entire life, and if I were in 645 00:33:13,160 --> 00:33:16,320 Speaker 2: a different industry, that would be what I would like. 646 00:33:16,280 --> 00:33:16,560 Speaker 5: To be in. 647 00:33:17,080 --> 00:33:20,600 Speaker 1: We should do more music economics episodes because there's so 648 00:33:20,680 --> 00:33:22,840 Speaker 1: much to talk about. I mean, Taylor Swift would be 649 00:33:22,840 --> 00:33:26,800 Speaker 1: a pretty easy one for me, I guess. I mean 650 00:33:26,840 --> 00:33:30,520 Speaker 1: I have a lot of different hobbies, so any of those, 651 00:33:30,680 --> 00:33:37,200 Speaker 1: but more conceptually, I really enjoy low level drama, and 652 00:33:38,080 --> 00:33:40,640 Speaker 1: Joe will attest to this. I get very upset by 653 00:33:40,760 --> 00:33:43,520 Speaker 1: like unfair things happening in the world. 654 00:33:43,840 --> 00:33:47,600 Speaker 2: Someone who has like eight followers on Twitter will say 655 00:33:47,600 --> 00:33:50,680 Speaker 2: something and Traca will turn to me and send me 656 00:33:50,760 --> 00:33:52,600 Speaker 2: the tweet indignant. 657 00:33:52,320 --> 00:33:56,440 Speaker 1: If it's unfair. It genuinely will bother me. So I 658 00:33:56,480 --> 00:33:59,640 Speaker 1: think I would have something where I just like, what 659 00:33:59,680 --> 00:34:03,120 Speaker 1: was that old family Guys sketch of like stuff that 660 00:34:03,600 --> 00:34:04,400 Speaker 1: pissed off people. 661 00:34:04,400 --> 00:34:09,040 Speaker 2: What about a podcast Tracy where we argue. Tracy argues 662 00:34:09,080 --> 00:34:12,480 Speaker 2: with people in the comment and we invite people from 663 00:34:12,480 --> 00:34:17,040 Speaker 2: the comment section, and I would do that and fight 664 00:34:17,080 --> 00:34:19,520 Speaker 2: with them, but they can change their see if you 665 00:34:19,560 --> 00:34:20,440 Speaker 2: can change their minds. 666 00:34:20,480 --> 00:34:23,640 Speaker 1: There have been instances, I mean, a truism of the 667 00:34:23,640 --> 00:34:26,520 Speaker 1: internet is like, hardly ever do you get someone saying, 668 00:34:26,520 --> 00:34:29,080 Speaker 1: oh I was wrong and I apologize. But there have 669 00:34:29,200 --> 00:34:33,200 Speaker 1: been a handful of instances where that has happened, where 670 00:34:33,239 --> 00:34:36,359 Speaker 1: after I have argued with someone. And so those those 671 00:34:36,520 --> 00:34:40,600 Speaker 1: five instances versus like thousands and thousands of comments, it 672 00:34:40,680 --> 00:34:42,080 Speaker 1: was worth it. Joe keeps me. 673 00:34:42,080 --> 00:34:44,680 Speaker 2: Going fell for twenty twenty four. 674 00:34:45,160 --> 00:34:47,680 Speaker 1: Please don't say mean and unfair things to me on 675 00:34:47,719 --> 00:34:49,920 Speaker 1: Twitter just to get a reaction, because it will. 676 00:34:49,680 --> 00:35:04,080 Speaker 2: Work, Tracy. That was really fun. I love this tradition. 677 00:35:04,200 --> 00:35:06,440 Speaker 2: I hope we do it for the next twenty years. 678 00:35:06,600 --> 00:35:06,839 Speaker 3: Yeah. 679 00:35:07,040 --> 00:35:09,880 Speaker 1: I'm always happy to answer anyone's questions. Joe and I 680 00:35:09,880 --> 00:35:14,120 Speaker 1: are also obviously on Twitter and also on a discord, 681 00:35:14,200 --> 00:35:16,960 Speaker 1: the Audlots Discord, so if you have even more questions, 682 00:35:17,000 --> 00:35:17,960 Speaker 1: we can answer them there. 