E428: Michael Green on Peter Thiel, SpaceX, and Inefficient Markets
What if passive investing is actually one of the biggest active forces shaping markets today? In this episode, I sit down with Michael Green, Founder and CIO at Tier1 Alpha Asset Management. Michael challenges the conventional view that stock prices primarily reflect fundamentals, arguing that the transaction itself moves prices and that the rise of passive investing has fundamentally changed who trades, why they trade, and how markets respond to capital flows.
Highlights:
- Why Michael believes passive investing isn’t actually passive.
- The Peter Thiel question that changed how Michael evaluates consensus.
- Why transactions and flows may matter more to prices than fundamentals.
- How index inclusion can create powerful self-reinforcing feedback loops.
- Why passive investing may be making the biggest companies even bigger.
- How leveraged ETFs can amplify both rallies and selloffs.
- Why Michael believes traditional value factors are fighting against passive flows.
- What happens when automatic retirement inflows eventually become outflows.
Guest Bio:
Michael Green is Founder and CIO at Tier1 Alpha Asset Management. He founded and ran Canyon Capital Advisors’ New York office, where he built global macro strategies covering more than $5 billion of exposure across equities, credit, FX, and commodities. He later founded Ice Farm Capital, a discretionary global macro hedge fund seeded by Soros Fund Management, and managed macro strategies at Thiel Macro.
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Sponsor:
AlphaSense is the AI-powered market intelligence platform trusted by 85% of the S&P 100, helping investment professionals make faster, more confident, data-driven decisions. Built for hedge funds, asset allocators, private venture capital firms, and investment bankers, AlphaSense uses advanced AI and powerful search across premium proprietary content to surface the insights that matter most—before the market moves. Elevate your research and stay ahead of the competition. Visit https://www.alpha-sense.com/howiinvest/ to learn more.
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LinkedIn:https://www.linkedin.com/in/michael-green-9a15142/
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Disclaimer:
This podcast is for informational purposes only and does not constitute investment, financial, legal, or tax advice. Nothing in this episode should be interpreted as an offer to buy or sell any securities or to participate in any investment strategy. All opinions expressed by the host and guests are their own and do not represent the views of Weisburd Pierce. Participants may hold positions or have financial interests in the companies, funds, or investments discussed. Any references to specific investments are for illustrative purposes only. Investing involves risk, including the potential loss of capital. Past performance is not indicative of future results, and any forward-looking statements are subject to risks and uncertainties. Any third-party data or opinions have not been independently verified. Listeners should conduct their own research and consult their own advisors before making any investment decisions.
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Transcript
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