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Tracy Alloway

@tracyalloway.bsky.social

15K followers 458 following 88 posts

Co-host of the Odd Lots podcast. I like financial crisis hindsight, spurious correlation and puppies. London ➡️New York ➡️Abu Dhabi ➡️Hong Kong ➡️New York

Posts Replies Media

Reposted by Tracy Alloway

Jeremy Wallace @jeremywallace.bsky.social · 27/08/2025

Lev Menand is blistering here. Must listen. Meeting the moment. Incredible stuff from @weisenthal.bsky.social and @tracyalloway.bsky.social on Odd Lots. overcast.fm/+AA5AWNdOBV0

Lev Menand on Trump’s Attempt to Fire the Fed’s Lisa Cook — Odd Lots

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Nina Eichacker @ninaecon.bsky.social · 05/08/2025

I was either going to write about the BLS firing or the Odd Lots profile, so I picked joy. Here's a piece on how Odd Lots (thank you @weisenthal.bsky.social and @tracyalloway.bsky.social ) is one of the best institutionalist readings of the global economy going: open.substack.com/pub/ninaeich...

open.substack.com

In praise of Odd Lots

Or, what else I love about the show profiled in the NYTimes on Sunday

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Paolo Bernardi @paolobernardi.bsky.social · 09/06/2025

ODD LOTS @tracyalloway.bsky.social and @weisenthal.bsky.social on the data information loss. If you don't know everything is fine. www.bloomberg.com/news/newslet...

America’s Data Disaster Is Already Here

This is what economists were worried about.

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Rebecca Spang @rlspang.bsky.social · 31/05/2025

I recently went to a fun little conference where most in attendance were central bankers & financial journalists; plus Chris Desan, P. Mehrling, B. Eichengreen and me (?!!). Here’s one of the panels in podcast form thanks to @weisenthal.bsky.social @tracyalloway.bsky.social @bhgreeley.bsky.social

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Mihir Shah @mihirpshah.bsky.social · 23/05/2025

We have reached Odd Lots singularity - hearing @tracyalloway.bsky.social talking about Bollywood while I’m mowing my suburban Atlanta lawn. Yes, you should absolutely watch Mississippi Masala. And the real Bollywood superstar will always be Amitabh Bachchan.

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Joe Weisenthal @weisenthal.bsky.social · 19/05/2025

NEW ODD LOTS: @tracyalloway.bsky.social and I talked to longtime investment banker Scott Bok on how dealmakers, such as him, spread the gospel of global capitalism and shareholder value all around the world. podcasts.apple.com/us/podcast/s...

podcasts.apple.com

Scott Bok on How Bankers Spread the Gospel of Capitalism

Podcast Episode · Odd Lots · 05/19/2025 · 53m

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Joe Weisenthal @weisenthal.bsky.social · 09/05/2025

NEW ODD LOTS: @tracyalloway.bsky.social and I spoke to the CEO of clothing company MM Lafleur, about how the apparel industry works, and the existential threat from the tariffs on her business. podcasts.apple.com/us/podcast/a...

podcasts.apple.com

A US Clothing Brand On the Existential Threat From the Tariffs

Podcast Episode · Odd Lots · 05/09/2025 · 40m

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Joe Weisenthal @weisenthal.bsky.social · 12/05/2025

NEW ODD LOTS: It's the GOAT Philip Diehl. @tracyalloway.bsky.social and I talked to the former mint director about the booming business of gold coins podcasts.apple.com/us/podcast/p...

podcasts.apple.com

Philip Diehl on the Booming Business of Gold Coins

Podcast Episode · Odd Lots · 05/12/2025 · 42m

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Joe Weisenthal @weisenthal.bsky.social · 06/05/2025

NEW ODD LOTS: @tracyalloway.bsky.social and I spoke with Brad Setser about the big surge in the Taiwanese dollar podcasts.apple.com/us/podcast/b...

podcasts.apple.com

Brad Setser on the Big Surge in the Taiwanese Dollar

Podcast Episode · Odd Lots · 05/06/2025 · 29m

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Joe Weisenthal @weisenthal.bsky.social · 25/04/2025

THE ACTUALLY EXISTING WAR ON CHRISTMAS @tracyalloway.bsky.social and I wrote jointly in the Odd Lots newsletter about the prospect of empty shelves and reduced variety, as retailers are handling holiday orders right now. Sub here: www.bloomberg.com/account/news...

