The New Barbarians Podcast

What happens when a meme stock short squeeze meets a 3-million-paper research archive? In Episode 30 of The New Barbarians Podcast, Bill Mann and Mark Connors sit down with Michael Magoulias, Commercial Director at SSRN (Social Science Research Network), to explore how early-stage academic research is shaping markets, technology, regulation—and your portfolio.From short interest factors and retail-driven squeezes to AI-curated research workflows and the philosophy of Plato, this episode traverses the evolving relationship between ideas, capital, and power. Michael reveals why SSRN is a leading indicator for innovation, and how ideas—when identified early—can become alpha-generating strategies long b...

AI & Bitcoin continue to dominate the investment landscape. In Episode 29, Bill Mann and Mark Connors go it alone for a mid‑year gut‑check on markets and macro. The hosts unpack the past few weeks’ volatility – from why Ethereum was the only major asset to break into the 95th percentile for returns to how “risk‑on” sentiment has left value stocks lagging. They dig into the dashboards built by their intern team to tease out why scarcity assets like gold and Bitcoin are leading global equities, explore the intersection of growth and quality factors with the AI/crypto boom, and reflect on...

In this episode, we sit down with Jennifer Murphy, veteran investor and CIO of Runa Digital Assets, to explore why today’s AI and crypto revolutions aren’t sudden — they’re the culmination of decades of technological evolution.With over 30 years in the investment world, from working alongside Bill Miller at Legg Mason to leading at Franklin Templeton and now pioneering in digital assets, Jennifer brings a rare long-view perspective. She walks us through how the Information Age is reaching its end, how AI and crypto are shaping the next cycle, and why volatility, decentralization, and information asymmetry present enormous...

In Episode 27 of The New Barbarians Podcast, hosts Bill Mann and Mark Connors welcome Chris Maher, founder of Samaritan Partners, a venture capital fund focused on impact investing in disability innovation.Chris shares how his journey as a parent, tech CEO, and former D1 coach led to launching a fund that bridges purpose and profit — backing startups that empower the disability community with scalable, meaningful solutions. From AI-powered accessibility tools to inclusive travel platforms, this conversation explores how venture capital can create real-world change while still aiming for strong returns.You’ll also hear macro insights on global markets, cent...

What happens when human intuition meets data-driven precision? In this deep-dive short from The New Barbarians Podcast, Mark Connors breaks down the seismic shift toward systematic global macro investing. From yield curve twists to easing trade tensions, from ARIMA and GARCH models to machine learning and relative value trades, this episode explores how investors are using rules-based systems to navigate today's complex markets. Learn how macro regimes, sector sensitivities, AI, and econometrics converge to generate alpha — and why discretion still matters in the age of automation.Link to the Paper: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5279491Li...

In Episode 26 of the New Barbarians Podcast, Bill Mann and Mark Connors sit down with Christina Qi, co-founder and CEO of Databento, for an unfiltered conversation about her journey from high-frequency trading to building one of the fastest-growing market data vendors in the industry.They cover:- Why she shut down her hedge fund at the peak of her success- The real-world pain of working with legacy data providers- What it takes to build a scalable, transparent data business- Insights into cloud vs. colo, the SEC market data overhaul, and customer-led product roadmaps- What makes quants terrible at sales...

In Episode 22 of The New Barbarians Podcast, Bill and Mark are joined by David Forino, CTO and Co-Founder of Quanted, to explore how systematic investors can finally scale dataset onboarding and feature discovery without months of engineering time.They cover:• The rise of explainable machine learning over deep neural nets• The 3000→30 line code compression in quant infrastructure• Why Circle’s IPO and stablecoin legislation may reshape global macro• Real-world alpha bottlenecks in top quant funds• Cultural insights from Elba to Budapest• Can crypto ever become a global travel currency?And much more, including war stories from AI startups, VW’s robotics lab, an...

In Episode 24 of The New Barbarians Podcast, Bill Mann and Mark Connors sit down with Ihsan Saracgil, Chief Product Officer at OpenBB, for a deep dive into the future of quant research and AI-native finance.We explore how OpenBB is dismantling legacy market data systems and giving investors cutting-edge tools—customizable dashboards, AI copilots, multi-agent frameworks, and a glimpse into real-time LLM interaction with Fed documents. Ihsan showcases live demos including FOMC parsing, factor attribution with Fama-French models, and CPI analysis powered by Snowflake—without ever leaving the OpenBB environment.If you're in tradfi, crypto, quant, or just tired of e...

Join us for a very special LIVE episode of the New Barbarians Podcast with one of the true pioneers of modern investing — Herb Blank.Herb has been innovating in finance for over three decades — from launching the first managed ETFs to driving early Smart Beta and ESG models.We cover:✅ The history and future of quantitative investing✅ The origin of factor-based models and strategy indexes✅ Governance as the most predictive ESG factor✅ The evolution of ETFs and lessons from the 2008 crisis✅ AI’s role in risk management vs alpha generation✅ Bitcoin and blockchain through a quant’s lensPacked with market wisdom, perso...

