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
Last refreshed: ⓘ
Follow this podcast in the Metacast mobile app to refresh it and see new episodes.
Don't just listen to podcasts. Learn from them with transcripts, summaries, and chapters for every episode. Skim, search, and bookmark insights. Learn more
Liam Allen and Morris Sachs open with reactions to recent market shifts and geopolitical tensions in the Middle East, drawing parallels to historical conflicts and the role of diplomacy versus overwhelming force. Morris then delves into market preparation strategies for significant events, emphasizing stress-testing positions and the importance of holding cash. A core theme explores how classical economic models fail to account for behavioral economics, particularly after unprecedented events like COVID-19, leading to forecasting errors. The hosts also touch upon the Fed's inflation battle, the New York real estate market, and share personal trading lessons, including a past disastrous oil trade, concluding with a promotion for Old Chestnut's new office tower.
Liam and Morris discuss market behavior, with Morris reflecting on past gold predictions and the challenges of trading, including lessons from major mistakes. They critique economic data, analyze the post-COVID market's unusual correlations, and share anecdotes about life in Greenwich. The conversation also explores societal issues like white-collar crime, democracy, and the practical downsides of electric vehicles, all while blending humor with financial insights.
Inside Baseball with Old Chestnut celebrates reaching 400,000 downloads and reflects on its influence, from local restaurants to pepper spray sales. The hosts discuss an ethical "hit parade" of Wall Street and real estate anecdotes, including Warren Buffett's infamous deal and the turbulent Hotel Chelsea acquisition. The episode also critiques recent political actions regarding a fallen NYPD officer and questions the decline of rational discourse, before offering a cautious market outlook amidst breaking correlations and commercial real estate concerns, and debating the podcast's future content direction to foster deeper listener engagement.
This episode dives deep into current market conditions, analyzing the impact of Federal Reserve policies and the complexities of real estate leverage, especially in Manhattan. The hosts also explore geopolitical events like the Moscow shooting and the Israel-Hamas conflict. Critiquing the financial industry's unlevel playing field and societal apathy, they question current economic models and the role of wealth in modern society.
Host Liam Allen celebrates St. Patrick's Day by sharing his ultimate playlist of Irish songs, rooted in his upbringing as an Irish step dancer. He delves into his family's heritage and his personal connection to traditional Irish music and dance, including a humorous anecdote about a missed opportunity with the global phenomenon, Riverdance.
Hosts Liam Allen and Morris Sachs share a wide array of anecdotes, from a Maine moose sighting and bobcat encounters to urban property development challenges and security concerns in Scottsdale. The episode delves into critical analyses of the financial market, debunking the "broken market" excuse for trading losses, questioning hedge fund value, and exposing financial misconduct. It concludes with a personal investment philosophy centered on patience and diversification amidst geopolitical and economic uncertainties.
This extremely short podcast segment from "Inside Baseball with Old Chestnut" opens with a cheerful welcome, immediately followed by a humorous "just kidding" interjection. The episode quickly concludes with a "see you next time," serving as a lighthearted teaser rather than a full discussion. It sets a playful tone for future installments.
The hosts dive into various critiques of the financial world, exposing questionable hedge fund fees, alleged market manipulation, and the pitfalls of private equity. They also tackle broader societal issues, highlighting the damaging effects of social media on teenagers and expressing concerns about the education system. Interspersed are personal reflections on financial prudence and a vivid account of conquering the arduous Leadville mountain bike race, emphasizing perseverance and purpose.
This episode covers a wide range of topics, starting with personal anecdotes about a challenging Canadian border crossing and the ease of New Zealand immigration, along with a surprising shift from skiing to snowmobiling in Maine. The conversation then transitions to financial wisdom, breaking down the fundamental accounting equation (Assets = Liabilities + Net Worth) and its application to investment decisions and risk assessment, including why one should never short options and the concept that "flat is a position." The hosts also explore the nuances of proprietary trading, the evolution of a trading career, and the role of intuition and experience in position sizing and market strategy, all while offering insights on the current political climate and its potential market impacts.
The hosts discuss a disastrous luxury hotel stay in New Zealand, marked by poor service and cost-cutting, highlighting frustrating customer interactions and a dramatic helicopter rescue. They then pivot to financial topics, critiquing SEC policies and investor strategies, and delving into economic indicators like payroll numbers, the inverted yield curve, and the unreliability of economic data. The episode concludes with a debate on political interference in markets and core investment principles for navigating uncertainty.
