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Recent episodes
#58 Mergernomics: How Tariffs Redefine Product Markets
Apr 6, 2026
Unknown duration
#57 Mergernomics: Extending Market Power
Mar 9, 2026
Unknown duration
#56 The Resurgence of Private Antitrust Litigation in the Asia Pacific
Feb 9, 2026
Unknown duration
#55 Foreign Investment in the EU
Jan 26, 2026
Unknown duration
#54 Mergernomics: Efficiencies
Dec 22, 2025
Unknown duration
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| Date | Episode | Description | Length | ||||||
|---|---|---|---|---|---|---|---|---|---|
| 4/6/26 | #58 Mergernomics: How Tariffs Redefine Product Markets | How do tariffs redefine product markets? In this episode, economist Dr. Craig Malam and antitrust expert Carla Hine join host Anant Raut to discuss the effect of the Trump Administration's tariff-centric trade policy on how we determine the edges of a product market and what constitutes a substitutable product. Panelists then talk about what economists and defense counsel should take into account when the size and duration of a tariff can change with a social media post. With special guests: Dr. Craig Malam, Partner, Edgeworth Economics and Carla Hine, Weil Gotshal & Manges LLP Hosted by: Anant Raut | — | ||||||
| 3/9/26 | #57 Mergernomics: Extending Market Power | Enforcers and policymakers have raised concerns that dominant firms like Google, Microsoft, NVIDIA, and Meta are extending their market power into AI by taking stakes in some of the most promising startups. In this episode, economist Dr. Elizabeth Wang and antitrust litigator Daniel Culley join me to discuss how economists measure the risk that a dominant firm could acquire its way into dominance in another market, as well as how to spot flaws in those projections. With special guests: Daniel Culley, Partner, Cleary Gottlieb Steen & Hamilton LLP and Dr. Elizabeth Wang, Partner and Head of the China Practice, Econic Partners, LLC Hosted by: Anant Raut | — | ||||||
| 2/9/26 | #56 The Resurgence of Private Antitrust Litigation in the Asia Pacific | What's behind the rise of private antitrust litigation in the Asia Pacific? Host Anant Raut talks to experts Kirsten Webb and Toshiaki Tada about the resurgence of follow-on cartel litigation in Japan and abuse of a dominant position cases in Australia. They also discuss the impact of Big Tech litigation, the complexities of proving damages, and the propensity towards settlements. Listen to learn more about how these trends could completely invert global litigation strategy for private plaintiffs! With special guests: Kirsten Webb, Partner, Clayton Utz and Toshiaki Tada, Partner, Hibiya Sogo Law Office Hosted by: Anant Raut | — | ||||||
| 1/26/26 | #55 Foreign Investment in the EU | The rules for foreign investment in Europe are changing. In this episode of Trust and Trade, Bryan Cave LLP's Christine Graham and AmCham EU's Andrew Hill join host Anant Raut to talk about the reasons behind the revisions - protecting critical assets and technologies, a need for uniformity across member states - and walk listeners through the intricate steps of the European legislative process. What do the changes mean, to whom will they apply, and when do they go into effect? Tune in to learn these answers and gain many more insights into the evolving legal framework that will dramatically impact cross-border transactions! With special guests: Christine Graham, Partner, Bryan Cave Leighton Paisner LLP and Andrew Hill, Senior Policy Advisor, AmCham EU Related Links: European Commission factsheet on changes to foreign investment screening, Hosted by: Anant Raut | — | ||||||
| 12/22/25 | #54 Mergernomics: Efficiencies | In this latest episode in our Mergernomics series, we examine how attorneys and economists try to quantify the benefits of a merger, aka "efficiencies." Antitrust expert Brazil's Paula Camara and economist Silvia Faga de Almeida join host Anant Raut to discuss why efficiencies sometimes lower prices and why they sometimes don't, how economists measure them, which ones enforcers will accept and why, and how shifting policy priorities, such as protecting rather than firing employees, has changed what even counts as one. With special guests: Silvia Faga de Almeida, Founding Partner, Ecoa Consultoria Economica and Paula Camara, Partner, Mattos Filho Hosted by: Anant Raut | — | ||||||
| 11/24/25 | #53 Michael Jordan v NASCAR | Why is Michael Jordan's racing team suing NASCAR? MJ's 23XI team and Bob Jenkins' Front Row have been locked in a heated antitrust lawsuit with NASCAR over the charter system at the heart of the Cup Series, with the case set to go to trial on Dec 1, 2025. Brooklyn Law School Professor Jodi Balsam joins host Anant Raut and co-host Sathya Gosselin to talk about the history of NASCAR, the legal issues that remain to be decided, and how this monumental showdown between two of the biggest names in sports, in one of the biggest sports in the country, is likely to end. With special guest: Professor Jodi Balsam, Brooklyn Law School Hosted by: Anant Raut and Sathya Gosselin | — | ||||||
