In Focus Trade Portfolio – November 1, 2019

Published on: November 1st, 2019

This publication is your ‘go-to’ to view a summary of trade recommendations proposed by Julian and Raoul in their respective In Focus pieces. Each month, we will update the performance of these trade recommendations, adding and removing trades as per the advice is given in subsequent In Focus publications or any Flash Update.

Comments

  • JW
    J W.
    15 November 2019 @ 13:23
    Would like to see an update as well. PLus it would be great if we can get more precise recommendation re what instrument to buy (“Buy Gold” - ok, but...spot, GDX, ETF’s, other...). Same with Platinum (spot, ETF, specific miner, etc). Same with Bonds. Thanks in advance. Jw
  • YO
    Yoshitaka O.
    7 November 2019 @ 02:24
    Hi Raoul What method would you recommend to gaining exposure to Bitcoin? Would you recommend avenues like Gemini or Coinbase or cold wallets with private keys? Also what is a sensible allocation to bitcoin in a portfolio? Thanks, keen to seek you input on the above! LYO
    • JS
      Jim S.
      12 November 2019 @ 05:04
      the cash app by square offers it. GBTC in a brokerage window can offer exposure... and I think that robinhood offers it. I know I'm not Raoul but just trying to help. Dan Tapiero interview in the past couple of weeks talked about %exposure, I can't remember exactly his thought but I remember it being very small.
  • YO
    Yoshitaka O.
    11 November 2019 @ 13:04
    Dear R and J - we are all eagerly waiting for your insightful replies to the queries below! Have a good evening
  • TS
    Tyler S.
    7 November 2019 @ 17:10
    you all need to retouch the eurodollar play. seems the head and shoulders has broken to the down side
    • YO
      Yoshitaka O.
      8 November 2019 @ 07:11
      Yes please!
  • RM
    R M.
    7 November 2019 @ 19:02
    Raoul and Julian: It appears to this admittedly untrained eye that a lot of shifts occurred late September, early October. Both long duration bonds and precious metals peaked and have been down the last 10 weeks. At the same time, European banks (via EUFN) double bottomed, and the world stock markets (ACWX) started a nice 10 week run, of course US markets breaking higher. XLE also bottomed same time, and commodities have picked up with some signs of inflation. Am not suggesting this is a new trend, but clearly as we entered September, macro land shifted, at least for now. I am inserting this comment because I am hoping you write about it! The bond trade has largely round tripped, and the metals are near Julian's well place stop signals. Are stocks going to continue to rip, or should we reload the bond trade? When will the metals sniff out inflation, rather than trade with rates? Interesting times. Looking forward to hearing your discussion.
    • GP
      Geoff P.
      7 November 2019 @ 19:32
      These are indeed interesting times. This seems like a big head fake to me. The market is pricing in a successful mid-cycle adjustment by the Fed, and assumes the trade war progress will take care of the rest. To me this is a huge opportunity to call that bluff, but I'm very curious to hear thoughts from Raoul and Julian as well. RV published a great interview with Darius today talking about much of these dynamics.
    • YO
      Yoshitaka O.
      8 November 2019 @ 02:37
      Yes, Raoul and Julian please update us on your view on the above! Particularly on the long bond and ED trades.. Last I read the recent bound in yields were more likely than not a "gift" to bond and ED bulls
  • MB
    Michael B.
    7 November 2019 @ 18:50
    Again, no idea why the trade rec to short stocks at the lows in December has disappeared from the record...
  • EC
    Emily C.
    4 November 2019 @ 17:45
    Should we be exiting our Eurodollar position?
    • GP
      Geoff P.
      6 November 2019 @ 13:09
      I might be a glutton for punishment here, but I'm inclined to go the other way. QE lite, might address short term funding pressures but it does little to reverse the slowing data. As global data firms and US data continues to soften, the Fed will probably feel the need to play catch up. Closely watching labor. If that starts to roll, (and we just got a glimpse of some ugly openings data), Fed will act fast. Would love Raoul and Julian's take.
    • PM
      Philip M.
      7 November 2019 @ 13:43
      EDZ20 update?
  • JR
    John R.
    6 November 2019 @ 18:35
    I am an original Real Vision subscriber and a new Macro Insider.. I am interested in the eurodollar trade. Is that something that you would put it on now? If so would it be the December 2020?
  • JD
    Jarod D.
    6 November 2019 @ 15:26
    I just got an email notifying me of this update, 5 days after it was published. Macro Insiders really seems to be the neglected product at RV. I kinda regret paying so much for it.
    • RH
      Rob H.
      6 November 2019 @ 16:47
      Yep, I just got the same email. For what you pay for this it seems like they would do a better job with the communications. I check this site often so I read this report days ago.
    • DV
      Didier V.
      6 November 2019 @ 16:55
      The publishing data are always the same: 1, 14 and 21. No need to come every day but i agree MI needs some care.
  • MS
    Michael S.
    5 November 2019 @ 13:23
    I suggest bringing on a Product manager for MI. Its a great concept but just merge it into RV and charge a small premium above for those who wish to get a look at trades.
  • BG
    Benjamin G.
    4 November 2019 @ 17:55
    Is this trade portfolio considered our weekly update for Macro Insiders? What happened with GOOGL, even though the $DXY kept hiking up?
  • YG
    Yves G.
    2 November 2019 @ 13:40
    Are those positions committed with the intention to have a global long/short beta neutral portfolio based on macro economics?

