Capitalists Love This Podcast. So Do Their Critics.
The Bloomberg podcast 'Odd Lots'— hosted by the journalists Joe Weisenthal, 44, and Tracy Alloway, 41 — was putting on a live event. The first guest to go onstage was Charlie McElligott, an exuberantly bearded managing director of cross-asset macro strategy at the Japanese investment bank Nomura. Despite the global chaos of tariffs, war and technological and political disruption, Mr. Weisenthal noted, stocks were at an all-time high.
'You have to admit,' he goaded Mr. McElligott, 'it's kind of weird.'
Mr. McElligott rattled off a sophisticated analysis of the state of the market using lots of Wall Street-isms. ('With the amount of short-dated volatility selling, when dealers are stuffed on gamma, it compresses the distribution of outcomes.') The audience listened raptly. Many people there were finance professionals, but even those who weren't could feel that they had received a sophisticated analysis. Part of the appeal of 'Odd Lots' is a privileged sense of eavesdropping while insiders talk to one another without dumbing anything down.
Turbulence was an overriding theme of the evening, with guests including Nassim Taleb, a contrarian investor and author ('I don't think we are experiencing real volatility'); Emily Sundberg, a Substack influencer ('one thing that's very clear about Gen Z is that they've been repeatedly told nobody is coming to save you'); and Jim Chanos, a noted short seller ('the animal spirits are definitely back').
Even a panel of experts on U.S. government bonds, normally one of the most boring areas of finance, enthralled the crowd by making sense of volatility in the prices of Treasury bills. 'Odd Lots' would later air this discussion as an episode titled 'The Greatest Ever Panel on the World's Most Important Market.'
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