The last two years have been an extraordinary ride for Bitcoin. It exploded in 2017, with the price nearing $20,000 per coin. Then in 2018 it totally collapsed. On this week's episode, we speak with Peter McCormack, a bitcoin trader, who bought in at the bottom, rode the boom all the way to the top, and then proceeded to lose almost everything. He shares with us what he learned along the way.

The last two years have been an extraordinary ride for Bitcoin. It exploded in 2017, with the price nearing $20,000 per coin. Then in 2018 it totally collapsed. On this week's episode, we speak with Peter McCormack, a bitcoin trader, who bought in at the bottom, rode the boom all the way to the top, and then proceeded to lose almost everything. He shares with us what he learned along the way.

Bloomberg's Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets and economics. Join the conversation every Monday, Thursday, and Friday

Bloomberg's Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets and economics. Join the conversation every Monday, Thursday, and Friday

Bloomberg's Joe Weisenthal and Tracy Alloway analyze the weird patterns, the complex issues and the newest market crazes. Join the conversation for interviews with the most interesting minds in finance, economics and markets.

Odd Lots

On Bloomberg’s Odd Lots podcast Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets, and economics. Join the conversation every Monday, Thursday, and Friday.

On Bloomberg&rsquo;s Odd Lots podcast Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets, and economics. Join the conversation every Monday, Thursday, and Friday.

He Rode The Bitcoin Boom All The Way Up, And Down

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/72f1d7d5-9fa7-4a3e-9670-ae270056f93a/transcript

It seems obvious that among the many industries that AI might disrupt, the legal profession might face some of the most adverse outcomes. When clerical, research-based tasks like searching through databases and reading contracts are automated, what is left for lawyers to do and how might they justify all those billable hours? In this episode we speak with Gary Wingens, chair and partner at the law firm Lowenstein Sandler. He talks about how his firm is using AI and why he thinks the technology could end up increasing legal work for lawyers as costs come down, creating a sort of “Jevon's paradox” for lawsuits, deals and litigation. We also talk about the billable hours model and training junior talent.

Read more: AI Legal Startup Norm Valued at $1.2 Billion Funding Round

Only Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox — now delivered every weekday — plus unlimited access to the site and app. bloomberg.com/subscriptions/oddlots

It seems obvious that among the many industries that AI might disrupt, the legal profession might face some of the most adverse outcomes. When clerical, research-based tasks like searching through databases and reading contracts are automated, what is left for lawyers to do and how might they justify all those billable hours? In this episode we speak with Gary Wingens, chair and partner at the law firm Lowenstein Sandler. He talks about how his firm is using AI and why he thinks the technology could end up increasing legal work for lawyers as costs come down, creating a sort of &ldquo;Jevon's paradox&rdquo; for lawsuits, deals and litigation. We also talk about the billable hours model and training junior talent. Read more: <a href="https://www.bloomberg.com/news/articles/2026-07-07/ai-legal-startup-norm-valued-at-1-2-billion-in-funding-round?utm_medium=referral&amp;utm_source=podcast&amp;utm_campaign=odd_lots&amp;utm_content=article">AI Legal Startup Norm Valued at $1.2 Billion Funding Round</a> Only Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox &mdash; now delivered every weekday &mdash; plus unlimited access to the site and app. <a href="https://www.bloomberg.com/subscriptions/oddlots?in_source=oddlotspodcast" data-link-cookie="1" data-destination="https://www.bloomberg.com/subscriptions/oddlots?in_source=oddlotspodcast">bloomberg.com/subscriptions/oddlots</a>

Why AI Might Actually Create More Work for Lawyers

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/bf18344e-5dd0-4852-be82-b483013dfb22/transcript

Retail participation in the stock market is booming. And of course the biggest story in markets is the AI trade, which has created an incredible amount of demand for chips and memory. These two broad themes have come together in the form of leveraged, single-stock ETFs. And while these products are popular in the US, the scale coming out of Korea is enormous. It's a good week to talk about this intersection, because some of the biggest stories of the week include Samsung's earnings and SK Hynix's new US listing. Barclays's Global Head of Equities Tactical Strategies Alexander Altmann has used the word “terrifying” to describe the amount of notional exposure coming from these levered ETFs. He explains to us why that is and we talk to him about why, in such a short period of time, the world of levered ETFs has gotten to be so large, with AUM increasing threefold in Asia alone. He also us gets into how he is thinking through risk management and how we as society — and retail investors in particular — got to be overexposed on equities and why that keeps him up at night.

