Daily Briefing – April 24, 2020

Published on
April 24th, 2020
Duration
38 minutes


Daily Briefing – April 24, 2020

Daily Briefing ·
Featuring Jack Farley, Ash Bennington, and Tony Greer

Published on: April 24th, 2020 • Duration: 38 minutes

Ash Bennington hosts Tony Greer, Editor of the Morning Navigator, to get a trader's-eye view of what's happening in markets. Greer unpacks the underlying supply & demand dynamics of what drives markets higher during dismal news cycles in this must-see wrap-up of the week's market action.

Comments

Transcript

  • PC
    Peter C.
    28 April 2020 @ 11:00
    Great conversation. In general I agree with the relative difference between Northern Europe and regions with laggards such as Southern Europe and big parts of he US. However, I do not believe that the service sector in Northern Europa and in particular in major regions such as Germany and the Benelux can bounce back to 75-80% of normality by the end of Q2. We talk about economies 'opening up' but in practice this process is really slow. There will not be a material bounce in sectors such as hotels, restaurant, events, movie theaters, outdoor entertainment etc simply because they are not allowed or greatly impaired by travel restrictions. Other services like retail and non-critical healthcare will face bottlenecks due to imposed social distancing measures. On top of that you have parts of the population, in particular elderly with the deepest pockets, that will not engage as before because of fear for the virus that is still a thread. So overall, I am not confident that we see a significant rebound in Europe's economy (and its markets) in the near term. Having a more long term view does make me bullish about Northern Europe. The social safety net does save jobs. For example, in Belgium there is now a big deal because one of the retailers fired '24' people. It looks silly in comparision with the US. Most of the jobs are still protected by governement measures and temporary lay offs backed up by the social system. This is bad for governement debt but at least it helps people keeping there job and most of their spending power. Firing 'trillion dollar' bazookas in the pockets of the 1% doesn't really help to keep the system stable. Of course, I do believe major lay offs in Europe will happen later but they are less 'forced' compared to the US. So a restart is much easier in Europe. If, at that time, the FX markets also help the euro a bit, the economic rebound could go much faster than in the US. Regards, Peter.
  • RS
    Riki S.
    27 April 2020 @ 22:22
    Guys - great trading perspective.... It would be good to get a more granular about the implications (short and long term) of the FED loading up the balance sheet. What FED balance sheet specifica indictors to watch that will ultimately rotate the market. Surely they can't simply load up the balance sheet and nationalise everything without there being an adverse outcome. Cheers guys!
  • wj
    wiktor j.
    27 April 2020 @ 15:01
    Yet the biggest buyer was companies buying back stock. Lets see what happens. Remember there are many bear market rallies.
  • ST
    Simon T.
    25 April 2020 @ 10:12
    Didn’t learn a thing, bring back Roger Hirst as well as Raoul and some one like Grant Williams
    • YW
      Yowshi W.
      27 April 2020 @ 01:37
      I couldn't continue watching it. The half naked photo behind me turned me off
  • sc
    sung c.
    26 April 2020 @ 23:05
    S&P 500 P/E is higher now than it was before the March sell-off and before the 26 million jobless claim (so far). That shows how overvalued things are right now and says it all about how we should view the markets at this moment. Enough said!
  • rs
    ross s.
    25 April 2020 @ 01:52
    I gave it a thumbs down only because of Tony Greer. Ash is spot on. And brilliant. tony missed one of the biggest bond rallies in recent times. Not going to listen to someone that missed something so obvious as per Raoul’s insight.
    • CH
      Connor H.
      26 April 2020 @ 21:11
      Yes, TG's trading record on RV is mediocre at best.
  • CH
    Connor H.
    26 April 2020 @ 21:08
    The first 70% of this video is simply a rehash of what any regular viewer of the Daily Briefing already knows- pretty much a waste of time. The rest is just a guess of what might happen by Tony which is sort of what everyone else on RV has been saying about the price action of the equity market. No new insights here. Bring on Druck or Jonesy.
  • CD
    Christopher D.
