In Episode 377 of Hidden Forces, Demetri Kofinas speaks with Patrick Boyle. Patrick is a founding partner of quantitative hedge fund Palomar Capital, a professor of finance at King’s College London, and the host of “Patrick Boyle on Finance.”

In the first hour, Patrick shares stories from his career in finance, including his time working for Victor Niederhoffer. He and Demetri discuss the market turmoil seen at the beginning of August, including potential causes and implications, and whether the secular economic forces facing Western economies are more likely to be inflationary or deflationary in the years ahead.

In the second hour, Patrick and Demetri discuss whether the U.S. economy needs a new industrial policy, what that would look like in practice, and how it may backfire by stifling rather than promoting innovation. They also discuss the challenges of social media regulations, the deterioration in business ethics, the transatlantic backlash against immigration, and much more.

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00:00 Introduction

01:17 YouTube Celebrity

04:05 Why Finance Is Fascinating

12:56 The Importance of Money

18:22 From Hedge Funds to Academia

23:08 What Caused the Market Collapse?

26:14 Japan’s Lost Decades

32:50 Structural Inflation vs. Deflation

34:37 The Lesson From Japan

40:15 The Case for and Against Industrial Policy

43:42 The Randomness of Innovation

47:58 The Case for Free Markets

51:29 Topics for the Second Hour

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Producer & Host: Demetri Kofinas

Editor & Engineer: Stylianos Nicolaou

Follow Demetri on Twitter at @Kofinas

Episode Recorded on 08/08/2024