Lev Menand is blistering here. Must listen. Meeting the moment. Incredible stuff from @weisenthal.bsky.social and @tracyalloway.bsky.social on Odd Lots. overcast.fm/+AA5AWNdOBV0

I was either going to write about the BLS firing or the Odd Lots profile, so I picked joy. Here's a piece on how Odd Lots (thank you @weisenthal.bsky.social and @tracyalloway.bsky.social ) is one of the best institutionalist readings of the global economy going: open.substack.com/pub/ninaeich...

It's not every day that @tracyalloway.bsky.social mentions you in her Odd Lots newsletter. I have officially peaked! cc: my all-star co-authors @shaciogluhoke.bsky.social and Jack Chylak. www.bloomberg.com/news/newslet... Thanks @tracyalloway.bsky.social and @bloomberg.com for featuring our work.

ODD LOTS @tracyalloway.bsky.social and @weisenthal.bsky.social on the data information loss. If you don't know everything is fine. www.bloomberg.com/news/newslet...

I recently went to a fun little conference where most in attendance were central bankers & financial journalists; plus Chris Desan, P. Mehrling, B. Eichengreen and me (?!!). Here’s one of the panels in podcast form thanks to @weisenthal.bsky.social @tracyalloway.bsky.social @bhgreeley.bsky.social

We have reached Odd Lots singularity - hearing @tracyalloway.bsky.social talking about Bollywood while I’m mowing my suburban Atlanta lawn. Yes, you should absolutely watch Mississippi Masala. And the real Bollywood superstar will always be Amitabh Bachchan.

NEW ODD LOTS: @tracyalloway.bsky.social and I talked to longtime investment banker Scott Bok on how dealmakers, such as him, spread the gospel of global capitalism and shareholder value all around the world. podcasts.apple.com/us/podcast/s...

NEW ODD LOTS: @tracyalloway.bsky.social and I spoke to the CEO of clothing company MM Lafleur, about how the apparel industry works, and the existential threat from the tariffs on her business. podcasts.apple.com/us/podcast/a...

NEW ODD LOTS: It's the GOAT Philip Diehl. @tracyalloway.bsky.social and I talked to the former mint director about the booming business of gold coins podcasts.apple.com/us/podcast/p...

NEW ODD LOTS: @tracyalloway.bsky.social and I spoke with Brad Setser about the big surge in the Taiwanese dollar podcasts.apple.com/us/podcast/b...

THE ACTUALLY EXISTING WAR ON CHRISTMAS @tracyalloway.bsky.social and I wrote jointly in the Odd Lots newsletter about the prospect of empty shelves and reduced variety, as retailers are handling holiday orders right now. Sub here: www.bloomberg.com/account/news...

Guys. I cannot recommend this episode enough if you’re remotely interested in what’s happening to the global economy right now, and get just a heroic dose of economics knowledge dropped on you by one of the best. h/t to @weisenthal.bsky.social and @tracyalloway.bsky.social for another banger.

MUST-READ @tracyalloway.bsky.social does an autopsy of last week's basis trade blowout, and finds the causes more ominous than mere overleverage or illiquidity in the system. Sub to the Odd Lots newsletter here: www.bloomberg.com/account/news...

This was fun. @tracyalloway.bsky.social and I talked to Vanity Fair about the week in news www.vanityfair.com/news/story/b...

NEW ODD LOTS: It's the return of Jim Chanos. @tracyalloway.bsky.social and I talked to the legendary short-seller about the craziness of this week, plus some Elon, $NVDA, Medicare Fraud, private equity, and more. podcasts.apple.com/us/podcast/j...

NEW ODD LOTS: @tracyalloway.bsky.social and I talked to Rob Kaplan, former Dallas Fed President, and Vice Chairman of Goldman Sachs about how the Fed will think about the tariffs podcasts.apple.com/us/podcast/r...

@tracyalloway.bsky.social on the bird site:

SPECIAL ODD LOTS: The brewing risk to the Fed that Wall Street isn't talking about. @tracyalloway.bsky.social and I chat with Lev Menand about Trump's firing of the two Democratic commissioners on the FTC, and what it means for the Fed if left to stand. podcasts.apple.com/us/podcast/t...

Behold, @tracyalloway.bsky.social read through the comments in the Dallas Fed survey of oil & gas executives, and it's *bad* bsky.app/profile/weis...

MUST READ IN THE NEWSLETTER: Oil and gas executives just gave scathing comments on this administration and the state of the industry> Read the full thing here from @tracyalloway.bsky.social www.bloomberg.com/news/newslet...

THE BIG RESET @tracyalloway.bsky.social and I gather the ways that big things have shifted in the last few weeks. Read the whole thing in today's Odd Lots newsletter www.bloomberg.com/news/newslet...

VIX curve now inverted

Odd Lots took on the NIH funding debacle. A good example of where what the Trump administration is doing is bonkers and terrible, while it is also true that the current paradigm is flawed. cc: @tracyalloway.bsky.social www.bloomberg.com/news/article...

