WEBVTT - The Odd Lots AMA Episode: Joe and Tracy Answer Your Questions

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<v Speaker 1>Hello, and welcome to another episode of the All Thoughts Podcast.

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<v Speaker 1>I'm Tracy Alloway and I'm Joe Wisenthal. Joe, it's my

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<v Speaker 1>favorite time of years.

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<v Speaker 2>That could mean so many things.

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<v Speaker 1>That's right, it's earning season again. No, it is the

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<v Speaker 1>holiday season, the festive season. More importantly, it is our

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<v Speaker 1>annual ask Me Anything episode.

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<v Speaker 2>I love the end of the year because rather than

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<v Speaker 2>you know, like coming up with new guests and like

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<v Speaker 2>figuring out what the big stories are, round up episodes

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<v Speaker 2>and sort of look backs and retrospective No, but for real,

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<v Speaker 2>I genuinely enjoyed this episode.

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<v Speaker 1>I like it. I like that it has that old

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<v Speaker 1>timey radio call in feel. And I always like to

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<v Speaker 1>hear what's sort of resonating with our listeners and what

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<v Speaker 1>they're curious to hear more about.

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<v Speaker 2>Totally, And you know, sometimes people are cure about us

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<v Speaker 2>and our careers and stuff, and I don't we don't

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<v Speaker 2>really like, I don't know, I'm not that into like

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<v Speaker 2>talking about ourselves. You know, I want to be the

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<v Speaker 2>question asker.

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<v Speaker 1>You know, that's why we went into journalism.

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<v Speaker 2>But it's fun to hear what people are curious about.

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<v Speaker 2>And every once in a while, I guess having the

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<v Speaker 2>microphones turned so to speak.

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<v Speaker 1>Yes, So we invited all of our listeners and readers

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<v Speaker 1>and discord subscribers to send in their questions, anything at

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<v Speaker 1>all that they wanted to ask us, and we have

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<v Speaker 1>a selection of those questions here. So, without further ado,

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<v Speaker 1>why don't we hear from our first.

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<v Speaker 3>Caller, Alfredo as of now I live in Bonn, Germany.

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<v Speaker 3>I had a question pertaining to how you actually started

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<v Speaker 3>the podcast where you got the idea. Now you two

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<v Speaker 3>went from being co workers to co hosts on a

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<v Speaker 3>podcast so niche and so interesting.

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<v Speaker 2>Thank you, Alfredo. I'll start with that one. There was

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<v Speaker 2>no real plan, I think. So Tracy and I started

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<v Speaker 2>working together here at Bloomberg in twenty fifteen, and we

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<v Speaker 2>were doing digital stuff and we've had a variety of jobs.

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<v Speaker 2>But uh, I think it was sometime in twenty fifteen

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<v Speaker 2>podcasts were getting big or starting to grow, and I

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<v Speaker 2>turned to Tracy and I said, you want to do

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<v Speaker 2>a podcast together? And she said, uh, yep, that's my

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<v Speaker 2>memory of it.

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<v Speaker 1>It's a good thing. I said, yes. What if I

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<v Speaker 1>said no, I have too much other stuff to do.

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<v Speaker 2>No's We did have a lot of stuff on our

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<v Speaker 2>plate in those days.

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<v Speaker 1>Yeah, that's right. I think at one point Joe and

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<v Speaker 1>I were doing three different jobs if you include the podcast.

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<v Speaker 1>You know, we were going on TV, we were managing

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<v Speaker 1>the Bloomberg News desk. Lots of stuff going on. But

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<v Speaker 1>I am really glad that we started it in twenty fifteen.

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<v Speaker 1>If you go back and listen to some of our

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<v Speaker 1>early episodes, don't well, now they are a little bit

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<v Speaker 1>embarrassing because you can tell that we were sort of

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<v Speaker 1>learning as we went, But they are also some of

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<v Speaker 1>my favorite episodes. So one of our very first ones

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<v Speaker 1>was an episode about the Banana of the Banana, how

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<v Speaker 1>the world ended up with a boring banana. There are

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<v Speaker 1>some really interesting episodes with an archaeologist Arthur Demerist. Those

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<v Speaker 1>are still they live free in my head.

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<v Speaker 2>Do you remember the catfish bubble episodes? Yes, we did

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<v Speaker 2>some real niche stuff back in the day, and of

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<v Speaker 2>course that I think that still exists. But we were

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<v Speaker 2>like the news was like, oh, what's that Like, We're

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<v Speaker 2>way off the news back in those days.

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<v Speaker 1>Yeah, but I'm glad we started it. It's turned into

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<v Speaker 1>a really great place to actually dive into topics and

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<v Speaker 1>learn more about them in a more I guess, intense

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<v Speaker 1>way than you can necessarily through other journalistic mediums. So yeah,

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<v Speaker 1>that's how it started.

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<v Speaker 2>And I definitely didn't think this would be our main jobs.

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<v Speaker 2>I always figuring no side hobby of it, or it

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<v Speaker 2>was like a side job of a side job. So

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<v Speaker 2>when I turned to Tracey, I said, should we do

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<v Speaker 2>a podcast? It was definitely not like, this is what

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<v Speaker 2>we are going to do with our careers. So this

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<v Speaker 2>has been fun.

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<v Speaker 4>This is producer Kale. Before we go into our next question,

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<v Speaker 4>could you also say why and how you came up

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<v Speaker 4>with the name of lots.

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<v Speaker 1>Oh, we were looking for something that wouldn't necessarily pigeonhole

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<v Speaker 1>us in one topic, and I think all thoughts came

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<v Speaker 1>from It's a bond market term that I knew back then.

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<v Speaker 1>It's basically like an order of a non standard size,

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<v Speaker 1>and I thought the idea of oddity or non standard

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<v Speaker 1>size was kind of perfect for what we wanted to do,

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<v Speaker 1>because we wanted to dig into things that weren't necessarily

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<v Speaker 1>at the forefront of the news cycle, and we wanted

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<v Speaker 1>to do it in a slightly different way where we

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<v Speaker 1>wouldn't sacrifice nuance and detail, just for like, you know,

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<v Speaker 1>a five minute here are the important bullet points about

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<v Speaker 1>this particular topic. We wanted to cover it in a

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<v Speaker 1>slightly different way, and so I think the all Thot's

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<v Speaker 1>name turned out to be perfect.

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<v Speaker 2>Yeah, and I like the fact that, like, you don't

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<v Speaker 2>necessarily know what it's about.

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<v Speaker 1>I feel it's given us a lot of flexibility over

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<v Speaker 1>the years.

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<v Speaker 2>And finance media can be a little bit cliche, you know,

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<v Speaker 2>you can you just sort of pick some random words

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<v Speaker 2>like you're doing for jerad or poetry, like marketwire or

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<v Speaker 2>market whatever it is. And so I like that you

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<v Speaker 2>don't really it's not too it doesn't beat you over

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<v Speaker 2>the head with the idea that this is a markets

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<v Speaker 2>podcast or an economics podcast.

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<v Speaker 5>Hi, Tracy and Joe, I love the show. This is

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<v Speaker 5>Jeffrey ting from Chicago. I'm an actuary. And my question

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<v Speaker 5>for you too is at what point did you decide

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<v Speaker 5>to introduce each guest as the perfect guest in every episode?

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<v Speaker 2>I don't think we ever actually decided that. I think

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<v Speaker 2>if you go back and listen to a lot of

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<v Speaker 2>our old episodes, it took us a while to get

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<v Speaker 2>into a rhythm of even introductions are old. How we

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<v Speaker 2>do it.

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<v Speaker 1>Oh yeah, we used to include our full job titles

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<v Speaker 1>and it took like five minutes just to do the

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<v Speaker 1>introduction for ourselves.

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<v Speaker 6>Well.

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<v Speaker 2>Also, remember like we used to do this thing where

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<v Speaker 2>like we would sort of pretend that one of us

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<v Speaker 2>didn't know what the episode was gonna go. Oh yeah,

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<v Speaker 2>we did all kinds of stuff.

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<v Speaker 1>Sometimes it wasn't pretending though, because we were doing it

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<v Speaker 1>on such an ad hoc casual basis that sometimes we

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<v Speaker 1>genuinely didn't know who had been booked.

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<v Speaker 2>But one thing I'll say is that I learned by

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<v Speaker 2>the way. Our first ever guest was our colleague Tom Keane.

