Elevated Shepherd's Pie

Katie and Matt discuss Morgan’s Pub, SpaceX/xAI merger talks, a $1.5 trillion valuation for Twitter, astrology, numerology, the Year of the Horse, Tether’s mountain lair, gold vault tourism, how to make a few more billion dollars, LMEs, law-firm conflicts and investment banking pep talks.

An OK Horse

Katie and Matt discuss the weather, Jamie Dimon’s whereabouts, Guinness latte art at the JPMorgan pub, debanking, memecoin logic, Gas Town, horses as a unit of money, memecoin IP, moonshot pay incentives, 24ish/7ish trading, blockchain blockchain blockchain, and supervising the computers on the coz…

Key Beast Risk: BMNR, 10%, OLMA

Katie and Matt discuss Beast Industries, immersion in cool liquids, crypto treasury pivots, credit card rate caps, PowerPoint tips and drug trial insider trading.

Embarrassment of Something: IQ, PE, BX

Katie and Matt discuss Wyclef Jean, the backlash against proxy advisers, AI proxy voting, writing proxies for LLMs, things that annoy Jamie Dimon, private equity recruiting, banking loyalty oaths, the long path to private equity, home ownership, housing affordability, brownstones in Hoboken and sto…

Horse Pilates: A Mailbag Episode

Katie and Matt answer listener questions about performative earnings calls, hedge funds as a calling, favorite quotes, proxy advisers, ETF mechanics, sports betting market structure, 10b5-1 plans and the thrill of horse dancing.

Good Game: WBD, Tricolor, TAE

Katie and Matt do not discuss themes for 2026 but do discuss closing certainty in merger agreements, revocable trusts, personal guarantees, doing deals over the holidays, double-pledging, amortization of past-due subprime auto loans, angling for cooperation agreements, Enron as a role model, nuclea…

Best and Final: WBD, IPO, BNPL

Katie and Matt discuss the Warner Bros. bidding war, negotiating against yourself, having your dad buy companies for you, Bleenberg, breakup fees, trillion-dollar IPOs, getting in on the third floor, orbiting data centers, tech capex, rocket explosion securities fraud lawsuits, alternative consumer…

Flying High in Bird Heaven: MSTR, PSUS, ETF

Matt and Katie discuss corporate holiday parties, shareholder meetings, the Strategy narrative arc, Strategy's dollar reserve, an ouroboros of newsletters, digital asset treasury companies in indexes, the brief beautiful life of Katie's bird, Bill Ackman's closed-end fund plans, CEFs vs. ETFs, Howa…

Re-run: Gappy Paleologo

In an episode from July, Katie and Matt talk with Gappy Paleologo of Balyasny Asset Management about gardening leave, what makes a good quant researcher, factor models, the social function of hedge funds, AI and journalists as portfolio managers.

Bat Tat: Labubu, OBDC, Frank

Katie and Matt discuss Batman, Labubu binary options, sneaker manipulation, publicly traded private credit, OBDC, OBDC II, private credit marks, Frank's email list, indemnification and cellulite butter.