Katie and Matt discuss tariffs, skeptical questions, nondelegation, major questions, reimbursement, the Metsera deal, amylin targeting, Sam Bankman-Fried’s appeal, alleged fraud at First Brands, factoring due diligence, the blockchain and short memories in the credit market.

Embarrassment of Something: IQ, PE, BX
25:48

Horse Pilates: A Mailbag Episode
28:55

Good Game: WBD, Tricolor, TAE
24:57