financial crises

Jonathan Guthrie has been covering finance for 37 years. Today on the show, he talks with hosts Ethan Wu and Robert Armstrong about what he’s learnt, covering everything from market collapses to investing in banks. Also, we go long the return of the European otter. 

Links:

What I have learnt in 37 years of financial journalism

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Follow Ethan Wu (@ethanywu) and Katie Martin (@katie_martin_fx) on X. You can email Ethan at ethan.wu@ft.com.

Read a transcript of this episode on FT.com

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John Ray is an emergency C.E.O., a bankruptcy expert who takes over companies that have succumbed to failure or fraud. He’s currently cleaning up the mess left by alleged crypto scammer Sam Bankman-Fried. And he loves it.

RESOURCES:

• "United States of America v. Samuel Bankman-Fried, a/k/a 'SBF,'" by the United States District Court Southern District of New York (2023).
• "Does FTX’s New CEO Have the Worst Job in Corporate America?" by Ben Cohen (The Wall Street Journal, 2022).
• "John J. Ray III, a St. Joseph’s Grad From Pittsfield, Is Earning $1,300 an Hour to Sort Out the Remains of the FTX Cryptocurrency Collapse," by Larry Parnass (The Berkshire Eagle, 2022).
• "'Pit Bull' Fights to Pick Up Enron's Pieces," by Ameet Sachdev (Chicago Tribune, 2007).

EXTRAS:

• “The Secret Life of a C.E.O.,” series by Freakonomics Radio (2018-2023).
• "Did Michael Lewis Just Get Lucky with Moneyball?" by Freakonomics Radio (2022).
• "Does the Crypto Crash Mean the Blockchain Is Over?" by Freakonomics Radio (2022).
• "What Can Blockchain Do for You?" series by Freakonomics Radio (2022).

SOURCES:

• John Ray, C.E.O. of FTX.

(0:00) Bestie intro!

(1:57) Overview of the SVB collapse and bank run

(17:53) Who or what is to blame? Debating venture debt

(37:11) Contagion risk, second- and third-order effects, government backstops

(1:00:36) What does this mean for the VC industry? Silicon Valley panic cycle, advice for founders

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https://twitter.com/altcap

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Intro Music Credit:

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Intro Video Credit:

https://twitter.com/TheZachEffect

Referenced in the show:

https://www.fdic.gov/news/press-releases/2023/pr23016.html

https://s201.q4cdn.com/589201576/files/doc_downloads/2023/03/r/Q1-2023-Investor-Letter.FINAL-030823.pdf

https://s201.q4cdn.com/589201576/files/doc_downloads/2023/03/Q1-2023-Mid-Quarter-Update-vFINAL3-030823.pdf

https://twitter.com/garrytan/status/1634260576431136768

https://seekingalpha.com/article/4565388-svb-financial-blow-up-risk

https://www.youtube.com/watch?v=Ymo6Yzjv_KY

https://www.bloomberg.com/news/articles/2023-03-10/treasury-closely-watching-siliconvalley-bank-share-plunge

https://www.cbsnews.com/news/janet-yellen-ukraine-treasury-secretary-kyiv-visit-volodymyr-zelenskyy

https://twitter.com/Rippling/status/1634201986894577665

https://en.wikipedia.org/wiki/Troubled_Asset_Relief_Program

https://www.wsj.com/articles/bond-losses-push-silicon-valley-bank-parent-to-raise-capital-125e89d4

https://dfpi.ca.gov/wp-content/uploads/sites/337/2023/03/DFPI-Orders-Silicon-Valley-Bank-03102023.pdf?emrc=bedc09

https://www.google.com/finance/quote/IAT:NYSEARCA

This week on The Property Podcast, The Robs have got a lockdown special for you. 

Since lockdown hit, everyone is trying to better themselves, whether that be learning a new skill, educating themselves on something they didn’t already know and then there are others who are just simply bored. 

So this week, The Robs are coming at you with a boat load of books, podcasts, videos and apps to help you get through lockdown.

Here’s all the links to everything you need from today’s podcast:

Podcasts

• An episode from The Pomp Podcast - 258: Billionaire Chamath Palihapitiya on How To Invest Through This Crisis
• Hardcore History
• Reply All - “The case of the missing hit”
• Meditative story

Books

• Stephen Schwartzman - What It Takes
• Will Durant - Lessons of History
• Charles P. Kindleberger - Manias, Panics and Crashes: A History of Financial Crises
• "The Great Courses" on Audible

TV / Streaming / YouTube

• Ray Dalio - Ted Talk
• Ryan Serhant keynote
• The Least Expected Day - Inside the Movistar Team 2019
• Tom Scott on YouTube
• Two documentaries: The Dawn Wall and Free Solo

Apps

• Investr
• An anti-recommendation of Next Door, but definitely give this Twitter feed a go for a good laugh
• Poker In Place

There you go, plenty to keep you busy! Let us know if you have any of your own that you’d like to share or if you decide to give any of these a go, let us know what you thought.

In the news this week, NRLA slams Citizens Advice for ‘misleading’ report. It looks like the National Residents Landlords Association aren’t happy with Citizens Advice after they released a report stating that 2.6 million private renters have missed a rent payment or are expected to do so as a result of the pandemic. 

However when you read further into the article, there were 25 people who said that they have missed a payment and 74 who said that they’re expecting to fall behind on payments.

Once again, it shows that you shouldn’t believe the headlines.  

We’d love to hear what you think of this week’s Property Podcast over on Facebook, Twitter or Instagram. You might even have a topic you’d like us to cover in the future - if so, pop us a message on social and we’ll see what we can do.

Make sure you’ve liked and subscribed to our YouTube channel where we upload new content every week! 

If that wasn’t enough, you can also join our friendly property community on the Property Hub forum.

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On this episode, co-host Tracy Alloway is joined by Bloomberg Markets reporter Luke Kawa for a journey back in time. As the global elite mingle at the World Economic Forum's annual meeting in Davos, Switzerland, we look back at a WEF gathering five years ago. Back then, the mood was buoyant -- markets had recovered from the 2008 financial crisis and the euro-zone debt crisis had yet to fully unfold. But Barrie Wilkinson, a partner at Oliver Wyman Ltd., wasn't feeling so jubilant. As bankers, regulators, and politicians congratulated themselves for a job well done, he was warning of a brewing crisis that would start with a crash in commodities prices in 2015. Now, parts of his 27-page report seem eerily prescient.

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