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Patrick Boyle On Finance

Patrick Boyle

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This podcast is all about quantitative finance and financial history. Subscribe to hear about financial markets, derivatives, and how investors use quantitative tools from statistics and corporate finance theory. Included are interviews with some of the most interesting thinkers in finance. Occasional longer form financial documentaries, open up fascinating elements of financial markets history. Patrick Boyle is a quantitative hedge fund manager, a university professor, and a former investme ...
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Send us a text According to the consumer advocacy group Public Citizen, almost half of all corporate money contributed to this year's US election campaigns has come from crypto backers and politicians are bending to their will with promises to reduce regulation and consumer protections. Why do Trump and Kamala Harris suddenly support crypto? In tod…
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Send us a text In a recent CNBC interview Tony Robbins extolled the virtues of investing in private equity, arguing that private equity provided high returns – with low risk. Is he right? Should everyone invest in Private Equity? Patrick's Books Statistics For The Trading Floor: https://amzn.to/3eerLA0 Derivatives For The Trading Floor: https://amz…
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Send us a text Automakers are hedging their bets on electric vehicles and stepping up their investment in hybrid cars as consumers’ growing disinterest in fully electric vehicles has forced the industry to shift gear. A combination of high EV depreciation and concern over inadequate charging infrastructure has chilled buyers’ enthusiasm for fully e…
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Send us a text It seems like every day the tech industry comes out with a "brilliant new idea” that turns out to be merely a reinvention of a mundane product that already existed. Tech bros keep reinventing the bus, but they have also taken to reinventing the tea pot, the toothbrush, the lunchbreak and the public park. In today's video we look at t…
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Send us a text The British government is closing in on a bailout of the Chinese owned British Steel in which taxpayers would inject £600 million pounds into the group. British Steel is one of only two manufacturers of “virgin steel” in the UK alongside Tata Steel at Port Talbot in Wales which some industry experts claim is strategically important. …
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Send us a text In recent years, a number of companies have been caught claiming to use artificial intelligence while in reality, outsourcing this work to humans. The SEC recently settled with two funds who were misleading investors about their use of the technology. While artificial intelligence has been widely used in industry for decades, not all…
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Send us a text Sign up for Compounded Daily at this link: https://www.compoundeddaily.com/ I welcome my friend Adam Robinson to the podcast, the person who has had possibly the most interesting career of anyone I know. He was a teenage Chess prodigy who trained with Bobby Fischer as Fischer prepared to play Boris Spassky for the 1972 world champion…
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Send us a text Over the next five years the largest cohort of the baby boomer generation will reach retirement age and while it is broadly assumed that they will have comfortable retirements, a recent analysis of their assets shows that more than half of this final group of boomers are not financially prepared to retire whatsoever. In today's video…
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Send us a text This Monday was one of the worst days for global stock markets in years, Stocks in the US, Europe and Japan tanked on Friday and again on Monday before a partial rebound. Bond yields and foreign exchange rates swung around wildly too. The Magnificent seven stocks lost about $1 trillion dollars in value in just two days. So, what exac…
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Send us a text Big Tech is slashing hundreds of thousands of jobs and blaming artificial intelligence, but there may be more to the story than that. Intel just announced fifteen thousand layoffs yesterday, causing their stock price to plunge. Big Tech, who for over a decade provided all sorts of employee perks may no longer be the dream place to wo…
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Send us a text The activist short seller Andrew Left surrendered to authorities in Los Angeles on Monday to face federal criminal securities fraud charges, a spokesman for the U.S. Attorney’s Office there said. Both the SEC and a federal grand jury in the Central District of California brought charges against Andrew Left a prominent activist short …
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Send us a text A Texas District Judge Andrew S. Hanen has dismissed all charges against seven social-media influencers the SEC and Justice Department had accused of perpetrating a “stock manipulation scheme” on Twitter and Discord, ruling that the prosecution failed to state an offense in a case alleging securities fraud. The influencers were accus…
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Send us a text U.S. stocks are expected to get a short-term boost in the aftermath of the attempted assassination of former President Donald Trump over the weekend, as analysts say the likelihood of his victory in November has increased. Trump's lead has extended itself since Biden's poor debate performance two weeks ago which left his biggest supp…
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Send us a text Gregor MacGregor was a Scottish soldier, adventurer, and con man who invented a Central American country called “Poyais,” in 1820 which he claimed to rule as the “Cazique.” MacGregor attempted to draw British and French investors and settlers to his fictional country. Hundreds invested in Poyaisian government bonds and land certifica…
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Send us a text Every year, people around the world lose millions of dollars to a sophisticated scam known as “the pig butchering romance scam”. The scam takes its name from the victims, who the scammers call “pigs” that they "fatten up" before slaughter. It usually begins with a text message that appears to be a wrong number. People who respond are…
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Send us a text Millionaires are leaving the UK faster than any country in the world other than China, new data shows. According to the Henley Private Wealth Migration Report, 9,500 millionaires, defined in US dollar terms are leaving the UK this year. Only China - which has more than twice as many people with seven-figure net worths - saw more mill…
