Single Episode:22
Making Markets
Host Introduction:
Making Markets explores the psychology and structure that make up markets all over the world. Each week, Eric Golden speaks to experts about a different market so you can see what actually happens when money changes hands. From mainstream stock and bond markets to esoteric niches like vineyards, antique art, and crypto, we explain the transactions that underpin our economy. Visit joincolossus.com to find more episodes, transcripts and a library of content to continue your learning.
Ben Gordon: Investing in Farmland - [Making Markets, EP.33]

My guest this week is Ben Gordon, the CEO of Fractal. At Fractal, Ben runs a unique strategy, providing farmers with equity capital and investors exposure to a differentiated and uncorrelated asset class. Ben starts by making the case for investing in farmland and explaining why institutional ownership remains low in the category. We then dive into Fractal’s business model, what a typical deal looks like and where they fit in the agricultural capital stack. If you’re interested in this topic, I also recommend listening to our earlier episode called “Harvesting Alpha through Farmland.” Please enjoy this episode with Ben Gordon.


For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE.

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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

(00:01:53) The Appeal of Farmland Investments

(00:04:23) Challenges and Opportunities in Farmland

(00:10:22) Fractal's Unique Business Model

(00:15:58) Investor Insights and Tax Benefits

(00:21:48) The Impact of Technology on Agriculture

(00:23:50) Farmland and ESG Investing

(00:26:23) Fractal's Vision and Strategy

(00:28:11) Scaling and Risk Management in Farmland Investments

(00:33:17) Historical Performance and Market Dynamics

(00:43:27) The Future of The Market for Farmland 

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46分55秒 2024-06-14
Adam Terry: The Rise of Cannabis Beverages - [Making Markets, EP.32]

My guest this week is Adam Terry, the co-founder and CEO of Cantrip. A few weeks ago, Aaron Edelheit came on the show and made the pitch for investing in Cannabis Beverages. Today, we talk to one of the leading operators in this space. This was a fun conversation where we really got into the weeds, pun intended, into the science of a very complicated plant and an equally complex regulatory landscape. We also talked about the vision for Cantrip and how Adam aims to build a defensible and valuable business. Please enjoy this conversation with Adam Terry.


For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE.

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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

(00:01:40) The 2018 Farm Bill and THC Drinks

(00:06:38) Understanding Delta 9 and Delta 8 THC

(00:10:00) THC vs. CBD: Key Differences

(00:13:57) Natural vs. Synthetic Cannabinoids

(00:16:42) The Rise of THC Beverages

(00:21:25) Regulatory Challenges and Market Growth

(00:25:29) Cantrip's Production Process

(00:27:17) Challenges in Dispensary Product Regulations

(00:28:41) The Complexity of Beverage Production in Dispensaries

(00:30:45) Regulation of Alcoholic Beverages vs. THC Drinks

(00:34:00) Market Dynamics and Brand Building in THC Beverages

(00:40:57) Cantrip's Customer Demographics and Product Strategy

(00:46:51) The Future of The Cannabis and Beverage Industry

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51分26秒 2024-06-07
Tony Cappell: Underwriting the Cannabis Industry - [Making Markets, EP.31]

My guest today is Tony Cappell, the Co-founder and Principal at the Chicago Atlantic Group. In 2018, Tony saw an opportunity to do private credit in Cannabis and has since built Chicago Atlantic is the largest lender in the space. We start by talking about the early days of Chicago Atlantic. We then move on to the challenges of underwriting in Cannabis, his views on the industry and on competition from other lenders. We end with a discussion on the overall private credit market. Please enjoy this conversation with Tony Cappell. 


For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE.

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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

(00:02:31) Entering the Cannabis Private Credit Market

(00:04:54) Challenges and Opportunities in Cannabis Lending

(00:08:12) Market Segmentation and State Regulations

(00:11:51) Credit Risk and Market Dynamics

(00:15:12) The Life Cycle of A Cannabis Deal

(00:20:12) Diversification Across State Regulations

(00:23:47) Brand Power and Regulatory Concerns

(00:28:13) Impact of 280E and Rescheduling

(00:33:13) Private Credit and Investment Strategies

(00:36:44) Challenges and Opportunities in Cannabis Lending

(00:45:12) Private Credit Market Outlook

(00:50:31) Entering Into an Agreed Asent in Cannabis Investing

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51分25秒 2024-05-31
Tom Dunleavy: The State of Web3 in 2024 - [Making Markets, EP.30]

My guest today is Tom Dunleavy. Tom spent a decade in traditional finance before moving onto Web3. Today he is the Managing Director of the Crypto VC firm MV Global. We start this conversation by exploring the current state of public and private crypto investing. Tom then outlines the process of raising capital, the role of Key Opinion Leaders, the meta-use case of crypto and the implications of on-chain liquidity. We then close on the regulatory environment in the US. Please enjoy this conversation with Tom Dunleavy. 


