{"podcast":{"title":"Talking Billions with Bogumil Baranowski","slug":"talking-billions-with-bogumil-baranowski-5857987","podcast_index_feed_id":5857987,"rss_url":"https://anchor.fm/s/bc3d43f4/podcast/rss","website_url":"https://www.talkingbillions.co/","image_url":"https://d3t3ozftmdmh3i.cloudfront.net/production/podcast_uploaded_nologo/31481317/31481317-1669224125075-007cf26437884.jpg","author":"Bogumil Baranowski","episode_count":304,"summary":"EVERY MONDAY A NEW EPISODE. I READ ALL MY EMAILS - contact form on my website - www.bogumilbaranowski.com. TELL ME YOUR STORY. I’m Bogumil Baranowski, an author, a TEDx speaker, an investor, and an investment advisor to families and individuals. Intimate conversations about money, wealth, and living a rich and fulfilling life. We talk about big ideas, big inspirations, big topics. We take on the hardest subject of all – money: how to make it, save it, keep it, but our conversations lead us to an even bigger question — what it means to live a rich life beyond money. NOT INVESTMENT ADVICE.","last_synced_at":"2026-06-26T14:18:38.688899+00:00","page_url":"https://stenobird.com/podcast/talking-billions-with-bogumil-baranowski-5857987"},"episode":{"title":"Lupin Rahman, PhD: What Sovereign Debt Reveals About the World, Can You Trust a Government to Pay You Back? Why the Risk-Free Rate Is Not Risk-Free — Inside the Mind of a Sovereign Debt Investor","slug":"lupin-rahman-phd-what-sovereign-debt-reveals-about-the-world-can-you-trust-a-government-to-pay-you-back-why-the-risk-free-rate-is-not-risk-free-inside-the-mind-of-a-sovereign-debt-investor","published_at":"2026-04-13T04:12:00+00:00","page_url":"https://stenobird.com/podcast/talking-billions-with-bogumil-baranowski-5857987/lupin-rahman-phd-what-sovereign-debt-reveals-about-the-world-can-you-trust-a-government-to-pay-you-back-why-the-risk-free-rate-is-not-risk-free-inside-the-mind-of-a-sovereign-debt-investor","show_page_url":"https://stenobird.com/podcast/talking-billions-with-bogumil-baranowski-5857987","url":"https://podcasters.spotify.com/pod/show/talking-billions/episodes/Lupin-Rahman--PhD-What-Sovereign-Debt-Reveals-About-the-World--Can-You-Trust-a-Government-to-Pay-You-Back--Why-the-Risk-Free-Rate-Is-Not-Risk-Free--Inside-the-Mind-of-a-Sovereign-Debt-Investor-e3hpl7h","audio_url":"https://anchor.fm/s/bc3d43f4/podcast/play/118330033/https%3A%2F%2Fd3ctxlq1ktw2nl.cloudfront.net%2Fstaging%2F2026-3-12%2F421904047-44100-2-a498362246da9.mp3","summary":"Lupin Rahman, PhD, is a senior macroeconomist, sovereign debt specialist, and former head of sovereign credit and emerging markets portfolio manager at PIMCO, with over 25 years of experience across the IMF, World Bank, and global capital markets, and author of The Sovereign Debt Investor (Wiley Finance). Episode Sponsor: Fiscal AI is a modern data terminal that gives investors instant access to twenty years of financials, earnings transcripts, and extensive segment and KPI data—use my link for a two-week free trial plus 15% off: https://fiscal.ai/talkingbillions/ 3:00 — Lupin recalls growing up with her grandmother in Bangladesh, a powerful matriarch who managed rice markets, bargaining, inventory timing, and informal community insurance — an early blueprint for sovereign economics.5:00 — The mindset shift from IMF/World Bank policymaker to PIMCO investor: "Policy advice lives in a world of intent and markets essentially price outcomes."7:30 — Sovereign debt has survived thousands of years because it bridges the gap between government spending today and tax collection over time — productive use strengthens economies, unproductive use "starts borrowing from the future."9:15 — Guided tour of the sovereign debt landscape: borrower type, currency risk, instrument structure, legal framework, investor base, and collateral.13:45 — How sovereign credit analysis differs from equities: analyzing tax capacity, monetary policy, political constraints, institutional frameworks — and the unique power governments hold over creditors.17:15 — Bond valuation essentials: yield, duration, and convexity explained. "Maturity is not the same as duration."20:00 — Return of capital vs. return on capital — and how modern bond trading evolved from "clipping the…","meta_description":"Lupin Rahman, PhD, is a senior macroeconomist, sovereign debt specialist, and former head of sovereign credit and emerging markets portfolio manager at PI…","key_points":[],"chapters":[],"topics":[],"duration_seconds":3668,"processing_state":"not_requested","actions":[{"name":"request_transcript","method":"POST","url":"https://stenobird.com/v1/public/podcasts/talking-billions-with-bogumil-baranowski-5857987/episodes/lupin-rahman-phd-what-sovereign-debt-reveals-about-the-world-can-you-trust-a-government-to-pay-you-back-why-the-risk-free-rate-is-not-risk-free-inside-the-mind-of-a-sovereign-debt-investor/transcription-requests","description":"Idempotently request low-priority transcript generation for this episode."},{"name":"read_markdown","method":"GET","url":"https://stenobird.com/podcast/talking-billions-with-bogumil-baranowski-5857987/lupin-rahman-phd-what-sovereign-debt-reveals-about-the-world-can-you-trust-a-government-to-pay-you-back-why-the-risk-free-rate-is-not-risk-free-inside-the-mind-of-a-sovereign-debt-investor.md","description":"Read the agent-friendly Markdown representation of this episode resource."}]}}