Odd Lots

This week we're thinking about what it means to be a trader in today's electronified markets and contrast it with trading in the era of horse and buggies. That's right, we're going back in time to talk mule trading and the story of the legendary Ray Lum, who spent years buying and selling livestock all over the U.S. in the early 1900s. William R. Ferris, history professor at the University of North Carolina and author of Mule Trader: Ray Lum's Tales of Horses, Mules, and Men, tells us about Lum's adventures in the South, including the purchase and transportation by train of 80,000 mules from South Dakota to New Orleans. He explains why the "trader is the poet of capitalism," how the term "day trader" can be traced to stable storage trades and why some things—like boozy dinners between brokers and their clients—never seem to change. It's arbitrage of the animal sort, with storage trades thrown in to boot.Along the way, we ask whether traders provide a social service and explore the trade-off between modern efficient markets and the bygone era of 100 percent mark-ups on (mule) trades.See omnystudio.com/listener for privacy information.

NYU Stern finance professor Richard Sylla, co-author of A History of U.S. Interest Rates, discusses 6,000 years of interest rate history. Topics include Hammurabi's debt relationship, Roman collateral, medieval French credit, today's negative rates in Europe, and the cyclical nature of interest rates.

(Bloomberg) -- Hedge-fund manager Kyle Bass has a plan that could cut the high cost of prescription drugs in the U.S. -- and make himself a lot of money. The strategy: Take short positions in a number of pharmaceutical companies while also trying to overturn their drug patents in court. Joining hosts Tracy Alloway and Joe Weisenthal to discuss Bass's unusual tactic is Guan Yang, an occasional Bloomberg View contributor who has researched the odd intersection of Wall Street and patent law.See omnystudio.com/listener for privacy information.

Zac Bissonnette, author of "The Great Beanie Baby Bubble: Mass Delusion and the Dark Side of Cute," reveals the fascinating psychology behind the Beanie Babies craze of the late '90s. He examines how a simple stuffed animal ignited a speculative frenzy akin to the tech bubble. Bissonnette discusses the roles of community dynamics, artificial scarcity, and the pitfalls of misplaced confidence. The conversation also draws parallels between collectibles and stocks, outlining how luck and timing can influence value perceptions in any market.

Chris White, creator of a Goldman Sachs bond trading platform, discusses the complexities of the $8 trillion corporate bond market. He shares insights on the resistance to change in the market, the evolution of electronic bond trading platforms, and the challenges in fostering innovation at traditional financial institutions.

(Bloomberg) -- Tracy Alloway and Joe Weisenthal kick off the Odd Lots podcast by interviewing the legendary television and radio host Tom Keene. On Tom’s mind this week: Fat tail risks, mathiness on Wall Street and how he rediscovered his favorite guitar. And don’t forget Newtonian mechanics and bow ties.See omnystudio.com/listener for privacy information.

(Bloomberg) -- Welcome to Episode Zero of the Odd Lots podcast! Every week, hosts Joe Weisenthal and Tracy Alloway take you on a not-so random weekly walk through hot topics in markets, finance and economics. In this introduction, Joe and Tracy discuss what you can expect from the show and introduce the guest of the first episode, the legendary Tom Keene.See omnystudio.com/listener for privacy information.