Making Markets

My guest today is Adam Abbas, Portfolio Manager and Head of Fixed Income at Oakmark. After recording over a hundred podcasts, I was thrilled to finally chat with another Fixed Income manager. We start with some valuable lessons from investing in the TMT sector, the impact of zero interest rates, and the role of monetary policy in the credit markets. We then explore today’s opportunities in fixed income, the growing influence of private credit, and the thinking behind launching a fund at Oakmark. Please enjoy this conversation with Adam Abbas.  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 (00:00:24) The Apple 401k Anecdote (00:00:45) Early Career and Investment Strategies (00:01:39) BlackBerry vs. Apple: A Case Study (00:03:54) Lessons from Lehman Brothers (00:04:35) Navigating the TMT Sector (00:10:40) High Yield Credit Market Insights (00:10:59) Impact of Low Interest Rates (00:12:29) Monetary Policy and Market Reactions (00:14:15) The Role of the Federal Reserve (00:17:49) Global Economic Considerations (00:20:18) Inflation and Deficit Concerns (00:23:40) Market Signaling and Investment Strategies (00:27:21) Credit Market Analysis (00:28:34) Underwriting and Credit Strategies (00:29:07) Investment Opportunities in High Yield and Investment Grade (00:29:40) Leveraged Loans and Floating Rate Instruments (00:31:25) MBS Agency Paper vs. Corporates (00:36:29) Private Credit Market Impact (00:40:28) Oakmark's Fixed Income Strategy (00:48:23) Boeing: A Case Study in Credit Risk (00:53:33) Corporate Credit Cycle Sentiment Learn more about your ad choices. Visit megaphone.fm/adchoices

My guest this week is Eric Seufert. In the words of Ben Thompson from Stratecherry, Eric is arguably the best writer and commentator on digital advertising, and today, he gives us a masterclass on the subject. We start by talking about Apple’s ATT framework, Meta’s recovery, and what the current ecosystem looks like. We also talk about X, advertising on the open web, and clearing many common misconceptions about targetted advertising. Please enjoy this conversation with Eric Seufert. 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 (00:00:32) Historical Paradigms in Digital Advertising (00:01:01) Impact of Apple's ATT Policy (00:02:01) The Hub and Spoke Model (00:04:35) Post-ATT Advertising Landscape (00:07:35) Apple's Competitive Strategy (00:12:48) Meta's Adaptation and Recovery (00:19:17) Rise of Retail Media Networks (00:23:56) Twitter's Advertising Challenges (00:26:47) Customer Base and Engagement Models (00:27:44) Meta's Resilience to Advertiser Boycotts (00:28:18) Understanding Cookies and Their Role in Advertising (00:31:23) Apple's Impact on Third-Party Cookies (00:33:44) Google's Approach to Cookie Deprecation (00:38:06) The Future of Digital Advertising (00:49:28) The Role of AI in Ad Creative Production Learn more about your ad choices. Visit megaphone.fm/adchoices

My guest this week is Sam Rines, economist, author and Macro Strategist at WisdomTree. Sam was the first guest on Making Markets one year ago, where a lot of his takes proved to be highly accurate. So we decided to record part II one week before the election. We start with his base case for the election, the potential scenarios, and what has and hasn’t been priced in. We then move onto a wider discussion on the economy, including the fed, the strength of the US consumer, AI and Sam’s portfolio positioning. Please enjoy this conversation with Sam Rines. 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 (00:01:04) Introduction to the Guest: Sam Rines (00:01:20) Election Scenarios and Market Implications (00:03:39) Potential Policy Impacts on Markets (00:07:50) Tax Policy and Economic Predictions (00:16:19) The Fed's Influence and Market Reactions (00:23:37) Unique Macro Research Approach (00:24:46) Resilient American Consumer (00:25:41) COVID's Impact on Savings and Spending (00:26:32) Cruise Industry Rebound (00:27:59) Travel and Leisure Boom (00:30:02) Income-Driven Expansion (00:30:53) Work-from-Anywhere Culture (00:32:33) Corporate Strategies and AI (00:39:11) Global Investment Insights (00:45:14) Hopeful Market Outlook Learn more about your ad choices. Visit megaphone.fm/adchoices

This week again, I’m again on the other side of the mic, as I’m interviewed by Joe Magyer, the founder of Seaplane Ventures. This is a wide-ranging conversation where we talk about the Fed rate cut, cover different asset classes including VC, PE, Fixed Income, and Public Equities, and my journey in building Canopy Capital. This episode first appeared on the Investing in Startups podcast hosted by Joe, which I highly recommend you check out. Please enjoy this conversation with Joe Magyer. 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 (00:00:19) Overview of Canopy Capital (00:00:44) The Evolution of Asset Management (00:01:54) The Importance of Tax Individualized Investing (00:02:44) Starting the Podcast Journey (00:03:16) Crypto: From Skepticism to Interest (00:04:18) Exploring Various Asset Classes (00:06:08) Challenges and Rewards of Podcasting (00:11:12) Competitiveness in Different Asset Classes (00:16:38) Insights on Venture Capital (00:22:59) Building a Venture-Backed Company (00:24:18) The Founder’s Dilemma: Risk and Innovation (00:25:17) A Career at Fidelity: Reflections and Decisions (00:27:17) The Transition: From Intrapreneur to Entrepreneur (00:30:21) Market Insights: The Fed and Economic Cycles (00:36:27) Investment Strategies: Observing and Predicting (00:39:40) Web3 and Crypto: Future Prospects Learn more about your ad choices. Visit megaphone.fm/adchoices