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    Business

    The Julia La Roche Show

    Julia La Roche brings her listeners in-depth conversations with some of the top CEOs, investors, founders, academics, and rising stars in business. Guests on “The Julia La Roche Show” have included Bill Ackman, Ray Dalio, Marc Benioff, Kyle Bass, Hugh Hendry, Nassim Taleb, Nouriel Roubini, David Friedberg, Anthony Scaramucci, Scott Galloway, Brent Johnson, Jim Rickards, Danielle DiMartino Booth, Carol Roth, Neil Howe, Jim Rogers, Jim Bianco, Josh Brown, and many more. Julia always makes the show about the guest, never the host. She speaks less and listens more. She always does her homework.

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    Latest Episodes:
    #183 Neil Howe On The Fourth Turning, Tribalization of America, And The Attempted Assassination of Former President Trump Jul 15, 2024
    Show notes

    Neil Howe, an author, historian, demographer, economist, and consultant best known for his work on social generations and generational trends, joins Julia La Roche on episode 183 to discuss the Fourth Turning. Julia and Neil recorded this episode on Friday, July 12. After the attempted assassination of former President Donald J. Trump at a rally in Pennsylvania, Neil and Julia spoke again for about 20 minutes on Sunday afternoon, which airs at the beginning.


    Along with the late William Strauss, Howe is credited with creating the concept of generational theory and popularizing terms such as "Millennial Generation." Howe has written several books on generational trends, including "The Fourth Turning" and "Generations." His work focuses on understanding the cyclical patterns of history and how different generations shape society. A quarter of a century ago, Howe and Strauss introduced an innovative interpretation of American history. They identified a recurring pattern: modern history proceeds in cycles, roughly 80 to 100 years long, mirroring a human lifespan. Each cycle encompasses four distinct eras, or "turnings," each lasting about 25 years and always following the same sequence. The fourth and final turning, they found, was invariably the most tumultuous and transformative, on par with events like the New Deal, World War II, the Civil War, or the American Revolution.


    In his newest book, "The Fourth Turning Is Here," Howe applies his understanding of historical cycles to anticipate the resolution of current civic unrest and project the potential future state of America over the next decade. According to Howe, we will reach a climax by the early 2030s. While this climax poses substantial risks, it also carries the potential for a new era of prosperity in America. The outcome of this critical juncture, he argues, will be determined by every living generation's involvement.


    Links:

    Twitter/x: https://twitter.com/HoweGeneration

    The Fourth Turning Is Here: https://www.amazon.com/Fourth-Turning-Here-Seasons-History/dp/1982173734


    Timestamps:

    0:00 Intro and welcome Neil Howe

    1:09 Neil Howe reaction to assassination attempt on former President Trump

    4:30 We’re in an era where people are more tolerant of violence

    6:20 How would we react?

    9:31 Breakdown of trust — where are people finding trust?

    11:11 A path forward?

    16:20 Parting thoughts — be hopeful about the future and long-term destination

    19:10 Neil Howe July 12 interview intro

    20:30 Generational theory, the four turnings

    25:50 Crises that shape generations

    27:55 Great Awakenings

    33:40 Where are we in the Fourth Turning? The election? Tribalization of America

    36:20 “I worry about November 5th…”

    41:23 Political risk-taking

    44:40 Four Turnings

    48:30 Crisis period



    #182 Tyler Cowen On Why We Might Get Lucky And AI Can Solve Out Debt Situation Jul 11, 2024
    Show notes

    Economist and author Tyler Cowen, the Holbert L. Harris Chair of Economics at George Mason University and chairman and general director of the Mercatus Center at George Mason University, joins Julia La Roche on episode 182.


