Making Markets

Today, we are revisiting my conversation with Haseeb Qureshi, managing partner at Dragonfly Capital. From making millions through poker before the age of 21, to going viral for an article on negotiation, to being hired personally by Naval Ravikant to be a crypto VC, Haseeb’s life could be a Netflix movie. We dive into that backstory and all he’s learned about the relationship between work, money, and happiness. We also talk about the Bitcoin ETF, Dragonfly Capital, his biggest miss as a VC, and how he approaches investing today. Please enjoy this fascinating and wide-ranging conversation with Haseeb Qureshi. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- This episode is brought to you by 10 East. 10 East is a platform where qualified investors can co-invest on a deal-by-deal basis across private equity, private credit, real estate ventures, and other one-off opportunities typically unavailable through traditional channels. It's no surprise that founders, executives, and portfolio managers from leading investment firms are using 10 East to diversify their personal portfolios. Their level of sourcing and diligence is institutional grade. To learn more, check out 10east.com. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Welcome to Making Markets (00:01:27) First question - Haseeb’s stance on the current developments in the crypto world (00:04:26) Whether the established precedent for Bitcoin ETF negates the need for further court cases (00:10:50) Advantages of trading ETFs over traditional assets and whether it could entice large institutions into cryptocurrency trading (00:15:16) Haseeb’s background in poker and the Portuguese prodigy story (00:24:10) Comparing fulfillment earning wealth between poker playing and trading in crypto (00:28:10) Patterns of disillusionment in people who make significant wealth in crypto (00:38:15) How Haseeb’s experience as a founder shaped his perspective on venture capital (00:46:42) How Haseeb first got together with Naval Ravikant (00:54:24) The initial vision for launching Dragonfly (00:58:55) How common it is for founders to relocate to other countries for crypto-related ventures (01:01:21) The size and scope of Dragonfly today and the acquisition of Metastable (01:09:01) Navigating the challenge of not second-guessing decisions (01:14:01) The challenges the industry has had with consumer adoption, particularly in cases like NBA Top Shot and Keone (01:21:31) Where Haseeb thinks the crypto market is currently in the cycle Learn more about your ad choices. Visit megaphone.fm/adchoices

Today we are replaying my conversation with Robbie Cannon. Robbie founded Horizon Investments in 1999 and grew the company to $7B in AUM before selling in 2021. Today, he takes us on a tour of the asset management industry. We cover many fascinating topics, such as the industry's evolution over 25 years, the blurring of lines between wealth and asset management, oligopolies in finance, the impact of private equity, the role of technology and AI, and more. Please enjoy this conversation with Robbie Cannon. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:01:06) Evolution of Wealth and Asset Management (00:04:18) Blurred Lines in Financial Services (00:14:18) Private Equity and Financial Advisors (00:17:05) Robo Advisors and Technological Integration (00:26:07) Evaluating Compatibility and Money in Motion (00:27:06) Peer Collaboration and Industry Insights (00:29:05) Strategic Asset Allocation for 2024 (00:29:46) Challenges for Emerging Managers (00:32:16) AI in Asset Management (00:45:27) Digital Solutions and Future Trends (00:49:36) The Evolution of Financial Advice Learn more about your ad choices. Visit megaphone.fm/adchoices

In this quarterly market recap, Matt Reustle turns the mic on Eric to analyze the tumultuous market environment of Q1 2025. They discuss the significant market downturn following the implementation of unexpected tariff policies, with the S&P down over 8% and Nasdaq down 12.5% by mid-April. Eric provides insights into how surprisingly high tariff announcements completely upended market expectations, the bond market's volatile reaction, and potential implications for corporate earnings and economic growth. The conversation explores the complex relationship between the US and China, concerns about capital flight, the Fed's challenging position between inflation and growth concerns, and how political decisions are creating unprecedented uncertainty in global markets.For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE.-----Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes.Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.Follow us on Twitter: @makingmkts | @ericgoldenxEditing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).Show Notes(00:00:00) Welcome to Making Markets(00:01:04) First Quarter 2025 Market Recap(00:02:10) Market Reactions and Expectations(00:07:09) Tariffs and Trade Tensions(00:08:51) Impact on Global Trade and Economy(00:21:14) China's Role and Market Dynamics(00:24:31) The US-China Economic Strategy(00:25:10) Trump's Tariff Tactics(00:26:50) The Federal Reserve's Focus(00:28:11) Impact of Tariffs on Inflation(00:29:53) Negotiation Strategies and Global Trade(00:32:52) Market Reactions and Investor Strategies(00:41:32) Private Credit and Equity Concerns(00:43:14) Political Shifts and Tariff Policies(00:44:16) Future Outlook Learn more about your ad choices. Visit megaphone.fm/adchoices

