Katie and Matt discuss Katie’s new bird, the legality of tariffs, the TACO trade, rooting for the nondelegation doctrine, implicit guarantees, the money to be made if Fannie Mae and Freddie Mac are re-privatized, stuffing Bitcoins into public companies and owning the global financial asset portfolio.

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Katie and Matt talk with Ryan Patch and Jon Seale of Great Gotham Challenge about building puzzle hunts for the hedge fund manager who has everything.

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Matt and Katie discuss leveraging up your 401(k), everyone's love for putting private credit into retirement accounts, mortgages versus margin loans, college finance clubs, travel sports and how to get Elon Musk paid.

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Katie and Matt discuss Warren Buffett's retirement, his successor at Berkshire Hathaway, his other successor (Bill Ackman), OpenAI's restructuring, Sam Altman's incentives and Medicaid provider taxes.

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Matt and Katie talk about what Tesla is, splitting the roles of CEO and Technoking, the Musk attention auction, the benefits of not paying attention to X debt prices, and why everyone likes private assets.

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Matt and Katie talk general craziness, tariffs, Jerome Powell, volatility and predictability, plus Goldman pay, alts managers versus banks, Twenty One and negative Bitcoin per share.

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Matt and Katie answer reader questions about law firm IPOs, cyber horses, private credit marketplaces, S&P 500 basis ETFs, the option value of personal bankruptcy, names for children/horses/ETFs and ETFs of BDCs.

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Matt and Katie discuss fake tariff tweets, real tariff Truths, swaps, futures, basis trades and and ETF for shorting leveraged ETFs.

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