    26 April 2020 @ 15:14
    loved the comments on sentiment from Tony. Absolutely correct. New bears joining old bears freaking out. It has always been the same in every sell off. The market is a forward looking price finding machine. Whether any one individual thinks it's too expensive, too cheap or simply going to go sideways is a function of your very own bias on the speed of a return to normal or even, what is normality? Raoul was a bear long before C19 because of his analysis of business cycle (time) and the Fed's heretofore lack of recognition of role of the USD (global base currency). Now he has another item to add to his prevailing bias. Sorry, whether he is right or wrong has little impact in the short term on the direction of the market. Everyone needs to look themselves in the mirror and recognize their own bias and then trade. They will have a better p/l experience as a result.
  • SD
    Sridhar D.
    25 April 2020 @ 01:11
    Tony has given me 2 reasons for the rally: 1. Sentiment 2. Technicals Thank you very much Tony, Let us see how long those 2 reasons will last....
    • SA
      Saad A.
      26 April 2020 @ 08:06
      I counted three reasons, third one was implicit: ”who cares about economic fundamentals”
  • JA
    Jonathan A.
    24 April 2020 @ 22:50
    The regular hosts have better exchanges and chemistry with concise and focused talking points IMO. The guest seem to do a lot of rambling, even though he provided some good insight from a trading perspective.
    • EH
      Edward H. | Real Vision
      25 April 2020 @ 00:05
      It’s a process. It takes a while to get into a groove. I think we’ll want to see a lot more of Tony. It’s good having him back on the platform.
    • SA
      Saad A.
      26 April 2020 @ 07:50
      A real insider
  • pa
    philip a.
    26 April 2020 @ 03:10
    I appreciate hearing his alternative perspective. However I think his logic is slightly flawed saying that the FED is the sole reason for the large retracement. What if that is just a narrative that is being pushed in order to justify the large upward move? This in turn will trap new and old investors into thinking "oh everything is fine," and they buy back into the "Fed has my back" narrative. Which in turn only adds more fuel to the fire once the rug is pulled. Many recessions have had large retracements (return to normal phase) because they became oversold from a technical standpoint. It still would have happened as it happened this year as in all previous recessions. I think Roger Hirst mentioned this, and whether it actually plays out, will be the thousand dollar question. The numbers are still fundamentally fudged, and when that reality sinks in.. the insolvency Raoul talks about will take place.
  • DG
    Dave G.
    25 April 2020 @ 22:45
    Tony is a Fed pumper that has been conditioned into this mindset that has been drilled into peoples heads over the the last 20 years that the Fed "IS" the market. Really I'm not a fan as this is the common mind set out there.
  • MT
    Mark T.
    24 April 2020 @ 22:54
    Great intro today Jack.. don't sell yourself short, you're a heavy hitter too! Great segment all around.
    • EH
      Edward H. | Real Vision
      25 April 2020 @ 00:03
      The rest of us at RV love Jack. Lots of energy, all around good guy.
    • DR
      Derrick R.
      25 April 2020 @ 00:17
      Jack is awesome.
    • PC
      Peter C.
      25 April 2020 @ 22:16
      i like that Jack recapped the big headline stories & his big enthusiasium
  • DW
    Dean W.
    25 April 2020 @ 20:07
    Very enjoyable interview. As I read some of the comments below, it seems that some viewers may not understand Tony’s trader perspective. He’s not “bullish “ on the SP500. He clearly says that the next move might be up, might be down and that he’ll trade it which ever way it goes. He does cite his reasons why he believes that the next move might be higher but that doesn’t mean that he’s simply bullish on the market the way that many CNBC commentators are. As a trader, he’s maintaining an open mind about the direction the market might go. I’d enjoy hearing from him again periodically.
    • AB
      Ash B. | Real Vision
      25 April 2020 @ 21:11
      Hi, Dean. Totally agree. Tony is trading these markets tactically — and that's his context. Very different from what we hear elsewhere. Thanks for the comment.
    • WW
      Will W.
