Bubble Trouble: Laying Out Inconvenient Truths About How Business and Financial Markets Really Work

Repeat from November, 2023.For more on Bubble Trouble, including transcripts of the show, visit us online at http://bubbletroublepodcast.comYou can learn more about Richard at https://www.linkedin.com/in/richard-kramer-16306b2/More on Will Page at: https://pivotaleconomics.comIn this episode of Bubble Trouble, hosts Richard Kramer and Will Page engage in an in-depth discussion with Alex Kantrowitz, veteran tech journalist and founder of Big Technology. The discussion provides insights on some of the issues and dilemmas facing Twitter (now called X) under the leadership of Elon Musk. Kantrowitz offers valuable perspectives on the changing dynamics in the tech world, touching on the rise of Reddit, problems with 'Threads', and the impact of new leadership on Twitter's performance and brand value. The conversation also delves into the principle of 'Effective Altruism' prevalent in Silicon Valley and what it signifies about tech leadership. Analysis of recent data reveals Twitter's shrinking user base and engagement, though it remains a highly popular app. The episode wraps with Kantrowitz sharing about his newsletter 'Big Technology', and its recent features.00:00 Introduction and Welcome00:46 Part One00:52 Interview with Tech Journalist Alex Kantrowicz02:17 Exploring Twitter's History and Business Model06:52 Twitter's Influence and Impact on Journalism07:32 The Decline of Traditional Media and the Rise of Digital Platforms08:45 Twitter's Role in the Attention Economy09:54 Twitter's Popularity and Influence Despite Declining Numbers15:06 Analyzing Twitter's User Data and Trends28:47 Part Two32:37 The Future of Twitter: Cyclical or Structural Decline?36:26 Twitter's Competition: Reddit and Threads36:34 The Struggles of Threads36:59 The Power of Network Effects38:17 The Limitations of Threads39:48 The Rise of Reddit40:04 The Role of Reddit in the Social Media Landscape40:54 The Impact of Pocket App on Twitter41:25 The Irrelevance of Threads and the Power of Meta44:20 The Challenges Twitter Faces45:50 Potential Strategies to Save Twitter49:32 The Future of Twitter Under Musk's Leadership54:51 The Role of Effective Altruism in Tech Companies58:57 The Danger of Singular Solutions59:27 The Value of Comments and the Future of Twitter01:01:38 Closing Remarks and Promotion of Big Technology01:02:34 Credits

The past week has seen US stocks–and gold, btw–rally to record highs. This week, we’re going to apply the magnifying glass to the ‘Magnificent Seven’ that are driving this rally and ask what happens when the sheer size of these US corporations, or corporate value, starts to overtake individual European stock markets. That’s right - any one of these US companies are worth more than British or German capitalism.  With an election on the horizon, time to figure out what this all means.For more on Bubble Trouble, including transcripts of the show, visit us online at http://bubbletroublepodcast.comYou can learn more about Richard at https://www.linkedin.com/in/richard-kramer-16306b2/More on Will Page at: https://pivotaleconomics.com(Times below correspond to the episode without considering any inserted advertisements.)Bubble Trouble: Giants of Global Markets and Economic QuandariesIn this episode of Bubble Trouble, Richard Kramer and Will Page explore the dominance of the 'Magnificent Seven' US corporations in the recent stock market rally and their comparison to European markets. They discuss the significant influence of American tech CEOs versus their European counterparts, global lobbying efforts by big tech, and the economic impact of major tech product launches like Apple's iPhone 16 on UK retail sales. The episode analyzes the UK's economic challenges, governmental budget constraints, and tax policy trade-offs, including the freezing of tax thresholds. The hosts delve into the broader societal and economic consequences of media monopolies, infrastructure investments, and the peculiarities of contemporary political landscapes. 00:00 00:00 Introduction00:55 Part One01:00 Feedback and OpenAI Discussion02:41 The Magnificent Seven: US Companies vs. European Markets04:29 Comparing Market Values07:26 Future Projections and Power Dynamics12:50 European Response and Regulatory Challenges15:49 Investment Strategies and Market Resilience18:21 Retail Sales and Apple's Influence19:30 Part Two19:30 UK's Economic Challenges and Government Budget22:19 Tax Policies and Fiscal Strategies30:18 The Impact of Media and Big Tech35:29 Concluding Thoughts and Audience Engagement36:49 Credits

