Odd Lots
Bloomberg's Joe Weisenthal and Tracy Alloway interview traders, economists and operators on how markets and the real economy actually work. The best free podcast on market plumbing, from repo to jet-fuel hedging.
Free to read
Odd Lots has run since late 2015 and now has well over a thousand episodes. Joe Weisenthal and Tracy Alloway pick one topic per episode and find the person who knows it best: a Fed official on the policy outlook, a former airline treasurer on fuel hedging, academics on how private credit has become tied up with insurers, or what the tungsten market says about the risk of war. They ask the basic questions most interviewers skip, which makes the show a good way to learn markets you do not trade.
The range is wide. Rates, credit, FX and commodities episodes sit next to episodes on supply chains, labor markets, AI and local economies, and the macro guests tend to be people doing the work rather than TV regulars.
Pick episodes by topic rather than going in order, and use them as a quick briefing before you dig into a new market or a news event.
Start with
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1
Why Treasuries Are 'Risky' Again
Carolin Pflueger on why bonds may no longer hedge stocks and how the Fed's reaction function fits in.
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2
Why Private Credit Got Entangled With Insurance
The authors of a new paper explain how private equity-owned insurers fund the private credit boom.
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3
How Airlines Actually Hedge Higher Fuel Prices
A former Qatar Airways group treasurer on hedging with swaps and options in practice.