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<v Speaker 2>And one thing, having watched Tom Keen on TV over

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<v Speaker 2>the years, he is. One thing that he's great is

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<v Speaker 2>he sort of like puffs up the guests. And there's

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<v Speaker 2>a good reason for that. If the guest is here,

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<v Speaker 2>it's because you think they're great, because if they're not

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<v Speaker 2>the perfect guest, why are you talking to them? So

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<v Speaker 2>I sort of always thought that that was a great

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<v Speaker 2>thing that Tom did, which is make the guest feel special,

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<v Speaker 2>make the audience feel like, yeah, we're really excited about

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<v Speaker 2>talking to this person. So I think that's sort of

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<v Speaker 2>part of how it slipped into our consciousness.

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<v Speaker 7>To do that.

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<v Speaker 1>Yeah, none of the sort of taglines that people are

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<v Speaker 1>familiar with now, like let's leave it there, shall we

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<v Speaker 1>leave it there? None of that was premeditation. It just

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<v Speaker 1>kind of came naturally, and then we kept doing it.

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<v Speaker 1>And especially with the perfect Guest, I feel like if

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<v Speaker 1>you say it once, it's sort of an insult to

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<v Speaker 1>other people if you don't also call them.

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<v Speaker 2>In the perfect guest. Yeah, you can always say it,

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<v Speaker 2>but it's never intentional.

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<v Speaker 1>Yeah.

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<v Speaker 8>Hi, my name is Roy. I'm from Detroit, Michigan. And

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<v Speaker 8>my question was, how do you find the perfect guests?

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<v Speaker 8>If you have an idea for a specific episode, like

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<v Speaker 8>the legal cannabis market in New York or energy drinks

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<v Speaker 8>with small modular nuclear reactors, does the episode idea come first?

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<v Speaker 8>And if so, how do you find the right person

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<v Speaker 8>to speak to that?

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<v Speaker 9>Hi?

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<v Speaker 1>Roy from Michigan. So there are a couple of ways

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<v Speaker 1>we go about finding the proverbial perfect guests. So sometimes

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<v Speaker 1>we have an idea for an episode. So, for instance,

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<v Speaker 1>there's an episode that I really want to do right

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<v Speaker 1>now about why headlights on cars are so freaking bright nowadays,

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<v Speaker 1>And so we're sort of in the early processes of

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<v Speaker 1>trying to find good people for that, and the way

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<v Speaker 1>we typically go about it is we'll often look on Twitter,

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<v Speaker 1>because frankly, if your whole life is tweeting about one

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<v Speaker 1>particular topic, the chances are you would make a really

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<v Speaker 1>good Add Lots guest if you sort of eat, breathe,

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<v Speaker 1>and discuss particular topics. And also sometimes we'll just come

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<v Speaker 1>across someone who we think is very very interesting, who

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<v Speaker 1>we think would be fascinating to talk to, and so

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<v Speaker 1>we'll do it that way too. There's sort of a

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<v Speaker 1>variety of ways that we go about it. Sometimes we'll

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<v Speaker 1>read research, We'll pick out particular academics that we think

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<v Speaker 1>have done really interesting papers on a particular topic. We

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<v Speaker 1>can kind of come across them anyway. But I will

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<v Speaker 1>say in more recent years, one of the ways we

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<v Speaker 1>have been finding more people is through suggestions from listeners.

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<v Speaker 1>And so we sort of have this network now of

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<v Speaker 1>people in the All Lots world who might hear that

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<v Speaker 1>we are interested in doing a particular show topic, and

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<v Speaker 1>we'll make a suggestion for someone that they think is

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<v Speaker 1>really good.

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<v Speaker 2>Yeah, you know, a lot of the guests that we

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<v Speaker 2>have themselves will pitch a guest like, oh, you're interested

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<v Speaker 2>in that point, I know someone who'd be good. It

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<v Speaker 2>really is all different kinds of things. But you know,

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<v Speaker 2>at the end of a lot of episodes, we're like,

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<v Speaker 2>we should do an episode on this, we should do

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<v Speaker 2>an episode on that, And then someone hears that and

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<v Speaker 2>they said, hey, I know the perfect person. So it

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<v Speaker 2>really is sort of as the network and community and

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<v Speaker 2>audience builds, we get it makes it easier to find people.

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<v Speaker 10>Hey Tracy, Hey Joe, this is Ethan from Annapolis, Maryland.

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<v Speaker 10>With the cryptocurrency total market cap up over one hundred

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<v Speaker 10>percent this year to north on one point five trillion,

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<v Speaker 10>I was wondering what your guys general thoughts were on

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<v Speaker 10>the industry and its outlook going forward, and specifically if

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<v Speaker 10>you had looked into Solana or Avalanche or any of

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<v Speaker 10>the gaming things going on.

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<v Speaker 1>We can't escape crypto, can we.

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<v Speaker 2>You know what I think is really funny for so

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<v Speaker 2>he mentioned, I think the total market cap of all

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<v Speaker 2>cryptocurrencies is like one point seven billion or something like that,

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<v Speaker 2>which is kind of big, but like the market cap

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<v Speaker 2>of Apple is three billion. So what I kind of

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<v Speaker 2>find to be fascinating about the crypto industry so to speak,

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<v Speaker 2>is that the entire thing, which has like captured so

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<v Speaker 2>much public attention over the last decade and executives talk

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<v Speaker 2>about all the time, and this huge culture smaller still

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<v Speaker 2>the entire thing than one prominent companies, and there are

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<v Speaker 2>other companies that are you know, about as big as well,

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<v Speaker 2>So I kind of find that fascinating. For like, all

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<v Speaker 2>of this attention and fascination still feels kind of small

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<v Speaker 2>to me.

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<v Speaker 1>Yeah, absolutely, I mean, look, Joe and I could probably

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<v Speaker 1>do this entire show just talking about crypto. But part

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<v Speaker 1>of me thinks, I can't believe we're doing this again,

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<v Speaker 1>and some of the froth that we've seen in the

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<v Speaker 1>market is already reminiscent of stuff that was happening in like,

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<v Speaker 1>you know, twenty twenty, twenty twenty one. But the other

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<v Speaker 1>part of me, and I've written about this, thinks that

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<v Speaker 1>crypto kind of there's a reason people are really into it,

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<v Speaker 1>And personally, I think it has to do with like

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<v Speaker 1>it's so sort of post modern that you can make

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<v Speaker 1>it anything that you want it to be. And some

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<v Speaker 1>people have dubbed this the narrative flexibility of crypto, So

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<v Speaker 1>the idea that when it first started, you know, it

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<v Speaker 1>was sort of post two thousand and eight. Central banks

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<v Speaker 1>were intervening in the market for the first time in

0:11:22.720 --> 0:11:27.000
<v Speaker 1>a long time in such a dramatic way, and people

0:11:27.040 --> 0:11:31.080
<v Speaker 1>thought of it as like central bank proof currency, and

0:11:31.120 --> 0:11:33.560
<v Speaker 1>that was the big attraction. And then as it matured,

0:11:33.679 --> 0:11:35.960
<v Speaker 1>it was you know, it was digital gold, it was

0:11:36.120 --> 0:11:39.960
<v Speaker 1>inflation proof. Then earlier this year, when we had the

0:11:40.000 --> 0:11:44.160
<v Speaker 1>banking crisis, it was like an anti bank bank proof currency.

0:11:45.040 --> 0:11:47.760
<v Speaker 1>And it just sort of moves from thing to thing

0:11:47.960 --> 0:11:51.760
<v Speaker 1>to thing, and I think that gives it a resilience

0:11:52.040 --> 0:11:55.720
<v Speaker 1>or a sort of attraction that is far longer lived

0:11:55.840 --> 0:11:58.480
<v Speaker 1>than a lot of people give it credit for. That

0:11:58.480 --> 0:12:01.280
<v Speaker 1>doesn't necessarily mean that, you know, it's the future of

0:12:01.360 --> 0:12:03.760
<v Speaker 1>money or it's the way we're going to do transactions.

0:12:03.800 --> 0:12:05.760
<v Speaker 1>And Joe and I have talked about this a lot

0:12:05.840 --> 0:12:09.200
<v Speaker 1>on the podcast, that the idea that despite you know,

0:12:09.280 --> 0:12:13.520
<v Speaker 1>more than a decade of cryptocurrency existing, we have yet

0:12:13.559 --> 0:12:16.760
<v Speaker 1>to see a real use case. I don't think like

0:12:16.920 --> 0:12:19.439
<v Speaker 1>either of us have been convinced of a real use

0:12:19.520 --> 0:12:23.040
<v Speaker 1>case here, But the fact that it's so kind of

0:12:23.120 --> 0:12:27.840
<v Speaker 1>detached from reality means that it is excellent for pinning

0:12:27.920 --> 0:12:30.520
<v Speaker 1>a narrative too, and we've seen that time and time

0:12:30.559 --> 0:12:31.560
<v Speaker 1>again at this point.