We thought we’d get a little political on this week’s show. Are we serving up a bubble that was a landslide UK election, or is the new government trouble a bubble? And we want to deconstruct Will’s Pessimism Paradox as it applies to the place we most often seen bubbles, in high finance where the less certain the outcomes to higher the markets go.For more on Bubble Trouble, including transcripts of the show, visit us online at http://bubbletroublepodcast.comYou can learn more about Richard at https://www.linkedin.com/in/richard-kramer-16306b2/More on Will Page at: https://pivotaleconomics.com(Times below correspond to the episode without considering any inserted advertisements.)Deconstructing Economic Pessimism in the Wake of a New GovernmentIn this episode of Bubble Trouble, hosts Richard Kramer and Will Page discuss the political and economic landscape in the UK following the first 100 days of a new government. They analyze the concept of political and economic bubbles, questioning whether pessimism dominates current narratives. The discussion spans issues like the impact of the cloud on GDP measurement, tax policies, and the importance of attracting talent over traditional economic metrics. The hosts also delve into the role of economists’ outlooks during different economic conditions. The episode underscores the significance of focusing on new strategies and the long-term impact of political decisions, highlighting the government and economic system's current challenges.00:00 Introduction to Bubble Trouble00:44 Part One00:50 Analyzing the New Government's First 100 Days03:56 The Pessimism Paradox Explained14:13 Debating Economic Growth and GDP18:59 Part Two19:19 Tax Policies and Economic Challenges25:23 The Talent Competition and Immigration28:57 Reflections on Political Labels and Strategy32:47 Conclusion and Listener Engagement33:25 Credits

We always try to flag the smoke signals of mischievous market behaviour that gets society and stock  portfolios into trouble. Are we about to get fooled again by the hype and hysteria surrounding the poster child Open AI?  Or maybe, just maybe, it’s worth joining us for 30 minutes to find what really sits behind a 150bn valuation and ask whether beauty is in the eye of the beholder?For more on Bubble Trouble, including transcripts of the show, visit us online at http://bubbletroublepodcast.comYou can learn more about Richard at https://www.linkedin.com/in/richard-kramer-16306b2/More on Will Page at: https://pivotaleconomics.com(Times below correspond to the episode without considering any inserted advertisements.)In the latest episode of Bubble Trouble, co-hosts Richard Kramer and Will Page dive into the hype surrounding OpenAI, now valued at $150 billion. They examine the risks of market hype and hysteria behind this soaring valuation, discussing the broader implications for society and the tech industry. The episode explores the nuances of company valuations, comparing public versus private market insights and the lack of transparency in the private sector. With references to past tech bubbles, the hosts analyze the potential conflicts of interest among investors and question the sustainability of current trajectories in tech valuations. As they await the next bubble to burst, Kramer and Page emphasize the importance of scrutinizing underlying business fundamentals in an era of outsized market valuations.00:00 Introduction00:49 Part One01:04 The AI Hype and OpenAI's Valuation03:25 Understanding Company Valuations06:32 Public vs Private Market Valuations10:56 The Transparency Challenge in Tech15:26 Reflecting on Past Episodes and Lessons21:12 Part Two21:49 The Role of Central Banks in Market Bubbles25:32 Exploring OpenAI's Valuation and Market Dynamics36:09 Smoke Signals and Future Predictions43:46 Credits

