Prof G Markets is your daily briefing on the news moving markets — from earnings and geopolitics, to Big Tech and AI. Hosted by @profgalloway and @edels0n
Joined March 2021
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The $3.5T Bailout: Elon's Plan To Merge Tesla And SpaceX
Scott Galloway (@profgalloway) and Ed Elson (@edels0n) break down why Elon Musk is considering a merger between SpaceX and Tesla, what a deal could look like, and the hurdles it would face.
Scott also explains the existential threat he believes both companies are up against.
Then, they examine the growing challenges facing the AI buildout, including why some chips are sitting idle in warehouses and whether investors have priced in the risks.
🔗's 1/2:
Youtube: youtube.com/@ProfGMarkets
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🔗's 2/2:
Apple: links.profgmedia.com/48IKZvK
Spotify: links.profgmedia.com/4tiKqjI
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Ed Elson (@edels0n) asks Owen Zidar (@omzidar) to what extent the everywhere millionaire is controlling our politics.
"When you talk to staffers, like who plays golf with the senator, who can raise money for people in the district. There's an everywhere millionaire in every congressional district."
This is from today's episode: 'Meet The Millionaire Class That Really Runs America'.
xitter.cf/a/status/2113587…
Meet The Millionaire Class That Really Runs America
Ed Elson (@edels0n) is joined by Owen Zidar and Eric Zwick to unpack their research on the “Everywhere Millionaire”.
They explain how pass-through businesses work, why the tax code disproportionately benefits their owners, and how policymakers could close some of these loopholes.
They also explore how AI is changing entrepreneurship in America and what it all means for the future of the American dream.
🔗's 1/2:
Youtube: youtube.com/@ProfGMarkets
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Owen Zidar (@omzidar) on the real blueprint for getting wealthy in America, and why it isn't building an app.
"It's better to own rather than earn. It's pretty hard to get really rich getting a W-2. Second thing, many young people have this sense that you can create an app or get rich really quickly. But when you look at the stories that we tell in the book, that's not the model."
This is from today's episode: 'Meet The Millionaire Class That Really Runs America'.
xitter.cf/a/status/2113587…
Meet The Millionaire Class That Really Runs America
Ed Elson (@edels0n) is joined by Owen Zidar and Eric Zwick to unpack their research on the “Everywhere Millionaire”.
They explain how pass-through businesses work, why the tax code disproportionately benefits their owners, and how policymakers could close some of these loopholes.
They also explore how AI is changing entrepreneurship in America and what it all means for the future of the American dream.
🔗's 1/2:
Youtube: youtube.com/@ProfGMarkets
–
Owen Zidar (@omzidar) on the "everywhere millionaires": ordinary Americans quietly getting rich from running private businesses.
"Everywhere millionaires are ordinary Americans who've gotten extraordinarily wealthy from running private businesses. There are over three million of them who have at least $5 million in net worth. Their average wealth is $25 million."
This is from today's episode: 'Meet The Millionaire Class That Really Runs America'.
xitter.cf/a/status/2113587…
Meet The Millionaire Class That Really Runs America
Ed Elson (@edels0n) is joined by Owen Zidar and Eric Zwick to unpack their research on the “Everywhere Millionaire”.
They explain how pass-through businesses work, why the tax code disproportionately benefits their owners, and how policymakers could close some of these loopholes.
They also explore how AI is changing entrepreneurship in America and what it all means for the future of the American dream.
🔗's 1/2:
Youtube: youtube.com/@ProfGMarkets
–
Ed Elson (@edels0n) and Karim Bousta on why Elon Musk might merge Tesla with SpaceX.
"I wonder if this is his way to change the way that investors see this thing and stop focusing on the fact that the business is struggling, at least on the automotive side."
This is from yesterday's episode: 'Why Elon Might Merge Tesla And SpaceX'.
xitter.cf/a/status/2113232…
Why Elon Might Merge Tesla And SpaceX
Ed Elson (@edels0n) is joined by Karim Bousta to give his takeaways from Tesla’s earnings and what he makes of the news that SpaceX and Tesla might merge.
Then, Mark Mahaney returns to break down Meta’s earnings.
Finally, Ed explains why he’s bearish on Netflix.
