Meeting of Minds – June 2018

Published on: June 28th, 2018

In this Meeting of Minds, Julian looks at Financial Conditions and the risk that an accelerative USD up-move will prove to be a catalyst for the deterioration of global liquidity conditions. Raoul, on the other hand, examines some of the structural fractures in the world order and highlights interesting charts that have caught his attention.


  • TH
    Thomas H.
    29 June 2018 @ 00:35
    How many think it was appropriate for Raoul to send an email that he is going to update us with a special report on August 9 in order to get us to renew our subscription?
    • DB
      David B.
      29 June 2018 @ 01:12
      I must admit, I didn't like it.
    • DW
      Daniel W.
      29 June 2018 @ 09:00
      I second that. That is very cheap Marketing tricks. If what he is working on Right now is so important he should get it out now.
    • gg
      gurdeep g.
      30 June 2018 @ 08:21
      Sell the fear, subscribers will follow... that’s how I have read the last few emails. (I don’t care how many dislikes this comment gets)
    • RB
      Richard B.
      2 July 2018 @ 16:56
      I thought the cheap marketing trick from Raoul and Julian was very inappropriate. I'm not renewing my subscription. Any good ideas that Raoul puts out he sticks on the main real vision channel a week or month later. The ideas he talks about are so long term that it doesn't matter if you have to wait to hear about them. I really think this service was overkill. Your not getting any special secrets here. #I'mOUT
    • MS
      Morten S.
      4 July 2018 @ 11:23
      OMG yes extremely inappropriate. You caught him now Thomas! My first and last comment on this platform, but seriously guys do you really think Raul needs to persuade people to follow his work? Sad shit that this is "hotly debated".
    • gg
      gurdeep g.
      4 July 2018 @ 12:09
      Sadly if the economy isn't on brink of recession ever year or dollar to move higher and life on earth is over as we know it...who would sign up to RV. The games up. Posted my last comment on this platform too
    • MG
      Miguel G.
      5 July 2018 @ 15:52
      I understand everyone's point of view and you're entitled to your opinion, but I'll remind you guys the quality of work that we receive from macro insiders is incredibly good. The price point at which they sell it at is VERY REASONABLE. You want quality work you have to pay for it simple as that. I understand everyone's concern, but I personally don't really care what sales tactic Raoul decides to use I'm a macro insider sub for life. Maybe I'm naive but they both seem like very nice genuine people and Im very happy with the service I subscribed to.
    • DB
      David B.
      7 July 2018 @ 14:24
      Hi Miguel, Although I didn't like the marketing tactic (felt like it was insulting my intelligence), I agree, the work both put out, is very good and requires a decent price tag. Also agree, that both Julian and Raoul seem like nice genuine decent guy's.
  • MG
    Miguel G.
    6 July 2018 @ 12:46
    Julian/Raoul, what level would you be watching in the US dollar as your line in the sand. Better stated what level would have to break in order to make you question your thesis of a strong dollar? I personally think we can easily see a 100 dxy just trying to figure out where I could step in and add to my position.
  • MG
    Miguel G.
    5 July 2018 @ 15:47
    Julian love the explanation as to why financial conditions continue to be loose. It all makes perfect sense, but Im stuck with this lingering question which is what causes the fed to step away from monetary policy and finally stop this game of smashing interest rates in to the ground? My best guess would be it has to be sustained inflation which would make me think these 20 plus years of global disinflation may be at an important juncture where the return of a multi year inflation environment becomes the norm. Naturally keep monetary policy at bay and flipping equities and bonds back to their historically positive correlation. Thoughts?
  • DP
    Devraj P.
    3 July 2018 @ 15:05
    Sometime ago RV distillery was maintaining trade table. Can we have some sort of tracking the ideas discussed and performance over time here?
  • B
    Bob .
    29 June 2018 @ 04:11
    Raoul, I agree with your thoughts, but I have to admit that after reading about 50% of your section I scrolled up to see if you were quoting Neil Howe. Good Stuff.
  • RM
    R M.
    28 June 2018 @ 19:16
    You two chaps are very thoughtful, and I read your pieces with great interest. But I do want to add that methinks the risk of a USA flash crash have risen, not receded. International markets, such as IXUS, will shortly have the 20wk/50wk sell signal, and have already had the 10month MA sell signal (another favorite). Since the Fed no longer has the back of the SPX, everyone has become momentum traders, and they are all watching the 200 day, which also happens to be the 10month. If it breaks on a news event (gee what likely news event, such as indictments/constitutional crisis might spook this market??), the move down will be so sudden that everyone watching that 200 day/10month will be trapped. Possible upside not worth the risk, especially as we get to elections in the USA. Good time to exit stocks is now, wait for better entries. Recession will follow the market drop, as the folks holding up the spending in the US economy are the wealthy stockholders, who will see their wealth deteriorate. Gold price remains the enigma of the year. Cash is king right now.
  • jm
    james m.
    28 June 2018 @ 17:19
    great read chaps!
  • SR
    Steve R.
    28 June 2018 @ 10:54
    Raoul - I find your point about world events happening too fast really resonating. I've felt exactly the same way for the last couple of years. It feels like the world is riding an accelerating exponential curve to self-destruction.

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.