| 10/27/25 | #52 Regulating AI, Ep. 4: South Korea | How is South Korea reshaping AI regulation? In this episode, D&A's Yaera Jeon joins hosts Anant Raut, Rory Macmillan, and Nina Jayne Carroll to unpack South Korea's new AI Framework Act, the first comprehensive national AI regulation in Asia. They talk about its competing policy goals, broad extraterritorial reach, and compliance obligations for high-impact AI systems. They also discuss the government's recent guidance on the Act and whether it weakens the impact of the new regulations. With special guest: Yaera Jeon, Partner, D&A LLC Hosted by: Anant Raut, Rory Macmillan, and Nina Jayne Carroll | — | ||||||
| 9/29/25 | #51 What Makes a Price Illegal? | What makes the price charged by a digital platform illegal? Host Anant Raut talks to antitrust economists Tasneem Chipty and Michael Katz about the legality of high and low prices, cross-platform network effects, and contentious practices like predatory pricing and bundled discounts. Learn how antitrust law looks at MFNs, "free" online services, and two-sided markets in this spellbinding episode! With special guests: Dr. Tasneem Chipty, Founder, Chipty Economics LLC and Dr. Michael Katz, Professor Emeritus, Haas School of Business University of California Berkeley Hosted by: Anant Raut | — | ||||||
| 9/1/25 | #50 Are IP Remedies in Big Tech Cases Going Too Far? | Should Big Tech companies be required to open up their intellectual property when they break the antitrust laws? In this episode of Trust and Trade, experts debate whether requiring Apple to open up its app store restrictions, or Google to license its search data and divest Android, reduce incentives to innovate or are necessary to restore competitive balance. DuckDuckGo's Joe Jerome and economist Keith Waehrer join host Anant Raut and co-host Jennifer Dixton to talk about how far is too far and what's at stake for digital markets. With special guests: Joe Jerome, Senior Public Policy Manager, DuckDuckGo and Dr. Keith Waehrer, Managing Director, Secretariat Hosted by: Anant Raut and Jennifer Dixton | — | ||||||
| 8/4/25 | #49 Regulating AI, Ep. 3: Brazil | How is Brazil shaping AI regulation in the Global South? Our latest episode explores the Brazil AI Act, which if passed would become the first comprehensive federal AI regulation in the world to require AI companies to pay creators for using their work to train their systems. Pinheiro Neto Advogados's Raphael de Cunto joins host Anant Raut and co-hosts Rory Macmillan and Nina Jayne Carroll for a conversation on how Brazil's approach could create a blueprint for global AI regulation, and its implications for innovation and enforcement. With special guest: Raphael de Cunto, Partner, Pinheiro Neto Advogados Hosted by: Anant Raut, Rory Macmillan, and Nina Jayne Carroll | — | ||||||
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| 6/30/25 | #48 Regulating AI, Ep. 2: The EU | How will the "Brussels effect" shape AI regulation across the rest of the globe? Europe is once again the first to regulate a new digital market, with the adoption of the AI Act. But was it passed too hastily? N-Square's Caroline De Cock joins host Anant Raut and guest co-hosts Rory Macmillan and Nina Jayne Carroll to discuss what we know the AI Act requires, what remains ambiguous, and the parts that EU enforcers have already begun to reconsider. If you're a practitioner advising clients, or a policymaker considering AI regulation of your own, this episode is truly a must-listen! With special guest: Caroline De Cock, Founder and Managing Partner, N-Square Hosted by: Anant Raut, Rory Macmillan, and Nina Jayne Carroll | — | ||||||
| 6/16/25 | #47 Regulating AI | How are different countries shaping the future of AI? We start a brand-new series on Trust and Trade examining different regulatory approaches to artificial intelligence around the world. In this kickoff episode, experts Viktor Mayer-Schönberger and Anu Bradford debate strong vs light regulatory approaches to AI and explain "the Brussels effect." Will regulating too much/too soon quash innovation? Will regulating too lightly/too late open Pandora's Box? Join this lively conversation hosted by Anant Raut and guest co-hosts Rory Macmillan and Nina Jayne Carroll! With special guests: Anu Bradford, Professor, Columbia Law School and Viktor Mayer-Schonberger, Professor, University of Oxford Hosted by: Anant Raut, Rory Macmillan, and Nina Jayne Carrol | — | ||||||
| 5/26/25 | #46 Did the Quick Look Test Switch Teams? | Can defendants now wield the "quick look" test to beat antitrust claims? In this episode of Trust and Trade, experts unpack the meaning of Justice Gorsuch's language in the Supreme Court's Alston decision, and debate whether "quick look condemnation" is a game-changer or just rare dicta. Tune in for real-world insights and lively discussion featuring former FTC Commissioner Terry Calvani and Jones Day's Larissa Bergin, moderated by host Anant Raut and guest co-host University of South Carolina School of Law's Prof. Travis Wheeler! With special guests: Hon. Terry Calvani, former Commissioner, Federal Trade Commission and Larissa Bergin, Partner, Jones Day Related Links: NCAA v Alston (2021) Hosted by: Anant Raut and Travis Wheeler | — | ||||||
