In this quarterly market recap, Matt Reustle turns the mic on Eric to analyze the tumultuous market environment of Q1 2025. They discuss the significant market downturn following the implementation of unexpected tariff policies, with the S&P down over 8% and Nasdaq down 12.5% by mid-April. Eric provides insights into how surprisingly high tariff announcements completely upended market expectations, the bond market's volatile reaction, and potential implications for corporate earnings and economic growth. The conversation explores the complex relationship between the US and China, concerns about capital flight, the Fed's challenging position between inflation and growth concerns, and how political decisions are creating unprecedented uncertainty in global markets.
For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE.
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Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes.
Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.
Follow us on Twitter: @makingmkts | @ericgoldenx
Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
Show Notes
(00:00:00) Welcome to Making Markets
(00:01:04) First Quarter 2025 Market Recap
(00:02:10) Market Reactions and Expectations
(00:07:09) Tariffs and Trade Tensions
(00:08:51) Impact on Global Trade and Economy
(00:21:14) China's Role and Market Dynamics
(00:24:31) The US-China Economic Strategy
(00:25:10) Trump's Tariff Tactics
(00:26:50) The Federal Reserve's Focus
(00:28:11) Impact of Tariffs on Inflation
(00:29:53) Negotiation Strategies and Global Trade
(00:32:52) Market Reactions and Investor Strategies
(00:41:32) Private Credit and Equity Concerns
(00:43:14) Political Shifts and Tariff Policies
(00:44:16) Future Outlook
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44:48
Mark Dow: Tariffs, Trade, and Trump - [Making Markets, EP.59]
My guest today for the second time is Mark Dow. Mark is one of my favourite thinkers on Macro, and his experience at the IMF, the US Treasury, and Wall Street gives him a truly unique perspective for the current moment. As we went through one of the biggest market and policy upheavals of my career, I reached out to Mark to help us make sense of this situation. We recorded this episode on Thursday, the 10th of April, and talked about the general principle behind tariffs, the global trading system, the goals of President Trump, and the market reaction. Please enjoy this conversation with Mark Dow.
For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE.
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Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes.
Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.
Follow us on Twitter: @makingmkts | @ericgoldenx
Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
Show Notes
(00:00:00) Welcome to Invest Like the Best
(00:00:07) Understanding Tariffs: Historical Context and Rationale
(00:01:05) China's Role in Global Trade
(00:01:54) Impact of Automation on Jobs
(00:03:07) Trump's Trade Policies and Their Implications
(00:04:20) Challenges with Current Tariff Approaches
(00:05:37) Global Trade Imbalances and Misconceptions
(00:06:07) Market Reactions and Economic Consequences
(00:21:35) Political Shifts and Economic Policies
(00:25:56) Trump's Economic Policies and Wage Stagnation
(00:26:42) Tariffs and Their Impact on Small Businesses
(00:27:20) Market Reactions and Economic Surprises
(00:28:41) Equity and Credit Market Dynamics
(00:30:59) China's Strategic Moves and Market Implications
(00:33:49) The Fed's Role in Economic Stability
(00:39:00) Global Trade Relations and Soft Power
(00:49:08) Negotiating with Trump: Strategies and Challenges
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53:20
Barry Ritholtz: Cutting Through Financial Noise - [Making Markets, EP.58]
My guest today is Barry Ritholtz. As the founder & CIO of Ritholtz Wealth Management Barry manages assets of over $5B. He is also a famous author and commentator, fondly known as the 'Prickly Prophet of Wall Street' for his contrarian views. In this conversation, Barry shares the origin story and the ideas behind his latest book, "How Not to Invest." We also talk about how he’s remained a force in the industry while calling out powerful people, advice for curating the right information diet, and some of his biggest misses. Please enjoy this conversation with Barry Ritholtz.
For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE.
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Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes.
Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.
Follow us on Twitter: @makingmkts | @ericgoldenx
Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
Show Notes
(00:00:00) Introduction: Why Write a Book on How Not to Invest?