      25 April 2020 @ 21:50
      Agree - take a look at the Big Money survey in this weekend's Barron's. 52% of those surveyed feel the market is undervalued at current levels while on 20% feel it is overvalued. He clearly has his finger on the short term pulse.
  • JB
    John B.
    25 April 2020 @ 21:47
    Excellent guest, so glad to see someone with a new take on what is happening in the markets. I may disagree with the guest but he is way smarter than I am and very glad to hear his take.
  • TP
    Timothy P.
    25 April 2020 @ 16:17
    Greer is a solid observer and participant in the markets, and it shows. While I agree with his short-term thesis that the market will pop off the Fed going QE-Infinity, I also know from prior examples that the half-life of Fed intervention tends to shorten with every round they perform. My guess is the 1929 analog is very much intact, so we could get the upward swing Greer discusses, but into the teeth of a multi-year grind down to new lows once its done. Nice update, good stuff.
    • AB
      Ash B. | Real Vision
      25 April 2020 @ 21:10
      Hi, Timothy. That's an important point: One can be tactically bullish and strategically bearish — or just agnostic. Thanks for the comment.
  • RS
    Rob S.
    25 April 2020 @ 14:38
    I love your Daily Briefing. That is my go-to for a realistic grounded point of view. Ash, Ed, Rodger and Raul are awesome. This guy Tony was like watching CNBC. This is the first Daily Briefing I turned off. I couldn’t take it any more when Tony was talking about how he went long after he received phone calls (sentiment) combined with his view of the technicals. He was also explaining the disconnect between SPX and the economy as having to do with sentiment and technicals. Tony seemed to try to pump himself up with his ‘brilliant’ ability to read the sentiment/technical. I call BS. It is 100% the Fed adding trillions of liquidity and blowing a 4th bubble in an attempt to stop the 3rd bubble from taking down the global economy. SPX would not have stopped its slide if the Fed didn’t promise unlimited trillions. If the Fed stops tomorrow, then Tony's long will get wiped out, regardless of his claim of expertly reading sentiment/technicals. Why did markets jump? The REAL VISION is simple: The Fed pumped in trillions of liquidity with a promise of unlimited additional liquidity and SPX responded by retracing to the 0.50 Fib and may hit the 0.618 Fib (just like it almost always does in a bear market). That first retrace is an easy obvious call after the Fed announcement. The difficult call is when will the Fed lose control. Each time the Fed injects liquidity the moment they stop the market falls (2000, QE1,2,3). So, is the Fed going to continue pumping 2 trillion per month? Doubt it. Leading indicators from @LanceRoberts and @BittelJulien clearly show the EPS will be dropping 50-90%. What, is Tony telling us that a 40x or 60x is a fair multiple? The Fed may even juice the market higher than the 0.618 Fib, but a reckoning is coming. Raul is right, its going to be bad.
    • TS
      Thomas S.
      25 April 2020 @ 20:28
      This is a good contrary opinion and it's always good to hear a case made for either direction in the market. However, it would make me both sad and angry if he is right about a sustained bull market in equities if the face of decimation of real economy and horrible credit risk
  • mB
    marc B.
    25 April 2020 @ 17:58
    Tony is great. I definitely froze during crash. I’ve learned tho. I like the early part of daily brief a lot. More info on daily news is great.
  • HA
    Hammad A.
    25 April 2020 @ 16:40
    Good stuff !
  • YB
    Yair B.
    25 April 2020 @ 16:14
    Wonderful point of view! I recommend signing up for TG's newsletter to get more of these. It is a great way to start the day! Also, apparently TG has tattoos on his arms... :)
  • PC
    Peter C.