In this episode, Bill Mann and Mark Connors welcome Ben Golub, Head of Derivatives Trading at Secure Digital Markets (SDM), to explore the cutting edge of crypto derivatives, OTC trading, and institutional adoption of digital assets.We dive into:✅ The collapse of TradFi margins and the migration to crypto rails✅ How Bitcoin and AI are becoming base-layer financial infrastructure✅ The rise of crypto derivatives: structured products, accumulators, NDFs, and more✅ Why miners, family offices, and funds are turning to OTC desks✅ Risk management lessons from Celsius and how SDM avoids rehypothecation✅ Systematic strategies, short exposure, and building factor models in crypto✅ W...

🎧 Guests:Lisa Huff (Eberly Energy Ventures)Dan Morrison (Amalgamated Sludge)In Episode 21 of The New Barbarians Podcast, we head to Houston after a powerful event featuring Dr. Adam Back to unpack the energy-tech collision shaping global infrastructure. Lisa Huff (Eberly Energy Ventures) and Dan Morrison (Amalgamated Sludge) join us to break down why energy sovereignty matters—from stranded gas assets to off-grid mining, from powering AI to defending national security.Topics include:– The economics of flared gas and Bitcoin mining– Why AI’s power demand will surpass Bitcoin’s– Power grid volatility, load balancing, and “Mullet Mining”– Strategic infrastructure in a multipolar world...

In this episode of The New Barbarians, hosts Bill Mann and Mark Connors dive into the world of quantitative crypto investing, revealing how traditional models and modern AI tools are being re-engineered to capitalize on persistent inefficiencies in digital asset markets.They explore cutting-edge strategies such as arbitrage, pairs trading, sentiment analysis, and volatility forecasting, examining how machine learning is reshaping algorithmic trading. With a focus on real-world execution, the discussion covers both the promise and the pain points of implementing quant models in the high-speed, fragmented crypto universe.If you're a data-driven investor, fintech founder, or curious observer...

Can Bitcoin be both a safe haven and a risk-on asset? Why does Warren Buffett praise Apple but doubt gold or crypto? And is Europe becoming a financial museum while the U.S. rewires for AI-led growth? In this explosive episode, Rebellion Research CEO Alex Fleiss joins Bill Mann and Mark Connors for a wide-ranging conversation on market signals, fiscal sustainability, and the role of faith in investing.🎙️ Highlights include:- Europe vs. the U.S.: Innovation and capital flight- MicroStrategy and Bitcoin leverage- Judea Pearl, AI pioneers, and why AGI may never come- The Fordham Quantitative Finance Conference previ...

📄 Episode Description:In this special live edition of The New Barbarians Podcast, we welcome back Connor Farley, CEO of Truvius and former AQR researcher, for a deep dive into systematic crypto investing, tax alpha, and navigating today's macro whipsaws. Bill, Mark, and Connor unpack:- The evolution of factor investing from TradFi to DeFi- Why Bitcoin may be emerging as a "soft haven" in volatile markets- How Truvius is automating tax-loss harvesting to enhance after-tax returns- Connor’s firsthand take on data quality, blockchain sectors, and portfolio construction- What AQR taught him—and how he's adapting it for crypto in 2025...

📖 Episode Description:On Episode 18 of The New Barbarians, Bill Mann and Mark Connors cut through the noise of market volatility, trade wars, and tech disruption to map out the shifting landscape of global finance.They unpack the aftermath of "Liberation Day," analyze the IMF’s surprising growth downgrade, and explain how new forces — from tariffs to Bitcoin — are reshaping investment strategy.The conversation also dives deep into AI's race to zero-cost intelligence, China's countermeasures, the real risks and rewards in digital assets, and why the old Bretton Woods playbook no longer applies.Bill shares insights from his recent crypto conferenc...

In this episode of The New Barbarians, Bill Mann and Mark Connors dive deep into a volatile week across global markets. With Jerome Powell warning of stagflation and Trump ramping up tariff threats (and calling for Powell's removal), the macro landscape is shifting fast—and not necessarily for the better.

We break down the data behind the market selloff, explore the impact of “Liberation Day” on GDP forecasts, and examine why foreign equities, Bitcoin, and gold are outperforming while the U.S. dollar and major indices stumble. Mark unveils his latest scorecard on asset flows, yield curves, and cr...

In this episode of The New Barbarians, Bill and Mark dive into the market-shaking fallout from Trump’s latest tariff reversals and escalations. With a 145% tariff on China, retaliatory measures, and a new wave of uncertainty, we unpack the implications of what we’re calling Liberation Day — a moment on par with Nixon’s gold shock in 1971.