(00:00:46) The Genesis of the Book: From Old Notes to New Ideas
(00:01:23) Debunking Financial Myths: The Core Concept
(00:02:01) The Writing Process: From Mind Maps to Manuscripts
(00:03:20) The Influence of Morgan Housel and the Final Push
(00:04:42) The Importance of Keeping Track: A Modern Phenomenon
(00:05:15) Early Career Lessons and Organizational Skills
(00:06:15) The Evolution of Financial Commentary
(00:07:24) The Impact of Bailout Nation and Market Predictions
(00:12:12) Debating Financial Titans: Respectful Disagreements
(00:16:25) Changing Perspectives: High-Frequency Trading and Hedge Funds
(00:23:17) The Halo Effect and Epistemic Trespass
(00:30:44) Billionaire Advice: Why It Doesn't Apply to You
(00:33:34) The Intersection of Media and Investing
(00:34:09) Handling Media Questions on Market Predictions
(00:35:06) Unpredictable Events and Market Reactions
(00:36:47) The Influence of Information and Propaganda
(00:38:19) Decision Making and Epistemology in Investing
(00:39:25) Curating a News Diet for Investors
(00:47:36) Behavioral Insights and Market Patterns
(00:49:43) Personal Investment Regrets and Lessons
(00:54:07) Technological Advancements in Investing
(00:59:07) Balancing Risk and Reward in Investments
(01:02:57) Concluding Thoughts and Future Plans
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1:10:15
Evan Tindell: Value Investing in 2025 - [Making Markets, EP.57]
My guest today is Evan Tindell. Evan graduated from MIT and became a professional poker player before entering the investing world. He’s now the co-founder and CIO of Bireme Capital, where he’s delivered over 19% annualized returns since 2016 by sticking to classic, old-school value investing. In this conversation, we talk about how Evan developed his philosophy, why he stuck with value through challenging cycles, and how he thinks about shorting meme stocks in a market dominated by narratives and momentum. We also dive into his views on the Mag 7, Tesla, Japan, and how he’s using AI tools for his research. Please enjoy this conversation with Evan Tindell
For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE.
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Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes.
Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.
Follow us on Twitter: @makingmkts | @ericgoldenx
Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
Show Notes
(00:00:00) Welcome to Making Markets
(00:00:29) The Cyclical Nature of Value Investing
(00:01:21) Challenges and Opportunities in Value Investing
(00:04:53) Short Selling Strategies and Risks
(00:09:39) Tesla and the Impact of Politics on Stocks
(00:15:40) The MAG Seven and Market Concentration
(00:25:44) Investment Opportunities in Japan
(00:32:13) The Role of AI in Modern Investing
(00:35:44) Market Outlook
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39:06
Jonathan Birnbaum: Modernizing the Bond Market - [Making Markets, EP.56]
My guest today is Jonathan Birnbaum, the Founder and CEO of OpenYield. After over a decade in finance, Jon set out to tackle a challenge close to my heart—bringing a modern trading experience to the world of Fixed Income. Today, he breaks down how market structure, technology, and regulation have shaped the evolution of trading platforms. We also cover the challenges of modernizing bond trading, the role of liquidity providers, and the cold start problem. Please enjoy this conversation with Jon Birnbaum.
For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE.
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Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes.
Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.
Follow us on Twitter: @makingmkts | @ericgoldenx
Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
Show Notes
(00:00:00) Welcome to Making Markets
(00:01:31) Technological Advancements in Bond Markets
(00:02:19) Catalysts for Innovation in Equity vs. Fixed Income
(00:04:41) Impact of ETFs on Fixed Income Trading
(00:05:06) Emergence of New Market Participants
(00:07:33) Subsectors of Fixed Income and Technology Adoption
(00:08:45) Challenges in Electrifying the Bond Market
(00:10:59) OpenYield's Role in the Fixed Income Market
(00:15:16) Strategies for Building a Trading Venue
(00:18:00) Pricing Models in Bond Trading
(00:23:05) Future of Fixed Income Market Structure
(00:39:17) Future Outlook
Learn more about your ad choices. Visit megaphone.fm/adchoices
Making Markets explores the psychology and structure that make up markets all over the world. Each week, Eric Golden speaks to experts about a different market so you can see what actually happens when money changes hands. From mainstream stock and bond markets to esoteric niches like vineyards, antique art, and crypto, we explain the transactions that underpin our economy. Visit joincolossus.com to find more episodes, transcripts and a library of content to continue your learning.
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