A New Fed Chair, Why Bonds Are Competing With Stocks, Potentially the Largest IPO in History, and a Building That Lost 97 Percent of Its Value

This week: Kevin Warsh was sworn in as the new Federal Reserve Chair, and we explain what he means by a "reform-oriented" Fed and why the balance sheet may matter as much as interest rates. A key measure of expected stock returns versus bond yields has shrunk to its narrowest level since the dot-com era, and we explain the equity risk premium. SpaceX filed to go public at a valuation approaching $2 trillion — potentially the largest IPO in history — and we break down what an IPO is and how companies entering public markets can become part of major stock indices. And a building that sold for $100 million a decade ago just sold for $3 million, and the story behind that number may change how you think about real estate. Sources referenced in this episode: Barron's — https://www.barrons.com/articles/spacex-ipo-how-to-buy-risk-openai-anthropic-e48e5e9b CBS News — https://www.cbsnews.com/news/kevin-warsh-sworn-in-federal-reserve-chair/ CBRE — https://www.cbre.com/insights/figures/denver-downtown-office-figures-q1-2026 CNBC (CME FedWatch) — https://www.cnbc.com/2026/05/15/traders-now-see-next-fed-interest-rate-move-as-a-hike-following-inflation-surge.html CNN — https://edition.cnn.com/2026/05/22/economy/kevin-warsh-sworn-in-fed-chair Federal Reserve (H.4.1) — https://www.federalreserve.gov/releases/h41/current/ Federal Reserve (H.15 Daily Yields) — https://www.federalreserve.gov/releases/h15/ ICI (Active and Index Investing) — https://www.ici.org/research/stats/combined_active_index_0326 WSJ (Equity Risk Premium) — https://www.wsj.com/finance/stocks/the-risk-premium-for-holding-stocks-over-bonds-is-vanishing-95be5b9d WSJ (Denver Office Conversions) — https://www.wsj.com/real-estate/commercial/america-s-emptiest-downtown-f1f4cdf1 New episodes weekly.