Guest Lecture: Bloomberg's Joe Weisenthal
+ Laura Reilly's new hire and How Long Gone's nicotine ads.
Good morning everyone. Free letter because everyone should read today’s interview. Bloomberg wrote about Substack’s growth — and what could possibly go wrong with that boom. I appreciated their mention of Feed Me and their link to my most popular newsletter, The Machine in the Garden.
Today’s letter includes: Joe Weisenthal on the finance community moving from Twitter to group texts, an exclusive about ’s new hire, How Long Gone is selling ads for nicotine, the best thing I read all week, and Savannah James has new beauty brand with 91 Instagram followers including Noami Fry.
Guest Lecture: Joe Weisenthal
This interview is part of a Feed Me feature called Guest Lecture. In this series, I introduce you all to an expert who I’m curious about, and give paid readers an opportunity to ask them anything they want. Past guests have included Olivia Nuzzi, David Ulevitch, and Kareem Rahma.
This week, Bloomberg’s Joe Weisenthal answers your questions about finance Twitter, the qualities that he has associated with smart thinkers, and why he doesn’t like Phish.
When I read interviews like this, I’m immensely grateful for the engaged community of Feed Me readers and thought leaders like Joe who are willing to give this newsletter their time. He’s a true optimist when it comes to the state of media, and I’m lucky to call him a friend.
“To what degree did you expect the Left's backlash to the Abundance Bros ideas? I have to say. Even with expectations of the Party as low as they could possibly go. I did not expect this.” - Harry
I guess I’m not that surprised. There are a few things going on. One is that people on the internet form teams, and some people just don’t like the Derek/Ezra style. There’s also an ideological rift that started in the 2016 Democratic primary that’s never really gone away though it’s evolved in subtle, interesting ways. For example, it was Bernie in that election who made emphasized material redistribution of economic resources. And it was Hillary who said things like “If we broke up the big banks tomorrow….would that end racism?” And yet if anything Klein and Thompson are pushing the Democrats to think more along material, economic lines, and less about identity.
But also, we’re in a moment, where the call to build is associated with Marc Andreessen. And Elon Musk is taking a wrecking ball to the administrative state. And so when the Abundance authors are telling fellow Democrats to build more, and think about ways in which the government gets in the way of progress… well the timing is certainly awkward to say the least.
“Ask him which Twitter bit gives him the most joy (for me it’s a tie between “this is it folks. this is why we get up in the morning” and anything related to future free cash flows, and how they are discounted to the present regarding price discovery). On a more serious note why despite great music tastes he doesn’t like Phish.” - Josh
To answer the second part of the question first, I really should love Phish! Not only have I gotten really into the Dead over the last 5 or so years, but I was living in Vermont in the late 90s. By all rights, I really should be a Phish fan. Who knows, maybe one day it will happen, but it’s never connected.
God it’s so hard to choose between the Twitter bit. I like joking about how everything was “priced in”, in part because I kind of basically believe in the efficiency of markets. I do love saying “this is why we get up in the morning” on Jobs Day. It is why we get up in the morning! This is the whole ballgame. This is our Super Bowl. I’ve probably missed less than 5 Jobs Days in the last 15 years of my career.
“A consistent pattern I’ve learned from interviewing people over the years is that the smartest thinkers (as in people who have the most insightful things to say) also tend to be the most assiduous about knowing details.”
“Another finance Twitter question. ‘Fintwit’ as we nerds call it was a great vibe from 2016-2021. Since then its been tumbleweeds - why do you think that is? ZIRP ending? Crypto rising? MAGA-fication of some of the biggest accounts?” - Mike
Fintwit, let’s be honest, just isn’t what it once was. I’d actually date the golden days to earlier, like 2011/2012, and the reason was very specific to me. That was a time, when there were a lot of niche domain experts posting insights that weren’t getting airtime in legacy media. First it was the aftermath of the US Great Financial Crisis, and then that was followed up by the Eurozone crisis. Crises (of any sort) are a great time for new voices to emerge, because there are truly no real experts in a crisis, so anyone can make their mark and be the one who gets listened to, provided they have something substantive real to the bring to the table.
