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A complete, permanent record of every Markets Without Spin episode. Each conversation pairs with its written essay — the archive stays here even as the feed rolls forward.

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Episode 13 September 2026 10 min

Episode 13 The Conference I Wasn't Looking For

What started as a morning walk through downtown Salt Lake City turned into the beginning of a much bigger investigation. Franz Amussen accidentally stumbled across the Small Satellite Conference and began talking with companies exhibiting there. One conversation at the Orbion booth led to a surprising discovery: Orbion had been acquired by York Space Systems. That raised a series of questions. Who is York? Who owns it? Why is it acquiring aerospace companies? Who is financing the strategy? What does BlackRock have to do with it? And are York's substantial losses actually destroying capital—or investing in capabilities that could eventually be worth much more? In this episode, Franz explains how an ordinary morning walk became the starting point for a deep dive into York Space Systems—and why he decided to follow the story wherever it led. This is the beginning of the York Space Systems rabbit hole. Markets Without Spin is about understanding how markets and companies actually work—not telling you what to buy. This podcast is for informational and educational purposes only and is not investment advice or a recommendation to buy or sell any security.

00:0009:49
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Episode 12September 202635 min

Episode 12: When Profits Aren't Profits: The Accounting Game Behind GAAP Earnings

What does it really mean when a company says it "earned" $500 million? GAAP gives investors a common language for measuring corporate performance. But GAAP earnings aren't the same thing as cash—and the accounting choices, estimates and assumptions behind those earnings can have a profound effect on what investors see. In this episode of Markets Without Spin, we examine how accounting can make a company's economics look better or worse than they really are. We look at: Accrual accounting and the difference between earnings and cash Depreciation and useful-life assumptions FIFO vs. LIFO inventory accounting Revenue recognition Fair-value and mark-to-market accounting Management incentives and executive compensation Enron and the danger of turning future profits into today's earnings Arthur Andersen and the collapse of Enron Planet Labs and the opposite problem: when today's investment looks like today's expense Goodwill and acquisitions Why the cash flow statement may tell you more than the headline earnings number The central lesson is simple: Don't distrust GAAP. Understand it. Don't just ask, "What did the company earn?" Ask: How did it earn it? Where's the cash? What assumptions went into the number? What is management incentivized to do? And what is the company actually building with the money? Because companies don't spend earnings. They spend cash. Markets Without Spin explores the forces, incentives and financial mechanics that shape markets—and what investors should know before accepting the conventional story.

00:0034:34
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Episode 11August 202622 min

Episode 11: When Great Stories Become Bad Investments

History's greatest investment bubbles reveal timeless lessons about valuation, cash flow, incentives, and speculation. This episode examines the South Sea Bubble, Railway Mania, and why revolutionary technology doesn't always make for a great investment.

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Episode 10August 202620 min

Episode 10: Show Me the Incentives

Episode 10 – Show Me the Incentives In this episode of Markets Without Spin, Franz Amussen traces the structural transformation of the American economy — not through ideology, but through incentives. Beginning with President Nixon's closure of the gold window in 1971, Franz explains how monetary expansion, inflation, regulatory accumulation, globalization, and financialization reshaped American production, ownership, and middle-class stability over decades. This episode explores: Why inflation is not neutral How Paul Volcker restored monetary credibility Why many factories never reopened after the early 1980s The incentive gap between U.S. and emerging markets The long-term hollowing of industrial communities Regulatory friction and its cumulative effects Financialization and capital concentration Why structural change rarely feels dramatic while it's happening This is not a political episode. It is an examination of cause and effect. If you want to understand how the American economy transformed — and why — start with incentives.

00:0019:37
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Episode 09August 202621 min

Episode 9: The Myth of Safety

The Myth of Safety In this episode, we examine what "safe" really means in modern finance. We often assume that money in the bank is secure. That brokerage accounts are protected. That money market funds are cash equivalents. History tells a more complicated story. This episode explores: The 2013 Cyprus bail-in and frozen deposit accounts Capital controls and withdrawal limits inside the European Union The 2008 "breaking the buck" moment at the Reserve Primary Fund How the commercial paper market nearly froze payroll across America The structural build-up to the 2008 financial crisis The incentives behind mortgage securitization and leverage expansion Moral hazard and the stabilization of major institutions through TARP A personal experience during the collapse of Silicon Valley Bank Why some uninsured depositors were rescued — and others were not Brokerage firm failures and the risk of losing access even when assets are legally segregated What it actually means to be an unsecured creditor of a bank How FDIC insurance works — and what it doesn't guarantee The role of the Treasury and Federal Reserve as ultimate backstops Why nominal protection is not the same as protection of purchasing power Practical steps toward antifragility in a layered financial system This episode sets the foundation for Episode 10, where we examine the gold window, inflation, and the structural shift in the monetary system. If you found value in this discussion, please subscribe and share.

00:0020:49
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Episode 08August 202613 min

Episode 8: Inside the Pipes: Dark Pools, Payment for Order Flow & Who Really Sets Price

In Episode 8 of Markets Without Spin, Franz Amussen pulls back the curtain on the invisible plumbing of modern markets. When you click "buy" or "sell," where does your order actually go? It may never reach the public exchange. This episode breaks down: Payment for Order Flow (PFOF) Internalization Dark pools High-frequency trading and latency arbitrage Conditional liquidity The 2010 Flash Crash March 2020's liquidity shock Why stop-loss orders can behave unpredictably in stressed markets How leverage interacts with volatility Franz revisits lessons from: The 2010 Flash Crash The March 2020 COVID liquidity event A personal story involving short volatility exposure and margin liquidation Referencing Flash Boys by Michael Lewis, this episode explains how modern market structure fragments price discovery — and why liquidity can disappear when it's needed most. Key Takeaways Commission-free trading isn't free — it's monetized differently. A significant portion of retail flow never hits public exchanges. High-frequency traders provide liquidity — but only conditionally. In volatility spikes, liquidity providers step back. Liquidity risk can be more dangerous than fundamental risk. Structure determines survival during market stress.

00:0012:34
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