This week we speak with Bill Raduchel, who has served as a high-level executive and strategic adviser for organizations such as Sun Microsystems, AOL Time Warner, Xerox, McGraw-Hill, and the Salvation Army. Over half a century working with systems, software, and networks, he has remained at the forefront of the technology revolution in media, education, and corporate governance including recognition at Sun as CIO of the Year and the top CFO in the computer industry and at AOL as CTO of the year. He holds more than fifty issued patents as well as a PhD in econometrics from Harvard, where he taught for five years with John Kenneth Galbraith. He has been writing software in some form since he turned fifteen years old in 1961. He is also the author of The New Technology State. This book is about society—how it has changed and what technology is enabling us to do to ourselves. [Repeat from April, 2024]For more on Bubble Trouble, including transcripts of the show, visit us online at http://bubbletroublepodcast.comYou can learn more about Richard at https://www.linkedin.com/in/richard-kramer-16306b2/More on Will Page at: https://pivotaleconomics.com(Times below correspond to the episode without considering any inserted advertisements.)The New Technology State: Redefining the Tech and Government Landscape00:00 Welcome to Bubble Trouble: A Skeptical Conversation00:46 A Journey Through Tech and Economics06:23 The Evolution of Technology and Its Impact on Economics08:02 The Writing Process and Insights into Bill's Book11:21 Exploring the New Technology State and Government Challenges17:43 The Intricacies of Tech Talent and Government Staffing19:53 Tech Debt and the Challenges of Modernization25:55 The Global Tech Landscape: Government and Private Sector Dynamics25:55 Wrapping Up Part One and Teasing Part Two25:55 Simplifying UK Government Websites: A Double-Edged Sword25:55 The Dangers of Centralization and Cybersecurity26:10 Big Tech, Government, and the Quest for Regulation27:59 The Talent Gap in Government and Tech Regulation Challenges29:15 Innovative Solutions andthe Power of Decentralization30:15 The Role of Startups in Tech Innovation and Employee Motivation31:59 Google's Management Revolution: Lessons in Innovation34:45 The Complexities of Regulating Big Tech40:05 Navigating the Future of AI and Government Regulation42:19 Economics, Education, and the Future Workforce44:56 Smoke Signals: Warning Signs in Tech and Regulation50:06 Credits

One of the first casualties of the AI race may be lawyers, and that’s where we go this week with Damien Riehl who is at the front line of disrupting the legal profession. Law without lawyers? Really? Are we moving from if to when this tipping point becomes reality. Damien's company: https://vlex.com/vincent-aiDamien's TED Talk: https://www.ted.com/talks/damien_riehl_why_all_melodies_should_be_free_for_musicians_to_useAll The Music: https://allthemusic.info/All the Patents: http://allthepatents.info/For more on Bubble Trouble, including transcripts of the show, visit us online at http://bubbletroublepodcast.comYou can learn more about Richard at https://www.linkedin.com/in/richard-kramer-16306b2/More on Will Page at: https://pivotaleconomics.com(Times below correspond to the episode without considering any inserted advertisements.)The AI Revolution in Law: Disrupting and Democratizing Legal ServicesIn this episode of Bubble Trouble, hosts Richard Kramer and Will Page delve into the disruptive potential of AI in the legal profession with guest Damien Rio from vLex. The discussion explores the transformative impact of AI on access to legal services, the operational overhaul of legal tasks through large language models, and the future implications for lawyers, courts, and clients. Damien shares insights on his groundbreaking work in automating legal processes, addressing the challenges of legal backlog, and the potential for AI to democratize access to law worldwide. The episode also touches on the impact of AI on litigation strategies, private versus public legal data, and the future landscape of legal arbitration.00:00 Introduction and Guest Welcome00:44 Part One00:52 Damien's Background and TED Talk01:30 Part Two01:30 Introduction to V Lex02:30 The Role of AI in Legal Research03:41 Disrupting the Legal Profession07:54 Democratizing Access to Law09:13 Challenges and Opportunities in Legal Tech17:59 AI's Impact on Legal Disputes23:58 The Role of Non-Lawyers in Legal Services25:28 Democratizing Access to Law25:58 Part Two26:08 Economic Impacts of Legal Tech26:59 Jevons Paradox and Legal Work28:35 AI in the Judicial System34:55 Global Implications of Legal Tech38:18 AI's Limitations and Future in Law46:45 Copyright and Patent Innovations48:28 Conclusion and Future Prospects49:12 Credits