My guest today is Barry Ritholtz. As the founder & CIO of Ritholtz Wealth Management Barry manages assets of over $5B. He is also a famous author and commentator, fondly known as the 'Prickly Prophet of Wall Street' for his contrarian views. In this conversation, Barry shares the origin story and the ideas behind his latest book, "How Not to Invest." We also talk about how he’s remained a force in the industry while calling out powerful people, advice for curating the right information diet, and some of his biggest misses. Please enjoy this conversation with Barry Ritholtz.For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE.-----Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes.Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.Follow us on Twitter: @makingmkts | @ericgoldenxEditing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).Show Notes(00:00:00) Introduction: Why Write a Book on How Not to Invest?(00:00:46) The Genesis of the Book: From Old Notes to New Ideas(00:01:23) Debunking Financial Myths: The Core Concept(00:02:01) The Writing Process: From Mind Maps to Manuscripts(00:03:20) The Influence of Morgan Housel and the Final Push(00:04:42) The Importance of Keeping Track: A Modern Phenomenon(00:05:15) Early Career Lessons and Organizational Skills(00:06:15) The Evolution of Financial Commentary(00:07:24) The Impact of Bailout Nation and Market Predictions(00:12:12) Debating Financial Titans: Respectful Disagreements(00:16:25) Changing Perspectives: High-Frequency Trading and Hedge Funds(00:23:17) The Halo Effect and Epistemic Trespass(00:30:44) Billionaire Advice: Why It Doesn't Apply to You(00:33:34) The Intersection of Media and Investing(00:34:09) Handling Media Questions on Market Predictions(00:35:06) Unpredictable Events and Market Reactions(00:36:47) The Influence of Information and Propaganda(00:38:19) Decision Making and Epistemology in Investing(00:39:25) Curating a News Diet for Investors(00:47:36) Behavioral Insights and Market Patterns(00:49:43) Personal Investment Regrets and Lessons(00:54:07) Technological Advancements in Investing(00:59:07) Balancing Risk and Reward in Investments(01:02:57) Concluding Thoughts and Future Plans Learn more about your ad choices. Visit megaphone.fm/adchoices

My guest today is Jonathan Birnbaum, the Founder and CEO of OpenYield. After over a decade in finance, Jon set out to tackle a challenge close to my heart—bringing a modern trading experience to the world of Fixed Income. Today, he breaks down how market structure, technology, and regulation have shaped the evolution of trading platforms. We also cover the challenges of modernizing bond trading, the role of liquidity providers, and the cold start problem. Please enjoy this conversation with Jon Birnbaum.For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE.-----Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes.Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.Follow us on Twitter: @makingmkts | @ericgoldenxEditing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).Show Notes(00:00:00) Welcome to Making Markets(00:01:31) Technological Advancements in Bond Markets(00:02:19) Catalysts for Innovation in Equity vs. Fixed Income(00:04:41) Impact of ETFs on Fixed Income Trading(00:05:06) Emergence of New Market Participants(00:07:33) Subsectors of Fixed Income and Technology Adoption(00:08:45) Challenges in Electrifying the Bond Market(00:10:59) OpenYield's Role in the Fixed Income Market(00:15:16) Strategies for Building a Trading Venue(00:18:00) Pricing Models in Bond Trading(00:23:05) Future of Fixed Income Market Structure(00:39:17) Future Outlook Learn more about your ad choices. Visit megaphone.fm/adchoices