Mark Yusko

Morgan Creek Capital Management, Co- Founder, CEO, & CIO

Mark Yusko is the Founder, CEO and Chief Investment Officer of Morgan Creek Capital Management. He is also the Managing Partner of Morgan Creek Digital Assets.

Morgan Creek Capital Management was founded in 2004 and currently manages close to $2 billion in discretionary and non-discretionary assets. Prior to founding Morgan Creek, Mr. Yusko was CIO and Founder of UNC Management Company (UNCMC), the Endowment investment office for the University of North Carolina at Chapel Hill. Before that, he was Senior Investment Director for the University of Notre Dame Investment Office. Mr. Yusko has been at the forefront of institutional investing throughout his career. An early investor in alternative asset classes at Notre Dame, he brought the Endowment Model of investing to UNC, which contributed to significant performance gains for the Endowment. The Endowment Model is the cornerstone philosophy of Morgan Creek, as is the mandate to Invest in Innovation.

Mr. Yusko is again at the forefront of investing through Morgan Creek Digital Assets, which was formed in 2018. Morgan Creek Digital is an early stage investor in blockchain technology, digital currency and digital assets through the firm’s Venture Capital and Digital Asset Index Fund.

Mr. Yusko received a BA with Honors from the University of Notre Dame and an MBA in Accounting and Finance from the University of Chicago.

Anthony Scaramucci

SkyBridge Capital, Founder & Co-Managing Partner

Prior to founding SkyBridge in 2005, Scaramucci co-founded investment partnership Oscar Capital Management, which was sold to Neuberger Berman, LLC in 2001. Earlier, he was a vice president in Private Wealth Management at Goldman Sachs & Co. In 2016, Scaramucci was ranked #85 in Worth Magazine’sPower 100: The 100 Most Powerful People in Global Finance. In 2011, he received Ernst & Young’s “Entrepreneur of the Year –New York” Award in the Financial Services category. Anthony is amember of the Council on Foreign Relations (CFR), vice chair of the Kennedy Center Corporate Fund Board, a board member of both The Brain Tumor Foundation and Business Executives for National Security (BENS), and a Trustee of the United States Olympic & Paralympic Foundation. He was a member of the New York City Financial Services Advisory Committee from 2007 to 2012. In November 2016, he was named to President-Elect Trump’s 16-person Presidential Transition Team Executive Committee. In June 2017, he wasnamed the Chief Strategy Officer of the EXIM Bank. He served as the White House Communications Director for a period in July 2017. Scaramucci, a native of Long Island, New York, holds a Bachelor of Arts degree in Economics from Tufts University and a Juris Doctor from Harvard Law School.

Michael Saylor

MicroStrategy, Co-Founder

Mr. Saylor is a technologist, entrepreneur, business executive, philanthropist, and best-selling author. He currently serves as Chairman of the Board of Directors and Chief Executive Office of MicroStrategy, Inc. (MSTR). Since co-founding the company at the age of 24, Mr. Saylor has built MicroStrategy into a global leader in business intelligence, mobile software, and cloud-based services. In 2012, he authored The Mobile Wave: How Mobile Intelligence Will Change Everything, which earned a spot on The New York Times Best Sellers list.

Mr. Saylor attended the Massachusetts Institute of Technology, receiving an S.B. in Aeronautics and Astronautics and an S.B. in Science, Technology, and Society.

Alex Saunders

Nugget's News, Founder & CEO

Alex Saunders is the founder and CEO of Nugget’s News, a digital media company focused on all things crypto. Alex has been captivated by cryptocurrency since 2012 and in 2017 he began educating globally on the benefits of cryptocurrency and how to safely acquireit. Nugget’s News has been listed as a top-20 podcast by Business Insider, ShapeShift and Lifehacker and has over 120k YouTube subscribers with 9 million total views.Alex is also heavily focused on his cryptocurrency education platform Collective Shift which currently serves over 4,500 members. provides his unique perspectives by utilising his expertise in fundamental analysis, technical analysis and market sentiment. He is working towards his mission of making it easier for everyone to understand the financial world.

James Putra

TradeStation Crypto, Inc., Sr. Director of Product Strategy

James helped launch TradeStation Crypto’s offering which utilizes a true online brokerage model that self-directed investors and traders have come to expect for equities, futures, and foreign currency markets. He is a reputed crypto asset specialist and blockchain thought leader focused on helping people find innovative ways to participate in this space. He is active in the blockchain community with speaking engagements, TV appearances and mentoring. James has over 15 years of experience in the Fintech industry.

Raoul Pal

Real Vision, Co-Founder & CEO

Raoul Pal is the Co-Founder and CEO of Real Vision, the world’s pre-eminent financial media platform, which helps members understand the complex world of finance, business, and the global economy.