THIS WEEK - ODD LOTS LIVE IN WASHINGTON DC @weisenthal.bsky.social & I are bringing the show to DC, with live recordings of the podcast (&much more) at the Miracle theater. Doors open at 7pm Wed, March 12th. Popcorn provided 🍿🍿 Get your tickets here: events.bloomberglive.com/oddlotsliveDC

NEW ODD LOTS: We spoke to the legends Eugene Fama (the father of the Efficient Markets Hypothesis) and David Booth about how the two of them basically invented modern finance. podcasts.apple.com/us/podcast/e...

Amazing

Making Europe great again, aka the Trump Paradox www.bloomberg.com/news/newslet...

Excuseflation about to make a comeback, from Paul Donovan at UBS:

GDP estimates starting to get slashed. Below is from Citi, JPMorgan also cutting from 2.25% to 1.5% for Q1 2025:

New Odd Lots with RAY DALIO In which we discuss very important things like his role in inventing the chicken nugget (plus maybe some other stuff) podcasts.apple.com/us/podcast/r...

Really admiring Paul Donovan's commitment to keep referring to tariffs as taxes in all his economic commentary.

LOTS MORE WITH JON TUREK ON SIGNS OF A US SLOWDOWN @jturek18.bsky.social, founder of JST Advisors is one of our favorite macro guys and @weisenthal.bsky.social and I catch up with him on recent signs of slowing in the labor market, and the coming tariffs podcasts.apple.com/us/podcast/l...

THE JONES ACT episode. At long last, Odd Lots is doing a Jones Act episode, and we're going to do it LIVE in DC. Get your tickets here before they're gone. events.bloomberglive.com/oddlotsliveDC

As I look at this chart of BRK cash as % of assets & see how it got so high circa late 2004 I am reminded of what Howard Marks said on his recent Odd Lots podcast with @weisenthal.bsky.social @tracyalloway.bsky.social how they raised money then so they would be prepared when the time came.

New Odd Lots! There are about 80 US-flagged ships involved in global trade today, compared to more than 5,500 China-flagged vessels. @weisenthal.bsky.social & I speak to Senators Mark Kelly and Todd Young about their plan to get America building big ships again podcasts.apple.com/us/podcast/t...

NEW *SPECIAL* ODD LOTS This one's a bit different. @weisenthal.bsky.social and I go inside the vaults of the Chicago Fed, and take a tour of the bank's massive cash operations with @goolsbee.bsky.social podcasts.apple.com/us/podcast/h...

Howard Marks on a recent Odd Lots, talking about raising funds in 2007: “And we put it on the shelf and we said ‘This is for when the stuff hits the fan, and we're not going to invest it until that time … And when Lehman went bankrupt on September 15th of ‘08, we had that $11 billion.”

Link to the newsletter here: www.bloomberg.com/news/newslet... And you can subscribe here: www.bloomberg.com/account/news...

EMERGENCY ODD LOTS @nathantankus.bsky.social on the Treasury payments system that Elon Musk/DOGE now has access to. podcasts.apple.com/us/podcast/t...

8 THOUGHTS ON THE TARIFFS AND THE MARKET SELLOFF From me and @tracyalloway.bsky.social in today's newsletter. Sub to the newsletter here:

LOTS MORE WITH MATT LEVINE ON MICROSTRATEGY'S INFINITE MONEY MACHINE @weisenthal.bsky.social and I bring back @matt-levine.bsky.social to talk about how Microstrategy has kind of figured out a way to get free money from the market to invest in more Bitcoin. podcasts.apple.com/us/podcast/l...

This Odd Lots series on the Eurodollar market is unbelievably good. You need to read a lot to make sense of it, and Josh and Lev have read it all. At the climactic 1974 Herstatt moment, they give a shout-out to our RIPE paper. What did we find in the Bank for International Settlements archive? 1/5

SCOOP Beal Bank, part of the financial empire of Andy Beal, a billionaire supporter of President Donald Trump, tapped the Federal Reserve for billions in discount window funding in late 2022. www.bloomberg.com/news/article...

NEW — OMB temporarily pauses all agency grants and loans programs. Per copy of memo: "The use of Federal resources to advance Marxist equity, transgenderism, and green new deal social engineering policies is a waste of taxpayer dollars that does not improve the day-to-day lives of those we serve."

NEW ODD LOTS It's the one and only Howard Marks explaining how he identifies bubbles in markets - and whether we're in one now. podcasts.apple.com/us/podcast/h...

This was another timely episode from @weisenthal.bsky.social and @tracyalloway.bsky.social on market concentration. Combine with DeepSeek rocking the AI world and money market liquidity drying up per Michael Howell, we could see a major crash / bear turn coming! podcasts.apple.com/us/podcast/o...

BONUS ODD LOTS Lots of people have been talking about concentration risk in US stocks, given the dominance of Mag7 tech names. We speak with @kevinmuir.bsky.social about why the market might now be at "peak concentration" and how things could change. podcasts.apple.com/us/podcast/o...

JPMorgan: "... the Stargate JV could require the equivalent of restarting Three Mile Island (as already announced for a separate data center project) another 62 times."