Inside Wall Street with Morris Sachs and Liam Allen.
Recommended viewing:
The Sting
Trading Places
Groundhog Day
YouTube: Charlie DiFrancesca Full Length Speech 1989
Recommended Reading:
1.Modern Times - Paul Johnson
2. Atlas Shrugged- Ayn Rand
3. *redacted*
4. Reminiscences of a Stock Operator- Edwin Lefevre
5. Lessons of History - Will Durant
Daily Reading : Grant’s, GaveKal, Macro Tourist, Daily Shot, Anthony Peters, David Zervos, NYPost, FT, WSJ, NYT, SCMP, Chicago Tribune, Real Deal, Zero Hedge, Reuters, Bloomberg.
Daily Listening : Phish
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Hosts Liam Allen and Morsex celebrate reaching 300,000 downloads and winning a "Golden Mike Award." They share personal anecdotes, including travel experiences on the Concorde and insights from their mothers. The discussion then pivots to the future of Goldman Sachs amid regulatory scrutiny and a deep dive into sophisticated estate planning tools like basis step-up and GRATs. The episode concludes by exploring current market uncertainties, an investment strategy involving two-year notes, and a thought-provoking take on the U.S. budget deficit.
Liam and Morrissey return to discuss the impending downfall of Goldman Sachs, attributing it to a destructive culture under current leadership and a series of ethical missteps. They delve into the history of Wall Street firms like Lehman Brothers and the importance of strong leadership, contrasting Goldman's approach with more successful models. The hosts also share personal anecdotes about the transition from analog to digital trading and notable disputes in their careers, reinforcing the value of integrity and competence in finance.
Esteemed guest Leslie Harris recounts his diverse career trajectory, from his formative years in Queens and the gritty 1970s Manhattan to the intense world of Wall Street's commodities exchange and proprietary trading. He delves into the invaluable "analog" lessons learned, his decision to pursue an MBA, and his long-term investment philosophy. Leslie also provides insights into his current work as an executive coach, helping leaders navigate complex challenges.
Experiencing Starlink issues, the host presents a solo episode, humorously contrasting his approach with his co-host MB's tech reliance. He delves into a spirited defense of Phish as the greatest American band, highlighting their musical talent and charitable efforts for flood relief. The episode then takes a surprising turn, passionately advocating for Cupsog Beach in West Hampton, New York, as the unparalleled best beach in America, offering a detailed guide for an ideal day trip before a final musical sign-off.
During a solo broadcast from the Hamptons, Liam Allen dives into the current economic landscape, noting the US economy's unexpected resilience despite rate hikes, contrasting with his co-host's perpetual skepticism. He also expresses serious concerns about the age and coherence of current political leaders. Additionally, Allen reflects on a personal investment blunder with Carvana and exposes Tesla's alleged battery range fraud, questioning the market's frothiness.
Liam and Morsex dive into a diverse array of subjects, starting with a discussion about a surprising Wimbledon upset and a personal health update involving a contentious COVID-19 theory related to RFK Jr. They then delve into the notorious history of the Kennedy family, including alleged bootlegging, scandals, and FDR's disdain. The conversation shifts to Liam's challenging rock climbing adventures, including a detailed account of the dangerous Matterhorn ascent and a critical look at Hollywood's portrayal of the 2008 financial crisis in "The Big Short," contrasting it with real-world insights and personal experiences on Wall Street. The episode concludes with a segment on the analog-to-digital transformation of trading, the difficulties of early financial work, a surprising discussion about a book on building an atomic bomb, a visit to a nuclear missile museum, and a heartfelt appeal for flood relief in Vermont.
Hosts Liam and Morris discuss the challenges of aging before Morris dives into his family's rich history, detailing his immigrant grandfather's successful "Credit with a Smile" business in Chicago. Morris then shares how growing up with financial pressure instilled a disciplined trading style and a strong work ethic, culminating in a reflection on his career trajectory and the stark differences in financial beginnings between generations.
This episode of Inside Baseball celebrates podcast producer Liam Allen's award before delving into Old Chestnut's unwritten memoir, originally intended to tell his and Cheryl's life story but veering into a solo account. He recounts a thrilling, "Wild West" trading experience in 1990s Russia and a disastrous mountain biking adventure, all while reflecting on the immense pressure, unique freedoms, and psychological demands of being a Wall Street trader, emphasizing his wife Cheryl's critical, often uncredited, role in his career and personal stability.