I think lots of things contributed to its degradation. Crypto, retail, political polarization, etc. all of that may have had something to do with it. To me the original sin pre-dates the Elon Musk acquisition, and it was when guys figured that they could generate outsize attention by doing tweet threads. In other words, people found ways to hack attention in ways that were inimical to the back and forth conversation that made the site great. That particular dynamic was probably a big element of the overwhelming amount of crypto content. I’m still addicted to that site though. Probably always will be.
“You’ve talked and written a lot about the impact of digital orality on areas like politics, news, social media, etc. What impact do you think its rise will have on other parts of our lives? Somewhat related, are you excited to see Christopher Nolan’s take on the Odyssey?” - Coleman
Yes! I can’t wait. We can understand a lot about the state of the world by going back to the age of oral epics, not because of their content per se, but because the nature of communication bears some uncanny similarities to the era of social media. Remember, before widespread literacy, if you wanted knowledge to be saved, it had to be memorable and viral (sounds familiar). What I’m really hoping for is not the movie being good per se, but people revisiting this phenomenon.
“Honestly what's the best way to pitch a guest for Odd Lots? Would love to hear your dos and donts of pitching!” - Tina
This is a great question. What I would say is that even the slightest bit of research goes a long way. I’m flabbergasted by the number of pitches that are like “Do you want to talk to this great personal guru, who launched a new coffee brand with this 500,000 Instagram followers”. But beyond that, one of the fun things about Odd Lots is that we have an incredibly wide berth to talk about whatever we want in the broad realms of markets, finance, and economics. Ideas are not scarce. Topics aren’t scarce. It’s great guests that are scarce. And a great guest is someone who is deeply in the weeds on how something works, but who can also speak clearly, and who can make an implicit sales job of why more people should care about their obsession. If you’re pitching me some random strategist and it’s like “He can talk about the Fed, the recent selloff in the S&P 500, and the prospects of a Federal Crypto Reserve” then to me that screams lack of specialization. Don’t get me wrong, there are some great people who can speak deeply and broad – not everyone has to be a specialist – but more often than not, that’s a yellow or red flag. Pitch me someone who is obsessed with one narrow slice of how the economy or business works, and could go on for hours on the operational detail. I think when you look back at many of our greatest episodes, this is what’s consistent about them. So demonstrate this to me somehow.
One time on Twitter I mused about how much better snacks are than they used to be (eg Japanese Kit-Kats used to be rare, and now they’re everywhere). Someone DMd that a big part of this story is robotic warehouses, that allow distributors to hold a wider variety of SKUs in a single location. I booked an episode with him 5 minutes later.
“If you were to start BI today, what would you do differently? Also, which hot pot spot are you loving these days?” - Hope
Ugh, it’s been too long since I’ve gone out for Hot Pot. Though, and I guess it’s close to Hot Pot, over the last year, I’ve become obsessed with YGF Malatang, where you can get individual bowls filled with any veggies and meats that you like. There’s one on in the East Village and one in Midtown. I stop in there, almost anytime I pass one.
As for starting BI, it’s hard to say, but I’ll say one thing I think now that took me a long time to realize, if you’re in media (but also I think in many other keyboard jobs), there’s no substitute for knowing lots of facts in your head. Dates, places, times, names, numbers. Memorize them. Just do it. A consistent pattern I’ve learned from interviewing people over the years is that the smartest thinkers (as in people who have the most insightful things to say) also tend to be the most assiduous about knowing details. Part of our job in media is to draw analogies “This inflation is like the 1970s” or “This inflation isn’t like the 1970s”, but to actually have something to say on this question, not only did you have to know about the 1970s in the first place, but you actually need to know the guts of that inflation, to say something useful about similarities or dissimilarities. I didn’t know a lot when I started at BI in 2008, and in retrospect I wish I knew more. I still do!
“Midtown has so many iconic places to eat. Are there any local spots you’re fond of? Maybe you've even tried Hutong when DJ Uncle Mike was spinning—did the vibe live up to the hype?” - Sarina
I wish I knew iconic places. I need to give a shoutout to the Palace restaurant on 57th, near Lexington. It’s just a normal diner with big, long menu. I’ve probably eaten there 500 times. Platonic ideal of what I like in a lunch spot. If you’re gonna get a bowl of slop that you eat at your desk, skip Chipotle and Cava, and go to the Oxford Cafe on 60th. One of the most efficient, best-run operations of any sort that I’ve been to in the city.
