Daily Briefing – August 12, 2020

Published on
August 12th, 2020
Duration
31 minutes


Daily Briefing – August 12, 2020

Daily Briefing ·
Featuring Peter Cooper, Ash Bennington, and Robert Leonard

Published on: August 12th, 2020 • Duration: 31 minutes

Senior editor, Ash Bennington, joins Robert Leonard, VP of Growth and Innovation at The Investor's Podcast Network, to discuss how novice and millennial investors are currently navigating the markets. Robert explains how the real economy and markets are currently disconnected and how that lays the foundation for a future market correction. He also dives into his investment framework and how he combines both value and momentum strategies. Ash and Robert wrap up their discussion by examining how novice and millennial investors tactically and philosophically approach markets, especially in the past few months, and what the potential ramifications of that will be for this demographic. In the intro, Peter Cooper shares how airlines and Disney are currently working to conserve cash flow in an environment of suppressed demand.

Comments

Transcript

  • ac
    adam c.
    14 August 2020 @ 13:48
    I appreciate that RV is looking to diversify its content, particularly with experts as guest hosts, however when I see millennial investing on RVDB its disappointing. I enjoy the investors podcast but it is free content so when I see it on RVDB its frustrating. Perhaps more entry level videos can be on a different stream than RVDB. Overall incredibly happy with the platform.
  • RR
    Rishi R.
    14 August 2020 @ 09:54
    I do think it was good to hear from Robert to hear how he and his community thinks and i can see he does have a good understanding of finances but it does highlight the lack of experience when i hear things like.......i use a tool to look at stock but not sure how its built.......(maybe its because im a forecaster and i like to know what makes up a tool for me to use it). I also agree with some of the people watching where i don't think it belongs in the daily briefing....personally i would rather a day be skipped if there wasn't much that happened (or at least that made clear at the start)
  • FS
    Filo S.
    14 August 2020 @ 08:11
    This was not a daily briefing. I suggest developing your bench so you guys have competent backups. As for the guest interview with Peter Cooper, it could have been done as a "Quarantined" piece. At least it would be an optional video to opt in or out of. This said, in my opinion it would have lowered the standard of your other Quarantined guests, most of whom have been very insightful and high fidelity. Peter was very predictable as an inexperienced advisor to inexperienced investors.
  • SC
    Shawn C.
    13 August 2020 @ 00:44
    Subscription guru's on Discord, stock tips via TikTok, YouTube channels with daily technical analysis videos, buy/sell signals via tweet, reddit/personalfinance. Millennials get their info from completely different media than previous generations and it effects the way we trade and invest. The 2000's taught me to be safe in low cost index funds. 2008 taught me you might have to sit on a loss for 10 years. Bitcoin taught me to chase the momentum and take profit. One of the top 20 biggest AUM ETF's is ARKK, an innovation based ETF thats biggest holding is TSLA. When is the last time you heard someone under thirty ask about a Mutual Fund? Chainlink (5th biggest crypto) is up 28% in the last 24 hours and 10x since March. This generation will buy momentum until they reach the top.
    • RM
      Robert M.
      13 August 2020 @ 03:17
      2000 taught some investors you might sit on a loss for 20 years and that treasuries can outperform stocks.
    • CM
      Cory M.
      14 August 2020 @ 01:45
      @ Shawn C would be a better guest than Robert was. Nice comment.
  • DB
    Daniel B.
    14 August 2020 @ 00:51
    Good insight into the current psychology of the less experienced traders. I do disagree with his valuation of Tesla though. Tesla was clearly a deep value play at $200 / share. I think most people have a hard time valuing the company because they just can't imagine they will grow at 50% per year. $1,500/share is a fair valuation. They could be worth substantially more when you factor in solar, energy storage, micro utility, and autonomous driving. Everything is moving in their favor. I might change my mind if another robotics AI green energy company had someone with the same business track record and expertise as Elon Musk.
  • SM
    Shaun M.
