Making Markets · Colossus | Investing & Business Podcasts

Entrepreneurship, Markets, and the Fed - [Making Markets, REPLAY]

·45 min·2 clips

Eric Golden calls investing “the greatest game in the world” and says it keeps reminding people they “know absolutely nothing.”

1. Making Markets focuses on entrepreneurship, markets, and the Federal Reserve, with Eric Golden speaking as both host and guest. 2. Eric Golden is the CEO of Canopy Capital, and Joe Magyar is the founder of Seaplane Ventures, which makes the interview feel like a founder-to-founder conversation. 3. The episode asks what markets, venture, and personal career decisions look like when viewed through risk, structure, and regret. 4. Eric describes Canopy Capital as a startup asset-management technology platform for advisors building separately managed accounts. 5. He says the firm is focused on “tax individualized investing,” meaning portfolios built around each client’s tax situation rather than gross returns alone. 6. He frames that work as a response to the move from high-cost alpha products toward lower-cost passive products across asset management. 7. The conversation turns to Making Markets, which Eric says began as a crypto-focused idea because Patrick asked him to cover crypto in 2021. 8. He says he first dismissed crypto, then changed his view after reading the white paper and thinking about it as an asset rather than a currency. 9. Eric ties the show’s format to his belief that markets are “a universal language,” whether the instrument is a ticker, a Q-SIP, a token, a watch, or a ticket. 10. He names thoroughbred horses, vineyards, watches, rare art, and photography as examples of the esoteric markets the show has covered. 11. Eric says the hardest part of podcasting is that many of the best alpha conversations cannot be published because people will talk only off the record. 12. He argues that great investors often share examples of edges that went away, not live trades that still work today. 13. His private-jet example shows how traders once used publicly available flight data as part of a mosaic theory around mergers and acquisitions. 14. He says the same pattern shows up in investing because people are constantly trying to find a small edge in messy information. 15. On competitiveness, Eric says municipal bonds, high-yield credit, distressed restructuring, and private equity origination reward document reading and legal-structural analysis. 16. He contrasts that with corporate credit, where Bloomberg normalizes much of the information and leaves less room for edge in reading covenants. 17. Eric also says his expectations of venture capital were too high, since many VCs have paths shaped by family background, founder exits, or earlier network access. 18. He says venture is still competitive, but his rough comparison suggests fewer funds per deal than in public markets and lower competition for some opportunities. 19. The interview is conversational, analytical, and built around long answers, with Joe Magyar prompting Eric to move between macro views, career history, and practical examples. 20. Listeners who like markets, venture, and career transitions will get the most from it, while people wanting short, narrow answers may skip it.

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