Odd Lots

Daniel Yergin, Vice Chairman of S&P Global and Pulitzer Prize-winning author, brings his expertise to discuss the shifting landscape of energy. He explores the realities behind the slowed progress towards net-zero, revealing the renewed dominance of natural gas and coal. Yergin highlights the tension between technological advancements and the slow pace of energy infrastructure, while also addressing how U.S. shale has reshaped global markets. He offers insights into China’s oil stockpiling motives, the rise of LNG exports, and the evolving dynamics of clean energy funding.

Hyun Song-Shin, an Economic Adviser at the Bank for International Settlements, shares insights on the shifting dynamics of the US dollar. He discusses the surprising 'triple decline' in April when stocks, bonds, and the dollar all fell. Hyun explains how institutional investors are using FX swaps to hedge against dollar exposure, revealing trends in hedging costs and the implications for long-term investor behavior. He also analyzes the roles of gold and emerging markets, noting that recent gains come from policy improvements rather than just a weaker dollar.

Olli Rehn, Governor of the Bank of Finland and ECB Governing Council member, dives into Europe's evolving competitiveness landscape. He discusses the shift in economic dynamics, with the industrial core now under stress. The conversation highlights the need for deeper integration and a true single market to boost growth. Rehn also addresses the impact of U.S. tariffs, Europe's vibrant startup scene, and strategies for reducing energy costs. He emphasizes the geopolitical changes that could enhance the euro's global standing.

Raghuram Rajan, former Governor of the Reserve Bank of India and a distinguished professor at the University of Chicago Booth School of Business, shares his insights on the financial landscape. He discusses why gold is surging, driven by geopolitical distrust and low real rates. Rajan warns about the risks of frothy markets and the potential disconnect between rising equities and safe-haven assets. He also highlights concerns over systemic risks from private credit and urges central banks to monitor investments carefully amidst evolving political pressures.

Mishal Husain dives into one essential conversation each week, interviewing world leaders and cultural icons. Expect deep, idea-driven discussions that uncover the perspectives of figures like Elon Musk and Keir Starmer. Her blend of curiosity and tenacity brings out surprising insights, shedding light on how these influencers perceive the rapidly changing world around them.

Mary Daly, President of the San Francisco Fed, shares insights from her enlightening trip to Alaska. She discusses how local economic conversations inform Federal Reserve decisions, emphasizing the unique challenges faced by Alaskan industries like steel and shipping. Port officials highlight the impact of tariffs on costs and supply chain vulnerabilities, while Daly reflects on the delicate balance of price hikes for consumers. The critical role of Anchorage as a cargo hub and the complexities of its economy reveal a fascinating intersection of local and national economic issues.

Peter Harrell, a policy expert on industrial and economic security, dives into the Trump administration's novel approach of taking equity stakes in American companies like Intel. He explores the legal basis for this strategy and discusses the advantages and challenges of being a minority shareholder. Harrell explains the mechanics of these deals, their implications for corporate governance, and how they compare to China’s state capitalism. The conversation also touches on the risks and potential future of government ownership in U.S. companies.

Greg Makoff, an expert on Argentina’s intricate debt history and author of 'Default,' dives deep into the nation's recurring bailouts, including the latest $40 billion support deal from the U.S. He discusses why Argentina struggles with sustainability, highlighting political overspending and the influence of Peronism. Makoff also examines Javier Milei's austerity measures and the challenges of implementing reforms. He provides insight into the implications of Argentina's economic strategies and the role of external funding, all while predicting the potential for lasting change.

Andrew Ross Sorkin, editor of DealBook and co-host of CNBC's Squawk Box, dives into the tumultuous world of the 1929 stock market crash. He discusses how retail speculation echoes today, drawing parallels to current AI investment mania. Sorkin highlights the cultural impact of the 1920s boom, intriguing characters like Charles Mitchell, and the role of margin lending. He also reflects on the aftermath of the crash, policy missteps, and the lasting scars left on society, providing lessons that resonate in today's volatile market.

John Ganz, an insightful author and historian, dives into the fascinating panic of the 1980s over Japan's economic rise, which permeated pop culture through films and literature. He explores how fears of Japanese dominance were rooted in military and economic concerns, and compares them with today’s anxiety over China. Ganz explains how the Japan panic faded after the economic bubble burst, influencing political narratives and populism, while reflecting on the lasting impact of these cultural and economic shifts.