0:12:31.520 --> 0:12:33.840
<v Speaker 2>And I'll just add to the questioner like on some

0:12:33.880 --> 0:12:37.920
<v Speaker 2>of these alt layer ones like Evalanche and Solana, I

0:12:37.960 --> 0:12:41.199
<v Speaker 2>haven't checked in lately on the state of crypto games.

0:12:42.160 --> 0:12:44.160
<v Speaker 2>I sort of get it in theory, but I still

0:12:44.160 --> 0:12:47.080
<v Speaker 2>have yet to hear of one that's like genuinely fun

0:12:47.240 --> 0:12:50.560
<v Speaker 2>and not just a thing, you know. You know, we

0:12:50.600 --> 0:12:53.000
<v Speaker 2>started talked about this in our recent Magic episode where

0:12:53.040 --> 0:12:55.679
<v Speaker 2>Magic the gathering cards. You could make a lot of

0:12:55.720 --> 0:12:58.439
<v Speaker 2>money at some point if you held the right ones,

0:12:58.640 --> 0:13:01.080
<v Speaker 2>but the game was also just really fun to play.

0:13:02.120 --> 0:13:04.640
<v Speaker 2>If there's really a fun game in crypto that people

0:13:04.720 --> 0:13:09.040
<v Speaker 2>are excited about playing for the gameplay itself and it's

0:13:09.080 --> 0:13:11.520
<v Speaker 2>not really about making money on and if tas or something,

0:13:11.520 --> 0:13:13.120
<v Speaker 2>I would love to see one. So if someone wants

0:13:13.160 --> 0:13:15.360
<v Speaker 2>to shoot one to me and show it to me,

0:13:15.679 --> 0:13:16.600
<v Speaker 2>I'd love to check out.

0:13:33.520 --> 0:13:36.319
<v Speaker 6>My name is Scott from the University of Paso where

0:13:36.360 --> 0:13:39.200
<v Speaker 6>I teach business English. Tracy. I'm just sort of interested

0:13:39.360 --> 0:13:41.360
<v Speaker 6>because I think you once said in one episode that

0:13:41.400 --> 0:13:44.880
<v Speaker 6>you have an Austrian connection. Just sort of curious what

0:13:44.920 --> 0:13:45.800
<v Speaker 6>that connection is.

0:13:46.200 --> 0:13:48.760
<v Speaker 1>Hi, Scott, Yeah, sure that is an easy one. My

0:13:48.840 --> 0:13:53.120
<v Speaker 1>mother is Austrian. She's from a relatively small town called

0:13:53.160 --> 0:13:57.680
<v Speaker 1>Clogginfoot near the southern border with Italy, and I used

0:13:57.679 --> 0:13:59.680
<v Speaker 1>to go there all the time when I was a kid.

0:14:00.280 --> 0:14:02.960
<v Speaker 1>I tried my best to learn German, but as a

0:14:02.960 --> 0:14:05.640
<v Speaker 1>person who hates grammar, I will say it's a struggle.

0:14:05.679 --> 0:14:10.560
<v Speaker 1>I can understand pretty much anything, but my grammar is

0:14:10.600 --> 0:14:15.480
<v Speaker 1>still pretty bad. But yeah, I'm half Austrian. That's it.

0:14:15.880 --> 0:14:18.560
<v Speaker 8>My name is Gabrielle from Columbus, Ohio, and I'm a

0:14:18.600 --> 0:14:19.760
<v Speaker 8>huge fan of the podcast.

0:14:20.200 --> 0:14:22.080
<v Speaker 5>My question is, if you were forced to.

0:14:22.040 --> 0:14:26.280
<v Speaker 7>Make the case, how would you steal man Austrian economics.

0:14:27.080 --> 0:14:29.480
<v Speaker 1>That's a good one, Joe, you go first.

0:14:29.800 --> 0:14:33.960
<v Speaker 2>I could definitely do it. I mean I'm very ideologically millieable.

0:14:34.000 --> 0:14:36.520
<v Speaker 2>I don't have strong views on anything. So if someone said,

0:14:36.560 --> 0:14:40.360
<v Speaker 2>you know what, go steal man ex Austrian economics or

0:14:40.400 --> 0:14:42.800
<v Speaker 2>anything else, I'm sure I could do it. Look, I mean,

0:14:42.840 --> 0:14:47.280
<v Speaker 2>I think there's something real to this idea that monetary

0:14:47.320 --> 0:14:52.880
<v Speaker 2>constraints are important and that obviously you know that there

0:14:52.880 --> 0:14:56.520
<v Speaker 2>can be such thing obviously as too much money, too

0:14:56.560 --> 0:14:59.480
<v Speaker 2>much money printing, and that could cause inflation. It could

0:14:59.520 --> 0:15:04.400
<v Speaker 2>cause difficulty in uh business planning, et cetera. And so

0:15:04.480 --> 0:15:07.000
<v Speaker 2>the idea of like taking that to some extreme that

0:15:07.040 --> 0:15:11.160
<v Speaker 2>like you come up with some sort of optimal productive

0:15:11.640 --> 0:15:16.040
<v Speaker 2>outcome by virtue of some sort of very serious commitment

0:15:16.120 --> 0:15:20.320
<v Speaker 2>to monetary scarcity. I think there are weaknesses in this idea,

0:15:20.320 --> 0:15:23.360
<v Speaker 2>and I think there's almost a sort of utopian fantasy

0:15:23.440 --> 0:15:25.840
<v Speaker 2>that if we have an entire monetary system around to

0:15:26.280 --> 0:15:29.440
<v Speaker 2>enforcing that scarcity, then all kinds of problems get solved.

0:15:30.360 --> 0:15:33.320
<v Speaker 2>I think there's issues with Austrian theories of interest rates,

0:15:34.400 --> 0:15:38.400
<v Speaker 2>but I don't think that it core. You know, I

0:15:38.400 --> 0:15:41.440
<v Speaker 2>think you could tell an argument or tell a story

0:15:41.440 --> 0:15:45.280
<v Speaker 2>about Austrian economics that people would find compelling, like built

0:15:45.320 --> 0:15:47.800
<v Speaker 2>around this idea, I would I think I could do

0:15:47.840 --> 0:15:49.560
<v Speaker 2>it if given some practice.

0:15:49.760 --> 0:15:51.880
<v Speaker 1>Someone's going to force you to do this. Now, can

0:15:51.920 --> 0:15:53.960
<v Speaker 1>I just say, I'm very happy that this has turned

0:15:53.960 --> 0:15:58.160
<v Speaker 1>into an Austrian Austrian So okay, if I was forced

0:15:58.160 --> 0:16:01.200
<v Speaker 1>to steal man Austrian economics, I would simply call up

0:16:01.200 --> 0:16:04.680
<v Speaker 1>my dad and ask him to do it, probably while

0:16:04.720 --> 0:16:07.880
<v Speaker 1>stacking his horde of silver coins. That's what I would do.

0:16:09.000 --> 0:16:10.280
<v Speaker 1>Maybe that's a good show idea.

0:16:11.040 --> 0:16:12.400
<v Speaker 2>I Tracy, let's do it.

0:16:12.920 --> 0:16:16.520
<v Speaker 11>Hey, Tracy and Joe Ryan from Seattle, longtime listener. I

0:16:16.600 --> 0:16:19.400
<v Speaker 11>want to know what the two of you talked about

0:16:19.440 --> 0:16:23.200
<v Speaker 11>when the tapes stopped rolling after the infamous SBF episode.

0:16:23.760 --> 0:16:24.480
<v Speaker 1>That's a good one.

0:16:24.600 --> 0:16:25.400
<v Speaker 2>Yeah.

0:16:25.480 --> 0:16:28.120
<v Speaker 1>I mean I think we were mostly still in shock,

0:16:28.400 --> 0:16:31.520
<v Speaker 1>and if you listen to the episode, you can sort

0:16:31.520 --> 0:16:33.720
<v Speaker 1>of hear it at the end when we do the outro.

0:16:34.480 --> 0:16:36.720
<v Speaker 1>I mean, we are in shock and we literally say

0:16:36.840 --> 0:16:37.760
<v Speaker 1>I don't know what to say.

