Matt Levine

speaker

4,268 appearances 11 recordings 1 series first heard Jun 2026 last heard 4d ago

Matt Levine’s voice in public audio — every appearance, attributed to the second.

Trend

recordings per month · last 12 months

Recordings per month over the last 12 months — 11 in all, peaking in Jul 2026 with 5.

Appearances

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Money Stuff: The Podcast · No Kiddie Pool · 31 Jul 2026 podcast

So this is what the thing actually says on the prospectus, which I don't know if anyone reads, but the securities are for investors who seek a return based on the performance of SpaceX and who are willing to risk their principal and forego current income and returns above the upside payment in exchange for the upside payment future and the limited protection against loss of principal. voice-verified

So what they're sort of saying is this is a way to get some exposure to SpaceX, but if SpaceX goes down a little bit, you don't lose money. voice-verified

Yeah. voice-verified

If SpaceX goes down 49%, you don't lose money. voice-verified

If SpaceX goes up 39%, you get a 40% return, which is better. voice-verified

If SpaceX goes up 100%, you get a 40% return. voice-verified

Got it. voice-verified

Because you always get a 40% return, unless it goes down a lot. voice-verified

So there's a payoff graph in the thing, and it's just like a flat line above down 50%, and then below that, it looks like you own SpaceX. voice-verified

Yeah, right. voice-verified

It's a flat return in almost all cases, except when SpaceX crashes, you lose money. voice-verified

And so for Morgan Stanley, that's like we have bought insurance against a SpaceX crash from our retail customers. voice-verified

And for the retail customers, it's like, oh, I get 40% unless things go bad. voice-verified

The marketing is sort of like you're getting some sort of SpaceX pad that is like downside protected or whatever. voice-verified

But from Morgan Stanley's perspective, they're sourcing puts on SpaceX. voice-verified

Right. voice-verified

And it's hard to buy very out of the money puts. voice-verified

Two reasons. voice-verified

So let's say you're working something, you just want to buy insurance against SpaceX going down a lot, right? voice-verified

So you're like, I don't care if it goes down 10%, that's fine. voice-verified

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