Read: SK Hynix’s $26.5 Billion Listing Reopens Asia Route to US Market

Only Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox, plus unlimited access to the site and app. Sign up: bloomberg.com/subscriptions/oddlots

Retail participation in the stock market is booming. And of course the biggest story in markets is the AI trade, which has created an incredible amount of demand for chips and memory. These two broad themes have come together in the form of leveraged, single-stock ETFs. And while these products are popular in the US, the scale coming out of Korea is enormous. It's a good week to talk about this intersection, because some of the biggest stories of the week include Samsung's earnings and SK Hynix's new US listing. Barclays's Global Head of Equities Tactical Strategies Alexander Altmann has used the word &ldquo;terrifying&rdquo; to describe the amount of notional exposure coming from these levered ETFs. He explains to us why that is and we talk to him about why, in such a short period of time, the world of levered ETFs has gotten to be so large, with AUM increasing threefold in Asia alone. He also us gets into how he is thinking through risk management and how we as society &mdash; and retail investors in particular &mdash; got to be overexposed on equities and why that keeps him up at night.
Read: <a href="https://bloom.bg/4f68KA5">SK Hynix&rsquo;s $26.5 Billion Listing Reopens Asia Route to US Market</a> Only Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox, plus unlimited access to the site and app. Sign up: <a href="https://www.bloomberg.com/subscriptions/oddlots?in_source=oddlotspodcast" data-link-cookie="1" data-destination="https://www.bloomberg.com/subscriptions/oddlots?in_source=oddlotspodcast">bloomberg.com/subscriptions/oddlots</a>

The Korean Levered ETFs Shaking Markets All Around the World

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/59c7d65a-dfbb-447c-8ed4-b482014569c9/transcript

We've gone through a number of a technological revolutions in investing, whether it was the dawn of the high frequency trading era or the introduction of robotraders. When it comes to AI, the big question that remains in the investment context is whether or not the technology will be implemented like those past tech innovations — meaning it will be integrated into the flow of the business without upending everything as we know it — or if AI will transform the very nature of investing. Right now, AI's use in investing is a mixed bag: People are excited about its potential, but several firms are still trying to figure out its value. Today, we speak with Man Group's CTO Gary Collier and Head of Data and AI Tushara Fernando about how one of the largest publicly-traded hedge funds in the world is actually implementing AI into its work. We speak with them about empowering their quants with AI tools, the challenge of integrating AI safely, and the creative ways their staff is thinking about token spending, which is up 86-fold this year.


Only Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox — plus unlimited access to the site and app. Sign up here: bloomberg.com/subscriptions/oddlots

We've gone through a number of a technological revolutions in investing, whether it was the dawn of the high frequency trading era or the introduction of robotraders. When it comes to AI, the big question that remains in the investment context is whether or not the technology will be implemented like those past tech innovations &mdash; meaning it will be integrated into the flow of the business without upending everything as we know it &mdash; or if AI will transform the very nature of investing. Right now, AI's use in investing is a mixed bag: People are excited about its potential, but several firms are still trying to figure out its value. Today, we speak with Man Group's CTO Gary Collier and Head of Data and AI Tushara Fernando about how one of the largest publicly-traded hedge funds in the world is actually implementing AI into its work. We speak with them about empowering their quants with AI tools, the challenge of integrating AI safely, and the creative ways their staff is thinking about token spending, which is up 86-fold this year.
 Only Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox &mdash; plus unlimited access to the site and app. Sign up here: <a href="https://www.bloomberg.com/subscriptions/oddlots?in_source=oddlotspodcast" data-link-cookie="1" data-destination="https://www.bloomberg.com/subscriptions/oddlots?in_source=oddlotspodcast">bloomberg.com/subscriptions/oddlots</a>

One of the World's Largest Hedge Funds on Its 86x Growth in Token Spending

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/ee665e22-5abb-4981-a58d-b481016ff97e/transcript

He Rode The Bitcoin Boom All The Way Up, And Down

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