Money Stuff: The Podcast

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.

Rapid-fire talk about Elon Musk merging SpaceX with xAI and what that means for control, valuation and liquidity. A wild detour into Kardashev-scale sci‑fi ambitions and the plausibility of orbital AI data centers. Deep dive into closed-end fund activism, discounts on digital-asset treasuries and how selling Bitcoin could shore up balance sheets. Tense take on AI hype, software risk and private credit exposure to SaaS lending.

Conversation about rumored SpaceX–xAI merger talks and the finance behind Musk’s ventures. Playful takes on astrology, numerology and their cultural sway. Deep dives into Tether’s massive gold purchases, Swiss vaults and gold-trading hires. Coverage of creditor battles, law-firm fallout and banks hustling to win deals.

They chat about memecoin madness, including surprising creator royalties and tokenized IP risks. They debate debanking and Trump's lawsuit against big banks. They explore moonshot CEO pay plans and why big incentives often flop. They mull NYSE plans for near‑round‑the‑clock tokenized trading and the operational quirks of continuous markets.

Katie and Matt explore the intriguing world of Beast Industries, diving into its $200 million investment and shifts in blockchain strategies. They debate the implications of a 10% credit card interest cap and its potential to reshape borrower options. Additionally, they uncover a shocking insider trading case linked to drug trials, revealing serious ethical concerns. With a dash of humor, they also examine the future of creator influence and fintech ambitions, making for a lively discussion on money and morality.

The discussion kicks off with Wyclef Jean and segues into JP Morgan's bold move to use AI for proxy voting. They dive into private equity recruiting and the backlash against traditional practices, revealing the rapid pace of hiring. The hosts debate the impact of institutional buyers on housing affordability and analyze Trump's controversial policy proposals. Expect insights on stock buybacks and the quirks of Jamie Dimon's leadership style. It's a whirlwind of finance, politics, and technology that adds a fresh twist to familiar topics.