Issue:
September 2025
The art of the podcast
How I started a podcast
The Transformation of Value is my weekly independent podcast where I explore freedom, money, and creativity through long-form conversations. I’ve had the chance to speak with a wide range of guests, including Don Brash, former Governor of New Zealand’s central bank, and Paul Sheard, former global chief economist of Lehman Brothers. I’ve also interviewed Carmen Lau, a Hong Kong freedom activist and one-time district councilor, as well as a police officer who once protected New Zealand Prime Minister John Key. Artists, economists, philosophers, Bitcoin developers, and writers of all kinds have joined me to explore questions about value and what it means to live in today’s world.
The genesis for The Transformation of Value came from a desire to learn for myself why the economy of New Zealand and the world seemed to be tanking. I wanted to understand why we had been plagued by inflation, social unrest, increasingly bad public services, and unaffordable housing in the wake of the Covid years. Could it be true that the government was just printing money? Was there the possibility, however slight, that there was some kind of systemic issue that required further investigation?
Though people often talk about the symptoms, the underlying mechanisms of money and power rarely get serious airtime in legacy media.
So I had to do it myself.
When I started out, I didn’t know much. I spent a long time working out how to use a microphone and techniques for editing audio and overcoming my Kiwi accent. It took me 18 months to even release video versions of the episodes and put my face out there.
But eventually The Transformation of Value started getting some traction.
The new rules of engagement
There is something about the immediacy and power of spoken conversation that draws people in. Podcasts are a form of co-creation where not only are the guest and the host having a conversation together, but the audience, through the act of listening, is also participating. Someone may be going for a walk, working out at the gym, or cooking dinner in real life while listening and by doing so they embody the words in a new way.
The old rules of media are about authority and the institution behind a journalist. The brand carries a lot of value still, but this is increasingly on the decline. In 2024 Gallup reported that only 31% of Americans trust the media to report news accurately while 36% have no trust at all, the lowest confidence levels recorded.
When it comes to podcasting, I think authenticity and curiosity are important values. Curiosity can only come from deep involvement with the subject matter and a desire to understand the why as much as the what. I spend a lot of time reading, writing, and exploring the history of economics, money, political theory, and literature to help inform my discussions. Current affairs are important to cover, but I think there is a lot of value in zooming out and contextualizing political and economic situations and providing historical reference.
Authenticity is perhaps the most essential aspect. The long-form podcast enables back-and-forth dialogue where both host and guest can show their colors. The veracity of everyone involved can be observed in the two-way format. An hour or more is a good amount of time for a guest to paint a picture of what they are thinking and where they stand. In addition, every time the host speaks, they reveal more about how they think and see the world.
The hidden editorial machinations of legacy media summarize, distill, and interpret complex topics into short bits. When unclear incentives are at play, the audience is asked to trust a process they cannot see or verify.
This becomes challenging in a world of increasingly partisan and political-tribe echo chambers along with the encroachment of AI slop. Though historically journalistic access to key figures has been limited by the clout of the institution, these days most people are only one direct message or email away.
The narrow middle way must hold, and I think the way is through conversation. Some of the most successful podcasts, such as The Joe Rogan Experience, Modern Wisdom, EconTalk, and a wide range of smaller niche shows are based on the idea of authenticity and curiosity.
Respecting our audiences
Someone recently said to me, “A good journalist listens.” But how often do we listen to our audiences? They are not a monolithic block and I think it is important to ask: Who is your audience? What matters to them?
We must trust and respect our audiences’ ability to judge someone’s words and character. Even the most capable and media-trained operative will reveal their colors given enough time.
I think it is important for serious shows to talk with different kinds of people from different angles. I enjoy facilitating contrasting opinions to keep things real. I am not trying to squeeze out soundbites or to nudge my guest towards a “gotcha”. There is something incredibly disarming by simply listening and probing someone on what they believe, and how they arrived at that belief.
I recently interviewed Mike Brock, a former tech executive turned political commentator and self-proclaimed Cassandra writing on the potential rise of Fascism in the United States. The following week I talked with Erik Cason discussing Aleksandr Dugin’s Fourth Political Theory, a post-liberal political philosophy that challenges Western hegemony. My two guests could not be further apart in thinking or outlook, yet between them truth and nuance were revealed. Where does the middle meet?
When I listen back through episodes, I often find myself checking my guests’ facts or looking up obscure references that are mentioned to help build a picture of their worldview. I imagine my listeners, just as I do, to be considering and holding ideas lightly, assaying them, and ultimately deciding what to keep and what to discard.
Economic models for independent podcasts
Fundamentally, I think the starting assumption is that a podcast or any piece of media in 2025, beyond highly technical or trade news, has little economic potential outright. The landscape has changed and monetizing is hard and does not come straight away.
But independent podcasts can engage a niche global audience with a cost to produce that is lower than ever. With The Transformation of Value I have experimented with sponsorship, donations, and affiliate commissions. The show has a small but dedicated and growing listenership that I respect. I’ve been pleasantly surprised by the donation support in particular, though it’s not something to bank on. When it comes to advertising I would consider promoting a product or service again if something came along that was a good fit for the show, but I am not in any rush to do this.
Instead, I see my podcast as a funnel for bigger and more transformative work. I run a business consultancy where I can give my insight on a range of topics and how to best navigate the world. Through the show I have had the chance to talk with thought leaders, build networks with both listeners and guests, and develop my own insight as to what is happening around me that has been extremely valuable.
As the approaching wave of change starts to wash over us, many things will need to be reconsidered. I think the way people get news and form opinions about reality is one of them.
Just start recording
Of course, much of today’s creator economy rewards superficial, viral content that hits our dopamine receptors rather than helping us understand the world. But I think there’s a huge opportunity to tell stories and deeply explore important topics through podcasting.
I encourage every journalistic professional to give podcasting a go. If you’re curious, just start recording. The tools are cheap and easy enough to pick up. If you would like to know more or throw around some ideas, please email me at hello@thetransformationofvalue.com and I can share what I know.
As a new Junior Associate member at the FCCJ, I also want to mention that I am honored to have been welcomed into the club and to have met many people so far at various events. Though the media landscape may be changing, the FCCJ’s mission of bringing people together for conversation and sharing ideas continues.
