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
Articles by Tracy Alloway
A Big Shift in the AI Buildout Zeitgeist
Signage outside the Meta store in Burlingame, California, US, on Monday, Oct.
Bhaskar Sunkara Thinks the Market Has a Place Under Socialism
Photographer: Lisa Maree Williams/Getty Images October 22, 2026 at 8:00 AM UTC In September, Gallup released a poll that showed that 43% percent of Americans viewed socialism positively, the highest approval since Gallup began the poll back in 2010.
Let’s Talk About the PMH (the Politics Matter Hypothesis)
James Robinson during the Association of Banks of Mexico (ABM) convention in Nuevo Vallarta, Nayarit state, Mexico, on Friday, May 9, 2025.Photographer: Cesar Rodriguez/Bloomberg October 21, 2026 at 8:23 PM UTC Hello and welcome to the newsletter,...
James Robinson on What It Looks Like When a State is Failing
during a filming of Odd Lots Live at City Winery in Chicago on Thursday, Oct.
Maybe We Were Wrong About Blockchain
Logos of Bitcoin and other cryptocurrencies.Photographer: Giuseppe Cacace/AFP/Getty Images October 20, 2026 at 7:16 PM UTC Hello and welcome to the newsletter, a grab bag of daily content from the Odd Lots universe.
CME's Terry Duffy on the Disconcerting State of Finance Regulation
October 20, 2026 at 8:00 AM UTC The Commodity Futures Trading Commission was practically brand new when Terry Duffy started working at CME almost five decades ago, and over the course of his career at the exchange, this legend of the trading world...
Thinking More About AI and the Shale Boom Parallel
A pump jack in Midland, Texas.Photographer: Anthony Prieto/Bloomberg October 19, 2026 at 5:09 PM UTC Hello and welcome to the newsletter, a grab bag of daily content from the Odd Lots universe.
Don Wilson on the GPU Market’s Trillion Dollar Question
Odd Lots Live at City Winery in Chicago on Thursday, Oct. 15, 2026.
David Byrne Explains How Forgotten Ideas Come Back to Life
October 17, 2026 at 8:00 AM UTC History is littered with ideas that have been tossed aside, only for them to gain relevance at some later date. Think of Moby-Dick: forgotten in Melville's time, but now regarded as the great American novel.
Hot Dogs Are a Common Good
A hot dog arranged at a Portillo's restaurant in Chicago, Illinois, US, on Tuesday, Sept. 27, 2022. National chains including Del Taco Restaurants Inc., Portillo’s Inc. and Chipotle Mexican Grill Inc.
The French Political Crisis That's Turning Into a Debt Crisis
The National Assembly building in Paris.
What We Learned From This Week’s AI Jitters
Traders work on the floor of the New York Stock Exchange.Photographer: Michael Nagle/Bloomberg October 15, 2026 at 4:10 PM UTC Hello and welcome to the newsletter, a grab bag of daily content from the Odd Lots universe.
Jeff Yan's Plan to Bring the Entire Financial Industry Onto Hyperliquid
Jeff Yan, chief executive officer of Hyperliquid Labs.
Hyperliquid Founder Yan Seeks US Rules That Spare Its Blockchain
Photographer: Ore Huiying/Bloomberg (Bloomberg) -- Hyperliquid founder Jeff Yan outlined a regulatory approach that would shield his fast-growing cryptocurrency trading platform from direct US exchange oversight, as American authorities consider...
Time to Worry About Tomorrow’s Trade War
Handshake between Wang Wentao, China's commerce minister, left, on the left, and Maroš Šefčovič.Source: European Union October 14, 2026 at 7:00 PM UTC Hello and welcome to the newsletter, a grab bag of daily content from the Odd Lots universe.
Get Ready for the Chinese Data Center Ramp
Signage atop the Alibaba Center in Shenzhen, China, on Wednesday, Aug. 26, 2026. Alibaba Group Holding Ltd.
AI Supply Chain Strains May Be the Least of Our Worries
An open-pit copper mine at Asarco’s Mission Mine Complex in Sahuarita, Arizona, US, on Friday, March 6, 2026.Photographer: Rebecca Noble/Bloomberg October 12, 2026 at 3:41 PM UTC Hello and welcome to the newsletter, a grab bag of daily content...
