I read Tony’s Navigator because I need a little Jesse Livermore to balance my bearish macro bias. A little tape reading can be helpful in managing time frame risk.

I can see them starting up new projects as we speak.

Home building sector of the economy was on FIRE precoronavirus.

Is going more 'pro', not the point of being short term? My understanding of Tony is a great contrarian of some of my ideas. That's why I'm here. Thanks for sharing your point of view Tony.

What's wrong with short term trading? It's good to have a good balance.

the spike in gas is not economic. People haven't put gas in the tanks in 7 weeks and with oil prices rising time to top it off. Tony just lost me here.

Although I agree with you, Mr. Greer is trading the market as it exits. His projections may be incorrect, but that does not stop him from trading and making money today. DLS

LOL Johnny - I'm here to make money - not appease you with reasons for last sale. If you are going to start trading based on the economy - can I take the other side of all your trades?

Tony, I am here to think and reason and connect the dots. I will challenge what I think is a failed thesis. Debate is healthy and very important. There is little basis for what you said. I listened to other things you've said and agree. On these I do not and try to make a case for your position as I did and let readers decide. I made more $ YTD then I have in 25 years of investing. I got this covered

Thought some good points by Johnny L here. Interesting that Tony says "LOL Johnny - I'm here to make money - not appease you with reasons for last sale". Guy is a great trader from what he says. Make many bag. No doubt. Trade the tape. Well done. If I'm going to spend half an hour listening to someone explain their process and what they think is happening out there reasons are important. His comment leads like mockery from the RV team to me, though that is perhaps not the case. Maybe I just don't get the joke. In any event it's surprising given what a tight and classy operation RV generally are.

I like hearing from Tony Greer because he have a completely different view. He really tries to 'follow-the-money' - he may not always be right - but his thesis is based on a particular 'causation' that he articulates well. Great to hear his view.... P.S. Nouriel is a real talent! I get worried that I'm agreeing with him too, too much. Dr. Doom....

Lets not get into name dropping Ash. There are plenty of RV members who have many years of professional experience on both the buyside and sellside with big name firms and family offices. We can all come up with reasons for why the tape paints green or red at any moment. Pick any reason. The thing is chasing the tape does not require insight. It only requires that you chase the tape. And when the market turns and goes back down Tony will have all kinds of reasons to explain it...but again he will just be chasing the tape. It's a purely mechanical process with zero insight.

tony's perspective and frankness is great

Thanks Ash. Lot of haters today. I really appreciate your addition on the RV ticket. I didn’t think you name dropped, and i have and do work at big firms and operate with actual money. Tony is a great guy, met him in person and interacted with him online. All love for that guy.

I really appreciate all your efforts, Ash. The diversity of content is very important, especially in such an uncertain environment. As soon as somebody definitively says the market is going to do X or the USD is going to do Y etc. I run the other way from them. My own view of the macroeconomic landscape is similar to Real Vision's as expanded upon by Raoul and numerous other commentators on the platform. As you say, when viewing the markets through this prism or a more fundamentals based perspective, the market doesn't make a whole lot of sense right now. But that doesn't mean we shouldn't try to make sense of it. Of course, we could all be wrong or slightly wrong. And as we have experienced with exponential modeling and the Coronavirus, even being slightly wrong can have quite significant impacts. Some of the presenters are hard for me to watch, but that's precisely when I know I have to watch it as it challenges my current perspective. If all you drink is Kool-Aid, you will experience a short-term, delirious sugary high, but you will also become fat. If you signed up to Real Vision for day trading advice - sorry to say, but you probably wasted your money. Cheers.

I was a HY credit trader (sellside, big banks) for 22-years. I really like listening to Tony. He talks like a normal trader would. Having him on is great for the RV mix. RV has plenty of heavy academic-style approaches.