For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE.

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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

(00:01:15) Exploring the Dynamics of Public and Private Crypto Investing

(00:06:49) Unpacking the Process of Raising Capital in Crypto

(00:14:01) The Role of Key Opinion Leaders (KOLs) in Crypto Funding

(00:19:49) Evaluating Different Sources of Capital

(00:25:31) The Growing Theme of Chain Abstraction

(00:29:59) Navigating the Regulatory Landscape and the Future of Crypto

(00:33:51) The Political Nature of Crypto

(00:27:10) The Next Catalyst For Crypto

(00:40:41) Final Thoughts and the Road Ahead for Crypto

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41分49秒 2024-05-24
Corey Kluber: Pitching for Success - [Making Markets, EP.29]

My guest today is Corey Kluber. For those who don’t follow baseball, Corey Kluber was a 3-time MLB all star and one of the great pitchers of the last decade. Today, he takes us on quick tour through his career and what it takes to succeed as an elite athlete. We also talk about the market for athletes, his strong views on childhood athletics, his plans for the future and more. As a Boston resident, it was an honor and privilege to interview a former star from the Boston Red Sox. Please enjoy this episode with Corey Kluber.


For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE.

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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

(00:03:16) The Evolution of Youth Sports and Parental Pressure

(00:04:06) College Athletics, Scouting, and the Draft Process

(00:11:53) Navigating the Professional World: Agents and Contracts

(00:16:04) The Impact of NIL on College Sports and Beyond

(00:19:25) Economics of Being a Pro Baseball Player

(00:22:00) The Mindset of a Professional Athlete

(00:24:08) Insights into Player Perspectives and Offseason Dynamics

(00:32:02) Transitioning from Professional Sports to Retirement

(00:33:33) Media Relations and Athlete Narratives

(00:35:04) Improving Baseball's Appeal and Pace of Play

(00:40:27) The Future of Baseball and Labor Relations

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42分31秒 2024-05-17
Nir Kaissar: Economic Sentiment versus Reality - [Making Markets, EP.28]

My guest today is Nir Kaissar. Nir is the founder and portfolio manager at Unison Advisors and one of my favorite economic commentators/columnists at Bloomberg. Today, he joins us for a wide-ranging discussion on the US economy. We start with the disconnect between the strong economic numbers and the sentiment amongst the population. We then cover indicators of recessions, the potential for a systemic crisis in Private Equity, the magnificent seven, and more. Please enjoy this excellent conversation with Nir Kaissar.


For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE.

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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

(00:02:07) Exploring Economic Disparities Amidst a Booming Economy

(00:02:53) The Living Wage Crisis in the U.S.

(00:04:30) Unpacking the Wage Stagnation Puzzle

(00:07:12) The Transparency and Productivity Dilemma

(00:09:18) Innovative Solutions for Economic Inequality

(00:12:41) Government's Role in Redistributing Wealth

(00:18:31) Addressing the Retirement Savings Gap

(00:19:26) Debunking Recession Predictions and Economic Indicators

(00:29:10) The Potential Risks in Private Equity and Real Estate

(00:32:55) The Growing Influence of Private Equity

(00:34:55) The Unprecedented Scale of Private Capital

(00:36:28) The Need for Transparency in Private Equity

(00:38:06) Exploring Systemic Risks and Distribution Concerns

(00:40:37) The Changing Landscape of Commercial Real Estate

(00:43:03) Rethinking Bailouts and Sovereign Wealth Funds

(00:46:29) The Debate on Government Intervention and Economic Stability

(00:56:08) Public Securities and the Magnificent Seven

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1时03分45秒 2024-05-10
Aaron Edelheit: Investing in Overlooked Industries - [Making Markets, EP.27]

My guest today is Aaron Edelheit, the CEO and Portfolio Manager at Mindset Capital. Aaron has spent his career practicing value investing in overlooked industries, like housing after the 2008 recession or Cannabis today. But we start the conversation by talking about another overlooked topic- burnout and the importance of disengaging from work. We then talk about the Cannabis industry, the myths and opportunities, and why Aaron raised a venture fund to invest in Cannabis beverages. This is a timely conversation, recorded just ahead of the news that the DEA will reschedule Cannabis, providing a massive boost to the industry, particularly around taxation. Please enjoy this conversation with Aaron Edelheit.


