Daily Briefing – June 26, 2020

Published on
June 26th, 2020
30 minutes

Daily Briefing – June 26, 2020

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

Published on: June 26th, 2020 • Duration: 30 minutes

Senior editor Ash Bennington hosts managing editor Ed Harrison to discuss a day of pain on Wall Street as the coronavirus shows no signs of relenting and the normally cautious Federal Reserve issued an alarming mandate to large-cap banks. Ed and Ash also flesh out their thinking on a potential "double-dip recession" and a second wave of coronavirus. In the intro, Jack Farley looks at COVID-19 data and analyzes the dire results from the Fed's "stress test" of the banking sector.


  • VL
    Victor L.
    29 June 2020 @ 16:34
    transcript please
  • DH
    Daniel H.
    27 June 2020 @ 02:49
    Hey guys, its normal for cases to go up, herd immunity and all. Since economy reopened, young people hanging out, normal for avg age to decrease, not really concerning . what would be concerning is if the average age of icu admissions is decreasing. If the Age of people in critical Care is decreasing. Something a bit more specific. The media will use cases going up, and make it sound really bad. It may be but it also may not be. I think cueing in to more specific details will give us a clearer picture
    • PC
      Peter C.
      29 June 2020 @ 09:12
      We will see if this mass experiment with young people keeps the virus deaths in check. While a much smaller percentage of them ends up in ICU beds, they do keep the beds occupied for a much longer period (simply because most survive but need many weeks to recover). Also, in the age group of 20-40 you will find most super spreaders. They are more asymptomatic and mostly have mild cases, so they don't change behavior if they are infected and as such are ideal agents for the virus. At some point, the infections will spill over to their parents and elderly people because they bring it to their own circle of family, colleagues and friends, many without knowing it. I hope it can be managed but some US states are really in a position to get a tripple whammy: a sudden surge in deaths due to a 2-3 week delay between a case surge and reported deaths, an overflow to elderly which accelerates the deaths and a decrease in hospital care and as such deaths due to the explosive situation. It is not just the number of ICU beds that count. You also have the stress on the medical staff of the hospitals.
  • TH
    Tal H.
    29 June 2020 @ 05:16
    I am so pissed. RV sent me the promo code for crypto gathering 3 days ago, over the weekend. Now I can't use it since it expired yesterday. I'm going to miss the event because I didn't have enough time to register. So annoying.
    • TH
      Tal H.
      29 June 2020 @ 05:26
      Scratch that, they gave me a new promo! :D
    • MF
      Michael F.
      29 June 2020 @ 05:58
      Same thing here, wasn't on my email much over the weekend :( I tried asking for a possible extension through the bot, but I got nothing :(
  • AH
    Andrew H.
    28 June 2020 @ 04:08
    Ed has had some serious conviction about this second wave and its resulting effort on the market. He looks to be spot on.
  • TG
    Terry G.
    28 June 2020 @ 02:52
    Minus the constant plug and balls carrying about credit report, otherwise a good summary!
  • KD
    Krys D.
    28 June 2020 @ 00:57
    Great job guys thank you.
  • JL
    John L.
    27 June 2020 @ 23:36
    Great show as always, guys. Nice work, Jack. The comments fro the Fed are highly compelling and ominous.
  • MT
    Mark T.
    26 June 2020 @ 23:37
    I could get into soccer if there were no ties allowed. Game keeps going till someone wins.
    • GV
      Gabriel V.
      27 June 2020 @ 21:30
      Cup tournaments, like the World Cup and FA Cup, have that sort of format
  • DB
    Donna B.
    27 June 2020 @ 19:58
    When I heard Raoul was not joining RVDB today, I thought I would be disappointed. Wrong! This was outstanding from beginning to end. Deep analysis on headline news. Nice job to all.
  • HS
    Hugh S.
    27 June 2020 @ 00:57
    Nice intro Jack.
    • TZ
      Tibor Z.
      27 June 2020 @ 19:22
      That's the best part of the video!
  • TZ
    Tibor Z.
    27 June 2020 @ 19:21
    That's exactly what I wanna see! Graphs and charts and analyzing the data! Not just talks! Finally a great briefing!
  • JL
    James L.
    27 June 2020 @ 19:18
    Your BEST Briefing and Jack has a super update!
  • LW
    Lee W.
    27 June 2020 @ 16:19
    Ed! A Chelsea fan! YES!!!
  • EO
    Eric O.
    27 June 2020 @ 15:23
    Jack, a very good good review of the news headlines, FED & banking. I think adding a spot for links to the stories that are talked about under the Daily Briefing heading would be helpful.
  • AD
    Antonio D.
    27 June 2020 @ 12:44
    Great commentary incorporating the Fed views from February and June, and using them as a means to understand future possible actions.
  • TW
    Thomas W.
    27 June 2020 @ 10:22
    Looks like Ash got a new microphone. If you use an AirPod as an earpiece and record the mic audio on your iPhone then lay it over in your edit you will get infinitely better quality audio. If you do a big clap before you start you will get the sync really quick.