    13 August 2020 @ 13:13
    What I do like about this type of conversation is connecting with how younger investors/traders are thinking about the economy, market and broader wealth building strategies. Not everyone is levering up on Tesla like social media would suggest. There is too much "boomer vs millennial" fights, especially around strategies that are right vs wrong. We should stop this "us vs them" narrative and learn from each other. It is great to hear from seasoned investors/traders, but also good to hear from newer market participants who are just starting out. Boomers are entering a different stage in their investing journey and looking to preserve their wealth I believe, however they may have to remain invested in equities and alternatives with bond yields potentially remaining suppressed for years to come. I believe that accelerating the education of millennial investors should be seen as a tremendous benefit from the boomer's perspective, as trillions of wealth that will move in the coming decades and how those inheriting that wealth behalf can either compound their legacy or piss it all away. Investing should be an inclusive community, built around sharing of best practices and warnings from poor decision making. I really enjoy RV from the educational perspectives from those who have been investing/trading for 50 years vs those just starting out is valuable to myself who is only a few years into my journey. I would enjoy more interviews/conversations on this platform from an educational perspective as sometimes the "insider" discussions leave me confused as investing/markets are more of a hobby to leverage and build wealth than it is my primary means of earning a living. Great content all around, I have been a very happy subscriber of RV for about a year and have learned so much from the many guests and hosts. Great work!
    • JW
      Jim W.
      14 August 2020 @ 00:35
      Can you (or anyone) give a tangible example of something you learned in the interview? I spent a couple of minutes trying to do that, and could not (see my comments below).
  • GC
    Gino C.
    14 August 2020 @ 00:31
    … And this brings me to the point where I end my RV subscription. Cheers all!
  • JW
    Jim W.
    13 August 2020 @ 05:40
    I'm definitely in the "prefer RVDB to be more about the day, less about external interviews" camp. Ed, Ash et al are a great group of analysts, and Im personally fine with the whole "not much happened today" in the same way Fleck does in his daily note. Peter's initial markets discussion could use a bit more work. "Businesses need to focus on cash flow, and cannot endure without it. Airlines are trying to screw passengers to protect cash flow...." Not really the markets discussion I expected. For the main segment, I tried to think about any insight this particular guest provided that I couldn't get through a headline news review. "Millennials investing like Gen Xers during the late 90s", "Millennials buy TSLA but some don't". "Millennials can buy fractional stock on their phone." I don't think that there was a single new idea that came out of that interview, unfortunately. The most interesting point to me was the "not all millennials are into crypto", but that it didn't come up in the interview. Ash, you're a great interviewer, but thought you might have been able to be a bit more probing with "you say you follow Buffett's deep value investing--what's in your portfolio and how are you dealing with [10?] years of S&P underperformance." "What % of folks your age have a similar view on value investing?" "Do you own your own residence, and what do you think about residential real estate" "How about bitcoin? We read that millennials are all over it, but have not discussed it today". Any of those directions would have provided me with more information.
    • MT
      Michael T.
      13 August 2020 @ 18:31
      Great points. Who is Fleck?
    • JW
      Jim W.
      14 August 2020 @ 00:27
      Bill Fleckenstein.
  • NP
    Nick P.
    13 August 2020 @ 21:48
    The dilution continues.
  • JT
    Joseph T.
    13 August 2020 @ 18:42
    Ash: Not RV's best.
  • PU
    Peter U.
    13 August 2020 @ 15:41
    I am now short Ash and the Daily Briefing.
  • OM
    Owen M.
    13 August 2020 @ 14:23
    this guy read the cliff notes for the CFP program and Security Analysis and is now a guru. I appreciate all aspects of market commentary but i feel he is not worthy of the RVDB we have all been accustomed to. imo.
  • JB
    James B.
    13 August 2020 @ 12:20
    yeesh, guys if you're struggling for content on the daily briefing just cut back the length to 15 or 10 mins if it's a slow news day. I would much prefer that plus a quick look at some charts/trends than scraping the barrel for someone that hasnt been on...and i dont mean to be disparaging towards Robert as I'm sure he does a great job for his audience.
    • DL
      Dan L.
      13 August 2020 @ 14:04
      This is clearly geared toward opening the door to RV for younger and newer investors, as opposed to RV’s more technically savvy supporters. That’s not a bad thing, but I was still hoping for some up-front color and perspective on the significance of yesterday’s (8/12) minor reset, particularly wrt asset class (or sub-class) correlations.