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Eric Blyler @ericblyler.bsky.social · 21/04/2025

Guys. I cannot recommend this episode enough if you’re remotely interested in what’s happening to the global economy right now, and get just a heroic dose of economics knowledge dropped on you by one of the best. h/t to @weisenthal.bsky.social and @tracyalloway.bsky.social for another banger.

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Joe Weisenthal @weisenthal.bsky.social · 14/04/2025

MUST-READ @tracyalloway.bsky.social does an autopsy of last week's basis trade blowout, and finds the causes more ominous than mere overleverage or illiquidity in the system. Sub to the Odd Lots newsletter here: www.bloomberg.com/account/news...

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Joe Weisenthal @weisenthal.bsky.social · 11/04/2025

This was fun. @tracyalloway.bsky.social and I talked to Vanity Fair about the week in news www.vanityfair.com/news/story/b...

No! Sleep! For Bloomberg! How the Media Giant’s Joe Weisenthal and Tracy Alloway Survived a Manic Week

The stalwart financial reporters and podcasters rode Donald Trump’s tariff roller coaster with the help of a lot of tweeting and, sure, a little nicotine.

Reposted by Tracy Alloway

Joe Weisenthal @weisenthal.bsky.social · 12/04/2025

NEW ODD LOTS: It's the return of Jim Chanos. @tracyalloway.bsky.social and I talked to the legendary short-seller about the craziness of this week, plus some Elon, $NVDA, Medicare Fraud, private equity, and more. podcasts.apple.com/us/podcast/j...

podcasts.apple.com

Jim Chanos on Who's Getting Caught Swimming Naked

Podcast Episode · Odd Lots · 04/12/2025 · 40m

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Joe Weisenthal @weisenthal.bsky.social · 10/04/2025

NEW ODD LOTS: @tracyalloway.bsky.social and I talked to Rob Kaplan, former Dallas Fed President, and Vice Chairman of Goldman Sachs about how the Fed will think about the tariffs podcasts.apple.com/us/podcast/r...

podcasts.apple.com

Rob Kaplan on How the Fed Will Think about the Tariffs

Podcast Episode · Odd Lots · 04/10/2025 · 32m

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Karl Schamotta @karl-schamotta.bsky.social · 07/04/2025

@tracyalloway.bsky.social on the bird site:

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Joe Weisenthal @weisenthal.bsky.social · 01/04/2025

SPECIAL ODD LOTS: The brewing risk to the Fed that Wall Street isn't talking about. @tracyalloway.bsky.social and I chat with Lev Menand about Trump's firing of the two Democratic commissioners on the FTC, and what it means for the Fed if left to stand. podcasts.apple.com/us/podcast/t...

podcasts.apple.com

The Growing Risk to Fed Independence That Wall St Isn't Watching

Podcast Episode · Odd Lots · 04/01/2025 · 32m

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Kate Mackenzie @katemac.bsky.social · 27/03/2025

Behold, @tracyalloway.bsky.social read through the comments in the Dallas Fed survey of oil & gas executives, and it's *bad* bsky.app/profile/weis...

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Joe Weisenthal @weisenthal.bsky.social · 27/03/2025

MUST READ IN THE NEWSLETTER: Oil and gas executives just gave scathing comments on this administration and the state of the industry> Read the full thing here from @tracyalloway.bsky.social www.bloomberg.com/news/newslet...

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Joe Weisenthal @weisenthal.bsky.social · 11/03/2025

THE BIG RESET @tracyalloway.bsky.social and I gather the ways that big things have shifted in the last few weeks. Read the whole thing in today's Odd Lots newsletter www.bloomberg.com/news/newslet...

Tracy Alloway @tracyalloway.bsky.social · 10/03/2025

VIX curve now inverted

Reposted by Tracy Alloway

Mike Johansen @mikejohansenmd.medsky.social · 09/03/2025

Odd Lots took on the NIH funding debacle. A good example of where what the Trump administration is doing is bonkers and terrible, while it is also true that the current paradigm is flawed. cc: @tracyalloway.bsky.social www.bloomberg.com/news/article...

