Money Stuff: The Podcast

They debate why someone might keep a financial adviser even while using index funds. A tiny private credit stake and the awkwardness of writing about it gets discussed. Classic finance books and wild market anecdotes, from microwave trading links to rain‑made liquidity, make for colorful stories. They also tackle share‑price signals, employee benefits as ESG, and why companies prefer bullet loans.

They debate the hidden costs and emotional pull of buying a house. They dissect Pershing Square USA’s troubled public listing and closed‑end fund dynamics. They explore why few hedge managers go public and why multi‑strategy startups struggle. They recount the Avis short squeeze and the oddities of Section 16 short‑swing profit rules.

They debate prediction-market manipulation after a Paris weather sensor spike and how local sensors feed bespoke parametric insurance. They dissect Avis Budget’s dramatic rally and whether swaps hide a short squeeze. They speculate about SpaceX buying tech firms, dual-class stock plans, and how an IPO could reshape Musk-linked premiums. They close with hedge fund hiring tactics, gazumping, and a wage spiral for portfolio managers.

They riff on weather trading tied to sports bets and odd hedging strategies. They trace small-cap pivots to AI, meme-driven rallies and why compute needs massive capital. Convertible financings and meme diversification through near-dead public shells get practical attention. There are wild commodity tales from coffee cupping rituals to banks foreclosing on shrimp.

They dig into the mystery of Satoshi Nakamoto and how lie-spotting plays into investigations. They unpack Bill Ackman’s Universal Music plan, SPARCs and activist tactics. They riff on Elon Musk’s SpaceX/XAI IPO plans and banks being steered to buy Grok. They recount humiliating IPO pitch rituals and debate new NASDAQ 100 ETF filings and fee pressure in the ETF world.

They talk private credit chaos and liquidity fights as managers limit redemptions. They debate Larry Fink’s push for broad stock ownership as AI concentrates profits. They explore the idea of index-based universal basic income and whether AI will crush consumer demand. They dig into a possible huge SpaceX IPO, lockup tricks, and how funds are chasing scarce SpaceX exposure.

Boaz Weinstein, founder of Saba Capital and veteran credit and derivatives investor. He explains tenders for OBDC II and SREIT and why he prepared them before headlines. He dives into liquidity mismatches in private credit, manager incentives around buybacks and NAVs, volatility laundering, and the mechanics and limits of semi-liquid fund activism.

They reminisce about high school quiz bowl and compare it to high-stakes conferences. Pershing Square’s IPO mechanics and bonus-share sweeteners get a close look. The pair dig into why closed-end funds trade at discounts and how performance fees are structured. Conversation shifts to private credit: gating, valuation marks, and investor sentiment. They also debate prediction markets, payout disputes, and disclosure tradeoffs.

Katie and Matt discuss a legendary lost Money Stuff podcast episode, Paramount buying Warner Bros., rights offerings, LBO risks, deal discipline, breakup fees, BCRED, OBDC II, twisting arms at Blackstone, Credit Suisse toxic asset bonuses, liquidity premiums, short memories, XOVR and SpaceX liquidity. See omnystudio.com/listener for privacy information.

Cliff Asness, co-founder and managing principal of AQR Capital Management, a pioneer in quantitative investing. He discusses why momentum works, meme-stock dynamics and shorting risks, how NLP and machine learning augment fundamental signals, the evolution of quant strategies toward fundamental investing, and debates around private assets, fees, and market timing.