  • VP
    Vincent P.
    13 August 2020 @ 13:59
    RVTV, please look up definition of "Jumping the Shark". Dark day at Real Vision. smh.
  • LM
    Lawrence M.
    13 August 2020 @ 08:44
    I was surprised that Robert didn't bring up the trading app itself. What's going to happen when vol is exploding and the only thing these traders know how to do is execute trades via Robinhood's phone app? Yikes... will they be as excited to buy the dip after a series of failed log in attempts and limit down restrictions (do they know these issues even exist)? Don't mean to sound too bearish but people should be vigilant these days. I'm a millennial that's tried to encouraged friends to switch to a time tested platform (on a computer) but its just too complicated, they love that app. "It's just so easy," they say. Then they laugh and say, "you're tripping". Hope they're right.
  • SS
    S S.
    12 August 2020 @ 22:23
    I'm a big fan of RVDB. Sorry to say this was a total DUD! Very shallow content, very little insight. Could have been a separate interview. I much prefer RVDB discussing the events of the day. A lot has happened the last 2 days so why do a psychology type video now? I don't get it.
    • JG
      Juan G.
      12 August 2020 @ 23:00
      Agreed
    • ER
      Ernesto R.
      12 August 2020 @ 23:10
      I believe the market is very difficult to understand right now even for the good ones just my thoughts be safe
    • RT
      Richard T.
      12 August 2020 @ 23:44
      It's August . . . .
    • SH
      Sahil H.
      13 August 2020 @ 02:03
      Agreed!
    • LM
      Lawrence M.
      13 August 2020 @ 08:37
      Agreed. SPX is a stone throw away from new highs, would have been nice to hear more about that. There is a place for this interview, I get what Ash is doing, but let's not brush the traditional format of the Daily Briefing aside. There was a VP selection and more talk about a stimulus deal looking dead in the water as the SPX is a stone throw away from all time highs... and the big thing in the market is Tesla's stock split?
  • JS
    Juraj S.
    13 August 2020 @ 08:12
    Low value interview. Next.
  • DB
    Daniel B.
    13 August 2020 @ 07:58
    Dud guest. Industry leaders, not orbiters please.
  • AB
    Ash B. | Real Vision
    12 August 2020 @ 23:35
    Hi, guys. Since I saw a couple folks asking... Roger is back next week: We're scheduled to do back-to-back RVDBs on Wednesday & Thursday, which I'm really looking forward to.
    • PM
      Phil M.
      13 August 2020 @ 01:26
      Great news
    • PM
      Phil M.
      13 August 2020 @ 01:29
      Would be great to see Tony Greer back too!
    • SH
      Sahil H.
      13 August 2020 @ 02:12
      I second Phil's comment on Tony Greer^^
    • MA
      Mike A.
      13 August 2020 @ 07:24
      AHHHH YES!!!!!
  • hw
    harry w.
    13 August 2020 @ 06:58
    I love Peter's hand gestures (and his high production quality ovvy)
  • RC
    Reese C.
    13 August 2020 @ 03:25
    Hi. Millenial here... I know that this isn't a deep dive and I think that's totally fine. People need to realize that this is how millennials view the market and it is a tragedy. We learned from our parents that we need to "buy and hold" blue-chip stocks and ignore the fed and other problematic factors because the American economy has always been #1. This kid is not an idiot. He is naive but he's far smarter than the millennials that have an opinion today. TBH many RV topics are over my head but I stick with it. I think the biggest takeaway from this video is that we are screwed as a generation until we get some REAL financial education.
    • AJ
      Adam J.
      13 August 2020 @ 03:28
      Agreed. He's valuable to HIS audience but not THIS audience
    • MJ
      Marc J.
      13 August 2020 @ 04:24
      He's valuable to this audience. We need to understand Davy day trader and he gave us some ideas.
    • AB
      Alastair B.
      13 August 2020 @ 05:12
      Agreed with Marc. It is your intellectual duty to engage with people and ideas outside of your comfort zone.
    • AJ
      Adam J.
      13 August 2020 @ 06:45
      Yes. Addressed this in my previous comment right below this one
  • RA
    Rob A.
