Episode summary
Lots More on the Protests and Financial Crisis in Iran | Odd Lots
Odd Lots
· · 22 min · Hosts: Joe Weisenthal, Tracy Alloway · Guests: Maciej Wojtal
Summary
Maciej Wojtal said the protests in Iran are harder than usual to read because the government has imposed a sweeping internet blackout, cutting off ordinary communication and even making it difficult to tell whether the stock market is functioning. He said the immediate unrest was centered on economic pain, not just political anger: the Grand Bazaar was a flashpoint, hard currency is scarce, sanctions have crushed trade, and households are being squeezed by inflation and a collapsing rial.
Wojtal argued this wave feels different from earlier rounds of unrest because demographics and grievances have shifted. He said a younger, more educated population now feels shut out of opportunity, while the economic crisis touches nearly every household. He also pointed to a recent bank collapse and corruption tied to a well-connected businessman as further fuel for anger.
On markets, he said the stock market appears to have been broadly stable so far, but the more important test may come in the next few weeks if retail investors start selling once access returns. He compared the setup to last year’s post-war selloff and said Iranian assets remain priced for war, with valuations still depressed and sentiment fragile.
Key takeaways
- Wojtal said the protests began in Tehran’s Grand Bazaar and were driven mainly by economic stress, not just political slogans.
- He said Iran’s rial is around 1.5 million rials per $1, implying a roughly 97% to 98% decline over the last decade.
- He said the banking collapse that cost the state about $5 billion was another corruption scandal that intensified public anger.
- He expects the stock market may stay stable short term, but retail selling could hit prices in the next few weeks once access normalizes.
- He said Iranian equities remain priced for war, with valuations still depressed after the last round of conflict.
Notable quotes
“Right now is driven by economic difficulties and this is this touches every every single household in Iran”
“Well, 100% this was the main cause. Look, the protest started on the Grand Bazar in Tehran”
“So it's really it's really falling fast. Oh, and one more thing you asked about the bank”
How the episode opens
Bloomberg Audio Studios, podcasts, radio, news. Joe, do you like Persian food? — Yeah. Oh, yeah. Definitely.
Yeah. I make I'm very proud of this if I say so myself. A mean gourmet sapsi.
I actually don't know if I'm pronouncing it wrong, but supposedly it's the Iranian national dish, and it's a sort of like beef stew with spinach and a bunch of different herbs in it. So, it's really green and then with kidney beans, it's delicious. And the thing I like about it is you can make it and then store it, freeze it, and it actually gets better over the next week or so.
I This is my idea for a restaurant, which is just like make food and then put it in the fridge for overnight and then serve it cold cuz I think like every dish is better like after a night in the fridge somehow like all the flavors come out. I was like, why don't we just make this the default eating? I did a deadlift.
I am both the most popular trader and most successful trader at Citadel. — Feta's going viral. — Uh, barges. — This is an after school special. Except — I've decided I'm going to base my entire personality going forward on campaigning for a strategic pork reserve in the US.
Black gold. — These are the the important questions. Is it robots taking over the world? — No, I think that like in a couple years the AI will do a really good job of making the Outlaws podcast. One day that person will have the mandate of heaven.
How do I get more popular and successful? — We do have — The perfect guest. — You're listening to lots more where we catch up with friends about what's going on right now.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- iran protests
- iran internet blackout
- iran stock market trading
- iran financial crisis
- sanctions and currency crash
Companies and tickers mentioned
- Amtelon Capital
Watch the episode
Watch “Lots More on the Protests and Financial Crisis in Iran | Odd Lots” on YouTube
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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