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Quarterly Market Recap: Q2 2025 - [Making Markets, EP.63]

·49 min·3 clips

Markets started treating “the sense” as the stronger voice than Howard Lutnick.

Eric Golden opens by framing the show as a look at the psychology and structure that shape markets around the world. He and his guest start the second-quarter recap with 35 minutes left in the quarter, which gives the conversation a live, unfinished feel. The episode starts with a quarter that has been full of shocks, reversals, and second guesses. A major thread is the market reaction to geopolitical tension, including concern around Iran and whether the conflict would stay unresolved. The military and political side stays at a distance. What matters here is the market reaction: whether investors still see a live tail risk or think the event has already been absorbed. Tariffs and geopolitical tension sit side by side as the two clouds hanging over markets. The conversation keeps asking how much of that risk is actually priced in today. Rather than treating it like a headline of the day, the episode turns it into a question about how markets handle new information once the first shock has passed. From there, the discussion widens into the market impact of new technology, especially AI. The guest ties that theme to a broader setting in which crypto has run, venture capital, private equity, and private credit have kept growing as vehicles, and public markets can look smaller relative to private ones. The episode keeps testing whether that shift is temporary or structural. It treats the growth of private markets as more than a cycle and asks what it means when so much allocation happens outside the public tape. That makes the recap feel deeper than a simple list of winners and losers. Crypto also comes up as a real part of the quarter’s market story. The discussion places the asset class in the context of global wealth and investor attention, noting that it is now a two trillion dollar asset class. That gives the scale of the market a clearer edge. The recap keeps circling back to the idea that markets often react first and process later. A shock can feel enormous in the moment and then fade once the feared outcome does not fully arrive. The episode uses that pattern to ask whether investors are getting comfortable too quickly. Throughout, Eric Golden keeps steering the conversation toward practical market judgment. He pushes it from broad events toward the implications for capital allocation, pricing, and risk. The point is not political theater. It is what money is doing in response to it. The guest answers in a way that keeps linking events to market structure. That means thinking through how information gets absorbed, which risks remain unresolved, and where the market may be acting as if a problem is over before it really is. The exchange stays rooted in incentives rather than sentiment. By the end, the quarter looks less like a clean narrative than a mix of competing signals. Some risks have faded, some have been repriced, and some may simply be waiting. The recap leaves the listener with a sober sense that the market may have moved on faster than the underlying issues have.

As heard by us

A quarter-end market sweep that keeps asking what is already priced in.

Eric Golden's quarter-end market recap stays close to mechanism. Tariffs, geopolitical tensions, AI, crypto, private credit, private equity, and the larger push into private markets are treated less as headline noise than as questions about how prices move and what the market…

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A late-quarter market briefing on what shocks are still being priced in.

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