    13 August 2020 @ 06:41
    So you’ve basically interviewed a guy who we can describe as a Millennial YouTuber, who likes to call himself a Warren Buffet style value investor, but he also likes to dabble in “growthy” stocks every now and then. Come on RealVision, you know perfectly well that none of your audience can obtain any value out of this sort of interview. We do however value the usual DB content, so please don’t abuse our time by offering airtime to your affiliates without accrediting them first. It’s an abuse of your audiences time.
  • AB
    Alastair B.
    13 August 2020 @ 05:32
    Bless you Ash, this is the exact questioning style I use with my students. I like this guy, very interesting to get a summary of the ideas of the younger crowd, and I might direct my students to his podcast. Students are connecting less and less with Dave Ramsey nowadays. His strategy reminds me of crypto investing - dabble in the momentum stocks / Defi coins, but take profits back into BTC / value for the long hold.
  • XM
    Xavier M.
    13 August 2020 @ 05:17
    Just as one needs a Hendricks Martini olives up after a dreadful day in the financial markets, we deserve Kiril Sokoloff at tomorrow’s RVDB after this. Cheers.
  • VD
    Vishal D.
    13 August 2020 @ 04:56
    uses momentum bus has a 15 year time frame!? this makes no sense . watched to the end only with the hope that it would get better but it only got worst
  • JD
    Jesse D.
    13 August 2020 @ 02:46
    With all respect to the guest, these dumb down the platform IMO. I like the original RVDB that a goes around the world and captures key macro themes that day.
    • VD
      Vishal D.
      13 August 2020 @ 04:54
      agree this was a complete waste of a RVDB. Please don't do this again
  • FC
    Frank C.
    13 August 2020 @ 04:10
    Ash: “right on fundamentals reasons, but wrong on technical reasons.” I’m now enlightened. That one statement just summed up this market.
  • HD
    Henock D.
    13 August 2020 @ 03:20
    Although I feel maybe a handful of people out there extracted value from this, imo this is vanilla information that could be put on the free YouTube channel for more novice investors. Good discussion but not consistent with the videos RV Members have paid for
    • RM
      Robert M.
      13 August 2020 @ 03:38
      After reading the comments below, understand why some are disappointed that this segment has strayed from a daily review of the markets. But as subscriber to a number of advisory services run by "old hands", one sentiment that has arisen is the irrationality of the market of late and the decoupling from the economic news. So believe yesterday and today touch on this sentiment of people jumping into the markets looking to make a buck and playing momentum with all the new digital tools and apps that have become available. My advice to RV would be to set up these discussions as daily commentary on the market by stating that the interview is exploring the "enthusiasm" that is driving the markets of late and behaviorally where this enthusiasm is grounded. While yesterday was presented as statement for the bull case, to me, it felt more like a rationalization of being all in on today's market. Today's interview confirmed that mindset. So the last two days did provide enlightenment on the behavioral aspect of millennial investors which is impacting markets daily of late though may have not been the main story for that day's trading.
  • AJ
    Adam J.
    13 August 2020 @ 03:25
    Useful insofar as understanding who is on the other side on our trades... Agree that this was not really suited to a more seasoned RV audience.
    • AJ
      Adam J.
      13 August 2020 @ 03:27
      PS Millenial here
  • RM
    Robert M.
    13 August 2020 @ 03:13
    Robert sounds like an "old" young guy. Yesterday's segment was useful to get a feel on how someone younger (not a boomer) is trading the market. Thought today was a well thought out interview (and surprised at the number of down thumbs) on how to look at the markets long term. Behavioral finance has been around since I got into the markets in 1983. Standing around the Bloomberg terminal pulling for the Dow to cross 1,000, can remember a portfolio manager pitching a paraplane manufacturer that was going to sell to police departments as a way to patrol highways more cost effectively than cars. So crazy ideas have been around a long time. And in the 1990s, knew a guy whose net worth dropped from $14 million to $5 million in the dot com crash (and not sure where he bottomed out). Same time, was on the board of a company that was raising private capital like crazy and geared up to 80 employees. In February of 2000, warned the twenty something managers running the company that capital markets can change and they needed to get to positive cash flow. Was told that they could always raise money. Year later they were down to 5 people. So behavioral/emotional/momentum investing has been around since the start of this bull market and examples like Tesla are not a "things have changed" story, just another story stock like we have seen numerous times in the past when the herd is running wild. But what changes it for millennials is when they hit a real bear market. WSJ had an article this week about one person betting on Kodak, averaging in 3 times in the run-up and then lost $30,000 when it dropped. One less Robinhooder to worry about. People think the game changes, but it doesn't really. Yes, the Fed can go crazy with liquidity and can change things in the short term. But in the long term, it really is about Buffett's saying that you are buying an ownership stake in a company and how that company actually generates cash will determine your return in the long run though bull fever can make a lot of people look like investing savants in the short term.
