Matt Levine

speaker

4,099 appearances 10 recordings 1 series first heard Jun 2026 last heard 18 Sep

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 — 10 in all, peaking in Jul 2026 with 5.

Appearances

newest first · ▶ plays the moment

Money Stuff: The Podcast · Learn More Gooder · 4 Sep 2026 podcast

So like voice-verified

Yeah. voice-verified

The US has withholding tax on dividends for certain foreign investors, which I think includes a lot of like voice-verified

Kn C investors. voice-verified

I could be wrong about that. voice-verified

But like so a lot of like hedge funds have withholding problems with dividends. voice-verified

And so like there's a trade. voice-verified

It's called the cash and carry trade, although I always think of it as just the basis trade for S P. voice-verified

But the trade is like you buy the S P. voice-verified

or like S P ETFs, index funds or like the actual stocks. voice-verified

And then you sell S P futures. voice-verified

And so you're basically providing funding. voice-verified

So it's like a balance sheet trade, it's like a basis trade. voice-verified

And the funding spread has widened for reasons. voice-verified

And so there's money to be made by doing this. voice-verified

And so a number of like investors do it. voice-verified

And if you're doing that trade and you are a foreign company, you do not want the drag of like, you know, on your actual S P shares, you receive a dividend. voice-verified

And if there's a withholding tax on that dividend, that kind of cuts into the like fairly slim margins you're making on the trade. voice-verified

And so they have this story about how people, foreign investors, voice-verified

hedge funds, banks, whatever. voice-verified

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