Odd Lots

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Latest Episodes:

Beak Capitalism, Part 3: Un-Clucking the System Nov 17, 2024

Show notes

In the final episode of our special three-part series exploring the US economy through the chicken industry, we’re taking a look at market competition. Chicken in the US is dominated by a handful of huge poultry processors. But new technologies, like algorithmic pricing, are also leading to accusations of anticompetitive corporate behavior that can potentially create bad outcomes for both consumers and workers. We’re using poultry to trace the evolution of America’s approach to antitrust and learning what’s different now. You’ll hear from senior officials at the Department of Justice about how concentration in chicken and elsewhere is impacting the economy, and what can be done to fix it.

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Beak Capitalism, Part 2: The Chickenization of Everything Nov 16, 2024

Show notes

The Odd Lots team is analyzing the US economy through the lens of chicken. In this second episode of our special three-part series, we look at the birds themselves and the people who farm them. Because the way we actually get chicken has changed a lot over the years, with the industry evolving from backyard birds to huge poultry companies that outsource chicken growing to independent contractors. Farmers often say they are taking on most of the risk of raising chicks, while the big poultry companies get most of the upside. And this model of farming is becoming more popular in other agricultural areas too. So what does the way chickens are produced say about the labor market, the way it’s structured, and the distribution of risk and profits? We speak with chicken growers, agricultural experts, and more.
This episode was updated on November 19th, 2024 to reflect a clarification —it wasn’t until 2013 that Craig Watts sent a film of his barns to his production manager. In 2014 is when he partnered with a human rights activist to produce that exposé on chicken farming.

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Beak Capitalism, Part 1: Chickflation Nov 15, 2024

Show notes

Everybody loves chicken. And, it turns out, that this humble bird can tell us quite a lot about the way the world works. In this three-part series, the Odd Lots team is exploring some of the thorniest issues facing the US economy, through the medium of chicken. In this first episode, we’re looking at chicken from the consumer side. Why do we love it so much? What goes into the price of something like a hot wing or an egg? And what can chicken tell us about the way we think of inflation? We speak with prominent economists, analysts, CEOs, and even a chicken sandwich war correspondent, to discuss. It’s time for Squawk Lots!

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Richard Clarida on This Tricky Moment for the Federal Reserve Nov 14, 2024

Show notes

Last week the Federal Reserve opted to cut interest rates by 25 basis points, which was what the market expected it to do. But things get more uncertain from here on out. Inflation has been softening this year, but there’s a sense that this trend could turn — especially with the Trump administration coming in after the new year. All of this raises the question of what the Fed does next, and how it’s approaching near-term data versus the longer-term outlook for the economy. At the same time, Trump has had vocal disagreements with Chair Jerome Powell over the path of monetary policy and the role of the central bank, which adds more uncertainty. On this episode, we speak with former Fed Vice Chair Richard Clarida, now an economic advisor at Pimco and a professor of economics at Columbia University, about where the Fed goes from here.

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Introducing: Beak Capitalism, presented by Odd Lots Nov 13, 2024

Show notes

In this limited series, Odd Lots explains some of the thorniest issues facing the US economy through the medium of … chicken. Chicken occupies a unique position in the US diet, but issues facing the poultry industry illustrate wider points about the development of the US economy and the decisions being made about how it's structured and who benefits from it. So why has the chicken industry evolved in the way that it has? What’s been driving the price increases in eggs and meat? And what does it all say about things like inflation, the labor market and the nature of American capitalism?
Check out Beak Capitalism on Odd Lots starting Friday, November 15th, 2024 wherever you get your podcasts.
Become a Bloomberg.com subscriber using our special intro offer at bloomberg.com/podcastoffer. You’ll get episodes of this podcast ad-free and exclusive access to our daily Odd Lots newsletter. Already a subscriber? Connect your account on the Bloomberg channel page in Apple Podcasts to listen ad-free.

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Can You Ever Actually De-Risk The Banking System? Nov 11, 2024

Show notes

Over the last roughly 15 years, we've seen a migration of certain types of risks outside of regulated deposit-taking banks. Private credit has boomed, shifting lending activity away from the banks. Multi-strategy hedge funds have scooped up a lot of the proprietary trading activity that was banned under the Volcker Rule. On paper, this looks good. It seems like various risks have been removed to less systemic institutions. But does the risk find its way back in? What happens when these outside entities still rely on banks for leverage? On this episode of the podcast, we speak with Steven Kelly, the Associate Director of Research at the Yale Program on Financial Stability. We talk about where risks might lie and how regulators can stay atop of them.

Read More:
Era of Private Credit Returns Beating Private Equity Is Nearing an End
Hedge Fund Basis Trade Faces Scrutiny as Regulators Mull Probe
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Max Read on how the Internet Got Infested With Garbage Nov 08, 2024

Show notes

There was a a point in time when Twitter used to be good for breaking news. Social media outlets like Instagram and Facebook were great for keeping up with friends. There used to be websites that people would refresh throughout the day, reading news or gossip from sources they knew and trusted. Now, most of that has gone -- or at least changed dramatically. A combination of profit imperatives, political motivations, and AI have upended much of that old internet. So what happened? Why has the web become a home of slop and sludge? We speak to Max Read, the author of the Read Max newsletter, to understand today's internet, and where things are going next.

Read More:
Musk Is About to Find What $130 Million for Trump Gets Him
TikTok Ordered to Close Canada Unit Due to National Security
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Harley Bassman on Trump, the Fed, and the Bond Market Nov 07, 2024

Show notes

The US election is over and Donald Trump has won a second term as president. Stocks have rallied on Trump's win, of course, but some of the more interesting moves have taken place in the bond market. Not only have yields on US Treasuries shot up, but expectations for volatility in the world's most important market were also shifting higher ahead of Trump's win. All of this is happening even though the Federal Reserve is widely expected to cut benchmark rates again this week. So what's driving higher yields? On this episode, we speak with Harley Bassman, managing partner at Simplify Asset Management and creator of Convexity Maven, about all the recent moves in bonds and what could be coming next.

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Odd Lots Live: What to Watch on Election Night and Beyond Nov 05, 2024

Show notes

It's Election Day in the US, so there's no need for any real explanation of what's at stake. Last night in New York City, we hosted a special live Odd Lots event, where we interviewed some of our regular guests on stage to talk about the vote, as well as the economic and market implications in the days and years ahead — regardless of who wins. First up, you'll hear a conversation about prediction markets, regular markets, and vote-watching with Skanda Amarnath of Employ America, Neil Dutta of Renaissance Macro, and prediction markets bettor Zvi Mowshowitz. And then in the second half of the show, we hear from the Council on Foreign Relations fellow Brad Setser on the global environment — what Brad calls an "unhealthy globalization" — that the next president will inherit.

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Listen Now: US Election Coverage on Bloomberg Podcasts Nov 04, 2024

Show notes

Be in the know this election with Bloomberg Podcasts. Follow Bloomberg News Now for up-to-the minute election results, all night long. And go deeper with The Big Take podcast, featuring in-depth global analysis of the US election every day this week.

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