0:16:38.840 --> 0:16:41.480
<v Speaker 2>Yeah, you know, the one thing I'll say is that

0:16:41.480 --> 0:16:44.680
<v Speaker 2>that was a rare moment in life where I knew

0:16:44.720 --> 0:16:47.520
<v Speaker 2>something major had happened right then that people would talk

0:16:47.520 --> 0:16:49.560
<v Speaker 2>about for a long time, and that in this sort

0:16:49.560 --> 0:16:52.760
<v Speaker 2>of like history of crypto or whatever, this would be

0:16:52.760 --> 0:16:54.640
<v Speaker 2>a mile marker. And I mean, you know, the week

0:16:54.720 --> 0:16:58.040
<v Speaker 2>after that episode recorded or air, sorry, the week after

0:16:58.080 --> 0:17:01.640
<v Speaker 2>that aired, SBF was in the Bahamas on stage with

0:17:01.720 --> 0:17:05.480
<v Speaker 2>Bill Clinton and the former UK Prime Minister Tony Blair

0:17:05.480 --> 0:17:07.840
<v Speaker 2>at their big conference, and I just remember thinking to

0:17:07.880 --> 0:17:10.440
<v Speaker 2>my and he was in shorts and sneakers and they

0:17:10.440 --> 0:17:12.880
<v Speaker 2>were in suits, and I just remember thinking to myself, okay,

0:17:12.920 --> 0:17:16.399
<v Speaker 2>And one week he sort of described crypto more or

0:17:16.480 --> 0:17:19.040
<v Speaker 2>less as a Ponzi scheme. And then a week later

0:17:19.520 --> 0:17:21.760
<v Speaker 2>on stage with these two heads of STATA, I was like,

0:17:22.080 --> 0:17:25.679
<v Speaker 2>this is a turning point, and I just intuitively felt

0:17:25.680 --> 0:17:27.560
<v Speaker 2>it in real time right then.

0:17:27.720 --> 0:17:32.159
<v Speaker 1>It was very surreal. One journalistic process question. I mean,

0:17:32.200 --> 0:17:34.880
<v Speaker 1>we knew we were going to write the comments up

0:17:34.960 --> 0:17:38.240
<v Speaker 1>and publish an article, so we set about doing that,

0:17:38.280 --> 0:17:41.080
<v Speaker 1>and one thing we made sure to do was we

0:17:41.119 --> 0:17:45.080
<v Speaker 1>made sure that the resulting story was free outside of

0:17:45.080 --> 0:17:49.080
<v Speaker 1>the Bloomberg paywall, so that anyone could read it, and

0:17:49.160 --> 0:17:52.000
<v Speaker 1>so that it could kind of get as many legs

0:17:52.040 --> 0:17:55.760
<v Speaker 1>as it could as a sort of I guess public service.

0:17:56.040 --> 0:17:59.879
<v Speaker 2>Also, the headline of that story was SBF described yield

0:18:00.000 --> 0:18:02.680
<v Speaker 2>I left Matt Levine stunned. I feel like that was

0:18:02.720 --> 0:18:07.840
<v Speaker 2>a recognition that part of the story was leaving a stunt,

0:18:08.160 --> 0:18:10.159
<v Speaker 2>leaving mad stunned, and so we sort of recognized that

0:18:10.160 --> 0:18:11.840
<v Speaker 2>at the time. It wasn't just that he sort of

0:18:12.119 --> 0:18:16.280
<v Speaker 2>described very clearly of the ponzonomics, but that our milder

0:18:16.520 --> 0:18:18.199
<v Speaker 2>sort of gape. He said the.

0:18:18.240 --> 0:18:22.280
<v Speaker 1>Quiet part out loud, which was the major surprise there.

0:18:22.320 --> 0:18:23.159
<v Speaker 1>I think when I.

0:18:23.160 --> 0:18:25.280
<v Speaker 9>Miss Corey, i'mrom New York City, what would you say?

0:18:25.359 --> 0:18:26.959
<v Speaker 9>Is your most unpopular food opinion?

0:18:27.160 --> 0:18:31.000
<v Speaker 1>Most unpopular food opinion. I can't tell what's popular and

0:18:31.040 --> 0:18:31.720
<v Speaker 1>what isn't.

0:18:31.920 --> 0:18:32.160
<v Speaker 6>Now.

0:18:32.720 --> 0:18:37.360
<v Speaker 1>Oh, I hate uh intermittent fasting. I think it's an

0:18:37.359 --> 0:18:43.960
<v Speaker 1>incredibly clever rebranding of what women have for decades called

0:18:44.359 --> 0:18:47.800
<v Speaker 1>dieting or crash dieting. And we were very much not

0:18:48.040 --> 0:18:52.360
<v Speaker 1>encouraged to talk about dieting in a public setting, especially

0:18:52.480 --> 0:18:56.919
<v Speaker 1>the office. But somehow, if you're intermittent fasting, it's completely

0:18:56.960 --> 0:18:59.560
<v Speaker 1>acceptable to wander around the office and say that you're

0:18:59.600 --> 0:19:02.600
<v Speaker 1>about to faint because you haven't eaten for three days.

0:19:02.800 --> 0:19:08.159
<v Speaker 2>That's a really good take. My I really like almost

0:19:08.200 --> 0:19:10.360
<v Speaker 2>all food. I consider myself like sort of like an

0:19:10.480 --> 0:19:14.480
<v Speaker 2>enthusiastic omnivoral try anything. This might be sort of scandalous,

0:19:14.800 --> 0:19:21.080
<v Speaker 2>but I'm not into like locks or smoked fish Joes.

0:19:21.160 --> 0:19:22.639
<v Speaker 1>Oh, I hate locks, okay.

0:19:23.080 --> 0:19:24.560
<v Speaker 2>And I feel like, you know, I grew up like

0:19:24.600 --> 0:19:28.000
<v Speaker 2>a Jewish family, like people eating bagels and locks and

0:19:28.040 --> 0:19:30.399
<v Speaker 2>all that stuff, and I just like, I feel like

0:19:30.400 --> 0:19:31.240
<v Speaker 2>I should like it.

0:19:31.480 --> 0:19:34.679
<v Speaker 1>I like fish, You like sushi that we've had sushi totally?

0:19:35.200 --> 0:19:41.199
<v Speaker 2>Uh, smoked fish generally, it's just what those various flavors

0:19:41.240 --> 0:19:43.359
<v Speaker 2>of fish that people put on bagels. It doesn't do

0:19:43.400 --> 0:19:43.760
<v Speaker 2>it for me.

0:19:44.600 --> 0:19:48.119
<v Speaker 1>I generally don't like fish very much, as you know. Actually,

0:19:48.200 --> 0:19:50.600
<v Speaker 1>this is a funny story. The first time Joe ever

0:19:50.680 --> 0:19:53.840
<v Speaker 1>invited me over to his place for dinner, he asked

0:19:53.840 --> 0:19:55.920
<v Speaker 1>me if there is anything I don't eat, and I said,

0:19:55.920 --> 0:19:58.359
<v Speaker 1>I'm not a big fan of fish, and then he

0:19:58.760 --> 0:20:01.320
<v Speaker 1>sorry about that, and then he made a poke ball

0:20:02.200 --> 0:20:04.879
<v Speaker 1>with raw tuna for dinner and it was very good.

0:20:04.960 --> 0:20:07.400
<v Speaker 1>And it's not that I will never eat fish, it's

0:20:07.440 --> 0:20:09.240
<v Speaker 1>just not it's not my favorite. I kind of have

0:20:09.320 --> 0:20:10.560
<v Speaker 1>to be in the right mood for it.

0:20:10.600 --> 0:20:12.400
<v Speaker 2>I was in those days.

0:20:12.480 --> 0:20:31.040
<v Speaker 1>Yeah, thank you for sharing your poke passion, Joe.

0:20:33.040 --> 0:20:36.000
<v Speaker 9>My name is Mike. I'm from New York and my

0:20:36.160 --> 0:20:39.000
<v Speaker 9>question is really for the producers. How big of prima

0:20:39.040 --> 0:20:42.399
<v Speaker 9>donnas are Joe and Tracy off the mics or are

0:20:42.440 --> 0:20:44.840
<v Speaker 9>they really easy to deal with? And if you're not

0:20:44.840 --> 0:20:47.840
<v Speaker 9>going to answer that question, my question for Joe and

0:20:47.880 --> 0:20:53.719
<v Speaker 9>Tracy is in the era of Venmo and Zell, is

0:20:54.000 --> 0:20:57.280
<v Speaker 9>fed now a solution in search of a problem or

0:20:57.359 --> 0:21:00.480
<v Speaker 9>is there a real use case for it?