Liam and Morsex share insights from Liam's New Zealand vacation, including a detailed history of his connection to the country and critical reviews of accommodations. They then pivot to current events, expressing strong opinions on Harvard's fake cancer research, the UN's alleged involvement with Hamas, the escalating Texas border standoff, and the market's anticipation of a Donald Trump presidency. The discussion concludes with investment advice on the inverted yield curve and life lessons on work-life balance.
Following a detailed account of a trip to New Zealand and reflections on the early days of COVID, the hosts delve into political commentary, including Donald Trump's views on Bitcoin and criticisms of the UN. They also discuss contentious topics like protests at cancer hospitals and crypto's role in funding. A significant portion covers market insights, dissecting Tesla's challenges, Cathy Wood's investment choices, and a listener's question about optimal position sizing, leading to an extensive explanation of intuitive trading, risk management, and the profound transition of Wall Street from analog to digital operations. The episode concludes with a cautious economic outlook and personal anecdotes.
The hosts discuss the implications of the new Bitcoin ETF and congratulate themselves on their accurate interest rate predictions, using it to highlight the value of their insights. They delve into the complexities of municipal bonds, distinguishing personal trading advantages from the risks of muni ETFs for average investors. The conversation also touches on broader economic outlooks, Fed policy, potential Wall Street layoffs, and the appealing simplicity of earning a "riskless" 5% return in the current climate amidst geopolitical "unknown unknowns."
The hosts discuss the volatile market, including Nancy Pelosi's impressive returns and the economic impacts of food inflation. They critique the soaring costs and lavish spending in higher education, proposing alternative affordable degree models. Personal financial security is examined through a stolen check incident, questioning the adequacy of existing protections for asset theft and advocating for clearer securities law.
In this year-end special, Liam and Morris reflect on market trends, including Kathy Wood's ARK fund performance, the Bitcoin vs. housing debate, and strategies for long bonds amidst economic shifts. The hosts also share personal stories, from a puzzling bank fraud experience and the intricacies of estate planning to the evolving joy of watching Phish concerts from home. The episode concludes with appreciation for listeners and a look ahead to the podcast's future.
This episode delves into the hosts' storied careers in finance, particularly their success at Greenwich Capital, where a unique team and robust risk management strategies allowed them to thrive even during major market crises like Long-Term Capital Management and 9/11. They also critically examine the hedge fund industry's compensation structures and hidden fees, contrast it with their values of freedom and time, and even touch on casino gambling probabilities and Harvard's vast endowment. The discussion reinforces the podcast's mission for transparent, no-nonsense financial discourse.
This episode of Inside Baseball covers diverse market topics, from the Santa Claus rally and Fed policy to booming high-end real estate and rising everyday costs. The hosts delve into consumer behavior through fast food observations and share personal investment insights on liquidity and managing trades. Geopolitical issues like the Middle East and historical conflicts are also explored, alongside anecdotes about electric cars, reading habits, and concert experiences.
Liam and MB discuss diverse topics, from the potential approval of Bitcoin ETFs and the risks of crypto audits to personal anecdotes about traveling with young children and controversial office DEI initiatives. They delve into sophisticated financial products, a successful municipal bond trade illustrating market savvy, and reflections on effective leadership during crises like the Cuban Missile Crisis. The episode also touches on the Israel-Hamas conflict, questioning the funding of Hamas tunnels, and lamenting the current state of political leadership.
The hosts delve into the intricate world of private aviation, explaining the true costs of chartering and owning a jet while sharply critiquing fractional ownership models like NetJets. They then pivot to market commentary, analyzing interest rates, inflation trends, and the municipal bond market, cautioning listeners about risks. The episode also features personal anecdotes, political observations on figures like Nikki Haley, and a strong critique of financial experts who publicize their strategies.
Inside Baseball with Old Chestnut opens with a critical look at public figures, dissecting the behaviors of Elon Musk and Kathy Wood in relation to market ethics and personality. The episode then explores Stanley Druckermiller's intricate curve trade, introducing legendary futures traders Mr. Shoes and Giant, and predicting market challenges for Druckermiller. Personal stories, including a frustrated car delivery incident and Bill Ackman's cycling mishap, are interwoven with broader discussions on university politics, international affairs, and the evolving landscape of bond trading.
