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Here's a thread of some older Odd Lots episodes @TheStalwart and I have made that are worth listening to right now.

Clearly we're in unprecedented times for markets, finance, the economy and society, but there are some consistent themes that start to emerge --->
First, the world is terrible right now. So listen to Arthur Demarest, an anthropologist who’s often been compared to India Jones, talk about why civilizations collapse (Yes, I think about this one a lot):

podcasts.apple.com/us/podcast/55-…
The recent market crash is certain to wind up in history books. Here’s @ScottNations walking us through what all the great market crashes in history have in common (he'll have to add a new chapter to his book!)

podcasts.apple.com/us/podcast/thi…
One more as it relates to the market crash: we’ve just witnessed the worst sell-off in stocks since 1987, so it’s worth listening to one trader give an eyewitness account of Black Monday, *and* explain how he actually made money that day.

podcasts.apple.com/us/podcast/how…
On to more recent events... Chris Cole at @ArtemisVol has been warning for years that the market is structurally short volatility. We saw that trade blow up big time in March.

podcasts.apple.com/us/podcast/the…
Feedback loops almost certainly contributed to the mayhem and value-at-risk models were part of that. Here, the guy who created VaR while at JPMorgan, explains exactly what it is and how it can impact markets.

podcasts.apple.com/us/podcast/cre…
We’ve seen a big scramble for dollars. Here are two episodes with @HyunSongShin and @DavidBeckworth explaining why the dollar is such a central feature of our financial system.

podcasts.apple.com/us/podcast/why…

podcasts.apple.com/au/podcast/why…
And @JeffSnider_AIP is also great on the topic of financial market vulnerabilities, specifically the eurodollar market.

podcasts.apple.com/us/podcast/why…
I've been tweeting a lot about the mortgage market and a lot of that credit risk is now born by shadow banks outside of the traditional banking system. We interviewed Dan Zwirn on the topic a few years ago:

podcasts.apple.com/us/podcast/22-…
And we spoke recently to Chris White of @viablemkts about what's going on in corporate bonds. He holds the record for guest with the most Odd Lots appearances:

podcasts.apple.com/us/podcast/epi…

podcasts.apple.com/us/podcast/48-…

bloomberg.com/news/articles/…
There are so many others (Richard Sylla on interest rates, Matt King, Viktor Shvets etc.) but I'll stop here.

I've only listed older episodes here. There are of course LOTS of great episodes from 2020, including ones with @bennpeifert, @PMehrling, @profplum99 & @Claudia_Sahm.
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Tracy Alloway
@tracyalloway
JPMorgan estimates there were around 300 investment-grade portfolio trades in the first half of 2019, about 40% higher than the number of such trades in the *whole* of 2018. (Portfolio trades in high-yield were roughly stable at 160).
As a reminder, portfolio trades are when investors/dealers agree to exchange a basket of bonds in one transaction. Unsurprisingly, this is growing in tandem with corporate bond ETFs.
MarketAxess talked about this in earnings call last week: "We will also be launching a portfolio trading solution to respond to both the recent growth in portfolio trading across the fixed income market and the growth of fixed income ETFs."
Read 8 tweets
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Tracy Alloway
@tracyalloway
Let's talk about earnings quality and credit. 43% of syndicated loan deals featured Ebitda addbacks in the first half of this year. That's a record proportion, according to BAML. If you strip those addbacks out, Ebitda/Interest coverage levels on loans are the lowest since 2005.
(Let me tell you about my pet theory that Valeant's aggressive use of addbacks and debt financing to engineer artificial growth in a sluggish economic environment is actually representative of the entire market.)
(Ok here goes). First a recap. I think most people remember Valeant as the Canadian pharma company that expanded really rapidly by borrowing billions to fund mergers and acquisitions. Share prices soared and then began tanking in late 2015 as a number of issues came to light.
Read 15 tweets
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Tracy Alloway
@tracyalloway
Libra is a payments system designed to get Facebook a slice of that market. That's not necessarily a bad thing but it should make cryptocurrency enthusiasts pause. Thread --->
Libra is many things Bitcoin is not:

1. It is not decentralized (it's permissioned, at least to start with)
2. It arguably does not actually need Blockchain to work (try to change my mind on this)
Read 7 tweets

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Left Coast Right Watch
@LCRWnews
#THREAD "Fast forward three years after Unite the Right and it seems that everything that we had in 2017 and prior is gone."