  • JS
    Jon S.
    13 August 2020 @ 01:33
    If these people of millennial investment podcast appear at RVDB well... do not do it again please and bring us contrasted technicians, macro economist, quantitative expert but not something so simplistic please. I hope users agree with me.
    • JD
      Jesse D.
      13 August 2020 @ 02:47
      I agree, this is way too basic IMO.
  • IN
    I N.
    13 August 2020 @ 02:28
    Also mark that down as being best of 2020 RV DB. Some of the most solid piece of advice: "get your finances in order so that you do not have to use those invested funds to take care of daily expenses for the next 6 months or so" and this should be in the mind of all investors. Our guy is great!
  • SP
    Seahyung P.
    13 August 2020 @ 02:18
    Although I wouldn't be a fan of keeping RVDB in this style, I actually quite enjoyed this interview and this soft style of RVDB and found it interesting just to get a handle in the mindset of some of the stock participants. Great interview, like hard liquor; nice on occasion but not a daily basis.
  • JS
    Jon S.
    13 August 2020 @ 02:17
    I would suggest you bring henrik zegberg he is not a high end known analyst and if you bring this person like today better bring Henrik and his insights. He is talking about the gold crashing, I would like it to have him in an RVDB at least. I hope I spelled his name of correctly and I think he is a RV user so I hope he reads this comment. Both Raoul me kobessi congratulate him for his analysis. I hope he is at RV one day.
  • DS
    David S.
    12 August 2020 @ 23:26
    Hate to say it, but these youngins' are gonna get absolutely torched. There's a REAL bear arriving soon and hanging around for a while. TSLA' should be heading back to low triple digits, and maybe quickly imo.
    • SC
      Shawn C.
      13 August 2020 @ 00:14
      TSLA probably will be low triple digits after the 5 for 1 stock split. 1500/5=300
    • Md
      Matthew d.
      13 August 2020 @ 00:28
      David how are you so sure there’s a bear market right around the corner? Why can’t the Fed continue printing (ie hyperinflate the $ to prevent the economy from collapsing)?
    • SH
      Sahil H.
      13 August 2020 @ 02:16
      Will be kinda stupid if they go ahead with this 5-1 split and we get a proper bear market because it would defeat the whole reason they decided to do the 5-1 split. Also most retailers use platforms that enable buying fractional shares. So this seems kinda pointless?
  • JR
    Jake R.
    13 August 2020 @ 02:06
    Doesn't think about timing? Ok cool. Doesn't know what the momentum indicators that their algorithm uses? Ummm alright. Advocates buy and hold for 15 years and assumes somebody can stomach a 50% drawdown and stay invested? I'm done, I made it 9 minutes. I feel like I know what RV was trying to do with this, but this guy is not an RV caliber investing mind.
  • YB
    Yair B.
    13 August 2020 @ 01:58
    Wonderful conversation!
  • SS
    Sheldon S.
    13 August 2020 @ 01:05
    Hedge funds, Quants, Big Banks . . . Retail investors are always way behind them and continually trying to guess what direction they're going. We win just enough to keep us in the game. That's why slot machines pay off once in a while, to keep the suckers in the game until they go broke. People look down their nose at the Robinhood investors but in reality they aren't that much different from the rest of us. BUT, they have set some of the big boys teeth on edge. More power to them!!
    • JD
      Jimmy D.
