Kyle Samani
speaker
488 appearances
3 recordings
2 series
first heard Oct 2025
last heard 12 Jun
Kyle Samani’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 3 in all, peaking in Jun 2026 with 2.
Appearances
Please do note that nothing in this presentation should be considered financial advice.
All right, let's jump in.
The roots of our modern financial system are about 100 years old.
The stock market as we know it today was actually born out of crisis.
In 1929, the stock market crash lost a third of its value in about a week, and over the next three years proceeded to lose about 90% of its value.
At the time, there was no SEC, there were no disclosures, there were no standardized audits.
In response, Congress passed three major pieces of legislation.
The first is the Securities Act of 33, and that required disclosures for companies that issue securities.
The second was the Exchange Act of 34, which created the SEC.
And the third was the Investment Company Act of 1940, which created regulations for regulating public mutual funds.
The government's goal in these regulations was simple.
They needed to create trust, protect investors, and most importantly, restore confidence in our capital markets.
Those three laws today still stand as the foundation that our modern capital markets are built on top of.
In the 90 years since, we've added rule after rule, system after system.
Typically, it's been predicated on these financial intermediaries whose job it is, they're deputized to process these regulatory functions.
We've added layers of complexity, layers of rent-seeking.
And interestingly, most of these rules have come not from Congress, but from the administrative state.
Today's markets are both held together by these intermediaries and made more inefficient by them.
Investors have to go through exchanges, exchanges go through clearing houses, clearing houses go through custodians, on and on.
Each of these players takes a cut, they add a fee, they add a delay, they create complexity, and they also create inertia in the status quo so that it's harder to remove them later.
Showing 361–380 of 488 · page 19 of 25
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