🔗's 1/2:
Youtube: youtube.com/@ProfGMarkets
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Zuck:
Mark Zuckerberg made a deal with Meta's board to help him pay a proposed California tax on billionaires without losing his ownership stake in the company he founded, according to regulatory filings published this week.
Read more: abcnews.link/l5KNnAA
Meet The Millionaire Class That Really Runs America
Ed Elson (@edels0n) is joined by Owen Zidar and Eric Zwick to unpack their research on the “Everywhere Millionaire”.
They explain how pass-through businesses work, why the tax code disproportionately benefits their owners, and how policymakers could close some of these loopholes.
They also explore how AI is changing entrepreneurship in America and what it all means for the future of the American dream.
🔗's 1/2:
Youtube: youtube.com/@ProfGMarkets
–
Owen Zidar is a Professor of Economics and Public Affairs at Princeton University. Eric Zwick is the Joel F. Gemunder Professor of Economics and Finance at the University of Chicago Booth School of Business. Their book, The Everywhere Millionaire: Who Is Really Rich in America and How They Got There, is available now.
🔗's 2/2:
Apple: links.profgmedia.com/48IKZvK
Spotify: links.profgmedia.com/4tiKqjI
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Ed Elson (@edels0n) asks Karim Bousta whether a flying Roadster is what Tesla really needs, and Karim explains why robotaxis come down to trust.
"You need to build the trust from regulators and from the public. If you don't have trust, you don't have a business."
This is from today's episode: 'Why Elon Might Merge Tesla And SpaceX'.
xitter.cf/a/status/2113232…
Why Elon Might Merge Tesla And SpaceX
Ed Elson (@edels0n) is joined by Karim Bousta to give his takeaways from Tesla’s earnings and what he makes of the news that SpaceX and Tesla might merge.
Then, Mark Mahaney returns to break down Meta’s earnings.
Finally, Ed explains why he’s bearish on Netflix.
🔗's 1/2:
Youtube: youtube.com/@ProfGMarkets
–
Mark Mahaney (@markmahaney) tells Ed Elson (@edels0n) how Meta plans to make money from Muse.
"They said twenty five percent of Muse users are using it for commerce related activities. When I pressed them, that includes travel. And they said the average price was $200."
This is from today's episode: 'Why Elon Might Merge Tesla And SpaceX'.
xitter.cf/a/status/2113232…
Why Elon Might Merge Tesla And SpaceX
Ed Elson (@edels0n) is joined by Karim Bousta to give his takeaways from Tesla’s earnings and what he makes of the news that SpaceX and Tesla might merge.
Then, Mark Mahaney returns to break down Meta’s earnings.
Finally, Ed explains why he’s bearish on Netflix.
🔗's 1/2:
Youtube: youtube.com/@ProfGMarkets
–
Ed Elson (@edels0n) on why YouTube, not Hulu, Disney or HBO Max, is the real threat to Netflix.
"The true threat is YouTube. Only two years ago, YouTube was number three in US TV viewing time. Today, it is number one, and it's not even close."
This is from today's episode: 'Why Elon Might Merge Tesla And SpaceX'.
xitter.cf/a/status/2113232…
Why Elon Might Merge Tesla And SpaceX
Ed Elson (@edels0n) is joined by Karim Bousta to give his takeaways from Tesla’s earnings and what he makes of the news that SpaceX and Tesla might merge.
Then, Mark Mahaney returns to break down Meta’s earnings.
Finally, Ed explains why he’s bearish on Netflix.
🔗's 1/2:
Youtube: youtube.com/@ProfGMarkets
–
You voted. We won. 🏆
Prof G Media picked up nine Signal Awards this year:
📈 Prof G Markets: Listener’s Choice for Money & Finance and Daily Podcast, Silver for Best Video Podcast and Daily Podcast, and Bronze for Money & Finance
🎙️ The Prof G Pod: Gold and Listener’s Choice for Business People & Entrepreneurs Shaping Culture
📰 Simply Put by Ed Elson: Bronze and Listener’s Choice for Best Podcast Newsletter
Thank you to everyone who voted. 🙏
Why Elon Might Merge Tesla And SpaceX
Ed Elson (@edels0n) is joined by Karim Bousta to give his takeaways from Tesla’s earnings and what he makes of the news that SpaceX and Tesla might merge.
