How the government got hedge funded
The episode explains how U.S. government debt is issued as Treasuries, how auctions work, and how primary dealer banks help distribute this debt. It then traces how hedge funds have become major players in the Treasury market via the "Treasury basis trade," using heavy borrowing and Treasuries as collateral, which can amplify risk. The hosts and guests discuss the March 2020 turmoil, the Federal Reserve's massive intervention, and the resulting moral hazard and policy trade‑offs between safe banks, stable markets, and allowing risk‑taking.
TIP758: Current Market Conditions & Investment Opportunities w/ Derek Pilecki
Host Clay Fink interviews hedge fund manager Derek Pilecki about his recent performance and how he is navigating current market conditions in the financial sector. Pilecki explains his process of targeting ideas with potential to double in three years, combining value investing with an awareness of momentum and technicals, and selectively using leverage at both the company and portfolio level. He discusses opportunities in regional and European banks, beaten-down fintech names, case studies in Robinhood and WEX, and his views on interest rate cuts, inflation, and the real estate market.
TIP756: The Rise and Fall of Julian Robertson's Tiger Fund w/ Kyle Grieve
Host Kyle Grieve presents a solo deep dive into the career of hedge fund legend Julian Robertson and the rise and fall of his Tiger Fund. He covers Robertson's background, investment philosophy, famous trades such as the mid-1990s copper short, his use of networks and sentiment to find mispricings, and his seven core stock-picking themes. The episode also examines how leverage, fund size, market bubbles, and centralized decision-making contributed to Tiger's eventual closure during the dot-com era.
How To Turn $100K into $4,000,000 with Distressed Investing
The hosts interview a distressed investor named Tom who specializes in buying bankruptcy claims, especially in crypto-related cases like Mt. Gox and FTX, and walk through how his niche works. He explains the "stake and sizzle" approach to finding situations with both downside protection and significant upside optionality, details the hustling and legal knowledge required to trade claims, and shares stories from early crypto bankruptcies and his own investing background. Later, he candidly discusses a controversial Delaware receivership case that resulted in fines and a settlement, and closes with core investing philosophies and a reading list for learning more about distressed and value investing.