We discuss:

- The breakdown of global trade trust

- Why gold and Bitcoin are rallying while oil tanks

- Carville’s legendary bond market quote and its modern relevance

- The de...

This week on The New Barbarians, Bill Mann and Mark Connors break down the sharpest two-day market decline since 2020 — and why it might be even more historically significant. From Black Monday in 1987 to today’s tariff-induced turmoil, we explore the anatomy of market meltdowns, past and present.

We discuss:

📉 The “one-man crash” and its unprecedented impact

🧠 Why traditional quant models and LLMs missed this move

🏛️ How policy, not panic, is now the primary market mover

💥 Lessons from 2008, 2020, and the new Fed-dominated regime

📊 What today's volatility tells us about...

🔍 Episode Summary:

In this jam-packed episode, Bill and Mark break down the storm brewing at the intersection of traditional finance and emerging global trends. With Q1 2025 officially in the books, the markets are reacting to a perfect storm of economic signals—from gold’s historic surge and Bitcoin’s surprising resilience, to Japan’s volatility and the looming impact of Liberation Day tariffs.

They unpack why consumer sentiment is at a 12-year low, why the Fed might be cornered into a liquidity pump, and how geopolitical shifts—like Germany lifting its constitutional debt brake—are shaking global...

Join Bill Mann and Mark Connors on Episode 13 of the New Barbarians podcast as they dive into a whirlwind week of market rebounds, policy pivots, and global economic shifts. From the Fed’s tapering slowdown to Trump’s softened tariff stance, the duo unpacks how these moves sparked a risk-on rally—Nasdaq up 2.3%, Russell soaring 2.6%, and the VIX dropping to 17.46.

They explore gold’s surge past $3,000, Bitcoin’s volatile dance, and a seismic $1.1 trillion spending bill in Germany that’s rewriting NATO’s cost structure. With insights from their Wall Street days and a keen eye on AI and digital...

On this episode of The New Barbarians, hosts Bill Mann and Mark Connors dive into the latest market turbulence, drawing lessons from the past to make sense of the present. As we mark the 17th anniversary of Bear Stearns' collapse, we explore the broader implications of the 2008 financial crisis and how it shaped today’s economic landscape.

From St. Patrick’s Day market moves to the rise of private credit, we analyze the critical factors shaping risk appetite, global liquidity, and central bank behavior. We also break down the impact of tariffs, Federal Reserve policy, and shifting inve...

In this episode of The Deep Dive, we explore the rapidly evolving role of large language models (LLMs) in high finance. Our guest, an expert in quantitative finance and AI-powered investment systems, helps us break down how LLMs are reshaping financial markets, from research and analysis to trade execution.

Key Takeaways:

- The Power of LLMs in Finance: AI models like ChatGPT and BloombergGPT can analyze vast amounts of financial data, spot trends, and even generate complex trading strategies—potentially leveling the playing field for individual investors.

- Democratizing Financial Tools: Previously, sophisticated qu...

In this episode of The New Barbarians Podcast, we dive into the latest market turmoil, analyzing the ongoing sell-off and its broader macroeconomic implications. We discuss the impact of delayed tariffs, the Atlanta Fed’s negative GDP nowcast, and whether the U.S. is heading into a recession. With global markets in flux, we examine why European equities are rallying while U.S. stocks sink, the role of gold as a safe haven, and the potential for further deleveraging in the markets.

We also break down how quants and hedge funds are navigating this volatile environment, the si...

On this episode of The New Barbarians, we connect the dots between Hollywood, market discipline, and the latest financial turmoil. We reflect on the legendary Gene Hackman, the lessons from Hoosiers, and how his approach to leadership mirrors the mindset needed in investing.We also break down recent market movements, including the latest crypto sell-offs, Trump's unexpected Truth Social post and its impact on digital assets, and the growing signals of risk in traditional markets. From the Move Index to managed futures, we explore how investors—both fundamental and quant-driven—are responding to volatility.Are we in a full-blown mark...

In this episode of The New Barbarians podcast, Bill Mann and Mark Connors break down the economic landscape after the first 30 days of Trump's presidency. They revisit their earlier investment outlook, balancing the promise of policy shifts against the backdrop of mounting debt and changing demographics.The discussion covers a range of critical macroeconomic themes, including:- The impact of retiring Baby Boomers on GDP growth.- The role of technology in offsetting demographic shifts.- Inflationary pressures and their effect on interest rates and asset allocation.- Gold’s surge and its historical parallels to past financial crises...

