About this episode

Demetri Kofinas interviews Patrick Boyle about the implications of the SpaceX IPO and the broader challenges facing financial markets and populism in Europe and America.

In Episode 490 of Hidden Forces, Demetri Kofinas speaks with Patrick Boyle—founder of the quantitative hedge fund Palomar Capital Management, professor of finance at King's College London and Queen Mary University of London, and host of Patrick Boyle on Finance—about the SpaceX IPO and what it reveals about the integrity of America's financial markets, the cult of personality filling the vacuum left by the nation's collapsing institutions, the commercial and fiscal challenges facing Europe's largest economies, and the housing crisis and generational wealth divide driving the appeal of left-wing populism across the developed world. The first hour opens with the recent SpaceX IPO—how the deal was priced and marketed, the mechanics and share-price consequences of its unusually rapid index inclusion, the small number of shares made available for trading, and the wave of bullish sell-side coverage that accompanied it—before broadening into a discussion of the integrity of America's financial markets and what happens to investor behavior and to the country's cost-of-capital advantage when the institutions tasked with regulating those markets can no longer be trusted to do so. From…

More episodes of Hidden Forces

• How America Built A Durable Dollar Empire | Mary Bridges · July 16, 2026 · 48 min
• The Strong Do What They Can and Suffer What They Must | Jonathan Kirshner · July 13, 2026 · 1h 14m
• Iran's New Grand Strategy | Vali Nasr · July 9, 2026 · 50 min
• Schrödinger's Strait and the New Energy Order | Daniel Yergin · July 6, 2026 · 46 min
• After the Fall: Reckoning with the End of History | Ian Shapiro · June 29, 2026 · 55 min
• AI Governance and the National Security State | Dean W. Ball · June 25, 2026 · 52 min

Explore listener stats, chart rankings, contacts and more on the Hidden Forces podcast page.