    25 April 2020 @ 11:09
    Hi Ash. It was great being mentioned in your briefing yesterday! While you study the model, I want to give you a few insights that I got while studying it myself. I believe it is more important to understand the relations between infections, hospitalizations and deaths than having a very accurate prediction. Some important things are not at all sensitive to the input data. Peak infections always happen a few days after a lock-down is installed. If the data does not show this, it is because (1) the lock-down is not effective and R > 1, (2) it is only partially done early on or (3) there are changes in the number of tests done. Examples are: Sweden (1), US (2,3) and Belgium (3). Belgium increased their testing capacity significantly two weeks after the lock-down. In particular because of (3) it is difficult to use the number of confirmed cases to study the epidemic. It is better to work with data that has better 'ground truth': hospitalizations and deaths. Peak deaths happen a few days before peak hospitalizations and based on the data I use typically about 20-30 days after installing the lock-down. It is a shallow top so you need to look at the average and not the data of a particular day. In Belgium we reached it around April 15 and in the US we are close to it today but there are big differences on state level. US data is heavily influenced by NY data. Also, because states are responsible for the lock-down, it is better to work with the states to model the future. One of the most important factors to study is ratio between number of inections at the end of a lock-down and the start. Assuming that R during lock-down is around 0.7-0.8, this is about 40-50%. It may be a bit less or more depending on the effectiveness of the lock-down but the main conclusion is that you have still a heavily infected population when deaths peak. Ending the lock-down at that point and as such bringing R0 significantly above 1 would be dramatic, you will go to peak infections in a matter of a days to a few weeks and likely overshoot due to delays in the data coming in. It will be worse than prior to the lock-down because the infections are now much more homogeneously spread. So what needs to be done? The number of infections will halve every 2-3 weeks so if you want to start from a much more lower base (say 10-15%), you need to wait 4-6 weeks after reaching peak deaths before opening the economy. Or you could do it a bit earlier but much more gradual (opening businesses and shops step by step). In any case, social distancing remains important and monitoring is crucial to make sure that you don't need to install a lock-down again. This seems to be the plan in Belgium. A great article about how to do it is the 'hammer and the dance': https://medium.com/@tomaspueyo/coronavirus-the-hammer-and-the-dance-be9337092b56 Regards, Peter.
    • PC
      Peter C.
      25 April 2020 @ 15:42
      I forgot to add a few numbers that are relevant for your model. They are based on Belgian research. I expect them in the same ball park for the US. R0 drops by 40% by adhering to social distancing (1.5 m) and hand hygiene alone. A stay at home order except for food/basic shopping, some outdoor walking/biking and work in the food/crucial industries results in a 25% drop. Closing schools has only a minor 5% impact. For R0 = 2.5, this results in Rt during lock-down equal to 0.75 (which is in the 0.7-0.8 range as the researcher say). The transmission rate Rt can be higher than 1 if a part of the community is immune. The equation is: Rt = 1 / (1 - %immune). Recent tests in Belgium showed that 4.6% of the community is immune, so the impact of immunity is limited. Rt needs to be below 1.05 when the lock-down ends to keep it from rising. Going from 0.75 to 1.05 is a small step, so social distancing combined with other measures (such as mouth masks) will be necessary and probably not enough. A 'semi' lock-down restricting travel and social activities may be necessary. Another relevant number is the mortality. In Belgian they estimate it between 0.5% and 1% based on the most recent data. This is only true if the medical sector is not overloaded and the virus can not roam free in care homes (a major issue in Europe as 50% of the deaths are from care homes). Regards, Peter
  • TT
    Tokyo T.
    24 April 2020 @ 23:40
    Interesting chat, Trader Vs Macro. We need Tony on once a week for a completely different view of the market optics. Cheers.
    • SM
      Sergio M.
      25 April 2020 @ 02:06
      I can relate to the way he communicates
    • DL
      David L.
      25 April 2020 @ 13:45
      Real Vision has been, overall, very successful by presenting a diversity of views and I think the DB will benefit from the same. Short term traders (like TG) especially have a lot to offer when vol is so high. An occasional rotation of guests with differing views would be very informative. (Although not discounting at all the views of Ash, Roger or Ed.)
    • PC
      Peter C.
      25 April 2020 @ 15:29
      I concur. We all know the big picture stuff RealVision/Raoul been saying for months/years. Tony gets the ebb and flow of the shorter term stuff. If "Daily Briefing" is not for shorter term, I don't know what is?
  • PC
    Peter C.