The hosts delve into diverse topics, from hilarious personal anecdotes about problematic pets and studio work disruptions to broader discussions on the economy, politics, and technology. They critique autonomous driving's feasibility, the US electric grid's capacity, and the actions of prominent political figures. The episode also features a deep dive into one host's Wall Street career journey, offering insights into proprietary trading and market wisdom.
This episode delves into various financial and cultural topics, from correcting the podcast's mission regarding economic predictions to dissecting the real estate market in Manhattan. It covers the controversy surrounding shoplifting policies at retailers like Lululemon, analyzes the hype cycles of Bitcoin and AI, and critiques investment forecasts, notably Kathy Wood's oil prediction. The hosts also discuss investment strategies, historical intelligence, and the ongoing leadership drama at Goldman Sachs, interspersed with personal anecdotes and listener feedback.
The hosts open by revealing the unexpected reason for their Sunday show and share personal anecdotes, including a Shabbat dinner invitation. They delve into a speculative theory about Donald Trump receiving disinformation from the intelligence community, drawing parallels to historical operations. A significant portion of the episode is dedicated to critiquing Kathy Wood's investment insights and SEC Chair Gary Gensler's regulatory actions, followed by a detailed account of Morris's personal involvement in a major Paul Tudor Jones trade during the 1987 market crash. The discussion then pivots to a heated debate on the state of the American economy, contrasting expert recession predictions with observations of robust consumer spending on Main Street, and concludes with a humorous "diagnosis" of Kathy Wood and a plan for a future episode on traders' journeys.
This episode covers various market observations, personal anecdotes, and financial philosophies. The hosts discuss prevailing market sentiment, historical debt defaults, and the psychology behind trading. They also share stories from their personal lives, including early craft beer experiences, Montauk real estate ventures, and unexpected connections made in New York, all while emphasizing the importance of not having a grudge with the market.
The hosts delve into the US debt ceiling debate, dismissing it as political theater while critiquing celebrity antics and executive compensation. They also share personal anecdotes, including a restaurant review and a humorous take on AI, alongside observations on market trends and political figures. The episode combines financial commentary with broader societal and political critiques.
The hosts discuss the current market's instability, with financial experts urging caution against margin trading and the risks of illiquidity during a crisis. They critique traditional investment strategies like gold and backtesting, and expose misleading economic data. The conversation also touches on excessive corporate executive pay, political concerns, and the challenges within the real estate market.
Inside Baseball with Old Chestnut delves into Stanley Druckenmiller's investment insights and contrasting views on current market opportunities, emphasizing caution in a volatile economy. The hosts also critically examine the realities and infrastructure challenges of electric vehicles and semi-trucks, linking it to broader consumer demand and debt trends. Further discussion includes the debt ceiling debate, the New York Post's scrutiny of David Solomon's corporate jet use and associated aviation regulations, and a sharp critique of Bud Light's recent marketing controversy. The episode concludes with a call for investment patience amidst a stagnant stock market and a look at the current political landscape.
The hosts cover diverse financial topics, including Taylor Swift's surprising impact on crypto and a detailed critique of Kathy Wood's Tesla forecasts and Monte Carlo simulations. They also discuss Morris's accurate gold market predictions and share insights into navigating Wall Street's opaque practices, emphasizing ethical concerns and the wisdom of value investing. The episode concludes with a look at current economic policies and a humorous take on fan behavior at a recent Phish concert.
The hosts share personal anecdotes, including frustrating experiences with car salesmen and the surprising reach of their podcast. They delve into serious financial topics, offering a skeptical view on central bank gold data and a detailed analysis of the inverted yield curve's implications for future interest rates. The discussion also covers the unique challenges and economic realities of the New York City rental development market and critiques perceived political corruption.
The hosts offer a skeptical take on current financial markets, discussing the potential for an economic slowdown despite official data and lambasting the high fees and misleading practices of hedge funds. Interspersed with these critiques are personal stories about eco-friendly cars, bike maintenance woes, and fascinating insights into gambling strategies.
Liam and Morris kick off by humorously detailing their "strike" against the network before diving into various topics. They recount a competitive "no drop" bike ride and a controversial Crocs analogy, then dissect Goldman Sachs' canceled private jet order and its implications for corporate image. The discussion shifts to serious economic forecasts, including the potential commercial real estate crisis, regional bank lending issues, and the inverted yield curve's warnings. The hosts also share personal observations on honesty and investment caution, emphasizing patience in the current market climate.