Real Vision members also have access to Real Vision Crypto, a cryptocurrency and digital assets video channel watched by over 80,000 people. In addition, Raoul has been publishing Global Macro Investor since January 2005 to provide original, high quality, quantifiable and easily readable research for the global macro investment community hedge funds, family offices, pension funds and sovereign wealth funds. It draws on his considerable 31 years of experience in advising hedge funds and managing a global macro hedge fund. Global Macro Investor has one of the very best, proven track records of any newsletter in the industry, producing extremely positive returns in eight out of the last twelve years.

He retired from managing client money at the age of 36 in 2004 and now lives in the tiny Caribbean island of Little Cayman in the Cayman Islands. Previously he co-managed the GLG Global Macro Fund in London for GLG Partners, one of the largest hedge fund groups in the world. Raoul moved to GLG from Goldman Sachs where he co-managed the hedge fund sales business in Equities and Equity Derivatives in Europe. In this role, Raoul established strong relationships with many of the world’s pre-eminent hedge funds, learning from their styles and experiences.

Other stop-off points on the way were NatWest Markets and HSBC, although he began his career by training traders in technical analysis.

Peter McCormack

What Bitcoin Did, Journalist

Peter McCormack is a full time journalist/podcaster covering topics such as Freedom, Human Rights, Censorship and Bitcoin. Peter created and hosts the What Bitcoin Did Podcast, a twice-weekly Bitcoin podcast where he interviews experts in the world of Bitcoin development, privacy, investment and adoption. Launched in November of 2017, the podcast has grown to over 100 episodes with a guest list that is a testament to the diversity of knowledge and opinions that represent the broader Bitcoin community. Expanding his growing list of human interest recordings, documentaries and films Peter has recently launched the Defiance podcast and DefianceTV.

Caitlin Long

Avanti Financial Group, Founder & CEO

22-year Wall Street veteran who has been active in bitcoin and blockchain since 2012. In 2018-20 she led the charge to make her native state of Wyoming an oasis for blockchain companies in the US, where she helped Wyoming enact 20 blockchain-enabling laws. From 2016-18 she jointly spearheaded a blockchain project for delivering market index data to Vanguard as chairman and president of Symbiont, an enterprise blockchain start-up. Caitlin ran Morgan Stanley’s pension solutions business (2007-2016), heldsenior roles at Credit Suisse (1997-2007) and began her career at Salomon Brothers (1994-1997). She is a graduate of Harvard Law School (JD, 1994), the Kennedy School of Government (MPP, 1994) and the University of Wyoming (BA, 1990).

Hunter Horsley

Bitwise Asset Management, CEO

Hunter Horsley is Chief Executive Officer of Bitwise Asset Management. Prior to Bitwise, he was a product manager at Facebook, working on advertiser products including the multibillion-dollar sponsored content ecosystem and ad breaks in videos. Before Facebook, Horlsey was a product manager at Instagram, responsible for multiple advertising products generating several hundred million dollars of revenue. He is a graduate of the Wharton School at the University of Pennsylvania, with a B.S. in economics. Recently, Horsley was named a member of Forbes’ 2019 “30 Under 30” list.

Luke Gromen

Forest For The Trees, Founder & President

Luke Gromen has 25 years of experience in equity research, equity research sales, and as a macro/thematic analyst. He is the founder and president of macro/thematic research firm FFTT, LLC, which he founded in early 2014 to address and leverage the opportunity he saw created by applying what clients and former colleagues consistently described as a “unique ability to connect the dots” during a time when he saw an increasing “silo-ing” of perspectives occurring on Wall Street and in corporate America.

FFTT caters to institutions and sophisticated individuals by aggregating a wide variety of macroeconomic, thematic and sector trends in an unconventional manner to identify investable developing economic bottlenecks for his clients. Prior to founding FFTT, Luke was a founding partner of Cleveland Research Company, where he worked from 2006-14. At CRC, Luke worked in sales and edited CRC’s flagship weekly thematic research summary piece (“Straight from the Source”) for the firm’s clients. Prior to that, Luke was a partner at Midwest Research, where he worked in equity research and sales from 1996-2006. While in sales, Luke was a founding editor of Midwest’s widely-read weekly thematic summary (“Heard in the Midwest”) for the firm’s clients, in which he aggregated and combined proprietary research from Midwest with inputs from other sources.

Luke Gromen holds a BBA in Finance and Accounting from the University of Cincinnati and received his MBA from Case Western Reserve University. He earned the CFA designation in 2003.

Meltem Demirors

CoinShares, Chief Strategy Officer

Meltem Demirors is Chief Strategy Officer of CoinShares, an investment firm that manages billions in assets on behalf of a global investor base, and is a trusted partner to investors and entrepreneurs navigating the digital asset ecosystem. Meltem oversees the firm’s managed strategies group and its New York office and leads corporate development.

Previously, she was part of the founding team of Digital Currency Group. As a veteran investor in the digital currency space, she has invested in over 250 companies in the ecosystem.

Meltem is passionate about education and advocacy, and teaches the Oxford Blockchain Strategy Programme and co-chairs the WEF Cryptocurrency Council.