What Really Goes Into the Fed's Favorite Measure of Inflation?
Odd Lots
by Bloomberg
4d ago
The Federal Reserve has a goal of getting inflation down to 2%. But of course, there are a lot of different ways of measuring inflation. Many people know about the Consumer Price Index, and the various ways it can be sliced and diced. The Fed, however, focuses on a different index — Personal Consumption Expenditure — which differs from the CPI in a number of ways, both in terms of category weightings and methodological approaches. So why are there different measures of inflation? Why does the Fed prefer PCE? And how is PCE actually assembled? On this episode, we speak with Omair Sharif, founde ..read more
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How the Rise of 'Pod Shops' Is Reshaping the Way Markets Trade
Odd Lots
by Bloomberg
6d ago
 The hedge fund industry has gone through multiple evolutions. Investing styles go in and out of fashion as market conditions change. Strategies that work become crowded with investors, which can mean they stop working as well. The hottest thing these days are so-called multi-strategy funds or "pod shops" that employ multiple distinct teams, each with a specific mandate, style and edge. In theory, with good risk management and internal capital allocation, this can produce robust results across many cycles. So how do these funds work, how are they making money, and what does the expansive ..read more
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How Ukraine Delivers the Mail During Wartime
Odd Lots
by Bloomberg
1w ago
If you order something from Ukraine right now, be it a T-shirt or a vintage Christmas ornament, chances are it will arrive on time and in good shape. Not only is the country's mail service still operating, even as it grapples with an invasion by Russia, but the role of the post office has also changed. The mail has become a lifeline for Ukrainians who rely on it to receive pension payments, medicine, or to run online businesses as domestic jobs get disrupted. So how exactly is the Ukrainian mail system working right now? What operational and logistical changes has it had to make to keep going ..read more
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A Longtime Aerospace Analyst Questions Boeing's Future
Odd Lots
by Bloomberg
1w ago
Troubles at Boeing just keep piling up, along with existential questions about the company's future. Not only is Boeing enormously important to US manufacturing, but it's also a major defense contractor for the US government and a big employer, which means its fortunes are of interest to more than just shareholders. So just how bad are the difficulties facing Boeing at the moment and what is the planemaker planning to do about it? On this episode, we speak to Richard Aboulafia, managing director of AeroDynamic Advisory, about Boeing's history and future. He talks about lesser-known development ..read more
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This Is What's Hard About Building a US Domestic Battery Industry
Odd Lots
by Bloomberg
1w ago
The growth of electric vehicles has heightened concerns about China's current dominance in lithium-ion batteries. So as part of the Inflation Reduction Act, the US government is spending money and providing tax credits to companies that are attempting to build up a domestic supply chain. So what are the real challenges to expanding America's battery-making capacity, both in terms of financing and operations? On this episode, we speak with Dr. Chris Burns, the founder and CEO of Novonix, a battery materials company with a focus on synthetic graphite manufacturing. He explains his company's role ..read more
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Lots More on What Earnings Are Telling Us About Prices Now
Odd Lots
by Bloomberg
2w ago
Last year, Corbu managing director Samuel Rines came on Odd Lots to discuss what exactly companies were saying about why they were raising prices. His argument was that in the post-pandemic environment, with all its associated peculiarities and one-off disruptions, businesses were pursuing a strategy of "price over volume" (POV) to boost their profit margins. Since then, the idea of corporate profits contributing to inflation has gone viral, with the Biden administration repeatedly admonishing companies for price-gouging. In this episode of Lots More, we discuss the latest earnings season and ..read more
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The Quiet Revolution in How We Rescue Banks
Odd Lots
by Bloomberg
2w ago
A little less than a year ago, the US financial system was rocked by its first major banking drama since 2008. While the crisis was eventually contained, and only three lenders ended up collapsing, the experience re-ignited an ongoing conversation about the way we rescue troubled lenders. Not only did the Federal Reserve launch a new liquidity program called the Bank Term Funding Program as part of its support to the banking system in 2023, but regulators are now talking about changing existing facilities, including the Federal Home Loan Banks (FHLBs) and the discount window. For instance, Mic ..read more
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How a Second Trump Administration Could Upend US-China Relations
Odd Lots
by Bloomberg
2w ago
 Back in 2016, Donald Trump campaigned on a platform that included a much harsher stance toward trade with China, and the US-China Trade War was a big deal while he was in office. But the Biden administration has quietly continued the Trump tariff regime and even enacted more stringent restrictions targeting China's use of technology, including on semiconductors. Now that Trump looks set to get the Republican presidential nomination again, he's suggesting even higher tariffs — of 60% or more — on Chinese goods. What effect would that actually have on the US economy and global trade? Would ..read more
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How Surging US Oil Output Is Being Moved and Stored
Odd Lots
by Bloomberg
3w ago
US oil production has surged to an all-time record of more than 13 million barrels produced per day. But where's all that crude actually going? And how is it being handled and stored? On this episode, we speak with Steven Barsamian, chief operating officer at the Tank Tiger, a clearing house for terminal storage, and co-host of the Tank Talk podcast, about the business of moving and storing oil and its related products. We talk about what storage capacity looks like right now, how it's changed over time, plus last year's diesel shortage in the Northeast. He also describes exactly how crude oil ..read more
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NY Community Bancorp's Problems in the Rent-Stabilized Market
Odd Lots
by Bloomberg
3w ago
The last week saw a major plunge in shares of New York Community Bancorp after the company revealed challenges in its lending to multi-family residential developers. So what went wrong at this bank? And what does it say about this particular market? On this episode we speak with Quantierra CEO Ben Carlos Thypin, a New York City landlord and investor, about the bank's large role within NYC's rent-stabilized housing market. Over the last year, Ben has advised funds to short NYCB based on its exposure to this complex corner of real estate. He explains how NYCB's position, combined with market and ..read more
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