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Jan 21 2021 . 33 MIN
The Fed's Quandary: Speculative Fervor Around Inflation Expectations ( w/ Michael Lebowitz & Ed Harrison)
DB-Jan21,2021: Michael Lebowitz, partner at Real Investment Advice, joins Real Vision managing editor Ed Harrison to discuss where inflation is headed and whether the market’s bet on the Fed getting it right this time has merit. Lebowitz discusses the nature of market price action for the past several months as risk assets have caught on fire and sector rotation has been occurring with incredible speed. With the growth of M1 and the velocity of money moving in opposite directions, Harrison and Lebowitz explore how the Fed might have to rethink their quantitative easing (QE) operations in order to achieve their goals of generating inflation. In light of this context, Lebowitz discusses his investment approach in this market environment. In the intro, Real Vision’s Haley Draznin checks out the markets on the first full day of President Biden’s holding office.
Jan 20 2021 . 27 MIN
Buy the Reflation Rumor and Sell the Recovery News?
DB - Jan20, 2021: Real Vision managing editor Ed Harrison joins editor Max Wiethe to update his views on how yield curve steepening is affecting equity markets and his three potential outcomes for the reflation trade. Harrison and Wiethe also debate whether the reflation trade is a "buy the rumor, sell the news" scenario and tee up Real Vision’s big content campaign for February where we attempt to answer the question, “Is Everything a Bubble?” In the intro, editor Jack Farley reviews price action and analyzes Morgan Stanley's latest earnings report.
Jan 20 2021 . 78 MIN
Discerning the Phases of a Crypto Bull Market( w/ Ari Paul & Raoul Pal)
Crypto Wednesday: Ari Paul, CIO & managing partner of BlockTower Capital, joins Real Vision CEO Raoul Pal to discuss the launch of Paul's fund, value accrual in the crypto space, and how far along we are in this crypto bull market. Paul explains how he views the risk curve and how he filters through crypto projects. He describes the importance of understanding timing in the markets and how he believes crypto markets have dramatically more alpha in them than traditional markets. He closes by discussing the recent regulatory attention that the crypto space has received.
Jan 19 2021 . 32 MIN
Tony Greer - When the Bond Market Speaks, I Like to Listen
DAILY BRIEFING: Tony Greer of TG Macro tells senior editor Ash Bennington why he has derisked as market sentiment spikes and the bond market continues to sell-off. Looking at indicators such as the put-to-call ratio and open call positions, Tony explains why he has sold off a series of his risk positions, most notably because of the inauguration tomorrow of President Elect Biden. Tony shares with Ash his plan of attack for various assets including grains, fertilizer stocks, and railways, which he sees as an apt way to trade rising inflation expectations. Ash and Tony discuss the continuing ascent of cryptocurrencies, and Tony describes the signals he is looking for in order to go full risk-on. In the intro, Real Vision’s Haley Draznin recaps the market sentiment the day before President-elect Biden’s inauguration.
Jan 18 2021 . 53 MIN
Ask Me Anything with "The Young Bucks": DB-Jan18, 2021
Real Vision editors Max Wiethe and Jack Farley source questions from Real Vision members via The Exchange in this special, pre-recorded edition of The Real Vision Daily Briefing. Max and Jack discuss everything from how quantitative easing impacts the economy, to who their favorite contributors are, to how the evolution of their macro frameworks have evolved as a result of working at Real Vision. In addition to sharing their thoughts on stocks, bonds, and crypto, Max and Jack consider how their relatively young age should impact their risk tolerance and portfolio construction.
Jan 18 2021 . 70 MIN
COVID-19 and The Acceleration of Secular Deflation ( w/ Jeff Booth & Raoul Pal )
REAL VISION LIVE REPLAY'S: Last time Jeff Booth, author of “The Price of Tomorrow,” was on Real Vision, he discussed why the central banks’ constant money printing to combat deflation is only a losing battle and how technology contributes to the strengthening of secular deflationary trends. With the arrival of COVID-19 this year, Jeff and Real Vision CEO and co-founder, Raoul Pal, discuss how the pandemic has catalyzed this scenario by contextualizing it within the current market environment, as well as explore what will maintain purchasing power in the long term and avoid monetary debasement. Recorded on Sep 24, 2020.
