19 October 2026
12 new episodes (12 hours listening) published by the 50 podcasts on the list. 5 highlight clips below (17 mins total).
Investment 19 October 2026 · 5 clips
Excess Returns
Rob ArnottSyzygy Asset Management
Founder of Research Affiliates and creator of the RAFI indices, a business sold in 2026; now chairman of Syzygy Asset Management, which runs long-short strategies built on the same research. He has published more than 150 academic papers and was long-time editor of the Financial Analysts Journal.
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prediction
Rob Arnott puts the lead of the 500 largest US companies over the next 500 since 2014 at something like 4,000 basis points, and attributes all of it to rising valuations.
On his figures the top 500 went from a 15% discount to the next 500 in 2014 to an 80% premium, while the next 500's cash flow grew about 3% a year faster. Either large-company fundamentals overtake or the valuation gap reverts, and he expects US small-cap value to beat large-cap growth by perhaps 6 to 8 percentage points a year over the coming decade.
The Real Eisman Playbook
Danny MosesOn the Tape
Danny Moses was Steve Eisman's partner at FrontPoint through the subprime short told in The Big Short, and before that, from 1996, a senior salesperson at Oppenheimer covering hedge funds and state pension funds. He now hosts the On the Tape podcast.
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framework
Danny Moses and Steve Eisman set the securitisation partnership between Nvidia and the Wall Street banks beside the warehouse lines that kept subprime lenders originating in 2006 and 2007.
On their account a mortgage originator with a 2.5% cost to make each loan stayed in business while loans sold above 102.5, and was stuck with them once the funding was withdrawn. Moses adds that since 2008 much of this financing has moved outside the banking system to Blackstone and Apollo, where nobody knows how much has been lent, and that a good share of private credit has gone into AI and technology.
20VC
Sameer DholakiaBessemer Venture Partners
Partner at Bessemer Venture Partners, which has just raised $5.75 billion across a $1.75 billion seed and early fund and a $4 billion growth fund; he has led investments in Anthropic, Fireworks and Legora. Before venture he was chief executive of SendGrid, taking it from $30 million to more than $200 million of annual recurring revenue.
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prediction
Sameer Dholakia calls companies staying private longer a permanent structural shift, and still expects the IPO window to open late in 2027 and in 2028.
His reason for the first is scale: private venture holds so much more money that most of this cycle's run-up happens before listing, which on his account is why LPs are allocating more to the asset class, and he sees crossover funds spending more time there too. The second is supply and demand, with public investors wanting pure-play AI exposure across dozens or hundreds of companies and paying prices that open the window.
Latent Space
Alex Lieberman and CJ HessTenex
Alex Lieberman co-founded Tenex 18 months ago; the applied AI firm now has 75 staff, and half its customers are Fortune 2000 companies, the other half mid-market businesses with $100 million to $500 million of revenue. CJ Hess was its first hire and leads special projects.
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framework
Latent Space host swyx says his team spent $1,000 building a replacement for a SaaS tool quoted at $40,000 a year, and the Tenex guests argue that rebuilding gets harder to justify the further upmarket the software sits.
In the guests' view Salesforce and SAP gain in this period, because a failed rip-out at that scale could cost hundreds of millions or billions, and for mid-tier tools the question is whether the saving justifies staff attention spent maintaining software outside the core business; Tenex built its own CRM and met that burden. swyx counters that a mediocre product the customer can improve in minutes is offence as well as cost.
Animal Spirits
It's a Bloodbath | Animal Spirits 487
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prediction
Animal Spirits expects investors to keep buying through an AI crash if one comes, pointing to record five-day buying of CoreWeave on a Sherwood chart and the $190 billion of net new assets Schwab reported, up 38% on a year earlier.
The hosts draw on Maggie Mahar's Bull: after the dot-com bust took the Nasdaq down 80%, investors kept buying until the financial crisis drove them out. They add that the railways probably ran through three booms and busts in the 1800s, and expect AI to cycle the same way, a boom and a mini-bust and another boom, with no single blow-off top.