    25 April 2020 @ 15:24
    Tony is simply great. Viewers here who are not traders might feel the opposite, but you ought to be warned just by his four screen setup on the desk. I especially love his long description of what happened this week. And really appreciate that Ash didn't even try to interrupt him. This is true RealVision spirit. Can we get Tony every Friday?
  • CL
    Cameron L.
    25 April 2020 @ 15:06
    Great briefing. Thank you.
  • DS
    David S.
    25 April 2020 @ 00:36
    This was a valuable contrast to the normal daily briefing. The normal bias in the daily briefings of late has been bearish, which I get. However, Tony shared important insights that explain the bullish case, which we need to hear and understand if we're going to keep an open mind and be profitable trading this market right now.
    • SM
      Shantanu M.
      25 April 2020 @ 02:57
      Its really easy for him to say all this when we are at 600+ points from the lows, nobody said anything like this at 2200/2300/2400, just like nobody said at 3100/3200/3300 that its time to get out coz their uber driver is talking about stocks.
    • CD
      Claudio D.
      25 April 2020 @ 13:56
      I agree with Shantanu, even to this day some people used their stimulus checks to buy stocks. The market is full of liquidity from inexperienced traders trying to make a quick buck 😂 “sentiment” I have a few optimistic friends that aren’t even aware of how the market works and they are optimistic. People coming in for free trades + free stimulus checks 😂 all looking to get rich.
  • KA
    Kevin A.
    25 April 2020 @ 13:53
    I don’t understand why I can watch Netflix, live Bloomberg television, YouTube, etc with no problems despite living with a fairly slow internet connection, but half the time I want to watch a RV video, I get “timed out, unable to download“ messages. I’ve tried a dozen times to watch this video this morning and am unable to get it going.
  • AB
    Ash B. | Real Vision
    25 April 2020 @ 00:46
    Here's a link to the epidemic calculator I was referring to: https://gabgoh.github.io/COVID/index.html I've already reached out to the programmer who coded it — and I hope to have a blog post up on it for everyone to read early next week.
    • DP
      Duane P.
      25 April 2020 @ 02:10
      The thing that really stood out to me with that model is that, at the bottom, every single source that was cited was from China. Not one citation from anywhere else in the world.
    • PC
      Peter C.
      25 April 2020 @ 09:42
      The model itself is based on a classic infectious disease model and as such well known in the research world. The data of the model is based on research and WHO data of mid februari. At that time, the majority of international research was based on data from China. The numbers are still relevant today. For example, R0 = 2.2 is based on the detailed info we have from the cruise ship (Diamond Princess). Currently, the consensus is that R0 is in the range 2.2 - 2.7 but it depends a lot on external factors (such as population density). The good thing about this model is that you can change all the parameters and see their impact on infections, hospitalizations and deaths. So you can use both the output data and input data provided by the CDC or others, to come up with something that is realistic for a city or country. The model uses averages so it will work better for homogeneous regions.
    • PC
      Paul C.
      25 April 2020 @ 11:14
      Peter C. Very interesting. Thanks for the info. I’m no virologist on a BAU basis, but find some of the insight you offer, and simplicity in which it is described, fascinating. Cheers.
  • PJ
    Peter J.
    25 April 2020 @ 11:03
    Ash, on your game, good as ever! I haven't always followed Tony's view so closely as he's (or appears to be) a short / mid term trader with a view / position that correlates (not my bag from an investment POV). But it takes different views to make a picture so feel he's always worth listening too, especially to get a view of the potential short term moves. Must be a good guy at heart if he's a Tom Petty fan :)
  • RW
    Robert W.
    25 April 2020 @ 10:43
    Be great to hear from tony every Friday. Great summary of what’s really happening in markets as opposed to a lot of the fintwit pitchforks and doom loop crowd
  • RK
    Roger K.
    25 April 2020 @ 09:20
    Thanks Tony!
  • TC
    Thomas C.
    25 April 2020 @ 08:01
    Good view from Tony. Makes a change from the normal moaning without any specific plan
  • SP
    Stephen P.