Today we’ve got a page turner…not that Page, our co-presenter…but a book that brings the AI battle to life: Supremacy: AI, ChatGPT and the Race That Will Change the World, Written by our guest, Parmy Olson. Buckle up as it's going to be a wild ride. For more on Bubble Trouble, including transcripts of the show, visit us online at http://bubbletroublepodcast.comYou can learn more about Richard at https://www.linkedin.com/in/richard-kramer-16306b2/More on Will Page at: https://pivotaleconomics.com(Times below correspond to the episode without considering any inserted advertisements.)AI Supremacy and Ethical Dilemmas: A Conversation with Parmy OlsonIn this episode of Bubble Trouble, hosts Richard Kramer and Will Page sit down with Bloomberg columnist and AI expert, Parmy Olson, to discuss her new book, 'Supremacy: AI, ChatGPT, and the Race that Will Change the World.' The conversation covers the ethical challenges and regulatory gaps in the AI industry, the role of big tech corporations in AI development, and the societal impact of AI on various sectors including healthcare, education, and law. Olson also shares insights on the bias and unintended consequences of AI technology, the psychology of tech innovators, and the future prospects for the technology.00:00 Introduction00:51 Meet the Guest: Parme Olson01:08 Parmy Olson's Journey in Tech Journalism02:25 The Fascination with Silicon Valley03:26 The Metaverse Debate04:16 Investigative Journalism in Tech08:05 The AI Hype: Reality or Exaggeration?10:57 The Race for AI Supremacy14:29 Unintended Consequences of AI20:18 The Ethics of AI Development22:55 Closing Thoughts on AI and Tech24:49 Part Two25:23 The Competitive Landscape of AI26:07 The Shift from Openness to Secrecy27:42 Meta's Approach to Open Source AI28:55 The Role of Open Source in Tech Development30:57 The Allure of High Salaries in AI31:09 Capitalism and AI: A Cautionary Tale31:55 The Distinction Between Business and Markets33:49 AI's Potential in Public Services36:49 The Future of Law with AI41:24 The Psychology of Tech Companies48:06 The Bubble and Reality of AI49:38 The Future of AI and Human Roles51:47 Conclusion and Final Thoughts52:17 Credits

We’re back from summer break and we want to revisit some past pods as they get dragged into the current of current events, making our predictions as good - or even better - than the AI led herd. Today we’ve got a slew of stories to unpack, from AI Fakes and our podcast with the now-under-threat CEO of Boomy, the unwinding of the greatest money making machine you never heard of, and in Part Two revisiting our Ticketmaster / Live Nation show and the current fiasco of dynamic pricing for Oasis tickets.  For more on Bubble Trouble, including transcripts of the show, visit us online at http://bubbletroublepodcast.comYou can learn more about Richard at https://www.linkedin.com/in/richard-kramer-16306b2/More on Will Page at: https://pivotaleconomics.com(Times below correspond to the episode without considering any inserted advertisements.)In this episode of 'Bubble Trouble,' hosts Richard Kramer and Will Page dive into two major topics affecting today's financial and entertainment markets. They discuss the recent fraudulent activities surrounding AI-generated music streams, detailing the $10 million scam involving fake fans and manipulated royalties. Moving on, they shed light on the Oasis ticketing debacle, where surge pricing and market manipulation led to skyrocketing ticket prices and public outcry. Throughout the episode, they revisit past discussions, particularly focusing on market turbulence and the intricacies of carry trades. The hosts promise more exciting content and insights into market dynamics as they kick off their autumn season.00:00 Introduction and Welcome Back01:08    Part One01:33 Reflecting on Past Episodes02:11 Summer Break and Market Turbulence03:42 Understanding Carry Trades09:46 Nvidia's Market Impact13:07 AI Music Fraud Scandal23:41 Part Two23:41 Oasis Ticket Fiasco24:59 Ticket Demand and Dynamic Pricing26:30 Surge Pricing vs. Dynamic Pricing30:58 The Role of Ticketmaster and Market Manipulation36:03 Potential Solutions and Future Outlook43:07 Concluding Thoughts and Wrap-Up43:48 Credits