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Odd Lots: Who Are America’s Ultra Rich Hiding in Plain Sight?

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When one thinks about the wealthiest Americans, ultra-rich billionaires like Elon Musk and Jeff Bezos might come to mind. But there is a class of rich private business owners hiding in plain sight.

University of Chicago Associate Professor Eric Zwick and Princeton University Professor Owen Zidar join Tracy Alloway and Joe Weisenthal on the Odd Lots podcast to discuss how income inequality started to rise in tandem with the growing number of pass-through businesses.
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Freeland Warns US Alliances Are Fraying

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Former Canadian Deputy Prime Minister Chrystia Freeland tells Bloomberg This Weekend that Canada and other democracies must become less reliant on the US while remaining open to rebuilding the Western alliance. Speaking with hosts David Gura and Christina Ruffini, Freeland discusses Alberta’s separatist movement, President Donald Trump’s approach to Russia and Ukraine, and lessons from her negotiations with the US that inform her new book, Unreliable Boyfriend.
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JPMorgan’s Dimon on Bill Winters AI Job Comments

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“It was an inartful way to say something.”

JPMorgan’s Jamie Dimon addresses the backlash over Standard Chartered CEO Bill Winters’ remarks on AI replacing “lower-value human capital,” saying that AI will affect all jobs.
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Tesla Reveals Flying Roadster Built With SpaceX Tech

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Elon Musk reveals a new prototype of its Roadster sports car at a SpaceX facility in Texas. The car can launch into the air thanks to air thrusters. Musk showed off this capability at the event. It won’t go into production until 2028. Musk says this shows what can happen when his companies work together. Bloomberg’s Craig Trudell reports.
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US Borrowing Costs Soar to Highest Since 2007

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Bloomberg Daybreak Europe is your essential morning viewing to stay ahead. Live from Brussels, we set the agenda for your day, catching you up with overnight markets news from the US and Asia. And we’ll tell you what matters for investors in Europe, giving you insight before trading begins.

The 10-year US Treasury yield rose to the highest level in almost two decades, the latest milestone in a bruising global bond selloff driven by surging energy prices, mounting debt and inflation.

Japan is considering a new mid-term defense spending target of 3.5% of GDP in line with NATO and other US allies, a move that could send a shockwave through financial markets concerned about Prime Minister Sanae Takaichi’s spending plans.

And President Donald Trump’s opposition to guardrails on artificial intelligence puts him at odds with a growing number of lawmakers from both parties, with AI safety fears adding to voters’ misgivings about the technology heading into the midterm elections.

Today’s guest: Thomas Buberl, Axa CEO

Chapters:
00:00:00 – Daybreak Europe
00:01:08 – Global Stocks Fall on Inflation Fears
00:03:54 – Asia Stocks Trade Mixed Amid AI Slowdown Fears
00:06:25 – Ten-Year Treasury Yield Rises to Highest Since 2007 as Fed Looms
00:10:39 – Investors Rotate Out of US Semis
00:14:18 – Zelenskyy Says no Deal Yet on Energy Strikes Halt
00:16:42 – Japan is Said to Mull Raising Defense Spending to 3.5% of GDP
00:20:33 – Carney Courts World’s Top Investors at Toronto Summit
00:26:55 – Thomas Buberl, Axa CEO
00:40:13 – Barclays CEO: UK Surcharge Issue Could be Sword of Damocles
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Options Soar 4,000% in 15 Minutes in Wild India Auction

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India’s new closing-auction system was meant to improve end-of-day prices. In the options market, however, the mechanism is producing extreme swings that are creating and wiping out gains in minutes.
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