In Episode 8 of The New Barbarians Podcast, Bill Mann, Mark Connors, and Chris Rosa welcome Kevin Jiang, CIO of Virgo Digital Asset Management, to discuss what could be the biggest trade of our lifetime—the U.S. Treasury’s challenge of rolling over nearly $10 trillion in debt. They break down how the Fed’s shifting monetary policy, inflation concerns, and sovereign wealth funds accumulating Bitcoin signal a seismic shift in global finance. Kevin explains why Bitcoin is now behaving as a macro asset, closely tied to interest rates and liquidity cycles, and how institutional players are positioning for this new re...

🚀 In this episode of The New Barbarians, we’re joined by Connor Farley, CEO & Co-Founder of Truvius, an SEC-registered investment advisor specializing in systematic digital asset management. Connor shares insights on quant investing in crypto, how Truvius applies institutional-grade strategies to digital assets, and why a systematic approach is key in a rapidly evolving market.

🔥 Key Topics Covered:

- The macroeconomic landscape & crypto’s role in portfolio diversification

- How Truvius is bringing institutional-grade investment strategies to digital assets

- The rise of Solana, Ethereum, and how network fees impact valuations

- Why...

In this special episode of The New Barbarians, we're trying something new! This podcast episode is generated by NotebookLM to explore the evolution of portfolio construction and optimization, from traditional methods to cutting-edge machine learning applications. It represents a departure from our usual two-host format as we dive deep into our research. Based on a comprehensive analysis of academic research and practical experience, we'll delve into how quantitative funds are using both thematic model grouping and consolidated alpha signal optimization. Link to Paper - https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5124967 Key topics covered: • Modern Portfolio Theory (MP...

🚀 Market Volatility, Trump’s Tariffs, & The Future of Crypto In this episode of The New Barbarians Podcast, Bill Mann and Mark Connors break down a turbulent week in global markets. From Trump’s unexpected tariffs shaking equities to Bitcoin and gold emerging as key safe havens, we analyze the key macro trends shaping 2025. 📉 Key Topics Covered: - Market Recap: January ended strong with Bitcoin up 9%, gold up 6%, but major equity indices faced volatility. - Trump's Tariffs: Impact on markets and comparisons to historical policies like Smoot-Hawley. - Gold’s Resurgence: Why gold is behaving like it's the 1970s all over again. ...

In this episode of The New Barbarians, hosts Bill Mann, Mark Connors, and producer Christopher Rosa sit down with Dr. Thársis Souza, a computer scientist, former SVP of Product Management at Two Sigma Investments, and author of Taming LLMs. Together, they explore the transformative role of AI in product management, examining how AI is driving innovation, reshaping team dynamics, and challenging traditional approaches to prioritizing and solving problems. Dr. Souza dives into the strengths and shortcomings of large language models (LLMs), showcasing their potential for creativity and idea generation while addressing critical risks such as hallucinations, non-determinism, and f...

Summary In this episode of The New Barbarians Podcast, Bill Mann, Mark Connors, and Christopher Rosa dive into the dynamic world of markets on the eve of Trump's 2025 inauguration. We explore the "Trump Trade," discuss how to design portfolios for both strategic and tactical opportunities, and analyze the latest developments in the crypto space, including Bitcoin's dominance, altcoin trends, and the potential for stablecoin adoption by banks. The team also shares insights into using AI and large language models (LLMs) to synthesize market data and build smarter portfolios. From GDP forecasts and CPI prints to the intersection of traditional...

Summary In this podcast episode, Mark Connors and Bill Mann discuss the current economic landscape, focusing on the implications of recent employment data, Federal Reserve policies, and market dynamics. They analyze Bitcoin's performance in relation to equities and inflation, explore the political influences affecting the cryptocurrency market, and provide insights into future economic predictions for 2025. The conversation highlights the importance of understanding volatility in both traditional and digital asset markets, as well as the evolving role of Bitcoin in investment strategies. Takeaways - The economy is running strong, questioning Fed rate cuts. - Bitcoin is behaving like a commodity...

Summary In this episode of The New Barbarians, Mark Connors and Bill Mann dive into the intersection of technology, finance, and investing. Celebrating Bitcoin's 16th birthday, they explore its origins, the role of central banks in asset inflation, and the current crypto market cycle. The discussion transitions into the impact of AI on investing, including its use in quantitative strategies, efficiency in risk premia, and the evolution of investment research with large language models (LLMs). Key topics include:

In the inaugural episode of The New Barbarians podcast, hosts Mark Connors and Bill Mann discuss their backgrounds in finance and the evolution of markets, particularly focusing on the rise of Bitcoin and digital assets. They explore the changing landscape of Wall Street, the impact of technology on investment strategies, and the importance of understanding blockchain technology and smart contracts. The conversation highlights the need for a new approach to investing in a rapidly evolving financial environment. In this conversation, Bill Mann and Mark Connors explore the evolution of digital assets, particularly Bitcoin and Ethereum, and their implications for...