“During those early days of Finance Twitter and the, well, community of hooligans that got together because of it in the early 2010s (and where we met!), you had this camaraderie among people who were far off from each other in viewpoints. Do you think that still exists today, and if so, where is it?” - Sumeet
It still happens, and I’m still making Twitter friends! Though a lot of the community aspect has moved to the group chats.
“What's your sense of the culture of wall street and Trumpism. the financial industry write large seemed very excited about Trump II in comparison to Trump I, we also read stories about people thinking the Trump victory would lead to letting bankers say bad words again/more m&a deals/markets going up. Obviously markets aren't going up and the m&a market is frozen, do you have any sense if this has led to souring on Trump in the financial world not just as a policymaker but also as a cultural figure?” - Matthew
It’s funny, there were those stories about how suddenly bankers could say bad words again, you know, really speak their minds. Maybe there are elements of truth to that. But then go watch a CEO on TV get asked about tariffs, and damn are they careful about their words. The financial markets were giddy after the election, with all these hopes and dreams about deregulation, tax cuts, and M&A approval. When it came to tariffs, people just stuck their fingers in their ears. Well… we haven’t gotten major deregulation, nothing has happened on tax cuts yet, and the new FTC Chief is keeping Lina Khan’s merger guidelines in place. Meanwhile, tough tariff talk started right away. So the market’s been volatile (a polite way of saying down), but you don’t want to read too much into a few weeks of trading. So some Trump-supporting investors and bankers probably aren’t thrilled, but let’s check back in on CEO mood 6 months from now. One thing I’ll add is that I think a lot of execs are thrilled to move on from talking about their DEI and ESG commitments.
“If you’re gonna get a bowl of slop that you eat at your desk, skip Chipotle and Cava, and go to the Oxford Cafe on 60th. One of the most efficient, best-run operations of any sort that I’ve been to in the city.”
“Who are some of your favorite bands? Also would love your thoughts on Bloomberg and how it can contribute to sustain its moat (terminal business) - I love the company.” - KV
I love working for Bloomberg! But you know, I’m not going to say anything about its actual business for obvious reasons. Favorite bands? Well I listen to a lot of country music, so usually it’s individual singers, rather than bands. And there I listen to all types. Willie, Johnny, and Merle obviously the GOATs, but I also like plenty of new stuff like Hardy and Morgan Wallen. I’d also like to exhort all readers to check out NYC’s own Olivia Ellen Loyd. Her voice and songwriting is amazing, and is just not nearly as popular as she deserves to be. I’m listening to her song Live With It right now as I’m typing this. (Oh and you know, I might as well plug my own country band Light Sweet Crude. I think we have a show in May).
“Given the ever-changing news landscape, how do you see the role of traditional media evolving in a world where everything’s now online and constantly updated? How do you manage to stay informed and critical of the information presented?” - Sarina
I’ve seen so many evolutions of media (traditional and otherwise) since I really started my career. On the one hand, it’s objectively brutal out there. Sometimes I’m astonished more stuff hasn’t closed down. Maybe I’m naive, but I do think that journalists with deep domain expertise, and some knack for communication will always find a way to have a career. As for staying informed… it’s just you know, screen addiction? I’d also recommend picking up a big, fat history book from time to time on something that you’re interested in.
“If you were a private markets giant hosting events for elite PE & alternative investment clients (ranging from investor days to luxury brand experiences) what would be your top priority these days?” - Stefania
All corporate events should be held in Vegas, so attendees can go to The Sphere. One of the few things in life that exceeds the hype.
Last October,
announced a new column in her shopping newsletter, , called Rooms. She had recently bought a home in Brooklyn, and wanted to document what she learned while furnishing it.Reilly gave Feed Me the exclusive news that she has brought on designer and creative director of Ash Hotels, Xavier Donnelly, as Magasin’s interior design columnist. I spoke to them last night about what readers can expect from the widened aperture of Magasin’s coverage.
Why Xavier and why now?
Laura: The realization that Magasin should be an interiors platform came to me the way most good ideas do: selfishly and in a hurry. I bought a house and launched a renovation column and felt almost immediately out of my depth when it came to speaking to the readership with any authority beyond my own close range research. What was obvious though was that the lurch toward understanding the space was happening elsewhere in the culture at an unreal velocity (interiors are the new fashion?).