INCREDIBLY revealing fascist conversation on 8kun.

It's also the 1st time I've *ever* seen chan posters explicitly mention 4th Generation Warfare.
Some notes:

Slurs are blacked out.

Thread is from 8kun's /pnd/ (politics, news and debate)

Here's an archive of the thread if you want the primary source. Every kind of content warning applies obviously. archive.is/wYCRQ
For this thread, I'm summarizing and analyzing the highlights. The point of this exercise is to take the temperature of the fascist movement. They are speaking candidly here. How do they see themselves and the conflict they're fighting? Where do they think it's going?
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हठयोगी
@hathyogi1
#Thread on Our scriptures on Battery.

1st battery was invented by Alessandro Volta in 1800 & dry cell was developed in 1886 by Carl Gassner.

But do you know that the idea of fully functional battery was already mentioned in our scriptures, thousand of years ago?

@LostTemple7
Yes, you read it right. The idea of a fully functional cell was mentioned in “Agastya Samhita” written by one of my favourite rishi, “Rishi Agastya”. The scripture is supposed to be older than vedic period. He is a named author of several hymns of the Rigveda.
He has also been mentioned several time in Ramayan and Mahabharat. He also invented grammar of the Tamil language. It is said shiva himself taught him Tamil.

According to the Rasayan scripts of Agastya Samhita-
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Chris Pollitt 🚘
@ThePollitt
Here is a thread of automotive content for you gorge yourselves on. We all need a bit of a distraction right now, so, here we go...

1) Are you one of the 125k people to watch @Carpervert and I dig out a Jag? No? Well, get on it...

2) Want to have a closer look at my cars? YOU DO? Well, I've got you covered.

3) I can't pick one episode, so have the whole @badobsessionmsp channel. You can lose yourself to the incredible work, attention to detail and terrible puns...

youtube.com/user/badobsess…
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Gautam Govitrikar DMD
@Gautaamm
#Thread about brushing your teeth:

When I came back from the US in late 2018, one of my goals was to create awareness about oral health. I was very surprised to hear how many people don't know its essential to brush multiple times.

#oralhealth #preventivecare #brushyourteeth
So I created this poll and the results confirmed my fear. More than 50% said they brush ONCE a day! So here goes.

Teeth can get two main diseases: Caries/cavities and periodontal/gum disease. Both are multi factorial but start with two main factors: Diet and oral hygiene.
Genes play a role but let's not blame our parents and their parents for our faults.

Basically food left on teeth causes caries and under the gums causes periodontal issues. Plain and simple. Some foods are worse than others but oral hygiene is key. So lets start with brushing.
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Leone Hadavi
@leone_hadavi
#THREAD Tension is high in #Chile as large demonstrations are taking place in many cities, following days of incidents culminated with the state of emergency being declared and curfew (for the first time since the dictatorship) being issued👇

High school students in Santiago peacefully begun #EvasionMasiva against surges in metro fares, which was met with harsh response by #CarabinerosDeChile (military police), here inside a metro car at Vicente Valdes metro station: goo.gl/maps/1SsziVWjv…

instagram.com/p/B3xJqgSpZ3a/
Army units were deployed to #Santiago early on Oct. 19, where they soon made use of their individual weapons. In this video shots are fired next to Del Sol metro station. The truck drives NW passing underneath a bridge here: goo.gl/maps/ABE8UFVZU…

instagram.com/p/B30X86HhlYk/
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Jerry Taylor
@jerry_jtaylor
<THREAD> “Populism can also be cured through competent, responsible leadership. The rise of today’s populism cannot be blamed on demagogues alone. A measure of responsibility belongs to an entire generation of political leaders, thought leaders...” washingtonpost.com/opinions/popul…
1/ The problem here is two-fold. First, political elites have an extremely poor track record from the mid-1960s forward. There’s a reason for the decline in institutional trust. It hasn’t been earned. niskanencenter.org/the-legitimacy…
2/ Elites are aware of this, of course, and there’s a whole industry of self-reflection and “where did we go wrong” conversations in that community. But it all tends to run towards, “we haven’t been redistributionist enough.” While there’s truth to that ....
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