Nate Soares on How AI Really Could Kill Us All Original
Photographer: Kevin Frayer/Getty Images October 12, 2026 at 8:00 AM UTC Since the Hugging Face incident, concerns over AI doomsday scenarios has entered the mainstream.
The Importance of Owning Assets
October 9, 2026 at 5:33 PM UTC Hello and welcome to the newsletter, a grab bag of daily content from the Odd Lots universe.
How AI Is Upending the World of Mathematics
October 9, 2026 at 8:00 AM UTC Last month, OpenAI announced that it had produced an AI-generated proof for the Navier-Stokes problem, one of the most famous unsolved questions in mathematics.
A Scary Implication of OpenAI’s Math Breakthroughs
Signage at OpenAI DevDay in San Francisco, California, US, on Tuesday, Sept. 29, 2026.Photographer: Minh Connors/Bloomberg October 8, 2026 at 7:20 PM UTC Hello and welcome to the newsletter, a grab bag of daily content from the Odd Lots universe.
What Everyone Gets Wrong About the Economic Problems in Europe
October 8, 2026 at 8:00 AM UTC In so many conversations, there's a widespread view that Europe is falling behind. Or it's in trouble.
Why China Shock 2.0 Is Different
A worker monitors products for export at a packaging factory in Lianyungang, China.Source: AFP/Getty Images October 7, 2026 at 7:37 PM UTC Hello and welcome to the newsletter, a grab bag of daily content from the Odd Lots universe.
The Bond Market’s Threat to American Hegemony
A red carpet is prepared in front of an Air China plane during a departure ceremony for Xi Jinping,Photographer: Stefani Reynolds/Bloomberg October 6, 2026 at 8:25 PM UTC Hello and welcome to the newsletter, a grab bag of daily content from the...
The Existential Imperative to Borrow
October 5, 2026 at 3:57 PM UTC Hello and welcome to the newsletter, a grab bag of daily content from the Odd Lots universe.
Why Treasuries Became Risky Again
October 5, 2026 at 8:00 AM UTC We all know that US Treasury yields have been surging, alongside bond yields all around the world. So what explains the selloff and does this mean that bonds are becoming fundamentally riskier?
We’re Speaking to Don Wilson at Odd Lots LIVE in Chicago
Don Wilson, founder and chief executive officer of DRW, 2025.Photographer: Eva Marie Uzcategui/Bloomberg October 2, 2026 at 3:59 PM UTC Hello and welcome to the newsletter, a grab bag of daily content from the Odd Lots universe.
How Airlines Actually Hedge Higher Fuel Prices
A worker fuels a plane at Salt Lake City International Airport. Photographer: Justin Sullivan/Getty Images October 2, 2026 at 8:00 AM UTC Fuel is a huge expense for airlines, and even on a good day, jet fuel prices are pretty volatile.
What a Weird Market Looks Like
Wall Street signage near the New York Stock Exchange.Photographer: Michael Nagle/Bloomberg October 1, 2026 at 6:10 PM UTC Hello and welcome to the newsletter, a grab bag of daily content from the Odd Lots universe.
Everything in Markets Is Now Moving Incredibly Fast
October 1, 2026 at 8:00 AM UTC The market is acting in ways that make it very hard to get a handle on what exactly is going on right now. The overall indices are surging, while many individual stocks are doing badly.
Spending for the End of the World
A magnifying glass looking over a 50 subject $20 dollar note sheet after being printed at the US Bureau of Engraving and Printing in Washington.Photographer: Al Drago/Bloomberg September 30, 2026 at 8:56 PM UTC Hello and welcome to the newsletter,...
There Are Some Chills in T-Bills
The U.S. Treasury building in Washington. Photographer: Al Drago/Bloomberg September 29, 2026 at 9:36 PM UTC Hello and welcome to the newsletter, a grab bag of daily content from the Odd Lots universe.
Florida’s AG Joins the Pause Cause
Sam Altman, chief executive officer and co-founder of OpenAI Inc., during a state dinner with Chinese President Xi Jinping, not pictured, in the East Room of the White House in Washington, DC, US, on Thursday, Sept.