0:21:00.600 --> 0:21:02.720
<v Speaker 1>Should we let the producers answer that question?

0:21:03.520 --> 0:21:06.240
<v Speaker 4>Since we have about half a dozen producers on the

0:21:06.240 --> 0:21:12.120
<v Speaker 4>show currently, I will say, uh, for the listeners, Joe

0:21:12.160 --> 0:21:15.560
<v Speaker 4>and Tracy are probably the easiest people I've ever worked

0:21:15.560 --> 0:21:17.240
<v Speaker 4>with as a pretty Kale.

0:21:17.480 --> 0:21:19.679
<v Speaker 1>That is incredibly sweet, Kale. I feel like I have

0:21:19.720 --> 0:21:21.520
<v Speaker 1>to say, you've only been working for us for like

0:21:21.560 --> 0:21:24.920
<v Speaker 1>two months, but I appreciate that. But I'm sure it'll

0:21:24.920 --> 0:21:25.399
<v Speaker 1>get worse.

0:21:26.200 --> 0:21:28.960
<v Speaker 4>I'm sure it will, but it's also there. Joe and

0:21:29.000 --> 0:21:31.680
<v Speaker 4>Tracy are both the most willing to do their their

0:21:31.760 --> 0:21:34.679
<v Speaker 4>job every single day. I've worked with people who are

0:21:34.680 --> 0:21:37.440
<v Speaker 4>maybe a little bit more reluctant to do this and

0:21:37.520 --> 0:21:39.040
<v Speaker 4>you know, oh we have to go and we have

0:21:39.080 --> 0:21:42.720
<v Speaker 4>to re record something, we have to you know, let's

0:21:42.760 --> 0:21:46.040
<v Speaker 4>schedule one more episode for that same day. And Joe

0:21:46.080 --> 0:21:49.320
<v Speaker 4>and Tracy are always completely willing and actually probably more

0:21:49.359 --> 0:21:52.320
<v Speaker 4>often than not, pegging us to do more work. So

0:21:52.960 --> 0:21:55.639
<v Speaker 4>they are the most willing and the most kind of

0:21:55.680 --> 0:21:57.879
<v Speaker 4>on the spot capable people that I've worked with.

0:21:58.119 --> 0:22:01.120
<v Speaker 2>It is very kind, that's true. I will just say

0:22:01.160 --> 0:22:04.040
<v Speaker 2>on that last point, like, I really enjoy this job.

0:22:04.400 --> 0:22:06.720
<v Speaker 2>I really. I think it's like a real privilege to

0:22:06.760 --> 0:22:08.919
<v Speaker 2>get to host odd lots. So when you say, like

0:22:08.960 --> 0:22:12.240
<v Speaker 2>we're into doing it, I really am, and I sort

0:22:12.280 --> 0:22:15.560
<v Speaker 2>of feel the I guess, you know, it's an honor.

0:22:15.600 --> 0:22:17.119
<v Speaker 2>It's great to be able to do this job, and

0:22:17.119 --> 0:22:19.280
<v Speaker 2>that people listen to us. And so the idea of

0:22:19.840 --> 0:22:21.760
<v Speaker 2>not wanting to put in the work or not being

0:22:21.880 --> 0:22:25.639
<v Speaker 2>enthusiastic about showing up and recording even when there's something

0:22:25.680 --> 0:22:28.840
<v Speaker 2>you know, extra takes time, like Ite's unfathomable to me.

0:22:29.480 --> 0:22:31.879
<v Speaker 1>Yeah, part of me still, I still can't believe that

0:22:31.920 --> 0:22:34.800
<v Speaker 1>this is our main job now and we basically get

0:22:34.920 --> 0:22:37.760
<v Speaker 1>paid to talk about things that we're interested in and

0:22:37.800 --> 0:22:39.879
<v Speaker 1>to learn more about them. The other thing that I

0:22:39.920 --> 0:22:43.040
<v Speaker 1>would say is Cale is one hundred percent correct that

0:22:43.119 --> 0:22:46.240
<v Speaker 1>probably the main source of tension between us and the

0:22:46.280 --> 0:22:49.480
<v Speaker 1>producers is that we constantly kind of want to tear

0:22:49.560 --> 0:22:54.320
<v Speaker 1>up the schedule because we found something new and interesting. Yeah, exactly,

0:22:54.359 --> 0:22:57.760
<v Speaker 1>and we want to get it out asap. And nine

0:22:57.800 --> 0:23:01.240
<v Speaker 1>times out of ten they are comple deletely quilling and

0:23:01.240 --> 0:23:05.520
<v Speaker 1>accommodating and very flexible and will let us kind of

0:23:06.000 --> 0:23:08.840
<v Speaker 1>do that on a regular basis. So thank you guys

0:23:08.600 --> 0:23:12.200
<v Speaker 1>for bearing with us in our enthusiasm to get stuff

0:23:12.240 --> 0:23:12.800
<v Speaker 1>out quickly.

0:23:13.760 --> 0:23:14.800
<v Speaker 4>Always our pleasure.

0:23:15.359 --> 0:23:18.320
<v Speaker 1>Oh yeah, as for the other question to me and

0:23:18.440 --> 0:23:19.960
<v Speaker 1>Joe about FED now.

0:23:20.359 --> 0:23:20.960
<v Speaker 11>I think it's.

0:23:20.880 --> 0:23:24.840
<v Speaker 1>Really interesting because part of me cannot believe that the

0:23:25.000 --> 0:23:28.919
<v Speaker 1>US has existed for so long without this kind of

0:23:29.080 --> 0:23:33.000
<v Speaker 1>real time settlement program. And I think in our episode

0:23:33.320 --> 0:23:37.200
<v Speaker 1>with Michael Barr, I mentioned this that in the UK,

0:23:37.359 --> 0:23:41.200
<v Speaker 1>I can remember when an equivalent system came into being.

0:23:41.320 --> 0:23:43.679
<v Speaker 1>I think it was like two thousand and eight or

0:23:43.720 --> 0:23:46.040
<v Speaker 1>something like that. It was more than a decade ago,

0:23:46.520 --> 0:23:48.439
<v Speaker 1>and here we are in twenty twenty three and the

0:23:48.480 --> 0:23:53.880
<v Speaker 1>FED is unveiling and equivalent. That said, you're absolutely right

0:23:53.960 --> 0:23:59.280
<v Speaker 1>that there is instantaneous payment technology that already exists. There's

0:23:59.320 --> 0:24:02.080
<v Speaker 1>also the clear House system, and I think it's kind

0:24:02.119 --> 0:24:06.400
<v Speaker 1>of interesting that the FED has basically created a competitor

0:24:06.440 --> 0:24:10.040
<v Speaker 1>to the Clearinghouse payment system. And again we spoke about

0:24:10.040 --> 0:24:12.240
<v Speaker 1>this with Michael Barr. It's going to be really interesting

0:24:12.280 --> 0:24:14.960
<v Speaker 1>to see the take up for the FED system, how

0:24:15.000 --> 0:24:18.840
<v Speaker 1>it compares with the Clearinghouse one, and whether or not

0:24:18.880 --> 0:24:22.520
<v Speaker 1>we see different types of payments sort of splitting on

0:24:22.600 --> 0:24:23.560
<v Speaker 1>those two channels.

0:24:24.560 --> 0:24:28.680
<v Speaker 4>Right now, it's just myself and our rotator Oshna in

0:24:28.720 --> 0:24:31.600
<v Speaker 4>the studio because all the other producers are currently out

0:24:31.640 --> 0:24:37.040
<v Speaker 4>with COVID and one of them our show lead Carmen

0:24:37.240 --> 0:24:41.160
<v Speaker 4>has a question for Joe and Tracy. While she's having

0:24:41.840 --> 0:24:44.640
<v Speaker 4>COVID induced fever dreams. She's wondering if you have ever

0:24:44.680 --> 0:24:47.240
<v Speaker 4>had any odd lots related dreams or nightmares.