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Send us a text Demetri Kofinas came up with the term Financial Nihilism in 2019, describing it as a philosophy that treats the objects of speculation as though they are all intrinsically worthless. Financial nihilism according to Demetri represents an ideological standpoint that questions the value and legitimacy of financial systems, markets, and …
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Send us a text India’s stock market took its worst tumble in four years after Indian Prime Minister Narendra Modi’s BJP lost its parliamentary majority in a surprise outcome. This result means that Modi will need to rely on smaller parties to form a governing majority in the Lok Sabha, the lower house of India’s parliament, raising uncertainty abou…
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Send us a text Trolls of Wall Street on Amazon: https://amzn.to/4e40D5M An interview with Nathaniel Popper the author of Trolls of Wall Street - How the Outcasts and Insurgents Are Hacking the Markets. Trolls of Wall Street is a new book telling the story of an improbable gang of self-proclaimed “degenerates” who made WallStreetBets into a cultural…
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Send us a text Red Lobster was America’s largest casual dining seafood chain, with almost 600 locations across the United States and Canada. Its bankruptcy was announced earlier this week. The bankruptcy declaration insinuates that the chains equity owner who was also their biggest seafood supplier might have decided that their equity stake in the …
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Send us a text Over a four-day period Japan is suspected to have carried out two interventions to support the yen at an estimated cost of $59 billion dollars. The first intervention came after the yen fell below 160 to the dollar for the first time in 34 years. The second intervention came a few days later after Jerome Powell announced that a rate …
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Send us a text Europe’s largest oil and gas company Shell was accused in an investigative report from Greenpeace Canada of selling millions of carbon credits tied to CO2 removal that never took place. Let’s look at what Shell did, how carbon offsets work, and how environmentally beneficial they actually are. Patrick's Books: Statistics For The Trad…
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Send us a text The Société Générale Delta One Desk is back in the news after two traders were dismissed - accused of placing unauthorized risky options trades. Kavish Kataria – one of the traders in question - attacked the banks leadership with a LinkedIn post on Thursday saying the “entire risk team and other bosses” were equally responsible for t…
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Send us a text Lina Khan's Federal Trade Commission is suing to block Tapestry's $8.5 billion acquisition of Capri Holdings, saying the deal would harm consumers by reducing competition and raising prices in the affordable luxury handbag sector. Monday's lawsuit challenges the proposed deal that would have Tapestry controlling Coach, Kate Spade, St…
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Send us a text Check out Eight Sleep and unlock $200 off using my link: https://www.eightsleep.com/boyle/ British stocks closed at an all-time high this week, but as exciting as a new all-time high might sound, the British stock market has been lagging US and European stocks since the Brexit referendum. A recent report from Goldman Sachs says that …
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Send us a text Saudi Arabia’s plan to build a 170km long, 500m tall, mirrored city in the desert, filled with 9 million people has been curtailed to 2.4km long. According to Bloomberg, Saudi Arabia’s government had “scaled back its medium-term ambitions” for Neom, of which The Line is the most significant sub-project. The Saudi government had hoped…
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Send us a text Sales growth of electric vehicles has slowed dramatically this year. Tesla delivered 20% fewer cars in the first quarter of 2024 than in the prior quarter, and BYD who was previously the world’s biggest EV maker saw sales decline more than 40% over the same period. BYD’s EV sales were still up 13% when compared to the same quarter a …
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Send us a text Japan’s central bank raised interest rates last week for the first time in seventeen years, ending the world’s only remaining negative interest rate regime. The Bank of Japan also abandoned its yield curve control policy which has been in place since 2016, which saw it buying Japanese government bonds to keep longer term interest rat…
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Send us a text After a decade of decline, bankruptcy filings around the world are on the rise. In the United States, business bankruptcy filings rose more than 40 percent last year and non-business bankruptcy filings rose 16 percent. Bankruptcies in England and Wales just hit a 30-year high according to the latest figures. In Japan, corporate bankr…
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Send us a text Elon Musk filed a lawsuit last week against OpenAI and its CEO Sam Altman, alleging the company’s deal with Microsoft compromised the start-up’s original mission. Musk is seeking disgorgement, additional unspecified damages and specific performance. Let’s go through these claims one by one, see what legal experts have been saying abo…
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Send us a text Office mortgage default rates are rising around the world which could mean problems for the banks, insurance companies and pension funds who lent money to real estate investors. Let’s discuss the distressed sales of office buildings that have been happening over the last few months, why New York Community Bancorp is down more that 65…
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Send us a text A new Harvard Business School study analyzed the impact of giving AI tools, to white collar workers at Boston Consulting Group. In the study, management consultants who were told to use Chat GPT when carrying out a set of consulting tasks were far more productive than their colleagues who were not given access the tool. Not only did …
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Send us a text As the global fight over manufacturing share and exports heats up, with surplus economies doubling down on exports, and deficit economies discussing protectionist strategies, the policies of the largest global economies are in clear conflict. Are trade wars likely, how do they work, and can the global economy regain balance? Michael …