    25 April 2020 @ 04:27
    Fed is not buying all high yield, just fallen angels that had BBB rating as of March 22nd, and then get downgraded, e.g. Ford. And no CARES act recipients will be eligible. “Eligible ETFs. The Facility also may purchase U.S.-listed ETFs whose investment objective is to provide broad exposure to the market for U.S. corporate bonds. The preponderance of ETF holdings will be of ETFs whose primary investment objective is exposure to U.S. investment-grade corporate bonds, and the remainder will be in ETFs whose primary investment objective is exposure to U.S. high-yield corporate bonds.” Clear focus is on investment grade, and those that were investment grade and get knocked down.
    • AB
      Ash B. | Real Vision
      25 April 2020 @ 07:33
      Yes. Exactly. For anyone who’s interested, the full text is available here: https://www.federalreserve.gov/newsevents/pressreleases/files/monetary20200409a2.pdf
  • MC
    Michael C.
    25 April 2020 @ 06:40
    Summary: Chase the tape and then.......chase the tape some more.
  • KE
    Katherine E.
    25 April 2020 @ 05:07
    Sentiment > Liquidity The October to February rally was a liquidity fueled gong show that eventually tipped over because sentiment changed due to the virus. This bounce is also a liquidity fueled gong show that will tip over when sentiment changes due to something big enough to get into the heads of traders. I think Tony already identified what that will be, oil. The demand destruction was so large and swift that I don’t think producers can shut in enough as quickly as needed to balance the market. Oil has another scare in it and I don’t think markets will be so quick to shrug it off next time. Tony’s views were very insightful.
  • sW
    shane W.
    25 April 2020 @ 03:55
    Sooo Funny. The start sound to your daily briefing sounds like True blood TV series. Orsem! Jack Farley Mate you are impressively priceless in your enthusiastic assessment of current doom and gloom. Loved It !
  • CW
    Claude W.
    24 April 2020 @ 23:18
    would prefer hear about what is driving the charts rather than technical charts themselves.
    • SL
      Spencer L.
      25 April 2020 @ 02:33
      Exactly. I didn't like the explanation of elusive deep pocketed, forward looking funds who ignorantly buy now regardless of price and prevent prices from falling. If this was the case we would've never seen a drop like we did when the Remdesivir study leaked.
    • JD
      Jesse D.
      25 April 2020 @ 03:01
      Spencer, when following the markets, you could actually see huge spikes in real time. For no rhyme or reason, the market would just explode higher intraday. I think that’s what he was talking about. This was especially pronounced during the very high volatility a few weeks ago.
  • JP
    John P.
    25 April 2020 @ 02:58
    I hear all of Tony's points about sentiment shifts and everyone being bearish means stocks will bounce; but seriously, what recession ever lasted 1 month? Even with money printing, what recession ever lasted 1 month? Honestly, bitcoin bear markets typically have been longer.
  • VW
    Vernon W.
    25 April 2020 @ 02:43
    Where was this interview two weeks ago? Hahahaha!
  • AN
    Andrew N.
    25 April 2020 @ 01:22
    Great conversation. My sense is that the market is currently being levitated by a combination of the Fed and Optimism. The effect of optimism can be seen in the gyrations surrounding remdesivir (the Gilead drug) but its doesn't seem to be based on anything substantial. Keep your eye on Georgia in about 10-14 days. As they relax restrictions, I expect that we'll see a spike in cases, and the fact that this economic shutdown will be with us much longer than the market now thinks will be unavoidable, puncturing the Optimism. I predict that market will react negatively.
    • DP
      Daniella P.
      25 April 2020 @ 01:48
      Agreed. The other break in optimism might be when cities open and yet demand doesn’t return. So when businesses continue shutting down, and employment doesn’t return, despite reopening. I think some of the counties with the most savvy and wealthy consumers, which drive a disproportionate share of spending, won’t bounce back economically even if the economy reopens. Not until CV 19 risk is greatly diminished.
    • sk
      saner k.
      25 April 2020 @ 02:17
      they will again find something to react optimistic, looks like all ways will end a higher S&P.. i cant understand this game...
  • SL
    Spencer L.