    Links:

    Marginal Revolution: https://marginalrevolution.com/

    Twitter/X: https://x.com/tylercowen



    00:00 Introduction and welcome Tyler Cowen

    01:11 Big picture — the scary and the wonderful

    03:37 Optimist

    04:40 The Great Stagnation and AI

    06:18 The impact of AI on investing

    08:14 Human connections will matter more

    10:45 Our debt will probably prove manageable because of AI

    11:22 How AI will change how we live

    13:50 Education

    16:39 AI and jobs

    18:17 Debt

    21:17 U.S. psychology

    23:37 Conflicting narratives of the economy

    24:40 Immigration

    26:25 Talent

    29:13 Food and capitalism

    32:20 Approach to life

    33:20 Great Financial Crisis — why real estate wasn’t a bubble

    36:20 Investing: Be long

    38:36 Travel and humanity

    42:00 Views

    43:40 Election year

    45:50 Parting thoughts


    #181 Chris Whalen On Why The Fed Is Worried About A Recession Next Year Jul 09, 2024
    Show notes

    Investment banker and author Chris Whalen, chairman of Whalen Global Advisors, who is also the author of The Institutional Risk Analyst, returns to The Julia La Roche Show for episode 181 to discuss the economy, why he thinks the Federal Reserve is worried about a recession next year, and his take on the upcoming election.


    Links:

    Twitter/X: https://twitter.com/rcwhalen

    Website: https://www.rcwhalen.com/

    The Institutional Risk Analyst: https://www.theinstitutionalriskanalyst.com/

    Stanley Middleman book: https://www.amazon.com/Seeing-Around-Corners-Achieving-Business/dp/B0D5PTSJVC/


    Timestamps:

    0:00 Intro and welcome Chris Whalen

    01:00 Macro view

    03:00 Stress tests

    05:50 The Consumer

    07:30 Silent crisis in commercial

    11:24 Election

    14:45 Trump win good for the economy

    17:30 Inflation

    21:20 Rate policy

    25:30 Trump

    29:00 Parting thoughts


    #180 Andrew Wilkinson On Going From A Barista To A Billionaire, Building Tiny 'The Berkshire Hathaway' Of Tech, And Life Lessons From Warren Buffett, Charlie Munger, And Bill Ackman Jul 02, 2024
    Show notes

    Entrepreneur-turned-investor Andrew Wilkinson, founder and chairman of Tiny, a Victoria, Canada holding company that invests mostly in tech, joined Julia La Roche on episode 180 to share his new book, “Never Enough: From Barista To Billionaire.

    Once a barista in a small cafe making $6.50 an hour, Andrew Wilkinson built a business valued at over a billion dollars by the time he was 36—and yet, his path to success was anything but a straight line.

    In Never Enough, Wilkinson pulls back the curtain on the lives of the ultra-rich, sharing insights into building a successful business that has been called a “Berkshire Hathaway, but for internet companies,” and a surprising first-person account of what it's actually like to become a billionaire.

    Never Enough features both the lessons Wilkinson has learned as well as the many mistakes made on the road to wealth—some of which cost him money, happiness, and important relationships.

    Taking a "no secrets" approach to stories the wealthy rarely reveal, Wilkinson is unwaveringly honest about some of the unexpected downsides of money: its toxic effect on personal relationships, how the lifestyles of the rich and famous aren't all they're cracked up to be, and how competition with peers leaves everyone—even billionaires—feeling like they never have enough.

    In this book, you'll discover:

    • A candid glimpse into the lives of the super-rich and what truly matters beyond money
    • Insights on building a successful business from the ground up
    • Lessons learned from the mistakes made on the journey to his fortune
    • The surprising realities of life as a billionaire and the challenges that come with extreme wealth

    In this rare and deeply honest account, Wilkinson examines his journey to nine zeros, what came after that pinnacled number, and the essential things money can't buy.


    Links:

    Book: https://www.amazon.com/Never-Enough-Billionaire-Andrew-Wilkinson/dp/1637744765

    Twitter/X: https://x.com/awilkinson


    0:00 Intro and welcome Andrew Wilkinson

    1:48 Macro view

    6:23 AI

    10:00 'Never Enough' book

    11:35 A form of self-therapy

    13:00 If you swim with the sharks, you’ll become one

    14:00 Making things right

    17:00 Starting businesses as a teen


    #179 Ed Dowd On The Fed's Policy Error And Why We Could See A Bad Correction Ahead Jun 27, 2024
    Show notes

    Edward Dowd, Founding Partner of Phinance Technologies, a global macro alternative investment firm, and author of "Cause Unknown: The Epidemic of Sudden Deaths in 2021 & 2022,” joins Julia La Roche on episode 179.

