RiskReversal Pod

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Guy Adami speaks with Jim Swartwout, CEO of Prosperum Fintech Holdings about Swartout’s four-decade career across Schwab, Fidelity, E-Trade, TradeMonster, Scottrade, Robinhood, and more, and what it reveals about the evolution of retail investing. Swartout argues retail is in a “golden age” driven by better data, tools, fractional trading, extended-hours markets, and lower costs, and says payment for order flow is not a meaningful issue at current levels. They discuss social-media-driven concentration and communities, Prosperum/Avantgarde’s education and partner communities, and AI features aiming to deliver “full service broker” support via bots. They cover options becoming more mainstream with education, market strength amid uncertainty, valuation risk, low VIX versus single-stock volatility, hedging demand, competition among brokers, access to private markets for accredited investors, interest in prediction markets, and potential election-related volatility.

After the break, Dan Nathan hosts Jay Jacobs, BlackRock’s US head of equity ETFs, to discuss the growth of ETFs and new product tools for investors. Jacobs explains the launch of IQQQ, an iShares NASDAQ-100 ETF designed for long-term compounding with a low fee (12 bps, waived to 10 bps through July 31, 2027) and a lower share price to improve accessibility for smaller investors and options traders. They address Nasdaq-100 concentration and BlackRock’s related products QTop (top 30 names) and QNext (next 70) to help investors manage concentration. Jacobs contrasts iShares’ diversified semiconductor ETF SOXX, which caps top holdings around 7–8%, with more concentrated alternatives, and frames semiconductors as foundational to AI-driven growth. He outlines ETFs’ role in expanding market access, discusses tokenization’s potential for 24/7 global trading and operational efficiency while emphasizing market structure and liquidity needs, and notes BlackRock has not launched daily inverse or leveraged ETFs. The conversation closes with AI as a major economic force and BlackRock’s active AI ETF BAI, which seeks diversified exposure across the full AI value chain.

—FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media

The financial opinions expressed in Risk Reversal content are for information purposes only. The opinions expressed by the hosts and participants are not an attempt to influence specific trading behavior, investments, or strategies. Past performance does not necessarily predict future outcomes. No specific results or profits are assured when relying on Risk Reversal.

Before making any investment or trade, evaluate its suitability for your circumstances and consider consulting your own financial or investment advisor. The financial products discussed in Risk Reversal carry a high level of risk and may not be appropriate for many investors. If you have uncertainties, it's advisable to seek professional advice. Remember that trading involves a risk to your capital, so only invest money that you can afford to lose.

Derivatives are not suitable for all investors and involve the risk of losing more than the amount originally deposited and any profit you might have made. This communication is not a recommendation or offer to buy, sell or retain any specific investment or service.

This episode is sponsored by Fidelity Investments and the all-new Fidelity Trader+ platform.Try Fidelity’s most powerful trading experience yet: https://www.fidelity.com/trading/trading-platforms?immid=100734&imm_pid=428905629&imm_aid=a&dfid=&buf=99999999

Views, opinions, products, services, and strategies discussed are notendorsed or promoted by Fidelity Investments. Fidelity BrokerageServices LLC, Member NYSE, SIPCApex Fintech Solutions provides the tools and services that enable hundreds of clients to launch, scale, and support digital investing for tens of millions of end investors.

The company provides essential infrastructure and a comprehensive ecosystem of cloud-based products to enable and streamline trading, wealth management, cost basis, tax reporting, and, through its subsidiary Apex Clearing™, custody and clearing.

LEARN MORE: https://apexfintechsolutions.com/?utm_source=Risk+Reversal&utm_medium=Podcast&utm_campaign=701PJ00000fnXhaYAE

Mike Wilson, Chief Equity Strategist and CIO at Morgan Stanley, joins Dan Nathan and Guy Adami for his 15th appearance on the pod. Mike breaks down why he thinks the S&P 500 is headed to 8000, why he's calling for 10-year yields to hit 5%, and why the market has quietly rotated from low-quality "enablers" like semis into higher-quality names like the hyperscalers. The conversation digs into the AI capex debate (Nvidia, Meta, Microsoft, Micron), what a new Fed chair means for rate policy, the risk of retesting the recent lows, and how China's rare earth dominance factors into the AI arms race. They also go long-horizon — space economy, humanoid robots, and drone warfare — before closing with a walk down memory lane through the dot-com bubble.

—FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media

The financial opinions expressed in Risk Reversal content are for information purposes only. The opinions expressed by the hosts and participants are not an attempt to influence specific trading behavior, investments, or strategies. Past performance does not necessarily predict future outcomes. No specific results or profits are assured when relying on Risk Reversal.

Before making any investment or trade, evaluate its suitability for your circumstances and consider consulting your own financial or investment advisor. The financial products discussed in Risk Reversal carry a high level of risk and may not be appropriate for many investors. If you have uncertainties, it's advisable to seek professional advice. Remember that trading involves a risk to your capital, so only invest money that you can afford to lose.

Derivatives are not suitable for all investors and involve the risk of losing more than the amount originally deposited and any profit you might have made. This communication is not a recommendation or offer to buy, sell or retain any specific investment or service.

Click the link http://kalshi.com/r/MOSES or download the Kalshi App and use code MOSES to sign up and trade today!