| 5/12/25 | #45 Deals Down Under: Foreign Investment in Australia | Thinking about investing in Australia? This episode of Trust and Trade dives into Australia's sweeping new merger control reforms and their impact on foreign investment. Antitrust partner Kirsten Webb and Department of Treasury's (AUS) Annalisa Heger break down the changes, from mandatory filings to faster reviews, and how they interact with existing foreign investment controls. Stay ahead of the curve and learn what these updates mean for global investors! With special guests: Kirsten Webb, Partner, Clayton Utz and Annalisa Heger, Senior Adviser, Department of the Treasury (AUS) Hosted by: Anant Raut | — | ||||||
| 4/14/25 | #44 Space Antitrust | Can antitrust law keep up with the rapidly evolving space industry? This episode of Trust and Trade examines the challenges in maintaining a level playing field in space travel, satellite launches, and deep-space exploration. Space law expert Maria Rhimbassen and antitrust expert Dylan Carson join Anant Raut and co-host Amanda Norton to discuss government intervention, market monopolization, and the legal gaps in space regulation. Can we rely on the free market to preserve competition in space? Or is the race to become an interstellar species winner-take-all? With special guests: Maria Rhimbassen, Researcher, University of Toulouse and Dylan Carson, Partner, Manatt, Phelps & Phillips LLP Related Links: From Toxic to Noble Competition: Implementing a New Perspective of Antitrust in Outer Space Based on Ethics and Beyond Hosted by: Anant Raut and Amanda Norton | — | ||||||
| 3/17/25 | #43 DeepSeek, and App-Level Competition in AI | Has the entrance of DeepSeek completely disrupted competition in AI? App developer Scott Weiner and antitrust expert Elyse Dorsey discuss the concentration concerns at every level of the AI stack. Later we examine whether the emergence of DeepSeek, a Chinese AI startup, completely changes how we think about what is needed to compete at the app level in AI. We conclude by looking ahead to where the AI app market may be a year from now. With special guests: Scott Weiner, AI Lead and Fractional Chief Technology Officer, NeuEon and Elyse Dorsey, Partner, Kirkland & Ellis LLP Hosted by: Anant Raut | — | ||||||
| 3/3/25 | #42 The Problem With Pixels | Do you find it unnerving when ads follow you around the internet? Today's episode reveals how websites monetize user behavior through advertising technologies such as tracking pixels. Our panel of advertising and privacy experts explain how ad re-targeting works, and debate the Federal Trade Commission's guidance on improper use of pixel technology and the potential impact on businesses and consumers. With special guests: Michael Sherling, Attorney, Federal Trade Commission, Olivia Adendorff, Partner, Kirkland & Ellis LLP, and Alan Butler, Executive Director and President, Electronic Privacy Information Center Related Links: Lurking Beneath the Surface: Hidden Impacts of Pixel Tracking, Hosted by: Anant Raut | — | ||||||
| 1/13/25 | #41 RICO Claims in Antitrust | In this episode, experts dive into the novel approach of adding racketeering charges in private antitrust litigation. Initially used to bring down organized crime rings, claims under the Racketeer Influenced and Corrupt Organizations Act (RICO) have appeared in plaintiffs' lawsuits in the LIBOR and broiler chicken price-fixing cases. Host Anant Raut and co-host Sam Randall of Sperling Kenny Nachtwalter talk to Christina Lopez of the California DOJ and Ryan Holt of Sherrard Roe Voigt & Harbison PLC on the challenges of arguing RICO violations in antitrust suits. Later, they discuss how this might apply to algorithmic pricing. With special guests: Christina Lopez, Deputy Attorney General, California Department of Justice and Ryan Holt, Member, Sherrard Roe Voigt & Harbison, PLC Hosted by: Anant Raut and Sam Randall | — | ||||||
| 12/23/24 | #40 Mergernomics: Diversion Analysis | In this latest episode of our wildly popular "Mergernomics" series, Ph.D. economist Dr. Joanna Tsai explains diversion analysis, an economic tool used by antitrust enforcers to examine how closely two companies compete and whether their merger will be bad for consumers. Host Anant Raut and co-host Carla Hine then dive into different types of diversion analysis, as well as some of the limitations of the test. With special guest: Joanna Tsai, Vice President, Cornerstone Research Related Links: The Role of Economic Analyses in Preparing for the First 30 Days of A Merger Review, Hosted by: Anant Raut and Carla Hine | — | ||||||
