Financing the American Revolution: Robert Morris and Independence

You've likely never heard of one of the most important founders of the American Revolution: Robert Morris, the Financier of the American Revolution.

Jul 1 • Daniel Gamboa and Matt Harris

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1:06:07

June 2026

The Rail Revolution: George Hudson and Railway Mania (Part 2)

Listen now | In the 1840s, Britain deployed more capital in railways than any nation had ever invested in anything outside of war.

Jun 8 • Daniel Gamboa and Matt Harris

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1:07:13

AI capex is massive and we've been here before

The only cycle that really compares to AI in terms of capital deployed, built a vast railway network across Britain in the 1840s

Jun 5 • Matt Harris

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1

May 2026

The Rail Revolution: George Stephenson and the Birth of Railways (Part 1)

George Stephenson, the birth of the railway (steam, iron, coal, and capital) and how it resembles the AI boom

May 18 • Daniel Gamboa and Matt Harris

2

1

1:09:13

April 2026

The 80s on Wall Street: Howard Marks and Bruce Karsh Cultivate Cycles (Part 5)

The final chapter in our 80s on Wall Street series bridges the story from the rise of high yield bonds and leveraged buyouts to the birth of distressed…

Apr 7 • Daniel Gamboa and Matt Harris

2

1:11:38

March 2026

Bob McNally on Oil Price Volatility, OPEC, Energy Markets, and the Strait of Hormuz

Bob McNally on the history of oil price volatility, previous attempts at stabilizing it, how oil shapes the economy, and the outlook for the Strait of…

Mar 17 • Daniel Gamboa and Matt Harris

5

1:07:53

February 2026

The 80s on Wall Street: Fred Carr Bankrolls the Boom (Part 4)

Where did all the money that fueled the junk bond boom come from? Fred Carr's insurance company was as critical to the growth of the market as Michael…

Feb 26 • Daniel Gamboa and Matt Harris

2

1:12:35

The 80s on Wall Street: KKR and The RJR Nabisco Battle (Part 3)

The most dramatic LBO in history: Henry Kravis from buyout specialist firm KKR vs Ross Johnson, CEO of RJR Nabisco, and his advisers including Shearson…

Feb 13 • Daniel Gamboa and Matt Harris

3

49:24

The 80s on Wall Street: Road to RJR Nabisco’s LBO (Part 2)

When the CEO of RJR Nabisco, Ross Johnson, gets frustrated with his low stock price, he unleashes the biggest leveraged buyout in history

Feb 4 • Daniel Gamboa and Matt Harris

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1:07:19

January 2026

The 80s on Wall Street: Michael Milken Makes a Market (Part 1)

The 80s were an iconic decade on Wall Street. Michael Milken and his team at Drexel were key players in sparking the wave of buyouts emblematic of the…

Jan 22 • Daniel Gamboa and Matt Harris

2

1:14:12

Season 2 Powered by EQT Corporation

Backtest continues to grow in 2026 with more research, sharper storytelling, and bigger reach—now with the support of our Season 2 presenting partner…

Jan 21 • Daniel Gamboa and Matt Harris

2

December 2025

Year One Reflections

From sitting in Matt's living room recording with a broken microphone in February, to building Backtest into a podcast with thousands of listeners by…

Dec 30, 2025 • Daniel Gamboa and Matt Harris

3