Checkout WAWD on Substack: https://whatarewedoingonthedesk.substack.com/OTT

On this week's podcast, Danny Moses speaks with Nicole Kagan, head of research at Kalshi, about her path from Bridgewater to Oxford and then to Kalshi to help build the contract-writing and research functions. Kagan explains how Kalshi sources market ideas internally, from partners, and from users, then evaluates whether a contract is objective, economically justified, and resolvable, often reusing pre-certified templates or submitting new rules for CFTC self-certification. She discusses how Kalshi reviews underperforming markets, prioritizes price discovery, and can keep low-volume markets live. They cover Kalshi’s prediction markets conference, institutional hedging examples, and Fed research finding Kalshi markets more accurate on inflation and Fed funds, including an FOMC pricing divergence versus CME futures. Moses highlights Kalshi’s research links and AI/compute work, then shares his weekly Kalshi picks focused on the Bank of Japan and USD/JPY.

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ABOUT THE SHOW

For decades, Danny has seen it all on Wall Street and has built his reputation on integrity, curiosity and skepticism that he will bring with him each week. Having traded through the Great Financial Crisis and being featured in "The Big Short" is only part of the experiences Danny wants to share with the listener. This weekly podcast cuts through market noise, offering entertaining and informative discussions with expert guests giving their views of the financial world and the human side of it. Whether you're a seasoned investor or just getting started, On The Tape provides something for all listeners.

Follow Danny on X: @dmoses34

The financial opinions expressed are for information purposes only. The opinions expressed by the hosts and participants are not an attempt to influence specific trading behavior, investments, or strategies. Past performance does not necessarily predict future outcomes. No specific results or profits are assured when relying on this content.

Before making any investment or trade, evaluate its suitability for your circumstances and consider consulting your own financial or investment advisor. The financial products discussed in 'On The Tape' carry a high level of risk and may not be appropriate for many investors. If you have uncertainties, it's advisable to seek professional advice. Remember that trading involves a risk to your capital, so only invest money that you can afford to lose.

Derivatives are not suitable for all investors and involve the risk of losing more than the amount originally deposited and any profit you might have made. This communication is not a recommendation or offer to buy, sell or retain any specific investment or service.

Dan Nathan hosts Amish Jani, co-founder and partner at FirstMark Capital, to discuss his tech investing career and why AI represents the fastest, largest technological sea change he has seen. Jani argues historical comparisons break down as markets and capital needs have scaled, and that gen AI’s apparent “intelligence” has surprised even early researchers. They debate token optimization, enterprise adoption timelines, and whether model routing, open source, and alternative chips will reshape demand without collapsing frontier-model growth. The conversation explores the massive, debt-fueled AI infrastructure build, parallels to late-1990s fiber, NVIDIA’s incentives to diversify customers, and the risk of a new algorithmic or hardware paradigm making today’s spend obsolete. Jani expects value to shift from infrastructure to application software, with incumbents needing rapid product execution and targeted M&A, and he highlights opportunities in vertical AI, agent security, AI infrastructure tooling, consumer agents, and stablecoin/blockchain adoption.

—FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media

The financial opinions expressed in Risk Reversal content are for information purposes only. The opinions expressed by the hosts and participants are not an attempt to influence specific trading behavior, investments, or strategies. Past performance does not necessarily predict future outcomes. No specific results or profits are assured when relying on Risk Reversal.

Before making any investment or trade, evaluate its suitability for your circumstances and consider consulting your own financial or investment advisor. The financial products discussed in Risk Reversal carry a high level of risk and may not be appropriate for many investors. If you have uncertainties, it's advisable to seek professional advice. Remember that trading involves a risk to your capital, so only invest money that you can afford to lose.

Derivatives are not suitable for all investors and involve the risk of losing more than the amount originally deposited and any profit you might have made. This communication is not a recommendation or offer to buy, sell or retain any specific investment or service.

In this episode we’re at The Dead Rabbit, grabbing a pint with serial entrepreneur and operator, Bill Harris, best known as an early CEO of PayPal.

Bill is a veteran FinTech executive who has also served as CEO of Intuit. He later founded Personal Capital, a digital wealth management firm that grew to manage billions in assets before being acquired - and he's now founder and CEO of Evergreen.ai, continuing to innovate in financial technology and investment management.

We discuss the early days of Fintech, the gamification of the market, and what it was like working with Elon Musk.

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#investing #stocks #stockmarket #ApexFintechSolutions

Standing Table is made possible through our continued partnership with Apex Fintech Solutions.

Apex Fintech Solutions provides the tools and services that enable hundreds of clients to launch, scale, and support digital investing for tens of millions of end investors. The company provides essential infrastructure and a comprehensive ecosystem of cloud-based products to enable and streamline trading, wealth management, cost basis, tax reporting, and, through its subsidiary Apex Clearing™, custody and clearing.

For more information, visit the Apex Fintech Solutions website: ⁠https://apexfintechsolutions.com/⁠

LinkedIn: ⁠apex-fintech⁠

SUBSCRIBE:

RiskReversal Pod for more from Guy and Dan: ⁠https://apple.co/3RzvgpD⁠

RiskReversal Media channel for more episodes and content: ⁠@riskreversalmedia⁠

The financial opinions expressed in Risk Reversal content are for information purposes only. The opinions expressed by the hosts and participants are not an attempt to influence specific trading behavior, investments, or strategies. Past performance does not necessarily predict future outcomes. No specific results or profits are assured when relying on Risk Reversal.

Before making any investment or trade, evaluate its suitability for your circumstances and consider consulting your own financial or investment advisor. The financial products discussed in Risk Reversal carry a high level of risk and may not be appropriate for many investors. If you have uncertainties, it's advisable to seek professional advice. Remember that trading involves a risk to your capital, so only invest money that you can afford to lose.

Derivatives are not suitable for all investors and involve the risk of losing more than the amount originally deposited and any profit you might have made. This communication is not a recommendation or offer to buy, sell or retain any specific investment or service.​​