    Links:

    PhinanceTechnologies: https://phinancetechnologies.com/

    Twitter/X: https://x.com/DowdEdward


    00:00 Intro and welcome Ed Dowd

    00:46 Macro picture

    02:14 On the precipice of a slowdown in the economy

    03:15 State of the real economy

    04:30 Disconnect in the U.S. stock market, a fast and furious correction

    10:17 Preparing for the correction: allocating portion to T-Bills

    11:38 Generational opportunity

    13:30 Growing debt and deficits

    15:45 Need the austerity candidate

    16:58 A looming crisis

    18:48 UBI and a CBDC

    22:25 Gold

    24:30 Toxic brew

    27:29 Erosion of the middle class

    29:00 Inflation

    30:40 Rate cut

    33:00 Policy error of the Fed

    36:20 Real estate

    38:00 Immigration

    40:13 GDI for average middle class went up under Trump

    42:12 Chaos creates opportunity

    46:12 Phinance Technologies: Providing Alternative Perspectives on the Market


    #178 Peter Boockvar: The Is The Most Mixed And Uneven Economy That I’ve Ever Seen And It Feels More Like A 1.5% GDP Growth Rate Economy Rather Than 3% Jun 25, 2024
    Show notes

    Peter Boockvar, Chief Investment Officer at Bleakley Financial Group and a CNBC contributor, discusses the mixed and uneven state of the economy. He highlights the contrasting trends in different sectors, such as housing, consumer spending, and manufacturing. Boockvar also discusses the impact of government spending and the labor market on the overall economy. He emphasizes the confusion and challenges faced by the Federal Reserve in managing inflation and interest rates. Boockvar shares his outlook on the future, including the potential for slower US growth, the importance of Asia in driving economic growth, and his investment preferences in commodities and Asian markets.


    Links:

    Substack/The Boock Report: https://boockreport.com/

    Twitter/X: https://x.com/pboockvar

    Bleakley Financial Group: https://www.bleakley.com/


    Timestamps:


    00:00 Introduction and welcome Peter Boockvar

    00:51 Macro view, “the most mixed and uneven economy that I've seen” and it feels more like a 1.5% growth rate rather than 3%

    04:47 Labor market

    05:45 What’s happening in the rest of the world economies?

    08:00 Inflation

    09:11 The Fed and interest rates

    11:03 Bear steepener

    13:40 New normal

    18:40 Housing market outlook

    21:45 When will the rising debt/deficit be a problem?


    #177 Mike Green: Passive Investing Has Turned The Market On Autopilot  Jun 18, 2024
    Show notes

    Michael Green, Chief Strategist and Portfolio Manager for Simplify Asset Management, joins Julia La Roche on episode 178 for a wide-ranging conversation on the economy and market.

    In this episode, Mike Green discusses some of the implications of systematic and passive investment strategies and how they've led to the current market conditions.

    Michael has been noted for his work as a market theoretician and financial media participant. He is a graduate of the University of Pennsylvania and a CFA holder.


    Links:

    Follow Mike on Twitter/x: https://twitter.com/profplum99

    Read Mike’s Substack: https://www.yesigiveafig.com/

    Visit Simplify: https://www.simplify.us/


    0:00 Intro and welcome Mike Green

    0:56 Macro picture

    2:27 Markets

    4:30 The Boomers always win

    8:38 Assessment of the health of the economy

    12:00 Reduction in hours, increase in part-time work

    12:55 Impact of passive investing

    20:40 Largest stocks most affected by passive flows

    23:00 Everyone has become automated

    25:17 How does this end? An accelerated reversal of the gains?