0:24:48.800 --> 0:24:51.800
<v Speaker 1>Oh, I know why she's asking this. It's because I

0:24:51.880 --> 0:24:55.320
<v Speaker 1>posted in our little internal office chat. I posted a

0:24:55.400 --> 0:24:59.399
<v Speaker 1>dream last week that was very all plotzy. Okay, I

0:24:59.440 --> 0:25:04.440
<v Speaker 1>will I will answer this. I have extremely literal dreams

0:25:04.640 --> 0:25:07.560
<v Speaker 1>that you can very easily connect with things that happened

0:25:07.600 --> 0:25:13.240
<v Speaker 1>to me during that particular day. So recently, we had

0:25:13.320 --> 0:25:16.359
<v Speaker 1>drinks with some of our listeners who are active in

0:25:16.440 --> 0:25:18.920
<v Speaker 1>the discord, and one of them gave us a very

0:25:19.000 --> 0:25:22.960
<v Speaker 1>nice present. It was some chocolate from Germany. It's really delicious.

0:25:22.960 --> 0:25:27.000
<v Speaker 1>I've eaten it all already. And that day, I think

0:25:27.119 --> 0:25:30.160
<v Speaker 1>during one of our recordings, I also I mispronounced something

0:25:30.240 --> 0:25:32.520
<v Speaker 1>and so one of the producers asked me to re

0:25:32.520 --> 0:25:35.800
<v Speaker 1>record a sentence, which is not an unusual practice in

0:25:35.880 --> 0:25:40.679
<v Speaker 1>podcast land. And that night I had a dream where

0:25:40.960 --> 0:25:43.520
<v Speaker 1>we met with one of our listeners and he gave

0:25:43.640 --> 0:25:47.240
<v Speaker 1>us a present. It was like a card game, sort

0:25:47.280 --> 0:25:50.439
<v Speaker 1>of like Cards against Humanity, and the name of the

0:25:50.480 --> 0:25:55.600
<v Speaker 1>game was he dropped a consonant and she swallowed a.

0:25:55.680 --> 0:25:57.919
<v Speaker 2>Vow and it was amazing.

0:25:58.080 --> 0:26:02.560
<v Speaker 1>It was literally a game for spotting podcast hosts verbal tics.

0:26:02.760 --> 0:26:06.000
<v Speaker 1>So if someone misstated something or mispronounced something, you would

0:26:06.040 --> 0:26:08.560
<v Speaker 1>play a card, and I guess you would win by

0:26:08.640 --> 0:26:12.320
<v Speaker 1>like playing the most cards or spotting the most verbal tics.

0:26:12.400 --> 0:26:15.680
<v Speaker 1>And so yes, you can actively see me working out

0:26:15.840 --> 0:26:17.480
<v Speaker 1>my issues in my dreams.

0:26:17.960 --> 0:26:20.480
<v Speaker 2>As far as I know, I don't recall having like

0:26:20.720 --> 0:26:23.159
<v Speaker 2>I can't think of one right now, but just Tracy, like,

0:26:23.560 --> 0:26:27.199
<v Speaker 2>I don't think that game sounds that fun. No, but

0:26:27.240 --> 0:26:29.399
<v Speaker 2>I think that's a great name for a game, and

0:26:29.480 --> 0:26:31.280
<v Speaker 2>so I think you should come up with a game

0:26:31.320 --> 0:26:34.200
<v Speaker 2>called was it He dropped a consonant, she dropped.

0:26:33.920 --> 0:26:35.640
<v Speaker 1>Out, she swallowed a val Yeah, it's a.

0:26:35.560 --> 0:26:37.600
<v Speaker 2>Great name for a game, So you got to figure

0:26:37.600 --> 0:26:39.280
<v Speaker 2>out a game for it. I just don't think there's

0:26:39.280 --> 0:26:42.760
<v Speaker 2>a big enough market for spotting podcast host verbal tics.

0:26:42.920 --> 0:26:43.240
<v Speaker 2>I have.

0:26:43.760 --> 0:26:46.480
<v Speaker 1>I have a lot of like very literal finance trades.

0:26:46.720 --> 0:26:49.040
<v Speaker 1>You know, when Ackman did really well on his treasury

0:26:49.040 --> 0:26:50.960
<v Speaker 1>trades this year, I had a dream that he like

0:26:51.000 --> 0:26:52.719
<v Speaker 1>called me up and asked me for a date, and

0:26:52.760 --> 0:26:56.480
<v Speaker 1>his pitch was literally like I had a really good

0:26:56.560 --> 0:26:58.760
<v Speaker 1>year in the bond market. You want to come out

0:26:58.760 --> 0:26:59.399
<v Speaker 1>and talk about it.

0:26:59.520 --> 0:27:00.360
<v Speaker 2>It's amazing.

0:27:00.520 --> 0:27:03.240
<v Speaker 1>Yeah, that's probably Tmimi.

0:27:03.359 --> 0:27:06.200
<v Speaker 4>Yeah, we need all of the analysts and our audience

0:27:06.320 --> 0:27:08.240
<v Speaker 4>to get on these stats.

0:27:10.160 --> 0:27:13.000
<v Speaker 1>Hi, Joe and Tracy. My name is Devin, and I'm sure,

0:27:13.280 --> 0:27:15.920
<v Speaker 1>And we were wondering, what's something that you've previously covered

0:27:15.920 --> 0:27:18.440
<v Speaker 1>on odd lots that you most want to revisit in twenty.

0:27:18.200 --> 0:27:20.960
<v Speaker 10>Twenty four, or kind of the inverse, if there's anything

0:27:21.000 --> 0:27:22.200
<v Speaker 10>that you thought was going to be a really big

0:27:22.240 --> 0:27:24.120
<v Speaker 10>deal of twenty twenty three that turned out not really

0:27:24.160 --> 0:27:24.359
<v Speaker 10>to be.

0:27:24.400 --> 0:27:28.480
<v Speaker 1>So I love that there's like a couple calling in

0:27:28.600 --> 0:27:32.000
<v Speaker 1>and alternating sentences. Are they finishing each other's sentence?

0:27:32.119 --> 0:27:33.040
<v Speaker 2>Is extremely sweet?

0:27:33.119 --> 0:27:36.160
<v Speaker 1>Yeah, Okay, something that we want to cover in twenty

0:27:36.200 --> 0:27:39.160
<v Speaker 1>twenty four. That's pretty easy, And we kind of alluded

0:27:39.200 --> 0:27:41.280
<v Speaker 1>to this earlier when we were talking about our producers.

0:27:41.280 --> 0:27:45.679
<v Speaker 1>But our major challenge is sort of streamlining all the

0:27:45.680 --> 0:27:48.920
<v Speaker 1>things that we want to talk about and choosing among them.

0:27:48.960 --> 0:27:52.080
<v Speaker 1>But I would say insurance is a big one for

0:27:52.240 --> 0:27:55.160
<v Speaker 1>us right now, and I think it's kind of under

0:27:55.280 --> 0:28:01.560
<v Speaker 1>discussed even within financial journalism, despite being this absolutely massive industry.

0:28:02.080 --> 0:28:06.399
<v Speaker 1>I guess Historically it just hasn't been that sexy a topic.

0:28:06.560 --> 0:28:09.960
<v Speaker 1>But we are starting to see the real world impact

0:28:10.119 --> 0:28:13.680
<v Speaker 1>of insurance and it feels to me like, I think

0:28:13.720 --> 0:28:15.760
<v Speaker 1>there was a book written about this a long time ago,

0:28:15.800 --> 0:28:17.560
<v Speaker 1>and I read it, and I really wish I could

0:28:17.600 --> 0:28:20.680
<v Speaker 1>remember the title and the author of it. But there's

0:28:20.720 --> 0:28:23.840
<v Speaker 1>an argument to be made that in the current environment

0:28:23.840 --> 0:28:25.960
<v Speaker 1>where we are seeing these sort of like one off

0:28:26.080 --> 0:28:30.440
<v Speaker 1>risks multiplying or you know, cascading disruptions, whatever you want

0:28:30.440 --> 0:28:33.919
<v Speaker 1>to call it, the insurers kind of become the arbiters

0:28:34.280 --> 0:28:40.680
<v Speaker 1>of behavior and accepted industry practice. They're the ones making

0:28:40.680 --> 0:28:43.960
<v Speaker 1>the decisions about whether or not they're going to compensate

0:28:43.960 --> 0:28:46.520
<v Speaker 1>you for particular things, whether or not what you're doing

0:28:46.640 --> 0:28:50.240
<v Speaker 1>is acceptable in their minds. And you've seen bits and

0:28:50.280 --> 0:28:53.440
<v Speaker 1>pieces of this right so obviously real estate in Florida.

