00:32 - Elon Musk, like very few people in the world, has the personal capital to buy Twitter, a publicly-traded company, and take it private. He filed a Schedule 13D with the SEC and made moves. 04:10 - Musk bought 9.2% of the company and the board had to recognize him as the largest shareholder, and they offered him a seat on the board. Musk declined because of the handcuffs they would have put on him. 08:50 - At no point so far has the board made mention of free speech, censorship, and the other reasons Musk has publicly stated he is buying the company to change. 12:40 - The Washington ..read more

00:23 - Our guest, Kimberly Spencer, is joining us from Australia 01:48 - Kimberly's background 07:13 - Chris gives an example of investment bankers taking advantage of companies and treasuries, and yet everyone (including the companies) were rewarded for it. 14:08 - Kimberly elaborates on her concept of "different levels, same devils". 17:34 - Money doesn't usually change you. Money is an amplifier of who you are. 17:46 - What is Kimberly's advice for bridging the authenticity gap? First, know your values. Second, own your results. 22:36 - The etymology of the word "decide". It's to cut ..read more

00:45 - Today we're going to discuss corporatism vs. capitalism. 05:04 - Small businesses operate in a free market. That's real capitalism. But large corporations often do not, because they can bend rules and policy in their favor. 09:00 - 20% of the US economy no longer has a free market. It's healthcare. 14:02 - It used to be the majority of doctors were sole proprietors. Now, over 90% of doctors are employees of major healthcare companies.  20:17 - The only people who pay full price for medicine are people who don't have insurance. Generally, the lowest-income people. 25:34 - The free ..read more

00:54 - We're going to dissect a NYT article: "Buy stocks to prosper - buy bonds to sleep at night." 04:16 - Instead of taking a loan from a bank, when you buy a bond, YOU are the lender to the government, or a corporation, or locality. A bond is a guarantee to get your money back plus an agreed-upon interest rate (usually a low interest rate). 10:11 - The article begins by congratulating stock holders, and cites stocks that are primarily up because of government policies on energy and printing more money. These stocks rising are actually symptoms of a huge problem with our economy, and the go ..read more

01:00 - A major foreign bank, TransPac, was dealing in bonds with smaller Asian countries, and they did not have enough cash to honor the debts if they were going to be called. 03:49 - The moment you mismatch your assets and liabilities, you are taking a risk.  05:23 - TransPac was buying bonds in smaller countries–in those smaller currencies–but they borrowed the money to buy those bonds in US Dollars. When the smaller countries' currencies were collapsing in value, TransPac still owed US dollars to its creditors. 09:00 - This crisis was a simple timing issue. Every month the bank needs ..read more

01:12 - Inflation is the sickness of money. Money is worth less over time, because there's more of it in the marketplace. 05:12 - World War 1 was funded by taxation, borrowing (war bonds), and the printing of new money. 09:12 - Money is no longer stable in the economy, and has not been since the creation of fiat currency. Fiat meaning the currency is not backed by anything except an agreement on its value. 15:28 - A strategy to combat inflation is to borrow at a low interest rate and pay it back in cheaper dollars over the years. But this is risky when the economy faces a downturn. 16:41 - Inc ..read more

02:40 - Welcome to the show, Justin Simpson 04:34 - Retail investors may be exposed to an underwriting by buying shares through a broker. But most people get a piece of equities through funds... instead of putting money into shares, put money into a vehicle (fund), which owns a lot of various shares. 07:01 - What other types of funds are out there? Most funds are in the equity sphere. 11:31 - Buzz value...are investment fads here to stay? Example: r/WallStreetBets and GameStop ($GME). 13:21 - GameStop was so extreme there was basically nothing the hedge funds could do. 15:31 - What is a hedge ..read more

00:56 - The underwriting process is one of the core functions of an investment bank. 02:22 - Example of the Joe Rogan podcast, which sold to Spotify for about $100M 07:14 - Capital markets are like an ocean of money. They are renewed, just like the water cycle.  Underwriting process is like the rain that falls in the mountains, trickles down into rivers, and flows back into the ocean of the capital markets. 07:49 - The underwriting process is about the only place where an investment bank actually takes risk. Usually they put the risk on anyone else. But in the underwriting process, they'r ..read more

00:25 - What does a traditional banker do? 02:13 - What does an investment banker do?  They put risk on other people and create a monetization path for non-monetary forms of capital. 04:07 - The peruvian economist Hernando De Soto wrote The Other Path.Chris uses his examples of home titles as something to leverage for capital creation.  Investment bankers can take non-financial forms of capital and convert them into financial capital. 06:14 - When an investment banker does their job properly, they create financial capital where there was no capital before, and they create liquidity ..read more

01:55 - Get out of the world of money, and get into the world of capital. Pay it forward: money, experience, skills, etc. 02:38 - He called Eric "Peter", and Eric chose not to be offended.  And we also hear the cars in front of Chris's house. 04:08 - Capital (and money) is intangible, and it was entirely based on relationships and reputation to be able to pay someone back. It's a promise. 05:50 - A lot of people think of money as the only thing that's real. Tying someone's worth to their money is a shithead world view.  09:18 - Converting non-monetary forms of capital requires a mone ..read more