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Send us a text Adam Neumann has been trying to buy WeWork - the company he cofounded out of bankruptcy — allegedly with the help of the hedge fund manager Dan Loeb of Third Point. Neumann’s new real estate company "Flow" has sent a letter to WeWork requesting that they consider its takeover approach. Flow has already raised $350 million from the ve…
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Send us a text A Delaware court this week voided Elon Musk’s $55.8 billion dollar pay deal with Tesla. The voiding of these stock options erases about a quarter of Musk’s current wealth. The judgement came in response to a shareholder lawsuit launched by Richard Tornetta who owned nine shares in the company. Judge Kathaleen McCormick found Tesla di…
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Send us a text Jesse Lauriston Livermore was a famed American stock trader known for his huge successes and devastating failures in the early 20th century. Starting as a "chalkboard boy" in a Boston brokerage, he became hugely wealthy as a trader first in "bucket shops" and then on the exchange in New York. Livermore made millions in the Panic of 1…
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Send us a text Big startups are shutting down. More than 3000 private venture backed startups failed in the last year. Of the startups raising money, 19% were funded at a lower valuation than in prior funding rounds. 38% of VCs disappeared from dealmaking last year and more than a quarter of a million workers at tech companies lost their jobs over …
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Send us a text How much do you need to earn per year to be in the top 1%? The answer to this question varies depending on if you are asking about the 1% in a given country or globally? In today's podcast we discuss how much you have to earn and how wealthy you have to be to be considered in the top one percent. We discuss the careers and lifestyles…
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Send us a text How is China able to sell European drivers so many cheap cars? Customs data shows that Chinese EV shipments to the European Union have increased by 361% since 2021. All over the world, Chinese automakers are taking market share which is threatening European automakers. Patrick's Books: Statistics For The Trading Floor: https://amzn.t…
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Send us a text Dozy Mmobuosi, the founder and CEO of Tingo Mobile has been accused by US Regulators of running a "staggering fraud." Tingo Mobile claimed to provide mobile phones to rural farmers in Nigeria and build a fintech super app. It quickly grew into a multibillion-dollar empire with a listing on New York’s Nasdaq stock exchange. Dr Dozy, t…
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Send us a text In this week's podcast we look at the biggest financial news stories of the year, bank runs, The Elon Musk - Mark Zuckerberg fight, The Sam Bankman Fried Trial and much more. Patrick's Books: Statistics For The Trading Floor: https://amzn.to/3eerLA0 Derivatives For The Trading Floor: https://amzn.to/3cjsyPF Corporate Finance: https:/…
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Send us a text Higher mortgage rates should be expected to depress the housing market, and the US has just seen one of the steepest rate increases in history. Would-be homebuyers are facing massive sticker shock, with measures of affordability worsening at the fastest pace on record. The US real estate market has frozen up with the volume of new sa…
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Send us a text Argentina’s new president, Javier Milei describes himself as an anarcho- capitalist and says that he will take a chainsaw to the Argentine economy. He has campaigned that he will dollarize the economy and shut down the central bank. What does this mean, and could it work? Argentina mostly exports agricultural commodities but used to …
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Send us a text Elon Musk told advertisers who have halted spending on X due to his endorsement of an antisemitic post to “go f**k” themselves, in an unhinged interview with Andrew Ross Sorkin (who Elon calls Jonathan). Musk said that a recent exodus of big brands was “going to kill the company, and the whole world will know the advertisers killed t…
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Send us a text Fired CEO Sam Altman will return to run OpenAI - the company he co-founded, following days of speculation and turmoil at the leading generative artificial intelligence start-up. In a dramatic reversal, Altman, who was fired by OpenAI’s board of directors last week, will be reinstated under the supervision of a new board. Greg Brockma…
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Send us a text When Mao Zedong died in 1976 his successors seized the opportunity to reassess the wisdom of Chinas rigid commitment to Marxist doctrine. With Deng Xiaoping in charge, China scoured the globe in search of economic expertise to put China on the path to domestic prosperity and ultimately global economic power. The World Bank describes …
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Send us a text Russia’s invasion of Ukraine was a wake-up call to all western governments. Alongside China’s rise, the threat of a nuclear-armed Iran and instability in Africa, the new era of global conflict has forced governments around the world to commit to more defense spending. Will voters around the world accept the high price of military det…
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Send us a text Sign up for Compounded Daily at this link: https://www.compoundeddaily.com/ Since founding Bridgewater nearly 50 years ago, Ray Dalio has become one of the world’s richest investors. He is widely credited with having predicted and profited from both the 1987 crash and the 2008 financial crisis. He is the founder of the world’s larges…
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Send us a text A jury has found Sam Bankman-Fried guilty of all seven criminal counts against him. The FTX founder faces a maximum sentence of 115 years in prison. In today's podcast we discuss the findings of the trial and speak with Tiffany Fong who has been there in person reporting from the courthouse in New York along with people like Michael …
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Send us a text A podcast about how "passive income" money-making scams seem to have taken over the internet, and the economic implications of such scams. Patrick's Books: Statistics For The Trading Floor: https://amzn.to/3eerLA0 Derivatives For The Trading Floor: https://amzn.to/3cjsyPF Corporate Finance: https://amzn.to/3fn3rvC Patreon Page: https…
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