683 00:35:18,160 --> 00:35:20,520 Speaker 2: And it is really I thank you so much to 684 00:35:20,560 --> 00:35:22,160 Speaker 2: the listeners. Yeah, and the fact that there are like 685 00:35:22,160 --> 00:35:25,080 Speaker 2: people who take time out of their day, even a couples, 686 00:35:25,120 --> 00:35:28,200 Speaker 2: to record one and ask questions about our personal lives 687 00:35:28,800 --> 00:35:31,520 Speaker 2: or things were interested. It really does mean a lot. 688 00:35:31,600 --> 00:35:34,359 Speaker 2: Like it makes me very happy to hear all of those, 689 00:35:34,640 --> 00:35:38,480 Speaker 2: to hear real people calling in so really appreciate it. 690 00:35:38,600 --> 00:35:41,240 Speaker 1: Yeah, and whenever anyone says they listen to All Lots 691 00:35:41,320 --> 00:35:44,200 Speaker 1: during their commute or while doing chores or working out, 692 00:35:44,400 --> 00:35:48,319 Speaker 1: that makes me feel so happy that our conversations can 693 00:35:48,400 --> 00:35:52,480 Speaker 1: make fairly routine things a little bit more bearable and interesting. 694 00:35:52,880 --> 00:35:55,439 Speaker 1: So thank you to everyone who listened in twenty twenty three. 695 00:35:55,680 --> 00:35:59,720 Speaker 1: Send us your ideas for twenty twenty four, your guest ideas, 696 00:35:59,760 --> 00:36:03,359 Speaker 1: your episode ideas. We are always eager to hear them. 697 00:36:03,560 --> 00:36:07,359 Speaker 2: Love hearing from fans, love hearing from listeners absolutely. As 698 00:36:07,360 --> 00:36:12,160 Speaker 2: Tracy said, ideas people sometimes feel apologetic like, oh, I 699 00:36:12,200 --> 00:36:15,480 Speaker 2: bet you get lots of people suggesting this, but it's honestly, 700 00:36:16,160 --> 00:36:21,280 Speaker 2: I know. We never mind hearing show ideas, guest ideas, 701 00:36:21,600 --> 00:36:24,000 Speaker 2: topic ideas, etc. So keep it coming. 702 00:36:24,280 --> 00:36:26,160 Speaker 1: On that note, shall we leave it there? Let's leave 703 00:36:26,200 --> 00:36:28,600 Speaker 1: it there all right? This has been another episode of 704 00:36:28,640 --> 00:36:31,600 Speaker 1: the All Thoughts podcast. I'm Tracy Alloway. You can follow 705 00:36:31,600 --> 00:36:33,080 Speaker 1: me at Tracy Alloway. 706 00:36:33,280 --> 00:36:36,040 Speaker 2: And I'm Joe Wisenthal. You can follow me at The Stalwart. 707 00:36:36,320 --> 00:36:40,520 Speaker 2: Follow our producers Carmen Rodriguez at Carman Arman Dashel Bennett 708 00:36:40,560 --> 00:36:44,200 Speaker 2: at Dashbot, and kel Brooks at cal Brooks. And thank 709 00:36:44,239 --> 00:36:47,720 Speaker 2: you to our producer Moses Onam. For more Odd Lots content, 710 00:36:47,760 --> 00:36:50,080 Speaker 2: go to Bloomberg dot com slash odd Lots, where we 711 00:36:50,120 --> 00:36:53,840 Speaker 2: have transcripts, blog and a newsletter. And check out our discord, 712 00:36:54,080 --> 00:36:56,720 Speaker 2: where listeners like the ones who called in are chatting 713 00:36:56,760 --> 00:36:59,360 Speaker 2: twenty four to seven about all of the topics we 714 00:36:59,440 --> 00:37:00,000 Speaker 2: discuss them. 715 00:37:00,880 --> 00:37:03,239 Speaker 1: And if you enjoy All Lots, if you like it 716 00:37:03,280 --> 00:37:06,120 Speaker 1: when we do the annual Ask Me Anything episodes, then 717 00:37:06,200 --> 00:37:10,040 Speaker 1: please leave us a positive review on your favorite podcast platform. 718 00:37:10,080 --> 00:37:10,800 Speaker 1: Thanks for listening.