Inside Baseball critiques Stanley Druckenmiller's public yield curve trade, arguing its negative carry and lack of catalyst. The hosts express deep concern over the financial system's vulnerability to ransomware-as-a-service, enabled by Bitcoin, linking it to global adversaries and suggesting drastic solutions. They also discuss geopolitical tensions, campus protests related to the Israel-Hamas conflict, and the market's surprising resilience, with humorous tangents on golf and Tesla navigation.
This episode covers a range of topics, starting with observations from a Florida trip, including the influx of Wall Street elites and the region's unexpected drawbacks. The hosts delve into investment critiques, particularly concerning Ark Invest's performance and the often-misguided advice from gold and silver newsletters. They also share insights on municipal bonds, discuss Stan Druckenmiller's two-year note position, and express satisfaction over Sam Bankman-Fried's conviction. The conversation concludes with a look at private jet market inefficiencies and the unique, unpaid nature of their podcast.
Hosts Liam Allen and Morrison delve into the complexities of financial markets, contrasting "stories" of equities with "contracts" of bonds and critiquing misleading investment newsletters. They share a disappointing experience at a Danny Meyer restaurant, discuss the challenges of managing wealth, and explain the intricacies of the basis trade. The episode also touches on personal anecdotes, podcast merchandise, and the value of practical experience over theoretical analysis in finance.
The hosts provide updates on a high-stakes charity auction and discuss various pressing issues, including the complexities of the Israel-Hamas conflict, rules of war, and geopolitical inaction. They also delve into financial topics like the 10-year note, Fed policy, and investment strategies, offering sharp critiques of politicians, universities, and media. The episode concludes with personal anecdotes, "Nostradamus" predictions, and a call for greater corporate responsibility.
The hosts candidly discuss the recent Hamas attacks on Israel, sharing personal distress and the broader implications of the conflict. They delve into the historical context of prejudice against Jews, the strategic importance of the US-Israel alliance, and the complex geopolitical dynamics involving Iran, Saudi Arabia, and Russia. The episode also touches on market reactions and the host's perspective as a risk manager navigating a volatile global environment, emphasizing the difficulty of changing deeply entrenched views on such contentious issues.
Liam and Morris recount their weekend, with Liam detailing a frustrating bike race and Morris sharing observations from Vermont, including surprising grocery prices and reflections on news consumption. The conversation then pivots to critical concerns: the unsustainable national debt and the public's reluctance to accept economic adjustments, the alarming rise in urban crime and its impact on businesses, and the perceived ignorance of financial media. They conclude by discussing investment strategies amid rising interest rates and the controversial effects of cashless bail reform on cities.
Liam and Morris delve into a "not good week" for regulatory compliance, critiquing fines and stock market behavior. They highlight attractive alternatives in fixed income, especially the two-year note and municipal bonds, while warning about the dangers of low option volatility and automated trading errors. The discussion covers historical market issues, current economic indicators, and the increasing risks for investors.
The hosts passionately dissect past financial disasters and current market trends, particularly lambasting the founders of Long-Term Capital Management who now seek podcast interviews. They express strong opinions on the dangers of one-day options, the inadequacy of statistical models in real-world finance, and provide a critical review of hedge fund practices. Additionally, they share observations on a slowing economy, consumer behavior, and skepticism regarding high-tech stock valuations.
The hosts discuss rising inflation, specifically milk prices, and critique leadership in both finance (David Solomon) and politics (Nancy Pelosi, Mitch McConnell) for perceived incompetence and age. They examine US energy policy, the Dunning-Kruger effect, and the mental health implications of social media. The episode also covers commodity market trends, the inverted yield curve's impact on fixed income, and a personal investment strategy emphasizing patience and cash in uncertain times, concluding with a defense of nuclear energy and a look at new tech like Apple's spatial audio.
The hosts critique Goldman Sachs CEO David Solomon's leadership, contrasting his perceived unhappiness and poor social events with effective team-building. They also share personal stories, including a tribute to Jimmy Buffett, struggles with college academics, and lessons learned from a career in trading, highlighting the importance of deep understanding and persistent effort. The episode delves into the complexities of wealth and the pursuit of success.