      13 August 2020 @ 01:28
      There is nothing magical about big banks, or quant trading. I hate this meme about you can never win as a normal retail trader. No you cannot trade 2 second candles as a retail trader against the algos but Nasdaq level 2 is 6 dollars a month, getting close to the tape has never been cheaper, beyond a 1 or 2 minute time frame if you are educated enough you can win.
  • PM
    Phil M.
    13 August 2020 @ 01:27
    Nice work guys
  • MJ
    Max J.
    13 August 2020 @ 01:25
    A good discussion, but in the wrong place (RVDB)
  • RP
    Richard P.
    13 August 2020 @ 01:21
    Good insights, Shawn C!
  • PP
    Patrick P.
    13 August 2020 @ 01:17
    Ash .. "this is a truly fascinating conversation to me" ??? REALLY !!!???? .......as Joe B would say "C'mon Man"
  • PL
    Paul L.
    12 August 2020 @ 23:27
    No more children on RV please...can we bring Roger back?
    • AB
      Andrew B.
      12 August 2020 @ 23:52
      These "Children" will be tucking you into bed when you are living at an aged care facility.
    • PL
      Paul L.
      13 August 2020 @ 01:15
      Good thing I won’t be asking for financial advice on my death bed...
  • DS
    David S.
    13 August 2020 @ 01:10
    Well done. A real trader should know as much as possible about everything, especially other traders. With their phone alerts the millennials can sell any or all positions in a moment. Pretty smart of some millennials to get in and out of bankrupt companies up 70%. Keep up the good work Mr. Leonard. Any Canadian connection? DLS
  • BA
    Bob A.
    13 August 2020 @ 00:40
    This was a bit too "soft" for me. I really do enjoy the usual format and depth of the RVDB's, especially the Friday editions. I'd "vote" to continue them as they are.
  • Md
    Matthew d.
    13 August 2020 @ 00:31
    Nothing against the interviewee but to be honest I didn’t find him super insightful/knowledgeable about his “niche” within the behavioral finance field - let’s get Roger back on!
  • JB
    Joshua B.
    13 August 2020 @ 00:28
    Easy listening, not challenging, nice change of pace so overall I am ok with today’s RVDB but don’t make it habit. There are plenty of other sources for simpler content.
  • CM
    Cory M.
    12 August 2020 @ 23:50
    If you’re interested in value and podcasting (TIP), get The founders (and value investing teachers) Preston and/or Stig. If you’re interested in millennial psychology, get either someone who actually trades like one or a behavioral psychologist. Robert was a pleasant guy but too hybrid to offer much to this viewer.
  • TB
    Tobin B.
    12 August 2020 @ 23:45
    Enjoyed this one and it was nice that you had him on. It's nice to get a younger guys opinion. What I'm seeing is a lot of millennials don't understand the Federal Reserve and how money in general works
  • MD
    Matt D.
    12 August 2020 @ 23:43
    Thanks Ash and Robert. Interesting comment on how Millennials invest in the idea about a company and not it's fundamentals. Why is that? Why doesn't money matter so to speak - and when will it matter to them I wonder?
  • CD
    Chris D.
    12 August 2020 @ 23:38
    I am a millennial and my first stock trade was in 1997.
  • ER
    Ernesto R.
    12 August 2020 @ 23:09
    very interesting on the ideas of the millennial the phone investment change everybody not just millennial but the critical part is that they only have 10 years on the market which has been going up since 2009 -2010 excellent interview
  • RL
    Ron L.
    12 August 2020 @ 23:03
    Not for me dwag, hard pass...
  • WM
    William M.
    12 August 2020 @ 23:01
    I enjoyed the fresh perspective. Seems like a guy with good sense....
  • BK
    Brian K.
    12 August 2020 @ 22:55
    Robert knows his audience has a fundamentally sound strategy for investing and stays in his lane.
  • MS
    Mark S.
    12 August 2020 @ 22:51
    When is Roger Hirst returning?
  • MA
    Mike A.
    12 August 2020 @ 22:51
    DUD1 Sorry to say this was the least informative interview I've seen on RV to date.!
  • RC
    Randolph C.
    12 August 2020 @ 22:32
    Agree w JP L., lot of potential trades this time of year, maybe get an expert on Vol or impact of elections on markets.