Hedgeye Podcasts · Hedgeye Risk Management

Ep.134 Real Conversations → Beyond the Singularity: Tech, Power, Money, and a World in Rapid Transition w/ Dr. Pippa Malmgren

·50 min·2 clips

Erebor, Peter Thiel's new tokenized investment bank, raised $2 billion in days by allowing startups to bypass traditional Wall Street.

Dr. Pippa returns to Keith McCullough's conversation. Keith opens warmly, crediting her for calling major transitions long before they turned into market chatter, but the episode does not sit in nostalgia for long. Politics barges in. Dr. Pippa's advice to investors is blunt: put the emotional reaction to Trump to the side and judge the policy itself. She says she has watched this movie before, from her time on President George W. Bush's National Economic Council to the hostility around George Bush and Ronald Reagan. Then the conversation gets practical. Stablecoins are her cleanest example, because U.S. Treasury collateral and dollar convertibility change the funding map. Small startups could raise money outside the usual capital lanes. So could companies like Walmart and Costco. Wall Street loses some gatekeeping power. Silicon Valley does too, especially the model that, in her telling, backs a narrow set of unicorn bets and still watches plenty of them fail. She is arguing for a wider pipe, not doing soft-focus small-business talk. The point is capital allocation: get money to new ideas faster, even when the outcome is a half-scale or quarter-scale winner instead of a category killer. Those companies can still matter, especially inside a community. The Treasury angle gives the argument its macro bite. If stablecoins need Treasuries behind them, wider issuance could steer more global buyers toward U.S. debt at a time when financing needs are high. Keith keeps the pace sharp, and the exchange turns political noise into a conversation about funding access, capital flows, and balance-sheet demand.

Listen to the show on

Apple Podcasts Spotify

Play clips from this episode More from Hedgeye Podcasts