Then, Mark Mahaney returns to break down Meta’s earnings.
Finally, Ed explains why he’s bearish on Netflix.
🔗's 1/2:
Youtube: youtube.com/@ProfGMarkets
–
Karim Bousta is the Co-Founder and Managing Partner at DVx Ventures and former Vice President at both Tesla and Lyft. Mark Mahaney is the senior managing director at Evercore.
🔗's 2/2:
Apple: links.profgmedia.com/48IKZvK
Spotify: links.profgmedia.com/4tiKqjI
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Mark Zuckerberg says shopping is MUSE's biggest use case so far, with over a quarter of active users engaging in shopping and an average purchase size above $200.
$META had to ask Stripe to raise credit limits in the first week because volumes exceeded expectations...
Ed Zitron (@edzitron) tells Ed Elson (@edels0n) why he thinks the new details from Anthropic's S-1 show a business that isn't improving its economics.
"This is not a company that's improving its economics. I don't think any amount of growth can make up for the fact that Anthropic's business just isn't particularly good."
This is from today's episode: 'Is Nvidia Selling More Chips Than Anyone Can Use?'.
xitter.cf/a/status/2112862…
Is Nvidia Selling More Chips Than Anyone Can Use?
Ed Elson (@edels0n) is joined by Ed Zitron to break down why AI chips are sitting in warehouses and why it could be a huge problem for the AI industry.
Then, Nicolas Owens joins to give his takeaways from SpaceX’s earnings.
Later, Thierry Wizman joins to unpack the fiscal crisis unfolding in France and whether he thinks the U.S. could follow in its footsteps.
Finally, Ed shares his gratitude to the audience for voting at the Signal Awards.
🔗's 1/2:
Youtube: youtube.com/@ProfGMarkets
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Macquarie's Thierry Wizman tells Ed Elson (@edels0n) why the U.S. isn't in worse shape than France, even with Treasury yields above French bond yields.
"But that's not the most important difference. The most important difference is that the US is growing more rapidly. The French are not."
This is from today's episode: 'Is Nvidia Selling More Chips Than Anyone Can Use?'.
xitter.cf/a/status/2112862…
Is Nvidia Selling More Chips Than Anyone Can Use?
Ed Elson (@edels0n) is joined by Ed Zitron to break down why AI chips are sitting in warehouses and why it could be a huge problem for the AI industry.
Then, Nicolas Owens joins to give his takeaways from SpaceX’s earnings.
Later, Thierry Wizman joins to unpack the fiscal crisis unfolding in France and whether he thinks the U.S. could follow in its footsteps.
Finally, Ed shares his gratitude to the audience for voting at the Signal Awards.
🔗's 1/2:
Youtube: youtube.com/@ProfGMarkets
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Scott Galloway (@profgalloway) and Ed Elson (@edels0n) use AlphaSpace by Yahoo Finance (@Yahoo) to build baskets of stocks and compare whole sectors, including one underperforming "Scott basket".
"I've been using AlphaSpace by Yahoo Finance, which by the way has been my homepage for the last thirty years, to create baskets of stocks such that you can compare whole sectors to one another."
#ad Sponsored by Yahoo Finance.
Ed Zitron (@edzitron) tells Ed Elson (@edels0n) why he thinks Nvidia is artificially inflating its revenues, and how it's pushing up the price of almost every consumer electronic.
"This is bad because it's created a global consumer electronics price inflation. The cost of basically every imaginable consumer electronic is up, so that these people can put GPUs in warehouses. It's actually morally reprehensible."
This is from today's episode: 'Is Nvidia Selling More Chips Than Anyone Can Use?'.
xitter.cf/a/status/2112862…
Is Nvidia Selling More Chips Than Anyone Can Use?
Ed Elson (@edels0n) is joined by Ed Zitron to break down why AI chips are sitting in warehouses and why it could be a huge problem for the AI industry.
Then, Nicolas Owens joins to give his takeaways from SpaceX’s earnings.
Later, Thierry Wizman joins to unpack the fiscal crisis unfolding in France and whether he thinks the U.S. could follow in its footsteps.
Finally, Ed shares his gratitude to the audience for voting at the Signal Awards.
🔗's 1/2:
Youtube: youtube.com/@ProfGMarkets
–