0:28:54.200 --> 0:28:57.600
<v Speaker 1>The fact that insurance is becoming incredibly expensive and in

0:28:57.600 --> 0:29:02.120
<v Speaker 1>some cases prohibitively so, is really interesting. But also, you know,

0:29:02.200 --> 0:29:05.600
<v Speaker 1>like tankers in the Middle East, whether or not insurers

0:29:05.680 --> 0:29:09.640
<v Speaker 1>are going to find it acceptable for people to keep

0:29:09.760 --> 0:29:12.200
<v Speaker 1>going on the same routes that they historically have been.

0:29:12.280 --> 0:29:15.120
<v Speaker 1>There are all these decisions being made by insurers that

0:29:15.160 --> 0:29:18.680
<v Speaker 1>are having real life consequences, and I really want to

0:29:18.680 --> 0:29:21.080
<v Speaker 1>dig more into that totally.

0:29:21.120 --> 0:29:24.720
<v Speaker 2>It's interesting that like insurance just does not get the

0:29:24.760 --> 0:29:28.440
<v Speaker 2>attention other sectors of finance. And I would add to

0:29:28.480 --> 0:29:33.160
<v Speaker 2>that accounting, and there's these huge accounting companies, and accounting

0:29:33.240 --> 0:29:38.360
<v Speaker 2>is so interesting, and whether it's sort of forensic accounting,

0:29:38.840 --> 0:29:41.560
<v Speaker 2>whether it's just sort of how the rules of accounting

0:29:41.680 --> 0:29:46.080
<v Speaker 2>end up influencing real life because obviously people make business

0:29:46.120 --> 0:29:50.440
<v Speaker 2>decisions in part because of you know, in part because

0:29:50.480 --> 0:29:53.720
<v Speaker 2>of accounting. Like it's not just it's not just scorekeeping,

0:29:53.760 --> 0:29:56.640
<v Speaker 2>it really matters. And so sort of related to this

0:29:56.760 --> 0:29:59.600
<v Speaker 2>idea that there's huge squaths of money and finance that

0:29:59.720 --> 0:30:01.800
<v Speaker 2>just don't get much attention. I would like to do

0:30:01.840 --> 0:30:02.320
<v Speaker 2>more on that.

0:30:02.920 --> 0:30:05.800
<v Speaker 1>We were talking about listener gifts before. One of the

0:30:05.800 --> 0:30:08.280
<v Speaker 1>best gifts I ever got was actually when I was

0:30:08.320 --> 0:30:12.360
<v Speaker 1>on ft Alphaville, someone sent me a leather bound copy

0:30:12.560 --> 0:30:16.280
<v Speaker 1>of a really famous and very good accounting book and

0:30:16.480 --> 0:30:19.160
<v Speaker 1>that was amazing and I still have it and I've

0:30:19.160 --> 0:30:21.400
<v Speaker 1>been meaning to put it on my desk, so I

0:30:21.400 --> 0:30:22.720
<v Speaker 1>should probably do that in the new year.

0:30:23.320 --> 0:30:24.840
<v Speaker 9>Hey, I'm Claude from New York.

0:30:25.120 --> 0:30:27.320
<v Speaker 6>Tracy what'd you do with the coal in your basement?

0:30:29.160 --> 0:30:29.840
<v Speaker 1>I've burned it all.

0:30:29.920 --> 0:30:32.160
<v Speaker 2>It's such a popular question. How many times have you

0:30:32.240 --> 0:30:33.680
<v Speaker 2>been asked this, Tracy, quite.

0:30:33.480 --> 0:30:38.680
<v Speaker 1>A few times. The non interesting reality is that I

0:30:38.800 --> 0:30:41.440
<v Speaker 1>used it. I burned it in the coal stove. The

0:30:41.480 --> 0:30:45.040
<v Speaker 1>house we bought in Connecticut that were renovating had absolutely

0:30:45.120 --> 0:30:49.080
<v Speaker 1>zero insulation. When we bought it, it was very, very cold.

0:30:49.520 --> 0:30:52.560
<v Speaker 1>There's an old coal stove in the kitchen. We learned

0:30:52.720 --> 0:30:56.719
<v Speaker 1>how to use it. It worked pretty well. It heated

0:30:56.800 --> 0:30:59.440
<v Speaker 1>almost the entire house. We had a basement full of

0:30:59.440 --> 0:31:04.080
<v Speaker 1>coal us going for a complete winter. And then this

0:31:04.200 --> 0:31:09.320
<v Speaker 1>summer we insulated the attic, which I highly recommend doing

0:31:09.400 --> 0:31:12.920
<v Speaker 1>for energy efficiency purposes, but it is not a fun

0:31:13.040 --> 0:31:16.080
<v Speaker 1>job to blow in insulation. But now we have insulation,

0:31:16.240 --> 0:31:18.920
<v Speaker 1>and so we've used up all the coal and we're

0:31:18.960 --> 0:31:21.880
<v Speaker 1>just running normal heating oil and the house has been

0:31:21.880 --> 0:31:22.440
<v Speaker 1>pretty warm.

0:31:22.960 --> 0:31:26.600
<v Speaker 7>So I'm John, I'm from New York, and I did

0:31:26.680 --> 0:31:29.360
<v Speaker 7>actually cancel a first date to be here and ask

0:31:29.400 --> 0:31:32.440
<v Speaker 7>this question. So I wanted to know what Tracy's favorite

0:31:32.520 --> 0:31:33.520
<v Speaker 7>light sweet crude song.

0:31:34.920 --> 0:31:37.720
<v Speaker 1>Oh man, Okay, two things on that I would like

0:31:37.760 --> 0:31:42.479
<v Speaker 1>to apologize to whoever your date was, but I guess

0:31:42.920 --> 0:31:47.640
<v Speaker 1>thank you for being there. Secondly, I have yet to

0:31:47.720 --> 0:31:50.640
<v Speaker 1>listen the scary embarrassing. No, I have yet to listen

0:31:50.680 --> 0:31:53.960
<v Speaker 1>because I'm waiting for your show, which is tomorrow, and

0:31:54.000 --> 0:31:55.640
<v Speaker 1>I want to be I want to go into it

0:31:55.680 --> 0:32:00.560
<v Speaker 1>completely blind and be completely wowed by your performance. So

0:32:00.600 --> 0:32:02.240
<v Speaker 1>no pressure, Joe.

0:32:02.560 --> 0:32:06.320
<v Speaker 2>I'll okay, I'll accept that excuse, but then will you

0:32:06.360 --> 0:32:08.960
<v Speaker 2>please give it some Spotify listens after that to boost

0:32:09.000 --> 0:32:09.440
<v Speaker 2>our numbers?

0:32:09.440 --> 0:32:11.240
<v Speaker 1>Well, I also don't have Spotify.

0:32:11.040 --> 0:32:12.160
<v Speaker 2>Apple, whatever you use.

0:32:12.280 --> 0:32:15.600
<v Speaker 1>I will I Well, to be fair, I've been talking

0:32:15.680 --> 0:32:18.440
<v Speaker 1>about your show in many, many episodes, so it's not

0:32:18.520 --> 0:32:20.320
<v Speaker 1>like I haven't been picking you up.

0:32:20.640 --> 0:32:22.800
<v Speaker 2>That's totally true, but you've done more than enough.

0:32:22.920 --> 0:32:25.680
<v Speaker 1>I genuinely want to go into it just completely blind

0:32:25.840 --> 0:32:28.440
<v Speaker 1>and listen to it there, and I'm really I'm super

0:32:28.520 --> 0:32:32.080
<v Speaker 1>excited about it. We're recording this on December eighteenth, and

0:32:32.200 --> 0:32:36.760
<v Speaker 1>it's tomorrow on the nineteenth. Should I wear like country clothes?

0:32:37.200 --> 0:32:37.600
<v Speaker 2>Definitely?

0:32:37.720 --> 0:32:37.920
<v Speaker 5>Yes?

0:32:38.040 --> 0:32:38.320
<v Speaker 6>Yeah?

0:32:38.400 --> 0:32:42.080
<v Speaker 4>Yeah, all right, okay, So our last question, once again

0:32:42.320 --> 0:32:46.000
<v Speaker 4>comes from your producers, and we're wondering if you weren't

0:32:46.000 --> 0:32:48.800
<v Speaker 4>doing this with us, if you weren't covering finance, is

0:32:48.800 --> 0:32:51.200
<v Speaker 4>there any other topic you would ever podcast about.