My guest today is SEC commissioner Hester Peirce, also known as the Crypto mom for her strong support of the industry. Commissioner Peirce was recently appointed as the head of the SEC’s new Crypto Task Force, and here, she lays out her overall, vision, key goals, and her thoughts on the Howie test and the tension between free markets and protecting investors. This is a short but very important episode just as web3 is on the cusp of a new beginning in America. Please enjoy this conversation with Commissioner Peirce. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE.-----Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes.Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.Follow us on Twitter: @makingmkts | @ericgoldenxEditing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).Show Notes(00:00:00) Introduction and Previous Interviews Recap(00:01:06) The Creation of the Crypto Task Force(00:01:28) Goals and Challenges of the Task Force(00:03:30) Engagement and Regulatory Adjustments(00:06:18) Interagency Coordination and Legislative Efforts(00:07:57) Sandbox and Howie Test Discussion(00:12:55) Investor Protection and Autonomy(00:14:57) Future Vision Learn more about your ad choices. Visit megaphone.fm/adchoices

In this Q4 2024 recap episode of Making Markets, Eric and Matt examine how markets defied bearish expectations, with the S&P 500 up 23% and Bitcoin surging 150%. Eric provides insight into Bitcoin's growing institutional adoption, particularly focusing on BlackRock's record-breaking Bitcoin ETF launch and its implications for the broader crypto market. He analyzes the impact of AI on markets and businesses, suggesting that while the technology is transformative, current valuations may be getting ahead of reality. The conversation explores changes in the regulatory landscape, particularly examining how tech industry leaders are increasingly taking on government roles. Eric wraps with observations about the evolving venture capital environment and startup culture, reflecting on how remote work has transformed the business landscape.For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE.-----Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes.Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.Follow us on Twitter: @makingmkts | @ericgoldenxEditing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).Show Notes(00:00:00) Welcome to Making Markets(00:01:04) Fourth Quarter and Full Year Recap(00:04:49) Market Predictions for 2025(00:09:34) Volatility and Market Dynamics(00:12:31) Crypto Market Insights(00:18:13) Bitcoin's Institutionalization(00:22:25) The Momentum of Major Players in Crypto(00:22:56) Challenges in Overhauling Archaic Systems(00:24:05) The Role of Incumbents in Crypto Disruption(00:25:25) Regulatory Changes and Their Impact(00:25:52) Elon Musk's Influence and Style(00:27:24) The Intersection of Technology and Regulation(00:33:30) AI's Role and Future in Business(00:37:08) The Reality of Being a Founder Today(00:40:49) The Future of Work and Mental Health Learn more about your ad choices. Visit megaphone.fm/adchoices

My guest today is Charlie Shrem. Charlie was a founding member of the Bitcoin Foundation and BitInstant - one of the earliest Bitcoin exchanges. In this episode, he takes us through his incredible life story-starting with how an Orthodox Jew from Brooklyn got into the wild world of Bitcoin. He then talks about how Bitcoin went from a toy to a real store of value, the wild success of BitInstant, his time in prison, and how he met Justin Trudeau through a robot. The story of Charlie’s adult life is in many ways mirrors the story of Bitcoin, and I hope you enjoy this episode with Charlie Shrem.For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE.-----Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes.Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.Follow us on Twitter: @makingmkts | @ericgoldenxEditing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).Show Notes(00:00:00) Welcome to Making Markets(00:01:51) Charlie's Early Life and Bitcoin Discovery(00:05:23) The Rise of BitInstant and Legal Troubles(00:08:12) Life After Arrest and Bitcoin's Early Community(00:13:59) Bitcoin's Value and Early Transactions(00:18:20) Libertarian Influence and Political Connections(00:24:38) Gavin Andresen and the CIA Meeting(00:25:53) The Birth of the Bitcoin Foundation(00:26:19) Early Bitcoin Community Gathering in Austria(00:27:03) Forming the Bitcoin Foundation(00:28:09) Libertarian Movement and Porkfest(00:29:19) Bitcoin's Early Adoption and Challenges(00:31:06) BitInstant and the Rise of Bitcoin Transactions(00:37:47) Legal Troubles and the Silk Road Connection(00:44:18) Life After Prison and Bitcoin's Evolution(00:47:25) Reflections on Bitcoin's Impact and Future Learn more about your ad choices. Visit megaphone.fm/adchoices