For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE.

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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

(00:02:26) Aaron’s Personal Journey: From Burnout to Balance

(00:05:41) The Philosophy Behind Taking Breaks

(00:13:23) Aaron’s Current Investment Philosophy

(00:17:34) Exploring the Cannabis Industry

(00:24:50) Comparing Cannabis to Other Industries

(00:27:02) The Evolution and Challenges of Cannabis Cultivation

(00:31:13) The Venture into Hemp and THC Beverages

(00:32:15) The Disruption of the U.S. Alcohol Market by THC Drinks

(00:40:14) Investing in Cannabis

(00:42:58) The Future of THC Beverages and Cannabis Consumption

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50分25秒 2024-05-03
Quarterly Market Recap: Q1 2024 - [Making Markets, EP.26]

Matt turns the mic on Eric for the quarterly recap where they reflect on a strong first quarter for 2024, the secular trends in market and investment structures, navigating the IPO market, and the next generation of investors. Please enjoy this episode of Making 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 | @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

(00:01:21) Analyzing the Strong First Quarter of 2024

(00:03:57) In-Depth Discussion on Inflation and Economic Trends

(00:07:40) Exploring the Power and Influence of the Federal Reserve

(00:09:06) The Dynamics of Private Credit and Commercial Real Estate

(00:14:56) Navigating the IPO Market and Private vs. Public Conflict

(00:16:40) Secular Trends in Market Structure and Investment

(00:20:51) Exploring the Allure of Alternative Investments

(00:22:05) The Evolution of Wealth Management

(00:23:38) The Next Generation: Capturing Gen X and Gen Z Investors

(00:25:13) Fee Compression and the Future of Financial Services

(00:27:29) Bitcoin's Milestones and Market Dynamics

(00:33:34) Reflecting on Making Markets

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36分51秒 2024-04-26
Brutus Clay: The Market for Racehorses - [Making Markets, EP.25]

My guest this week is Brutus Clay. Brutus is the Chairman and CEO of Runnymede Farms, the oldest operating thoroughbred farm in Kentucky. He takes us through the fascinating world of breeding and racing thoroughbreds. We talk about the buy side in this industry and the similarity to Venture Capital and Private Equity.

We end by talking about the horse racing industry and the beautiful story of the horse called Cody’s Wish. Please enjoy this unique conversation with Brutus Clay.



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) Brutus Clay And The Legacy of Runnymede Farms

(00:05:55) Kentucky: The Heartland of Horse Racing

(00:08:45) The Economics of Breeding Racehorses

(00:11:46) The Lucrative World of Stallions and Stud Fees

(00:13:47) Understanding the Auction Dynamics and Revenue Sharing

(00:16:020) The High Stakes of Horse Sales at Keeneland

(00:18:04) Understanding Horse Behavior and Potential

(00:21:57) The Business Model Behind Stallion Operations

(00:24:46) Investment Insights: Comparing Horse Racing to VC

(00:30:32) The Strategy Behind Horse Trading and Breeding

(00:33:35) A Real-Life Underdog Story: Qualifying for the Derby

(00:38:28) Cody's Wish: A Beacon of Hope and Victory

(00:43:03) The Future of Horse Racing

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50分28秒 2024-04-19
Jim Bianco: The New Normal - [Making Markets, REPLAY]

Today we are revisiting this great episode with Jim Bianco, the founder and President of Bianco Research. Jim is well-known on Wall Street for providing macro analysis since the nineties. He takes us through his unique perspective on the economy. We start with his contrarian view on interest rates. We then cover the changes to the economy since COVID, such as remote work and the new consumer. We also talk about his new fixed-income ETF, Crypto, the Red Sea crisis, and more. Please enjoy this conversation with Jim Bianco. 



For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE.

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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

(00:03:06) - First Question - Predictions on the Future of Interest Rates

(00:07:24) - The Impact of Global Events on Inflation

(00:11:03) - The Influence of Housing Inflation on the Economy

(00:17:04) - The Impact of Remote Work on the Economy

(00:28:45) - Attitude Changes on Spending and Inflation

(00:30:48) - The Concept of Revenge Travel

(00:31:53) - The Role of Stimulus Checks in the Economy

(00:34:04) - The Shift in Investment Strategies

(0042:01) - The Creation of the Bianco Research Total Return Index

(00:51:32) - The Potential of Cryptocurrency and Blockchain

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1时00分06秒 2024-04-12
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