Hello! Welcome to Money Talks, the part of Slate Money, where I, Felix Salmon of Bloomberg,

talk to some of the most interesting people in the world, about some of the most interesting

things in the world. And this week, I'm going to be talking about risk maxing.

I'm going to be talking about Yolo and Tina and FOMO and Zurp and AGI and all manner of

acronyms, which we will help you navigate.

And I'm going to be doing this with the guy who basically invented the term.

Scott Smith, welcome to the show.

Happy to be here. Scott, introduce yourself. Who are you?

I am a futurist, however you'd like to define that term. I run a company called Changes out of

Barcelona that helps find emerging signals of political economic and technological change in the landscape

and advise companies, governments, financial institutions on how to reckon with that change.

So we are not going to be talking about the future all that much. We're going to be talking

about the present and the immediate past. We're going to be talking about what is going on right

now with a whole bunch of people taking a whole bunch of risks that seem to be irrational.

We're going to talk about what happened the last time this happened, which was 2021.

And whether this is all terrifying or not.

It is a super interesting conversation.

So stay tuned to Money Talks.

So, Scott, did you come up with this word risk maxing because I love this word so much?

I did.

As far as I know, it seemed like a timely way to frame the term. It sort of happened before the, I guess,

the most recent explosion of maxing. When did you coin the word? I think last summer. Yeah,

...