Overview of 893. - Joe Weisenthal
This episode of How Long Gone (hosts: Chris Black & Jason Stewart) features Bloomberg executive editor and Odd Lots co‑host Joe Weisenthal. The conversation ranges from celebrity gossip and internet culture to deep, practical explanations of the Bloomberg Terminal, newsroom trading ethics, the evolution of the podcast business, crypto and personality types, and Joe’s surprising side life as a country musician.
Guest background
- Joe Weisenthal — Executive Editor at Bloomberg News and co‑host of the Odd Lots podcast (finance/economics deep dives). Longtime podcaster and digital journalist with strong ties to finance culture and markets.
- Also appears: regular hosts Chris Black and Jason Stewart doing their usual banter and ad reads.
Key topics covered
- Opening banter: celebrity plastic surgery (Emma Stone, Brooks Nader), pop culture, Ben Affleck/Matt Damon, and sports-culture as fodder for discussion.
- The Bloomberg Terminal:
- What it is (data + analytics + integrated chat — “Instant Bloomberg” / IB).
- How pros use it (market data, research, workflows, integrated chat for trading/communication).
- Barrier to entry: very expensive (tens of thousands per year); historically PC/ThinkPad optimized.
- Newsroom ethics & trading:
- Journalists generally face employer rules limiting personal trading to protect integrity and reputation.
- Joe’s view: most journalists would be poor traders; long‑term passive investing is often wiser for most people.
- Crypto and personality:
- Why crypto cultures attract “non‑normal” personalities — openness to extreme ideas can lead to outsized gains or harms.
- Social media & community:
- Early Twitter had strong expert communities; that dynamic has changed (some quality voices left).
- Blue Sky vs Twitter: mixed experiences; social platforms shape personalities and beliefs.
- Podcast business & media economics:
- Early days of Odd Lots: started before Bloomberg had a podcast team; being small helped it survive.
- Podcasting has become a real business — changing incentives (ads, live events, sponsorships, subscriptions).
- Discussion of Substack/newsletter economics and the unbundling of media.
- Sponsorship ethics:
- Example: FTX outreach in 2022 — why independent journalists/podcasters must be careful about paid appearances and sponsorships.
- The difference between being an employee of a legacy outlet vs an independent podcaster when handling brand deals.
- Personal side of Joe:
- Plays in a country band (Light Sweet Crude), writes songs and briefly experimented with pitching a song to Nashville.
- Preferences for country artists (Hank Jr., George Strait, Zach Bryan, Morgan Wallen, etc.).
- Banking & finance culture:
- Reflections on Silicon Valley Bank — a differentiated, client‑oriented model that failed due to concentration risk.
- How sell‑side research and brokerage memos function as a source of market news and insight.
Notable quotes & moments
- “The Bloomberg Terminal is the greatest piece of software in the world.” — on why he relies on it daily.
- Explanation of IB (Instant Bloomberg) as a chat/social network for terminal users — likened to BlackBerry Messenger for finance.
- On trading as a journalist: “It’s good that journalists aren’t allowed to trade…for the integrity of the news organization.”
- On crypto adopters: people who don’t have the “social filter” are often more open to both brilliant and bad ideas.
- Social media self‑assessment: Joe jokes, “I’m the last serious motherfucker on Twitter.” (lighthearted self‑characterization).
- Closing (humorous): hosts and Joe riff about country music and the refrain, “We’re gonna drink till you like country music.”
Main takeaways
- Bloomberg Terminal: essential professional tool combining real-time data, analytics, and an exclusive chat network — expensive, but purpose-built for finance workflows.
- Journalists and trading: newsroom rules and reputational concerns constrain reporters; trading on insider knowledge or reporting is ethically fraught.
- Podcasting is now a mature business: what began as a hobby/experiment has become part of media strategy and revenue models, changing incentives.
- Crypto/social media cultures attract particular personality types — understanding that helps explain both the upside (big wins, novel ideas) and downside (scams, excesses).
- Joe balances high‑pressure finance work with normal daily life (kids, music, neighborhood routines), which shapes his media consumption and perspective.
Practical/Actionable items (for listeners)
- If you’re curious about professional market tools: the Bloomberg Terminal exists and is primarily aimed at institutional/professional users; expect high subscription costs (tens of thousands annually).
- For most non‑professionals, a passive, indexed approach to investing remains sensible.
- When evaluating media/subscription models (Substack vs legacy outlets), consider whether you want curated, gatekept coverage vs many niche newsletters — both have tradeoffs.
- If you’re a podcaster or media creator: understand the tradeoffs of independent monetization vs working under a legacy media brand (freedom vs reputational safeguards).
Sponsors & episode notes
- Ads/readers: Dart Collective (wedding DJs), BetterHelp (therapy platform), ShipStation (fulfillment platform).
- Odd Lots podcast plug: listen to Odd Lots (Bloomberg) for deeper finance/economics conversations.
- Joe’s band: Light Sweet Crude (available on streaming platforms).
If you want the episode distilled further—e.g., a short list of timestamps for each segment or a one‑paragraph executive summary—say which format you prefer and I’ll produce it.