  • SS
    S S.
    27 June 2020 @ 00:07
    If the market goes down again, The Fed will act even faster and stronger than before. Fiscal stimulus will be more aggressive. The Fed might get the law changed to buy equities. The dip should be bought aggressively IMO. The Fed won't wait until we retest the lows of 2300 to act. S&P to 4000 after the Fed intervenes like its never intervened before. I'm not saying its right, but it has a high probability of happening.
    • BC
      Brandon C.
      27 June 2020 @ 00:33
      go on, tell me more. My question is how high can the fed run the balance sheet until it becomes damaging?
    • AB
      Alastair B.
      27 June 2020 @ 10:12
      2016 levels, probably. Buckle up
  • MC
    Michael C.
    27 June 2020 @ 08:54
    Ash, next DB you tell us all that you have watched Trading Places. This movie is the gift that keeps on giving.
  • TE
    Tito E.
    27 June 2020 @ 08:46
    Ash, you need to learn to channel Billy Rae Valentine!
  • ME
    Mark E.
    27 June 2020 @ 07:46
    Haha Ash it's Ladbrokes, not Ladsbroke, though I think the latter name is probably more appropriate for a betting company!
    • AB
      Ash B. | Real Vision
      27 June 2020 @ 08:05
      Oh, man. I just keep goofing this up. Maybe we should do a Real Vision mini series where Professor Ed & Professor Rodger put me through a crash course on British league football?
  • IP
    IDA P.
    27 June 2020 @ 07:55
    this was excellent thanks for commenting the stress tests
  • SS
    Shanthi S.
    27 June 2020 @ 05:41
    So sorry for the loss of your friend Ed.
  • VK
    Vaclav K.
    27 June 2020 @ 05:12
    Ash, turn the tables on Ed next time! Funny!
  • SS
    Steven S.
    27 June 2020 @ 04:12
    Friggin' hilarious with the 'looking good Billy Ray' intro. I think I'd watch Ed and Ash daily just for the witty exchanges and entertainment! There's always a heartwarming element to these discussions, as it is with Julian and Raoul. Thanks, guys.
    • SS
      Steven S.
      27 June 2020 @ 04:18
      Sorry about your friend, Ed. You and everyone should know that the scientific community is working tirelessly to improve COVID-19 healthcare and understand the biology of SARS-Cov-2 infection. We are making progress on this incredibly complex and impactful problem.
  • AB
    Avik B.
    27 June 2020 @ 03:22
    Where do you read the credit writedown report?
  • PS
    Paul S.
    27 June 2020 @ 01:14
    Hi Jack F. Do you create transcripts with links to the reports that you and the other analysts refer to? Or maybe this is above my membership grade (Essential). For anybody as sad as me, here's the link to the Fed report that you mentioned in todays briefing: https://www.federalreserve.gov/publications/files/2020-dfast-results-20200625.pdf
  • GR
    Gabriel R.
    27 June 2020 @ 01:03
    Ed- thanks for trying to educate Ash on soccer. Ash- appreciate you doing a little research into Scottish soccer. I work in the soccer industry and when things get better will give you both ticket to a game in your markets (DC united and N.Y. City fc or Redbulls), as we have season tickets to all the MLS teams. Appreciate all that you guys do!
  • JM
    Jimmy M.
    27 June 2020 @ 00:55
    Why do we have to save the markets via the fed with QE? This psychology of thinking is the problem. Recessions are healthy, the fed is creating a global depression that we have never seen Before due to this money printing experiment. What happened to business financial cycles? Ooh yea... we don’t have those anymore.. just buy the dip!
  • RL
    Robert L.
    27 June 2020 @ 00:07
    Ash, a little homework for you this weekend. Watch Trading Places. It’s a classic. Enjoy
  • DT
    David T.
    26 June 2020 @ 23:52
    Some large scale war is unavoidable within next 5 years. There is no other way out of the different crises reaching singularity point. Bing Bang is coming.
    • DT
      David T.
      26 June 2020 @ 23:55
      Why this chat doesn’t have editing option or at least delete option? :)
  • WM
    William M.
    26 June 2020 @ 23:28
    stocks down....oh no....time for more fed stimulus

Mark Yusko

Morgan Creek Capital Management, Co- Founder, CEO, & CIO

Mark Yuskois 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 authoredThe Mobile Wave: How Mobile Intelligence Will Change Everything, which earned a spot onThe NewYork TimesBest 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 offeringwhichutilizesa 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 innovativeways 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 channelwatched 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 hebegan his career by training traders in technical analysis.

Peter McCormack

What Bitcoin Did, Journalist

Peter McCormack is a full timejournalist/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 humaninterest recordings, documentaries and films Peter has recently launched theDefiancepodcast andDefianceTV.

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 clientsand 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 whichhe 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. Meltemoversees 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.