Jan 16 2021 . 50 MIN
The Incoming Commodity Supercycle ( w/ Tian Yang and Simon White )
Recorded on October 28, 2020. In a peer-to-peer conversation, Tian Yang and Simon White of Variant Perception explore how inflationary pressures could serve as rocket fuel for commodities such as gold and silver, as well as unloved hydrocarbons such as oil, gas, and even coal. White and Yang envision a world of "fiscal dominance" where huge budget deficits invite inflation the likes of which the U.S. hasn’t seen since the 1970s. In this inflationary regime, White and Yang argue, hard commodities will be a source of massive returns. Their thesis is also shaped by their theories on capital scarcity, in which the less capital is deployed in a sector, the greater potential for return. Key learnings: Tian Yang and Simon White argue the world is on the brink of a new inflationary regime, driven by "fiscal dominance" and swollen central bank balance sheets, in which hard assets such as gold, silver, oil, gas, and coal will finally have their heyday. You can read more on the commodity supercycle here: https://rvtv.io/35kVFAd
Jan 15 2021 . 42 MIN
Looking Forward at Interest Rates, the U.S. Dollar, Volatility, and the B117 Variant: DB-Jan15,2021
Real Vision CEO and co-founder Raoul Pal joins Real Vision managing editor Ed Harrison for a nuanced discussion of how the economic recovery will evolve over the next few months. Raoul and Ed interpret today’s dismal retail sales figures, which indicate a contraction of total retail activity for the third straight month. With the new B117 COVID-19 variant on the move, Raoul expects economic activity to continue to decline, ebbing away at the dominant reflationary trades that are short U.S. Treasurys as well as the U.S. dollar. Ed asks Raoul his thoughts on the recent storming of the U.S. Capitol, the approaching inauguration of President Elect Joe Biden, and Biden’s new $1.9 Trillion stimulus plan. Lastly, Raoul and Ed wax philosophical about “the death of macro”: what would happen if the volatility of interest rates and currencies – the bread and butter of macro investing – were extremely low over the next decade? In the intro, editor Jack Farley provides context on bank earnings and the recent short squeeze of GameStop Corp ($GME).
Jan 15 2021 . 40 MIN
Real Vision's New President on the Dollar, Bonds, Bitcoin, and Tether: DB-Jan14,2021
Managing editor Ed Harrison welcomes Real Vision’s new president, Travis Kimmel, to the Daily Briefing. Travis shares his Real Vision journey from an entrepreneur to a self-taught investor and outlines his macro framework for thinking inflation, credit creation, and currency flows. Travis explains why he isn’t fully convinced by the reflation narrative and why he believes that fiscal aid is more likely papering over the cracks than truly providing economic stimulus. Travis shares his view of Bitcoin, which he calls “a curious beast” and “a tabula rasa for narratives.” Lastly, Travis tells Ed about his concerns about the stable coin Tether. In the intro, Real Vision’s Haley Draznin examines the markets reacting ahead of President-elect Biden’s stimulus speech this evening, and the implications of the jobless claims rising.
Jan 13 2021 . 19 MIN
Why Bond Yields Are the True Reflation Toggle: DB - Jan13,2021
Real Vision managing editor Ed Harrison joins Max Wiethe to discuss why he thinks US treasury yields—and not the dollar—is the key to the success or failure of the reflation trade. Together Ed and Max discuss the recent action in the bond market, the knock-on effects this has had for other reflation assets like precious metals, commodities, and equities, and the three discrete outcomes that Ed believes could arise in 2021 depending on the direction and speed of bond market moves. In the intro, Nick Correa provides an overview of the latest Consumer Price Index data.
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