Got a nice note from George, the RV membership director, after a previous comment and have been meaning to respond. But will do so here relating to the conversation with Tony. I liked Tony's comments, it is useful to hear how a trader sees the market. But as you pointed out, since the market is volatile, you need to hear Tony's comments almost on a daily basis for it to be helpful, even for LT investors looking to initiate new positions. So to get this type of insight, I utilize Sven Henrich's service at NorthmanTrader to get a daily commentary on the technical side. Sven does a great job breaking down market direction with both narrative and charts, though as we all know, neither Sven or Tony will be right all the time. So for an experienced investor, this type of service can save time and provide useful insight into daily market action plus a intermediate view of where the market may be moving. But it is not a service that is beneficial in a fast moving market if you get it infrequently. Some have complained about the trading videos disappearing from the site. I always enjoyed watching these, but they were hit and miss, with no follow up on the trade idea in many cases, which didn't make them that helpful. So consistency of the contributor is key in these advisory services. And as some of us complained about the Essential service going downhill, my issue has been the lack of consistency of information provided outside of Raoul's interviews where his thesis is very helpful in evaluating a long term macro perspective. From a content production standpoint, it is challenging for you to roll out two videos a day to create a catalog of content when some of those interviews are not that strong, like the one with Dr. Greyson today (say this from having run a company in the online video arena so I get the challenge). But appreciate that "big" names in the investing world are only going to be available maybe once or twice, if at all, to RV so who do you interview for future content? And when you interview people like Greer, McCullough, Kupperman, and Mikhailovich (all smart guys), those of us with an active twitter feed already know what they are going to say before watching the interview and many of them provide both free and subscription content online or via email. So for me, usually not a lot of value add when watching them share their thoughts on RV. Believe RV has 2 strengths: 1. Providing interviews with people that aren't freely sharing their thoughts on twitter, or guys that most of us will never have a conversation or see a video interview online. Grant's interview with Anthony Deden, as an example, is one where it justified my membership for a year. Same with Ross Beaty. Bought some PAAS after that video. More recent ones in this camp include Lassonde with FNV, Halaris, and Hugh Hendry. I don't need these daily. Quality is more important than quantity. Already overwhelmed with free investment stuff online. 2. Macro analysis with Raoul, though some of this has been sheltered in different products RV has launched since I have been a subscriber over the last couple of years. Appreciate the need to have a more premium service, but do believe you walk a fine line between essential and plus services and RV complicates their product lineup. Would prefer you blend those 2 together and come up with a price point in between the two services. And if someone wants to get deep into the weeds with Raoul, then they can go to pro. And in the same macro vein of Raoul, you found your footing with the Daily Briefing. Like most news services, you have set contributors who we as viewers can build a comfort level and look forward to their macro briefing each day (this is why many of us love Macrovoices on a weekly basis). If you are here for macro, then hearing from Tony is not that helpful, unless Tony becomes a regular contributor on the tape so there is continuity in the conversation week to week and is tied to the macro conversation. Today, Tony did confirm some of my own thoughts on the market, but if I was indecisive, not sure there was enough info there to make an investment decision. Long post, but hope it is helpful. As investors are faced with an overwhelming amount of free and paid info online, question is where does RV fit. Since many of us listen to the audio only, the fact that it is a video service doesn't necessarily make it unique. The hard-to-reach guests and the consistent macro analysis from Raoul and the team is where I see the value. Build your in-house contributor team and create that consistent voice for RV.

Totally agree with this

I second every single point Chris has made, this is what I have been thinking all past year. Now my 'membership' is about to end, and honestly I don't know whether I want to renew it given said points. All well put, thanks Chris!

Earbuds like Tony's would probably be enough. Anytime someone uses the mic and speakers on their laptop, the results are mediocre audio quality.

The closer the microphone is to the mouth the less room ambience is captured.

VIX @ 40

You lost bro?

I find it so Ironic that the moment Burkshire started accumulating people started giving him so much crap and not a couple years later here we are. I bet there are many funds that wish they had 100+B in a rainy day fund.

So I should respect Buffett - who plays by a different set of investing rules than the rest of it - because Robert K. says so. MKAYYYYYY.

are you joking? Do you think the world disappeared because of coronavirus?

Paul, listen to the interview, Tony is not saying it’s a horrible economic picture, he is reading the market sentiment, we will be or are in a depression and the Dow will go to 10000, it’s all timing.

i think he said 3030 is absolute top...not exactly bullish, eh?

OOOOOH PAUL - - we're soooo scared.

Michael - of all the negative views on here - you are the only person I think is a total clown and knows NOTHING about trading. If you call it "Tape Chasing" with "Bluster" and "bravado" it's because I'm making money - and you're not. What a tool.

HAHHAHAHA nice.

Day 1. I'm not afraid at all.

I second this. That would be very appreciated.

THIS WILL BE DONE.

VERY insightful Ralph. Wow.

Sure will Linda thank you.

Hey thank you Sir Eric.

Totally fair. Willl keep this in mind.

Hi, John. Exactly. Extremely well said. Totally agree. "Right at the coal face!"

https://www.youtube.com/watch?v=NFnra54Yk44 At 03:52: "Every little boy's ambition in my valley was to become a minor — *BECAUSE THERE WAS THE ARROGANT STRUT OF THE LORDS OF THE COAL FACE* [emphasis mine]..." So perfect...

John that's a great perspective man. Thank you for sharing it.

Super kind of you Nicholas - I hope you like what you read.

My Man Rog'

super kind of you Marjan - good luck out there.

Owen you're a gentleman - thank you.

Paul, after reading your two comments, it appears you live outside of the US. Would love to hear more about why Americans are overestimating the bounce back from your perspective. It is always helpful to get perspective from someone outside the market where they live.

I agree, he is the realpolitik of trading. It is always good to hear this perspective, and I need to continue to remind myself that it isn't always about the argument you make, but the price action is the price action.

Bears are bleeding and want to express their pain no matter how petty it may be. I say that as a bear who's long and doesn't want to be. But some just can't switch their stance or just stand on the sidelines. They rather trade their opinion than their P/L.

Yes I wish he had shared his own positions in these sectors - I liked his different perspective on the market and his ability to read the tape - but if he really can read the tape then discussing his own portfolio along with % allocations would strengthen the case for his point of view.

In the future I’d like to be able to block comments posted by Paul B.

100% concur. He’s a healthy addition to the rotation. I love hearing from a range of opinions on these daily briefings.

Profound