Josh Brown and Michael Batnick talk to fund managers and analysts about markets, mostly about the week that just happened, occasionally about how the business itself works.
The show publishes two or three times a week and most of those episodes are pegged to the tape: an earnings preview, a selloff, a bounce. Starting at the beginning means starting inside somebody else's Tuesday. The guest interviews are the episodes that survive their own publication date, and they are scattered through the feed rather than grouped.
In order. If you only listen to one, make it the first.
Baron started his firm in 1982 with $10 million from George Soros and by 2025 it managed $70 billion. The number that carries the episode is portfolio turnover under 10 percent, and his account of leaving sell-side research, where he was paid for commissions rather than for being right, explains where that came from.
The mechanism episode. Private credit loans are valued by the manager rather than marked against a daily market, which Nick Nemeth calls volatility laundering, and he traces where those loans come to rest: on the balance sheets of US life insurers, an industry carrying roughly $10 trillion in assets against thin capital buffers.
Spencer Jakab lays out two accounting mechanisms that shape headline earnings. AI hardware gets depreciated over three to five years, so the buyer's cost arrives slowly while the seller books revenue at once. And GAAP requires a company to record a gain when a private firm it holds a stake in raises at a higher valuation.
The clearest look at how the custody business works from the inside. Schwab's CEO talks through the structural tension of serving retail clients directly while also holding assets for the 16,000-plus independent advisors who compete for those same clients.
A tour through twenty-odd portfolio constructions, from 60/40 to risk parity to the Permanent Portfolio, and the point Roche keeps returning to: correlations converge in a crisis, so a genuinely diversified portfolio means always disliking part of it.
Which is the real problem with "where do I start" lists. Each episode above links to its summary on this site, free and without an account, so you can find out which of the five is worth your evening before committing to any of them.
The market-recap episodes, which is most of the feed. Anything whose title names a specific week's earnings, asks whether this is a bear market, or lists next year's stock picks is a conversation about one particular Tuesday and reads as noise a year later.
The back-catalog problem is the same problem as the queue problem. Listening to summaries instead of full episodes and fitting long shows into a commute cover two other pieces of it.