The hosts discuss recent market events including the default of AT1 bonds and Chairman Powell's cautious statements, highlighting the often-overlooked fine print in financial instruments. They delve into the mechanics and systemic risks of one-day options, critiquing the assumptions of traditional risk models in volatile markets. The episode concludes with a look at widespread fraud indicators and the unsettling discovery of fraudulent gold in circulation, underscoring the need for vigilance in finance.
The hosts dissect a tumultuous week in the market, focusing on the Silicon Valley Bank crisis, the two-year note's surprising prominence, and the broader economic landscape. They discuss Dr. Lacey Hunt's theory on employment data being a statistical artifact and express concerns about the Fed's regional bank bailout package, equating it to debt monetization. The episode also touches on personal investment philosophies and humorous critiques of market practices and listener feedback.
The hosts navigate a tumultuous financial week, starting with Bill Ackman's public market comments and the critical 'sell' rating on Goldman Sachs. They dissect the Silicon Valley Bank collapse, explaining how distressed asset investors profit and the crucial differences between FDIC and SIPC insurance. A significant portion is dedicated to the dangers of zero-day options, their easy accessibility to inexperienced traders, and how market models consistently underestimate volatility, all while the Federal Reserve maintains its focus on battling entrenched inflation.
The hosts discuss market predictions, various scandals, and critically analyze David Solomon's leadership at Goldman Sachs, contrasting him with the firm's historical legacy. The episode also covers key economic indicators like PMIs, the impact of quantitative tightening, the Fed's role in the mortgage market, and recent crypto bank failures. It concludes with a look at declining male employment trends and a humorous comparison of East Coast versus West Coast lifestyles.
The hosts predict a significant market crash, citing declining real estate values, retirement account losses, and high credit card debt, advising listeners to hold cash. They discuss major societal issues like hate speech and the challenges posed by aging political leadership. The episode also critiques Goldman Sachs CEO David Solomon's perceived mismanagement and past controversies, while analyzing factors contributing to the declining labor force participation.
The hosts critique Goldman Sachs' CEO and board, using a humorous fictional interview before analyzing the Federal Reserve's quantitative easing and bond holdings. They suggest these actions have temporarily obscured significant mark-to-market losses, preventing a market "break." The discussion extends to equity valuations, the "higher for longer" interest rate environment, and the need for investment caution given geopolitical tensions and mixed economic signals.
Liam and Morris open with personal market frustrations, questioning Carvana's rapid surge and its founders' background, hinting at potential fraud. They heavily critique SEC Chairman Gary Gensler's perceived inaction on widespread crypto non-compliance and the manipulation of economic statistics, particularly payroll numbers. The discussion also delves into Goldman Sachs' internal discontent over compensation cuts and the lack of accountability among board members, offering an insider's view on corporate governance and power dynamics.
Celebrating their 100th episode, the hosts delve into a wide range of topics from global current events and personal tragedies to complex financial analysis. They dissect three key research papers on negative interest rates, market convexity, and probabilistic Fed modeling, offering insights into recession predictions and personal investment strategies. The episode also revisits historical trading floor practices, including the infamous CBOT FBI sting and the ethics of dual trading.
The hosts discuss a wide array of topics, from personal updates and current events like political controversies and crime, to a detailed critique of the financial industry. They explain the pitfalls of hedge funds through a personal "side pocket" experience and contrast crypto's volatility with the complexities of traditional Treasury bill trading. The episode also forecasts a deflationary recession, analyzes payroll numbers, and draws a powerful lesson on resilience from George Soros's trading philosophy.
Liam Allen and Morris Sacks delve into current market events, including recent CPI numbers and the ongoing FTX scandal, touching on the legal complexities and celebrity endorsements. They also offer insights into trading psychology, drawing from personal experiences of financial insecurity and the importance of understanding one's "edge" and P&L. The episode concludes with a look at Goldman Sachs layoffs, candid advice for young analysts, and a market forecast predicting lower equities and a preference for gold and fixed income.
The hosts kick off the new year discussing concert experiences, the podcast's format amidst competitors, and Friday's economic data, including job numbers and a bullish outlook on municipal bonds. They also delve into personal stories about parenting challenges, diet, and a formative childhood experience that shaped their approach to market decision-making. The episode features strong critiques of public trading figures, the crypto market, and algorithmic trading, emphasizing the crucial distinction between professional traders and hobbyist investors, concluding with heartfelt thanks to listeners for their charity contributions.
