Matt Levine Ripped My Face Off: CEF, FX, A

In this episode of the Money Stuff Podcast, Matt Levine and Katie Greifeld discuss River North's paired closed-end funds that offer exposure to the unicorn index via cash-settled swaps, allowing retail investors to bet on private companies like SpaceX and OpenAI without directly owning shares. They explore the potential for discounts or premiums on these funds and the absence of volatility drag compared to inverse ETFs. The conversation shifts to UBS and its range target profit forwards, where clients faced significant losses due to unexpected currency volatility, leading to goodwill payments and internal training on client communication. Finally, they touch on the challenges in the Florida insurance market, where smaller companies with A-ratings from Demotech face higher insolvency rates, potentially due to a reliance on state guarantee funds and regulatory shortsightedness. The episode concludes with a call for listener questions for an upcoming mailbag episode.