    25 April 2020 @ 02:17
    Not one mention of price discovery and the risk of blindly buying into a market that believes it's being supported by Jpow's printer.
  • DH
    Dominic H.
    25 April 2020 @ 02:01
    Great to see @TgMacro! Although I am not a trader, I love his perspectives. A few more grey hairs in that beard, Tony??!
  • BE
    B E.
    25 April 2020 @ 01:36
    Good Job Jack!
  • HP
    Hemanth P.
    25 April 2020 @ 01:16
    That was so excellent. Shed a lot of light into why there is a disconnect between the markets and the economy. Please Tony in more!! Loved it.
  • MC
    Mark C.
    25 April 2020 @ 00:33
    Probably my favorite briefing - great to hear a traders view of what's going on and .the seeming disconnect between 'the tape' and the economy. PS: 100% right on modelling, I spent a bit of time looking at climate modelling. Very small changes to the input and assumptions cause wild changes in outputs. Not making a case for or against climate change but pointing out its NOT settled science the way some would have you believe. Its modelling and we need to challenge "the experts" more across all disciplines - finance, climate, epidemiology - and listen to differing viewpoints.
    • AB
      Ash B. | Real Vision
      25 April 2020 @ 00:45
      Hi, Mark. Thanks for the comment. Here's a link to the epidemic calculator I was referring to: https://gabgoh.github.io/COVID/index.html
  • RA
    Robert A.
    25 April 2020 @ 00:17
    Ash, Ed and Roger, don’t know who is “Producing” the DB and maybe it is a collaborative effort, but bringing in a high caliber guest like this once a week is a really nice touch. Maybe don’t stick to a once /week schedule and rather use the RV “secret curative sauce” and bring in an apropos guest to speak about a really timely topic that has come up (for instance, in a big Vol spike week/event bring in a top Vol guy like Chris Cole if you could get him...if there is a big huge credit BK or restructure event that surprises and hits the Market hard maybe being in a Jim Grant...or if there is a huge commodity event like the Oil front month down 35% event maybe bring in someone who knows the next commodity that might get hit or a Fracker banking/credit guy). Here is the caveat/problem though (and I’m sure you have thought of this)—there aren’t many Tony Greers (I’m a huge TG fan) who are articulate, knowledgeable, organized and succinct. If you bring in someone that isn’t proven with the ability to look into the camera and “go” with no “Umms” and deliver what we need it will destroy a DB (no matter how wealthy, proven in their area of expertise and revered)—if they aren’t an A+ list communicator it will ruin that particular DB show! BTW, I’d keep a guy like Keith McCullough in your back pocket...and oh, there is a pretty sharp communicator type down on Little Cayman that I recall seeing from time to time and his Macro Insider buddy who hangs in Vail, Co....and there is a pretty sharp lady that goes by the name of Stephanie Pomboy. What I’m trying to say is that you came up with a GREAT guest concept—now don’t blow it by overusing it or God forbid putting the wrong guy or girl on.
  • WM
    W M.
    25 April 2020 @ 00:04
    Great conversation. Thanks guys. Have a good weekend!
  • SS
    Steve S.
    24 April 2020 @ 23:05
    More Tony Greer on RV please. Missed him.
    • AB
      Ash B. | Real Vision
      24 April 2020 @ 23:06
      Me, too
  • WW
    Will W.
    24 April 2020 @ 22:57
    That was useful to hear, reluctantly bullish in the short term based upon sentiment, fed, and technicals. Personally, I can't get there based upon the disconnect which Ash highlighted between the S&P and Main Street and will continue with preservation of capital and my personal balance sheet.
  • TD
    T D.
    24 April 2020 @ 22:52
    That was great. I hope we see Tony more often.
  • CS
    Chris S.
    24 April 2020 @ 22:52
    The game is rigged, at least with a casino, you know your odds.
  • TP
    Tom P.
    24 April 2020 @ 22:10
    Loved the introduction by Buffer Jr. Let's get ready to ruuuuumble!
  • TS
    Tamim S.
    24 April 2020 @ 21:57
    Always looking forward to these.