0:32:51.520 --> 0:32:54.120
<v Speaker 2>Ooh. For me, you would definitely have to be something

0:32:54.200 --> 0:32:57.520
<v Speaker 2>music related like that is the when I'm not sort

0:32:57.560 --> 0:33:01.080
<v Speaker 2>of in finance mind, I listen to music all the

0:33:01.160 --> 0:33:04.200
<v Speaker 2>time as much as I can, and that is definitely

0:33:04.920 --> 0:33:06.959
<v Speaker 2>you know, I say that is the one thing that

0:33:07.120 --> 0:33:09.960
<v Speaker 2>you know. I've been obsessed with music of various flavors

0:33:09.960 --> 0:33:13.080
<v Speaker 2>and genres my entire life, and if I were in

0:33:13.160 --> 0:33:16.320
<v Speaker 2>a different industry, that would be what I would like.

0:33:16.280 --> 0:33:16.560
<v Speaker 5>To be in.

0:33:17.080 --> 0:33:20.600
<v Speaker 1>We should do more music economics episodes because there's so

0:33:20.680 --> 0:33:22.840
<v Speaker 1>much to talk about. I mean, Taylor Swift would be

0:33:22.840 --> 0:33:26.800
<v Speaker 1>a pretty easy one for me, I guess. I mean

0:33:26.840 --> 0:33:30.520
<v Speaker 1>I have a lot of different hobbies, so any of those,

0:33:30.680 --> 0:33:37.200
<v Speaker 1>but more conceptually, I really enjoy low level drama, and

0:33:38.080 --> 0:33:40.640
<v Speaker 1>Joe will attest to this. I get very upset by

0:33:40.760 --> 0:33:43.520
<v Speaker 1>like unfair things happening in the world.

0:33:43.840 --> 0:33:47.600
<v Speaker 2>Someone who has like eight followers on Twitter will say

0:33:47.600 --> 0:33:50.680
<v Speaker 2>something and Traca will turn to me and send me

0:33:50.760 --> 0:33:52.600
<v Speaker 2>the tweet indignant.

0:33:52.320 --> 0:33:56.440
<v Speaker 1>If it's unfair. It genuinely will bother me. So I

0:33:56.480 --> 0:33:59.640
<v Speaker 1>think I would have something where I just like, what

0:33:59.680 --> 0:34:03.120
<v Speaker 1>was that old family Guys sketch of like stuff that

0:34:03.600 --> 0:34:04.400
<v Speaker 1>pissed off people.

0:34:04.400 --> 0:34:09.040
<v Speaker 2>What about a podcast Tracy where we argue. Tracy argues

0:34:09.080 --> 0:34:12.480
<v Speaker 2>with people in the comment and we invite people from

0:34:12.480 --> 0:34:17.040
<v Speaker 2>the comment section, and I would do that and fight

0:34:17.080 --> 0:34:19.520
<v Speaker 2>with them, but they can change their see if you

0:34:19.560 --> 0:34:20.440
<v Speaker 2>can change their minds.

0:34:20.480 --> 0:34:23.640
<v Speaker 1>There have been instances, I mean, a truism of the

0:34:23.640 --> 0:34:26.520
<v Speaker 1>internet is like, hardly ever do you get someone saying,

0:34:26.520 --> 0:34:29.080
<v Speaker 1>oh I was wrong and I apologize. But there have

0:34:29.200 --> 0:34:33.200
<v Speaker 1>been a handful of instances where that has happened, where

0:34:33.239 --> 0:34:36.359
<v Speaker 1>after I have argued with someone. And so those those

0:34:36.520 --> 0:34:40.600
<v Speaker 1>five instances versus like thousands and thousands of comments, it

0:34:40.680 --> 0:34:42.080
<v Speaker 1>was worth it. Joe keeps me.

0:34:42.080 --> 0:34:44.680
<v Speaker 2>Going fell for twenty twenty four.

0:34:45.160 --> 0:34:47.680
<v Speaker 1>Please don't say mean and unfair things to me on

0:34:47.719 --> 0:34:49.920
<v Speaker 1>Twitter just to get a reaction, because it will.

0:34:49.680 --> 0:35:04.080
<v Speaker 2>Work, Tracy. That was really fun. I love this tradition.

0:35:04.200 --> 0:35:06.440
<v Speaker 2>I hope we do it for the next twenty years.

0:35:06.600 --> 0:35:06.839
<v Speaker 3>Yeah.

0:35:07.040 --> 0:35:09.880
<v Speaker 1>I'm always happy to answer anyone's questions. Joe and I

0:35:09.880 --> 0:35:14.120
<v Speaker 1>are also obviously on Twitter and also on a discord,

0:35:14.200 --> 0:35:16.960
<v Speaker 1>the Audlots Discord, so if you have even more questions,

0:35:17.000 --> 0:35:17.960
<v Speaker 1>we can answer them there.

0:35:18.160 --> 0:35:20.520
<v Speaker 2>And it is really I thank you so much to

0:35:20.560 --> 0:35:22.160
<v Speaker 2>the listeners. Yeah, and the fact that there are like

0:35:22.160 --> 0:35:25.080
<v Speaker 2>people who take time out of their day, even a couples,

0:35:25.120 --> 0:35:28.200
<v Speaker 2>to record one and ask questions about our personal lives

0:35:28.800 --> 0:35:31.520
<v Speaker 2>or things were interested. It really does mean a lot.

0:35:31.600 --> 0:35:34.359
<v Speaker 2>Like it makes me very happy to hear all of those,

0:35:34.640 --> 0:35:38.480
<v Speaker 2>to hear real people calling in so really appreciate it.

0:35:38.600 --> 0:35:41.240
<v Speaker 1>Yeah, and whenever anyone says they listen to All Lots

0:35:41.320 --> 0:35:44.200
<v Speaker 1>during their commute or while doing chores or working out,

0:35:44.400 --> 0:35:48.319
<v Speaker 1>that makes me feel so happy that our conversations can

0:35:48.400 --> 0:35:52.480
<v Speaker 1>make fairly routine things a little bit more bearable and interesting.

0:35:52.880 --> 0:35:55.439
<v Speaker 1>So thank you to everyone who listened in twenty twenty three.

0:35:55.680 --> 0:35:59.720
<v Speaker 1>Send us your ideas for twenty twenty four, your guest ideas,

0:35:59.760 --> 0:36:03.359
<v Speaker 1>your episode ideas. We are always eager to hear them.

0:36:03.560 --> 0:36:07.359
<v Speaker 2>Love hearing from fans, love hearing from listeners absolutely. As

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<v Speaker 2>Tracy said, ideas people sometimes feel apologetic like, oh, I

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<v Speaker 2>bet you get lots of people suggesting this, but it's honestly,

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<v Speaker 2>I know. We never mind hearing show ideas, guest ideas,

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<v Speaker 2>topic ideas, etc. So keep it coming.

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<v Speaker 1>On that note, shall we leave it there? Let's leave

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<v Speaker 1>it there all right? This has been another episode of

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<v Speaker 1>the All Thoughts podcast. I'm Tracy Alloway. You can follow

0:36:31.600 --> 0:36:33.080
<v Speaker 1>me at Tracy Alloway.

0:36:33.280 --> 0:36:36.040
<v Speaker 2>And I'm Joe Wisenthal. You can follow me at The Stalwart.

0:36:36.320 --> 0:36:40.520
<v Speaker 2>Follow our producers Carmen Rodriguez at Carman Arman Dashel Bennett

0:36:40.560 --> 0:36:44.200
<v Speaker 2>at Dashbot, and kel Brooks at cal Brooks. And thank

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<v Speaker 2>you to our producer Moses Onam. For more Odd Lots content,

0:36:47.760 --> 0:36:50.080
<v Speaker 2>go to Bloomberg dot com slash odd Lots, where we

0:36:50.120 --> 0:36:53.840
<v Speaker 2>have transcripts, blog and a newsletter. And check out our discord,

0:36:54.080 --> 0:36:56.720
<v Speaker 2>where listeners like the ones who called in are chatting

0:36:56.760 --> 0:36:59.360
<v Speaker 2>twenty four to seven about all of the topics we

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<v Speaker 2>discuss them.

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<v Speaker 1>And if you enjoy All Lots, if you like it

0:37:03.280 --> 0:37:06.120
<v Speaker 1>when we do the annual Ask Me Anything episodes, then

0:37:06.200 --> 0:37:10.040
<v Speaker 1>please leave us a positive review on your favorite podcast platform.

0:37:10.080 --> 0:37:10.800
<v Speaker 1>Thanks for listening.