Trump’s NIH Cuts Send Shockwaves Through the Science World

How does research funding actually work?

Tracy Alloway @tracyalloway.bsky.social · 10/03/2025

THIS WEEK - ODD LOTS LIVE IN WASHINGTON DC @weisenthal.bsky.social & I are bringing the show to DC, with live recordings of the podcast (&much more) at the Miracle theater. Doors open at 7pm Wed, March 12th. Popcorn provided 🍿🍿 Get your tickets here: events.bloomberglive.com/oddlotsliveDC

events.bloomberglive.com

Odd Lots is coming to DC! On March 12, Tracy Alloway and Joe Weisenthal will be hosting a live taping of the Odd Lots podcast. It's our first in the nation's capital, and so we'll be talking about the...

Reposted by Tracy Alloway

Joe Weisenthal @weisenthal.bsky.social · 06/03/2025

NEW ODD LOTS: We spoke to the legends Eugene Fama (the father of the Efficient Markets Hypothesis) and David Booth about how the two of them basically invented modern finance. podcasts.apple.com/us/podcast/e...

podcasts.apple.com

Eugene Fama and David Booth on the Birth of Modern Finance

Podcast Episode · Odd Lots · 03/06/2025 · 49m

Tracy Alloway @tracyalloway.bsky.social · 04/03/2025

Amazing

Tracy Alloway @tracyalloway.bsky.social · 04/03/2025

Making Europe great again, aka the Trump Paradox www.bloomberg.com/news/newslet...

Tracy Alloway @tracyalloway.bsky.social · 04/03/2025

Excuseflation about to make a comeback, from Paul Donovan at UBS:

Tracy Alloway @tracyalloway.bsky.social · 03/03/2025

GDP estimates starting to get slashed. Below is from Citi, JPMorgan also cutting from 2.25% to 1.5% for Q1 2025:

Tracy Alloway @tracyalloway.bsky.social · 03/03/2025

New Odd Lots with RAY DALIO In which we discuss very important things like his role in inventing the chicken nugget (plus maybe some other stuff) podcasts.apple.com/us/podcast/r...

podcasts.apple.com

Ray Dalio on the Coming Crisis in US Debt

Podcast Episode · Odd Lots · 03/03/2025 · 56m

Tracy Alloway @tracyalloway.bsky.social · 28/02/2025

Really admiring Paul Donovan's commitment to keep referring to tariffs as taxes in all his economic commentary.

Tracy Alloway @tracyalloway.bsky.social · 28/02/2025

LOTS MORE WITH JON TUREK ON SIGNS OF A US SLOWDOWN @jturek18.bsky.social, founder of JST Advisors is one of our favorite macro guys and @weisenthal.bsky.social and I catch up with him on recent signs of slowing in the labor market, and the coming tariffs podcasts.apple.com/us/podcast/l...

podcasts.apple.com

Lots More on the Growing Risks to the US Labor Market

Podcast Episode · Odd Lots · 02/28/2025 · 18m

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Joe Weisenthal @weisenthal.bsky.social · 25/02/2025

THE JONES ACT episode. At long last, Odd Lots is doing a Jones Act episode, and we're going to do it LIVE in DC. Get your tickets here before they're gone. events.bloomberglive.com/oddlotsliveDC

events.bloomberglive.com

Odd Lots is coming to DC! On March 12, Tracy Alloway and Joe Weisenthal will be hosting a live taping of the Odd Lots podcast. It's our first in the nation's capital, and so we'll be talking about the...

Reposted by Tracy Alloway

Helene Meisler @hmeisler.bsky.social · 21/02/2025

As I look at this chart of BRK cash as % of assets & see how it got so high circa late 2004 I am reminded of what Howard Marks said on his recent Odd Lots podcast with @weisenthal.bsky.social @tracyalloway.bsky.social how they raised money then so they would be prepared when the time came.

