654. Is the Public Ready for Private Equity?
The episode examines the push to open private equity and other private markets to retail investors, especially through 401(k) plans, following a Trump administration executive order. Law professor Elizabeth DeFontenay and economist Steve Kaplan explain how private equity works, its historical outperformance versus public markets, and why that outperformance has likely diminished as the asset class has matured and become crowded. They warn that high fees, opaque pricing, illiquidity, and second-tier access mean that ordinary investors are unlikely to benefit from this shift, and that expanding retail exposure could change private markets themselves and increase systemic risks.
TIP770: Mastering the Markets w/ Andrew Brenton
Host Clay Fink interviews Andrew Brenton of Turtle Creek Asset Management about why he believes public markets have become less efficient and how that shapes his value-oriented investing approach. They discuss Cliff Asness's "The Less Efficient Market Hypothesis," behavioral biases, bubbles, and the impact of passive flows and short-termism. Brenton then walks through Turtle Creek's investment theses and valuation approach for Floor & Decor and Kinsale Capital, and explains how he thinks about cyclicality, intrinsic value, portfolio optimization, and sticking with a high-active-share strategy through periods of underperformance.
I Ranked the Best & WORST Businesses to Start Before 2026 | Andrew Wilkinson
The host and Andrew Wilkinson play a "tier list" game ranking different business models by their median successful outcome, lifestyle impact, upside, and difficulty, drawing heavily on Andrew's two decades of experience running agencies, buying companies, and managing capital. They discuss models such as MLMs, freelancing, agencies, SaaS, marketplaces, restaurants, content creation, real estate, hedge funds, angel investing, and buying local "sweaty" businesses, while also unpacking how Tiny was built and why its stock chart can be misleading. In the second half, they shift to psychological themes like the courage to be disliked, identity boxes, contrarian thinking, and designing a career around work you enjoy doing thousands of times rather than chasing labels or external approval.
Everything's more expensive!! Pet care!! Concert tickets!! (Two Indicators)
This episode presents two Indicator stories on the rising cost of living, focusing first on concert ticket prices and then on veterinary care. The hosts examine how ticket reseller bots, mispricing by artists, and the secondary market contribute to high concert prices, as well as how one state is trying to regulate resales. They then explore why veterinary costs have risen much faster than general inflation, highlighting Baumol's cost disease, higher input and labor costs, corporate ownership pressures, and stronger emotional bonds between pet owners and their animals.
651. The Ultimate Dance Partner
This episode explores the past and present of horses, from their central role in ancient empires and industrial America to their modern status as high-value sport animals in disciplines like dressage. Economist-equestrians and historians explain how horses evolved from "living machines" that powered cities to luxury goods shaped by opaque markets, billionaires, and specialized breeding. The host then visits a New Jersey dressage barn to see training up close and even rides a high-level sport horse himself to experience the human-horse partnership.
650. The Doctor Won't See You Now
Stephen Dubner examines the growing shortage of physicians in the United States, exploring both demand-side pressures like an aging population and supply-side constraints in medical education and training. Former CDC director and infectious disease physician Rochelle Walensky outlines workforce data, training bottlenecks, burnout, debt, and rural access problems, while economic historian Karen Clay explains how the early 20th-century Flexner Report raised medical standards but also sharply reduced the number of medical schools and doctors, with complex long-term consequences. Throughout, practicing and former physicians describe how bureaucracy, insurance rules, changing public attitudes, and alternative career options are reshaping the medical profession.
How two straight guys bought Grindr and made $2B
The hosts interview two entrepreneurs and operators who led the acquisition of Grindr from its Chinese owner under a forced divestiture and then took it public for a $2 billion valuation. They explain Grindr's origin, why U.S. regulators forced the sale, how homophobia and perceived risks created a buyer's opportunity, and the operational turnaround they executed across talent, tech, product, trust and safety, and monetization. The conversation broadens into how they approach private equity deals vs. startups, the use of leverage and risk reduction, opportunities and disruption in AI, crypto, and healthcare, and reflections on long careers in tech, investing, and choosing the right partners.
Everyone Deserves A Good Death
The hosts explore the concept of a "good death" and how modern hospice care aims to provide comfort, dignity, and holistic support to people who are terminally ill. They trace the history of hospice from its modern origins with Cicely Saunders and Florence Wald through the creation of the Medicare hospice benefit, explain how hospice works today, and discuss its strengths and structural problems, including caregiver burdens and for‑profit abuses. The episode closes with practical end-of-life planning advice and a listener mail segment on Gen Z communication and the "Gen Z stare."
Pressbox and Tide Cleaners: Vijen Patel. The $1.99 Gamble That Built a National Brand
Host Guy Raz interviews entrepreneur Vijan Patel about founding Pressbox, a dry cleaning and laundry startup built around 24/7 locker access in residential buildings. Patel explains how he and co-founder Drew McKenna bootstrapped the company, focused relentlessly on unit economics and quality, and expanded across multiple U.S. cities before being acquired by Procter & Gamble and folded into Tide Cleaners. He also describes the burnout of running a 24/7 service business, the competitive battles with venture-backed rivals and P&G itself, and his current focus on investing in "boring" but essential, asset-heavy businesses through his fund, the 81 Collection.
Government Shutdown, OpenAI's Sora 2, and Hegseth's Lecture
Kara Swisher and Scott Galloway discuss the ongoing U.S. government shutdown, its political dynamics, and how Democrats and Republicans are messaging around healthcare subsidies and spending. They analyze Electronic Arts' record leveraged buyout led by Saudi capital, the strategic push by Gulf states into gaming, and OpenAI's new video-generation tool and the broader copyright and synthetic-relationship concerns around AI, including Scott's decision to take down an AI version of himself built with Google Labs. The hosts also critique Defense Secretary Pete Hegseth's appearance before senior military leaders, review social platforms' multimillion-dollar settlements with Donald Trump, and end with a prediction that Netflix should pursue a mega-merger with Disney, plus a brief tribute to Jane Goodall.
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.
Advice Line with Randy Hetrick of TRX
Host Guy Raz speaks with TRX founder Randy Hetrick on an 'Advice Line' episode where they take calls from three founders seeking guidance on scaling their businesses. Randy first updates listeners on his journey selling TRX to private equity, starting a new outdoor fitness venture, and eventually buying TRX back in a turnaround. Together, Guy and Randy advise the founders of an emerging low-caffeine energy drink brand entering Target, an Australian meat pie franchise looking for strategic investment, and an adaptive apparel company debating how narrowly to focus its target markets.