Why Building a Crosswalk in LA Is Kafkaesque
Joe Weisenthal, Tracy Alloway, Bill McBride, and Zach Lasry at Odd Lots Live on Sept. 17, 2026, at The Vermont in Hollywood in Los Angeles, Calif.
Nobody Talks About Hard and Soft Data Anymore
A “Help Wanted” sign outside a pizzeria in Mount Pleasant, Pennsylvania, US, on Tuesday, June 4, 2024.Photographer: Justin Merriman/Bloomberg September 25, 2026 at 4:02 PM UTC Hello and welcome to the newsletter, a grab bag of daily content from...
Hollywood Was Cooked Before AI, and Now It's Only Getting Worse
Joe Weisenthal, Tracy Alloway, and Hayes Davenport at Odd Lots Live on Sept. 17, 2026, at The Vermont in Hollywood in Los Angeles, Calif. Photographer:BloombergAlisha Jucevic/ September 25, 2026 at 8:00 AM UTC Is Hollywood just screwed?
Nobel Prize Winner James Robinson at Odd Lots LIVE
James Robinson, a Nobel Peace Prize-winning economist, during the Association of Banks of Mexico (ABM) convention in Nuevo Vallarta, Nayarit state, Mexico, on Friday, May 9, 2025.
AI Is Upending the Lives of People Who Do Social Media Professionally
Joe Weisenthal, Tracy Alloway, Taylor Lorenz, and Rachel Karten at Odd Lots Live on Sept. 17, 2026, at The Vermont in Hollywood in Los Angeles, Calif.
The US Dollar’s Two Competing Forces
Stripes of $20 dollar notes pass through a large examining packaging equipment machine while being cut into individual bills at the US Bureau of Engraving and Printing in Washington, DC, US, on Tuesday,Photographer: Al Drago/Bloomberg September...
A Tantalizing Answer to Why Rates Are So High
Kevin Warsh, chairman of the US Federal Reserve, during a news conference following a Federal Open Market Committee (FOMC) meeting in Washington, DC, US, on Wednesday, Sept.
Odd Lots Is Coming Back to Chicago
People visit Cloud Gate statue, known as the “Bean,” in Millennium Park in Chicago, Illinois, 2020.
How LA Is Quietly Becoming America's New Industrial Tech Hub
Joe Weisenthal, Tracy Alloway, Chris Power and Tom Mueller at Odd Lots Live on Sept. 17, 2026, at The Vermont in Hollywood in Los Angeles, Calif.
A Goldman M&A Banker Helped Bring the Olympics to Los Angeles
Photographer: Andreas Rentz/Getty Images September 19, 2026 at 8:00 AM UTC We're in an era of megadeals, with Goldman Sachs reporting a record year for big deal volumes as companies scramble to compete with AI.
California’s Economy Has an AI Angle in Everything
Odd Lots Live on Sept. 17, 2026, at The Vermont in Hollywood in Los Angeles, Calif.Photographer: Alisha Jucevic September 18, 2026 at 6:06 PM UTC Hello and welcome to a special Odd Lots meets California Edition newsletter.
There’s a Mind-Boggling Number of Rich People in America
September 18, 2026 at 8:00 AM UTC In 2014, the economists Owen Zidar and Eric Zwick were asked by the Treasury to conduct a study on the tax burden of private business owners.
Regulatory Capture Isn’t What You Think It Is
September 17, 2026 at 5:46 PM UTC Hello and welcome to the newsletter, a grab bag of daily content from the Odd Lots universe.
What Francis Fukuyama Is Seeing at ‘The End of History’
What will come after liberal democracy?
The Short Term Has Never Been More Interesting
Kevin Warsh during a news conference following a Federal Open Market Committee (FOMC) meeting in Washington, DC, on July 29.Photographer: Al Drago/Bloomberg September 16, 2026 at 5:15 PM UTC Hello and welcome to the newsletter, a grab bag of daily...
History Won’t Help Us Understand Kevin Warsh
Kevin Warsh, chairman of the US Federal Reserve, walks the grounds during the Kansas City Federal Reserve's Jackson Hole Economic Policy Symposium in Moran, Wyoming, US, on Friday, Aug. 28, 2026.
This Is A Different Kind of AI Selloff
Greg Brockman, president and co-founder of OpenAI Inc., during the Databricks Inc.
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