Tracy Alloway @tracyalloway.bsky.social · 20/02/2025

New Odd Lots! There are about 80 US-flagged ships involved in global trade today, compared to more than 5,500 China-flagged vessels. @weisenthal.bsky.social & I speak to Senators Mark Kelly and Todd Young about their plan to get America building big ships again podcasts.apple.com/us/podcast/t...

podcasts.apple.com

The Plan to Get America Building Big Ships Again

Podcast Episode · Odd Lots · 02/20/2025 · 46m

Tracy Alloway @tracyalloway.bsky.social · 13/02/2025

NEW *SPECIAL* ODD LOTS This one's a bit different. @weisenthal.bsky.social and I go inside the vaults of the Chicago Fed, and take a tour of the bank's massive cash operations with @goolsbee.bsky.social podcasts.apple.com/us/podcast/h...

podcasts.apple.com

How a Fed Bank Distributes Its Billions of Dollars in Cash

Podcast Episode · Odd Lots · 02/13/2025 · 27m

Tracy Alloway @tracyalloway.bsky.social · 11/02/2025

Howard Marks on a recent Odd Lots, talking about raising funds in 2007: “And we put it on the shelf and we said ‘This is for when the stuff hits the fan, and we're not going to invest it until that time … And when Lehman went bankrupt on September 15th of ‘08, we had that $11 billion.”

Tracy Alloway @tracyalloway.bsky.social · 06/02/2025

Link to the newsletter here: www.bloomberg.com/news/newslet... And you can subscribe here: www.bloomberg.com/account/news...

Tracy Alloway @tracyalloway.bsky.social · 05/02/2025

EMERGENCY ODD LOTS @nathantankus.bsky.social on the Treasury payments system that Elon Musk/DOGE now has access to. podcasts.apple.com/us/podcast/t...

podcasts.apple.com

The Treasury Payment System Elon Musk Now Has Access To

Podcast Episode · Odd Lots · 02/05/2025 · 29m

Reposted by Tracy Alloway

Joe Weisenthal @weisenthal.bsky.social · 03/02/2025

8 THOUGHTS ON THE TARIFFS AND THE MARKET SELLOFF From me and @tracyalloway.bsky.social in today's newsletter. Sub to the newsletter here:

Tracy Alloway @tracyalloway.bsky.social · 31/01/2025

LOTS MORE WITH MATT LEVINE ON MICROSTRATEGY'S INFINITE MONEY MACHINE @weisenthal.bsky.social and I bring back @matt-levine.bsky.social to talk about how Microstrategy has kind of figured out a way to get free money from the market to invest in more Bitcoin. podcasts.apple.com/us/podcast/l...

podcasts.apple.com

Lots More with Matt Levine on MicroStrategy's Infinite Money Machine

Podcast Episode · Odd Lots · 01/31/2025 · 15m

Reposted by Tracy Alloway

Benjamin Braun @benbraun.social · 31/01/2025

This Odd Lots series on the Eurodollar market is unbelievably good. You need to read a lot to make sense of it, and Josh and Lev have read it all. At the climactic 1974 Herstatt moment, they give a shout-out to our RIPE paper. What did we find in the Bank for International Settlements archive? 1/5

Tracy Alloway @tracyalloway.bsky.social · 28/01/2025

SCOOP Beal Bank, part of the financial empire of Andy Beal, a billionaire supporter of President Donald Trump, tapped the Federal Reserve for billions in discount window funding in late 2022. www.bloomberg.com/news/article...

Billionaire Beal’s Bank Scored Record Year After Tapping the Fed

The Federal Reserve’s discount window has been so synonymous with trouble that the central bank has taken steps to reduce the stigma of banks tapping it. But just before the latest banking crisis, the...

Tracy Alloway @tracyalloway.bsky.social · 28/01/2025

Reposted by Tracy Alloway

Marisa Kabas @marisakabas.bsky.social · 27/01/2025

NEW — OMB temporarily pauses all agency grants and loans programs. Per copy of memo: "The use of Federal resources to advance Marxist equity, transgenderism, and green new deal social engineering policies is a waste of taxpayer dollars that does not improve the day-to-day lives of those we serve."

