{"href":"https://api.simplecast.com/oembed?url=https%3A%2F%2Fnon-consensus-investing.simplecast.com%2Fepisodes%2Ffsd-the-erebor-arbitrage-canada-Vy6Kxjw6","width":444,"version":"1.0","type":"rich","title":"FSD: The Erebor Arbitrage / Canada","thumbnail_width":300,"thumbnail_url":"https://image.simplecastcdn.com/images/d685d316-5f8f-423b-b62c-820daec733ad/f31b2f30-b484-49d5-9aec-28ef36b992e8/invest-beyond-the-ordinary-2.jpg","thumbnail_height":300,"provider_url":"https://simplecast.com","provider_name":"Simplecast","html":"<iframe src=\"https://player.simplecast.com/3e87399f-d378-4935-b751-0660d51cecb3\" height=\"200\" width=\"100%\" title=\"FSD: The Erebor Arbitrage / Canada\" frameborder=\"0\" scrolling=\"no\"></iframe>","height":200,"description":"In this episode of FSD, Ram Ahluwalia of Lumida Wealth Management opens with a personal story about his daughter's birthday before diving into market dynamics and macro strategy. Ram analyzes the venture-backed defense tech ecosystem and explains why incumbent defense primes like Raytheon represent attractive opportunities as the Pentagon ramps up spending.\n\nThe discussion shifts to economic policy, focusing on new accelerated depreciation rules and how specialized energy-adjacent firms solve midstream natural gas bottlenecks through modular data centers. Ram concludes with reflections on entrepreneurship, why getting into Y Combinator offers a superior practical education compared to traditional paths, and how a top-performing venture capital fund generated an 81x return by timing market bubbles."}