Daily Briefing – August 10, 2020

Published on
August 10th, 2020
Duration
34 minutes


Daily Briefing – August 10, 2020

Daily Briefing ·
Featuring Jack Farley, Ash Bennington, and Ed Harrison

Published on: August 10th, 2020 • Duration: 34 minutes

Real Vision senior editor, Ash Bennington, joins managing editor, Ed Harrison, to discuss the pivotal forces driving markets. They discuss bank balance sheets in Europe and how compression of net interest margins are damaging bank earnings. Ash discusses supply constraints of consumer staples, and Ed analyzes volatility, market breadth, and “bear steepening” through the lens of his recent interviews with Milton Berg and Charlie McElligott. They also look forward to a market of lower growth and higher prices. In the intro, Jack analyze Berkshire Hathaway’s recent Q2 earnings report.

Comments

Transcript

  • JB
    Joe B.
    11 August 2020 @ 05:30
    RV referring to value stocks a lot recently and I think it’s worth an interview and deep dive to redefine value in this new environment.
    • DL
      Dan L.
      11 August 2020 @ 14:40
      Would like to second Joe‘s request, as well as to include greater clarity/detail on the meaning of “bond proxy trades” and “everything behaves like cash or commodity now.” So great to listen in on Ed and Ash thinking through the big picture. Understanding better how the details fit, or don’t fit, with dominant and informed macro views would be of tremendous interest.
  • jl
    jarron l.
    11 August 2020 @ 10:08
    This ties in very well with the book I'm reading "The Traders Book of Volume." by Mark Leibovet, Everything is green but with extremely low volume. Smart money is leaving the market.
  • JW
    J W.
    11 August 2020 @ 09:45
    Very interesting talk guys. Question for Ed as he is thinking thru his framework (and I have not yet listened to the interviews) : if we get a pull back, is there a notion that the market will settle at a much lower level? Or will a pullback be corrected relatively quickly ? Raoul’s ‘Unfolding’ phase can get (*is*) pretty ugly. An extended second wave will slow economies down. This could increase the probability that once we pull back significantly there won’t be any major correction to the upside for, what, Years?
  • JG
    JAMES G.
    11 August 2020 @ 07:20
    Another great Daily Briefing. Thank you very much!
  • AB
    Alastair B.
    11 August 2020 @ 06:43
    Ash, you look much younger clean shaven.
  • SS
    Shanthi S.
    11 August 2020 @ 06:16
    Great show. Thanks guys.
  • BG
    Barry G.
    11 August 2020 @ 06:05
    I get a sense that the RV team are preparing us for volatile few months.
  • GS
    Gary S.
    11 August 2020 @ 04:38
    The EO are there to buy time for markets until the next stimulus bill is passed. I cannot stand Trump but he is a confidence man who knows the EO are not going to happen.
  • KA
    Kevin A.
    11 August 2020 @ 02:58
    Jack, great summary of BRK.
  • RA
    Rick A.
    10 August 2020 @ 23:13
    Among the many terrific RV interviews, Ed's interview that broadcast today was really superior. Together, Ed and his guest discussed a unique perspective -- suggesting that equities are acting more like commodities. And if Ed's interview tomorrow promises to be equally unique, then it begs the question. Is this Friday the time for an extended (60min?) RVDB between Ed and Raoul to discuss about the next phase of this market? Raoul's insolvency phase and the timing of Ed's predicted roll-off? It appears as if Raoul's and Ed's recent interviews are slightly modifying their perspectives. If this is so, then it is time to get these two guys together to talk things out in person and in a long enough format for them to fully express how their opinions might are evolving.
    • RM
      Robert M.
      11 August 2020 @ 01:38
      The commodity trading angle is certainly interesting. Have to agree after hearing how it works, that this mentality is present today. Excellent interview.
  • DD
    David D.
    11 August 2020 @ 01:13
    Great convo.
  • DR
    Derrick R.
    11 August 2020 @ 00:44
    Superb weaving of recent interview takeaways into a thought process for formulating a view.. excellent update.
  • RT
    Richard T.
    10 August 2020 @ 23:49
    Ed, Explain how the President’s EO’s “will not see the light of day”? When they are a fait accompli indeed? Or, are you preaching unreasoned anti-Trump bias , and empty hearsay?
    • EH
      Edward H. | Real Vision
      11 August 2020 @ 00:35
      Everything I am hearing here in DC is saying that even Republican allies are not prepared to implement them. Moreover, companies may not act on the payroll tax deferment because of uncertainty about the legality of the Executive Order. That’s the basis for my statements. It has nothing to do with bias. It is predictive. I am making a forecast.
  • DS
    David S.
    11 August 2020 @ 00:12
    Looking good Billy Ray....feeling good Louis!....drinks in hand
  • AD
    Alexandre D.
    10 August 2020 @ 22:28
    Daily Briefing #341: The Slow Encroachment of the File Cabinets
    • LA
      Lawrence A.
      10 August 2020 @ 23:22
      10/10 I also noticed this!
    • CM
      Cory M.
      11 August 2020 @ 00:12
      Ha haaaa! If valid, consider the possibility that Ash ow has a camera with a longer focal length. Just like the markets — an Optical illusion!
  • JH
    Jacqueline H.
    10 August 2020 @ 22:51
    Holy cow guys! Great briefing. Had to drag the video back several time to grok what Ed was describing. "Pretzel Logic" jumped into my head. *trotting off to dig out my Steely Dan albums*. Thank you so much for what you do.
    • AB
      Ash B. | Real Vision
      10 August 2020 @ 22:56
      I always liked this one best... https://www.youtube.com/playlist?list=PL8a8cutYP7fodkZK1G6kK00rVwhMCy4_F
    • JF
      Jack F. | Real Vision
      11 August 2020 @ 00:08
      They call Alabama the Crimson Tide...
  • MP
    Matthew P.
    10 August 2020 @ 23:45
    Inspired talk on bizaro world. Good stuff gents.
  • HR
    Humberto R.
    10 August 2020 @ 23:36
    Great market wrap today guys. Please continue to incorporate the recent interviews like you did today. Wonderfully done!