I knew I needed to bring on a voice that was a total authority and complete original on the design front—without a shadow of a doubt that person is Xavier. Sorry little love letter right now but I can't think of someone more plugged in, more nuanced, more culture-driving...but at the same time more understanding and humble than Xavier. Magasin Interiors is going to THRIVE under his touch.
Xavier, how does it feel to have a column in Magasin? And will you teach Laura’s readers with small apartments how to feel more luxurious?
Xavier: Working in hospitality I spend most of my time trying to create beautiful experiences, and I think the spaces that surround us are a primary contributor to how we feel. I do so much research and real life experimentation, and it’s exciting to have an outlet through which I might impart the knowledge I’ve worked hard to gain, even if it wasn’t directly useful to a project I’m working on. So I guess the short answer is: it feels purposeful to have a column in Magasin!
And to answer the second question: yes, because size doesn’t matter!
But seriously, I also live in a small apartment and having a space that feels luxurious and stylish has absolutely nothing to do with space or money, and everything to do with creativity.
What will Magasin’s take on interiors coverage be?
Laura: We're kicking off with some global coverage, both of us will be in Milan for design week early April. The column will fold in some great resources- folks in Xavier's network, a "Directory" segment, items on his shopping radar. Like a lot of content on Magasin we're keeping it open ended so that we can cover interesting things that come up in home shopping however makes most sense
Zyn competitor Lucy Nicotine is now advertising on How Long Gone. Hell yeah.
A lot of you probably saw the news about the Michelle Obama and Stephen Curry-backed sports drink and thought. ‘Who the hell is this for?’ The answer is, unfortunately, me. I love flavored beverages, especially straight out of the fridge the morning of a hangover. I love electrolyte drinks, I am not partial to Gatorade, Prime, Liquid IV, or LMNT. Unfortunately I will not be grabbing one at my bodega anytime soon because it’s only available in California at the moment.
Feed Me’s summer of cultural programming is getting crowded. But between the Hamptons book club, and the Jaws 50th anniversary party, we’ll find room for a screening of the two-part doc about Billy Joel.
New from Unwell World: Alix Earle’s podcast is on hold. Commenters are guessing it’s an IP issue, and now that Earle has left the network, she can’t take her podcast name with her. As we saw with Kate Berlant and Jacqueline Novak’s podcast Poog last year, even if your contract ends with your parent company (in their case iHeart) and said company keeps your IP, you can still podcast under a new show name. I’ve really been enjoying Berlant & Novak. In the meantime, you can catch Earle on YouTube where she’ll be vlogging her life, which has always been her best skill.
Graydon Carter thinks most Substack emails are too long. I’m guilty of this today.
Victoria Beckham is launching makeup brushes. And The Cut published a guide to cleaning makeup brushes this week. And The New York Times published a guide to the best makeup brushes last week. Just something I’ve noticed…
I’ve been told that Montauk hotspot Hideaway will not be opening this summer. I reached out to the bar which was known for bringing together locals and tourists in harmony, but I haven’t heard back yet.
This is perfect journalism, this is what I want to read every morning with my coffee.
asked New York’s coolest restaurant staff about their pre and post-shift beauty routines.“I wake up and go straight for the moka pot. If I’m feeling indulgent, I’ll throw a little sugar in there. Coffee in hand, I head to the roof, roll a cigarette with Norwegian blend—smooth and American despite what the packaging says.”
Savannah James (wife of LeBron) is launching a beauty brand called Reframe. The Instagram account is currently blank, and as of Thursday morning has 93 followers (including Naomi Fry), but Rachel Strugatz reported last night in Puck that both Nick Axelrod and Alexis Page (both Glossier alumni) are involved in the brand. Strugatz also wrote that the products will be “in the vein of Augustinus Bader.”
For brushes I am surprised the cut didn’t mention Dawn soap. I’ve found it to work the best on my brushes and if it can clean it up after oil spills then it should be able to handle a little foundation.
Wait I'm so sad about hideaway! Also fun fact - Jaws was based on the shark that my family friend caught off the coast of Montauk although filmed in MV it's based on the hamptons/Long Island - therefore we should celebrate in Montauk as well!