The Macro View with Mo Islam


On this week’s episode of the Pathfinder podcast, Ryan sits down with Mo Islam, who is his boss and the cofounder/CEO of Payload.


A Payload on Payload interview? It’s like the Spiderman pointing at another Spiderman meme. Jokes aside, Ryan invited Mo on to discuss a presentation he prepared for the Payload team at their recent off-site meeting. This week’s episode focuses on an adapted version of the deck and what’s happening within the macroeconomy.

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  • Mo’s Wall Street background
  • Starting Payload
  • Inflation, a possible recession, and the global food crisis
  • How it’s all connected to the space industry
  • Consumer credit, COVID-19, and a “systemic failure in the crypto industry”
  • Aerospace and defense (A&D) outperformance over other indices
  • Tech valuation compressions
  • A record year for space investing
  • The next chapter of the space industry
  • Is Starship priced in?

…and much more! It’s a great conversation and we’re super excited for you to hear it. Thanks to Mo for coming on Pathfinder!


0:00 – Show intro

1:17 – Introduction of the founder of Payload, Mo Islam

2:13 – Mo’s résumé

4:32 – Filling the big gap in media coverage within the space economy 

10:52 – America’s current struggle with inflation 

13:41 – We are facing a global food crisis

16:00 – Mo’s take on a potential technical recession

21:30 – Mo’s favorite topic….. Crypto! 

24:40 – Aerospace & Defense (A&D) was the top traded sub sector in Q2 

29:30 – The Fed is deliberately bursting the bubble on purpose, lowering asset prices on purpose…. “this is different than the global financial crisis”

33:10 – 2021 was a record year for government space investment, leading to increased future budget requests 

34:21 – Russia-Ukraine conflict’s effect on the race for space dominance 

38:20 – “It’s important to remember how quickly the macro can flip” 

43:31 – The end of the first chapter of new space is closing 

49:50 – Unicorn companies typically start in the period following a downturn 

51:40 – Mo’s opinion on the new space race

58:37 – Mo’s hobbies.. He’s a DJ?!

1:01:10 – Will we get boots on the moon in the next decade?