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Book of Souls | Money Stuff: The Podcast, Sonic AI
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Book of Souls | Money Stuff: The Podcast
Money Stuff: The Podcast
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Jun 19, 2026
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30:07
Book of Souls | Money Stuff: The Podcast
From
Money Stuff: The Podcast
Matt Levine
(host)
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Executive Summary
Large multi-strategy hedge funds like Citadel are increasingly operating like investment banks, focusing on repeatable, liquidity-provision strategies to generate a high "quality of earnings" rather than relying on directional bets.
Bridgewater Associates is undergoing a significant strategic shift under CEO Nir Bar Dea, moving from a massive asset-gathering model to a smaller, more focused, higher-performance fund, creating conflict with institutional investors who bought into its management company for stable fees.
The demanding, high-turnover culture at firms like Citadel is a direct result of its business model, which requires constantly recreating investment portfolios as trading signals decay.
Potential SEC amendments to Regulation NMS, particularly the "trade-through" rule, could reshape U.S.
equity market structure, leading to fewer exchanges and unlocking significant opportunities for tokenized stocks on crypto-based platforms.
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Processed Jun 19, 2026
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