SUBJECT:
Temporary Pause of Agency Grant, Loan, and Other Financial Assistance Programs
'The American people elected Donald J. Trump to be President of the United States and gave him a mandate to increase the impact of every federal taxpayer dollar. In Fiscal Year 2024. of the nearly $10 trillion that the Federal Government spent, more than $3 trillion was Federal financial assistance, such as grants and loans. Career and political appointees in the Executive Branch have a duty to align Federal spending and action with the will of the American people as expressed through Presidential priorities. Financial assistance should be dedicated to advancing Administration priorities, focusing taxpayer dollars to advance a stronger and safer America, eliminating the financial burden of inflation for citizens, unleashing American energy and manufacturing, ending wokeness" and the weaponization of government, promoting efficiency in government, and Making America Healthy Again. The use of Federal resources to advance Marxist equity, transgenderism, and green new deal social engineering policies is a waste of taxpayer dollars that does not improve the day-to-day lives of those we serve.
This memorandum requires Federal agencies to identify and review all Federal financial assistance programs and supporting activities consistent with the President's policies and requirements. For example, during the initial days of his Administration, President Donald J Trump issued a series of executive orders to protect the American people and safeguard valuable taxpayer resources, including Protecting the American People Against Invasion (Jan. 20, 2025).
Reevaluating and Realigning United States Foreign Aid (Jan 20, 2025), Putting America First in International Environmental Agreements (Jan. 20, 2025). Unleashing American Energy (Jan. 20.
2025). Ending Radical and Wasteful Government DEI Programs and Preferencing (Jan. 20.

ent these orders, each agency must complete a comprehensive analysis of all jal assistance programs to identify programs, projects, and activities that any of the President's executive orders. In the interian, to the extent applicable law, Federal agencies must temporarily pause all activities related disbursement of all Federal financial assistance, and other relevant agency nay be implicated by the executive orders, including, but not limited to, financial
surice tot foreign nongovernmental organizations, DEL woke gender ideology, and the
pause will provide the Administration time to review agency programs of the funding for those programs consistent with the law and the he temporary pause will become effective on January 28, 2025, at 5:00
rehensive analysis. Federal agencies must immediately deadlines for assistance programs arising while the les must report this information to OMB along with an directs Federal agencies to pause all activities associated
conducting merit review panels
No later than Febrar
- 10. 2025, agencies shail submit to OMB detailed information on
any programs projects or activities subject to this pause. Each agency must pause. (i) issuance of disbursement of Federal funds under all open awards, and (il) other relevant
has reviewed provided guidance to your agency with respect to the information
act
recordin
grant and ptions allowing Federal agencies to issue new awards or take other case basis.
To the extent required by law, Federal agencies may continue nistrative actions. such as closeout of Federal awards (2 CFR 200.344), or expressly required by law

Tracy Alloway @tracyalloway.bsky.social · 27/01/2025

NEW ODD LOTS It's the one and only Howard Marks explaining how he identifies bubbles in markets - and whether we're in one now. podcasts.apple.com/us/podcast/h...

podcasts.apple.com

How Oaktree's Howard Marks Spots a Market Bubble

Podcast Episode · Odd Lots · 01/27/2025 · 54m

Reposted by Tracy Alloway

Aroy @fusiona.bsky.social · 27/01/2025

This was another timely episode from @weisenthal.bsky.social and @tracyalloway.bsky.social on market concentration. Combine with DeepSeek rocking the AI world and money market liquidity drying up per Michael Howell, we could see a major crash / bear turn coming! podcasts.apple.com/us/podcast/o...

podcasts.apple.com

Why the Stock Market Might Be at Peak Concentration Risk

Podcast Episode · Odd Lots · 01/24/2025 · 36m

Tracy Alloway @tracyalloway.bsky.social · 24/01/2025

BONUS ODD LOTS Lots of people have been talking about concentration risk in US stocks, given the dominance of Mag7 tech names. We speak with @kevinmuir.bsky.social about why the market might now be at "peak concentration" and how things could change. podcasts.apple.com/us/podcast/o...

podcasts.apple.com

Investing Podcast · 915 Episodes

Tracy Alloway @tracyalloway.bsky.social · 23/01/2025

JPMorgan: "... the Stargate JV could require the equivalent of restarting Three Mile Island (as already announced for a separate data center project) another 62 times."