| 11/25/24 | #39 Mergernomics: Merger Simulations | In the latest episode of our popular "Mergernomics" series, Ted Rosenbaum, Deputy Director in the Bureau of Economics at the U.S. Federal Trade Commission, explains how enforcers apply merger simulations to predict market changes after a proposed merger, sometimes with unexpected results. Hosts Anant Raut and Virginie Caspard then dive into two enforcement actions (against the Aetna-Humana and Wilhelmsen-Drew mergers) where merger simulations were used, and later discuss whether merger simulations are as useful in analyzing non-price markets. With special guest: Ted Rosenbaum, Deputy Director, Bureau of Economics, U.S. Federal Trade Commission Hosted by: Anant Raut and Virginie Caspard | — | ||||||
| 10/14/24 | #38 Mergernomics: Bargaining Leverage | In the latest episode in our popular "Mergernomics" series, Compass Lexecon's Hélder Vasconcelos tells you everything you need to know about bargaining leverage theory - how to calculate it, what it means, and when to use it. Hosts Anant Raut and Paula Camara discuss with Dr. Vasconcelos how merger enforcers applied this theory in their reviews of the AT&T/Time Warner and Fresenius/NxStage mergers, and differences between the US and European approaches. The panel also talks about the challenges and limitations of using bargaining leverage theory. With special guests: Paula Camara, Partner, Matthos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados and Helder Vasconcelos, Senior Vice President, Compass Lexecon Hosted by: Anant Raut | — | ||||||
| 9/23/24 | #37 Mergernomics: Vertical Math | By now in our popular "Mergernomics" series you've learned how to calculate the potential harm from a horizontal merger; but how do you measure the risk from a vertical merger? In this episode, Cornerstone Research's Dr. Craig Malam tells you everything you need to know about "Vertical Math" analysis in merger review - how to calculate it, what it tells you, and when to use it. Hosts Anant Raut and Analysis Group's Emily Cotton use Microsoft's controversial acquisition of video game maker Activision to discuss with Dr. Malam how to assess the risks of total or partial foreclosure from a vertical merger and how to use this analytical tool in relation to other economic tests in this series. With special guests: Dr. Craig Malam, Principal, Cornerstone Research and Emily Cotton, Managing Principal, Analysis Group Hosted by: Anant Raut | — | ||||||
| 9/2/24 | #36 An Oral History of the Capacitors Trial | In this episode, listeners will hear the oral history of the landmark capacitors price-fixing case, a case that went to trial not once but twice in the midst of a worldwide pandemic. Attorneys for both the plaintiffs and the defense discuss their courtroom strategies, their approach to damages and guilty pleas, and adjustments they had to make on the fly in response to an unprecedented global health crisis. Later, presiding Judge James Donato shares his perspective on what worked well and what didn't, as well as advice he wishes every trial lawyer would follow, that no litigator will want to miss! With special guests: Christopher Young, Partner, Joseph Saveri Law Firm Steven Williams, Founder, Steven Williams Law P.C. David D. Cross, Partner, Goodwin Procter LLP Margaret A. Webb, Morrison & Foerster LLP The Hon. James Donato, United States District Judge, Northern District of California Hosted by: Anant Raut | — | ||||||
| 8/19/24 | #35 Mergernomics: GUPPIs | In this episode of Trust and Trade, Dr. Elizabeth Wang, Executive VP of economic consulting firm Compass Lexecon, explains how antitrust enforcers use the Gross Upward Pricing Pressure Index (GUPPI) analysis to determine whether to stop a merger. Dr. Wang walks listeners through what the GUPPI test is, what it tells you, when to use it, and its advantages and limitations. Later, host Anant Raut and co-host NERA's Anton Kandalin discuss how the GUPPI test was used to challenge the Penguin Random House and Simon & Schuster mergers. With special guest: Dr. Elizabeth Wang, Executive Vice President, Compass Lexecon Hosted by: Anant Raut and Antonin Kaladin | — | ||||||
| 8/5/24 | #34 "Why Is My Grocery Bill So High?" | Why are groceries more expensive than they were 4 years ago? In this episode, agriculture policy expert Austin Frerick and economist Tim Richards debate the impact of consolidation on food prices, and the role antitrust should play. Hosts Anant Raut, Evan Harris, and Erika Inwald later discuss the Federal Trade Commission's lawsuit to block the Kroger-Albertson's merger, and what to expect at trial later this month. With special guests: Austin Frerick, Fellow, Thurman Arnold Project (Yale University) and Dr. Timothy J. Richards, Morrison Chair of Agribusiness, W. P. Carey School of Business (Arizona State University) Hosted by: Anant Raut, Evan Harris, Morrison Foerster LLP, and Erika Inwald, Hausfeld LLP | — | ||||||
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