    28:49 Perception of retirement wealth

    31:00 Ponzi funds

    35:30 Social security

    37:00 Markets divorced from fundamentals

    41:09 The Fed


    #176 Economist Jonathan Treussard On The Extraordinarily Confusing Macro Data, Markets With A Memory Of A Goldfish, And If We're In Bubble Territory Jun 13, 2024
    Show notes

    Economist and investor Jonathan Treussard, founder of Treussard Capital Management, a Registered Investment Advisor, joins Julia La Roche on episode 176 to discuss the current state of the economy and markets.


    Link:

    https://www.treussard.com/julia


    Timestamps:

    00:00 Intro and welcome Jonathan Treussard

    00:52 Macro view, confusing data, too much volatility

    04:11 Wealth inequality

    05:33 AI

    06:33 Is the economy healthy?

    07:55 Money illusion

    10:07 Bubbles and assessing market valuations

    14:36 Geopolitics

    17:50 Middle class

    19:50 From musician to economist

    27:15 Changing perception of America

    30:34 Market risks: Nvidia, CRE, Private Equity, and Private Credit

    36:00 Banking system

    38:33 Concerns about CRE and private credit

    41:37 Making decisions under uncertainty

    45:12 Parting thoughts


    #175 Chris Whalen: 'We're Hiding A Lot' — Why Commercial Could Be The Next Source Of The Financial Crisis In This Country Jun 11, 2024
    Show notes

    Investment banker and author Chris Whalen, chairman of Whalen Global Advisors, who is also the author of The Institutional Risk Analyst, returns to The Julia La Roche Show for episode 175 to discuss the economy, the risk in commercial real estate, the upcoming presidential election, and the status of the American dream.


    Links:

    Twitter/X: https://twitter.com/rcwhalen

    Website: https://www.rcwhalen.com/

    The Institutional Risk Analyst: https://www.theinstitutionalriskanalyst.com/

    Stanley Middleman book: https://www.amazon.com/Seeing-Around-Corners-Achieving-Business/dp/B0D5PTSJVC/


    Timestamps:

    0:00 Intro and welcome Chris Whalen

    1:55 Macro view today, an indication that the tide is going back out

    4:40 Residential housing will be the last headwind

    5:50 Health of the economy? ‘We’re hiding a lot’

    7:10 Commercial could be the source of the next financial crisis

    11:50 Presidential election

    14:00 What a Trump victory would mean

    16:00 Our debt and deficit — We’re headed toward a crisis

    18:40 The Fed

    21:40 Fed’s focus on language and turning markets into a Kindergarten exercise

    23:30 We’ve turned the Fed into a corporate earnings exercise

    26:00 Inflation

    28:31 The American Dream

    31:00 Parting thoughts


    #174 James Lavish On The Debt Spiral: They’re Going To Print So Much Money It’s Going To Shock You Jun 06, 2024
    Show notes

    "Reformed" hedge fund manager James Lavish, the author of The Informationist newsletter and founder/managing partner of The Bitcoin Opportunity Fund, joins Julia La Roche on episode 174 for a wide-ranging discussion on macro, the pockets of recession especially in the private sector, and a deep dive into the debt problem in the U.S.


    Links:

    Twitter/X: https://x.com/jameslavish

    The Informationist: https://jameslavish.substack.com/

    The Bitcoin Opportunity Fund: https://www.bitcoinopportunity.fund/


    Timestamps:

    0:00 Intro and welcome James Lavish

    1:00 Macro view

    2:30 Pockets of recession, fiscal dominance, inflation

    5:08 Highly manipulated numbers, CPI

    10:30 Deficit spending and the economy

    12:40 Debt spiral and why the U.S. is a ‘zombie’

    17:20 They’re going to print so much money it’s going to shock people

    19:50 U.S. Treasuries

    28:15 Stagflation

    30:00 Dallas Fed survey: recession red flag?

    35:00 The government will continue to recklessly spend

    37:03 FOMC and jobs

    40:50 Parting thoughts, asset allocation


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