Daily Briefing – September 10, 2020

Published on
September 10th, 2020
Duration
33 minutes


Daily Briefing – September 10, 2020

Daily Briefing ·
Featuring Haley Draznin, Ed Harrison, and Tyler Neville

Published on: September 10th, 2020 • Duration: 33 minutes

Real Vision managing editor Ed Harrison is joined by Tyler Neville to discuss how the recent market sell-off may have been a temporary equity volatility-driven event due to credit spreads. They question where economic growth is going to come from and how funding in the private markets may fuel it. Real Vision reporter Haley Draznin weighs in on the juxtaposition between the real economy and the financial economy and Citigroup's announcement today naming Jane Fraser as CEO, becoming the first woman to lead a major Wall Street bank.

Comments

Transcript

  • DM
    Don M.
    16 September 2020 @ 18:27
    watering it down
  • RL
    Rafael L.
    13 September 2020 @ 00:34
    I don't care about women taking over CEO positions. I only care about who makes it right and who doesn't. THanks
  • DR
    Derrick R.
    11 September 2020 @ 17:51
    That easy money has been flowing into private companies isn’t new, right? Is this supposed to be an investment idea? Past 5 years SPY is up 75%, PSP is down 0.5%
    • AC
      Aaruran C.
      12 September 2020 @ 14:22
      he's speaking more of VC-style private companies not PE-style investments (which is effectively levered smallcaps)
    • DR
      Derrick R.
      12 September 2020 @ 19:25
      Thanks Aaruran..
  • JJ
    John J.
    11 September 2020 @ 21:30
    Once a year would be enough
  • JJ
    John J.
    11 September 2020 @ 21:24
    I could be wrong, but I think Tyler is a lightweight. Ed should push back on some of his unfounded positions.
  • AA
    Aymman A.
    11 September 2020 @ 14:23
    Tyler was great. Please get him back.
    • AB
      Alastair B.
      11 September 2020 @ 17:47
      Every time I see Tyler I get the sneaky suspicion he’d be up for a mid-morning game of beer pong.
  • MM
    Mattias M.
    11 September 2020 @ 12:42
    When I noticed that Rauol har hired someone from CNN I though hmm, well at least its not from the Cartoon Network a.k. CNBC like Mark Cohoades puts it. City new CEO is a woman "Ground breaking News"... only so few, even less if a woman of color... White men in congressional hearing can't see a wonam replacing them... Please leave the woke journalism out of Resl Vision, I know that these are important issues but I not paying to listen to something that I get for free on CNN and all the other leading media outlets over and over. If they put an octupus in a fish tank and hooked its brains to a computer and it did a great job of running City Group it would not matter, what matters is the track record and what it will deliver at the end of the day. Coming from finance I know very well we are all replaceble and AI is coming for many regardless of sex or color.
    • TS
      Timothy S.
      11 September 2020 @ 13:49
      Mattias raises an interesting issue. Did RV hire an "on air" political and social ideologue? Haley used her first appearance to clumsily burnish her feminist credentials. If she feels compelled to push a feminist and SJW agenda, I hope she is smart about it. Wouldn't hurt to employ some subtlety, creativity and humor. The the same old hackneyed, finger wagging tropes get very tiresome.
    • AB
      Alastair B.
      11 September 2020 @ 17:46
      Hayley is doing a good job so far but try to stay away from the identity politics please. It’s fine in context; the story in question is a major milestone for women in finance, but its better to stay focused on finance and investing. Identity politics saturation and human interest story news is what is driving people away from BBC, CNN etc and onto paid platforms. Even the FT is starting to go woke; there are few places left that do what Realvision does.
  • JJ
    John J.
    11 September 2020 @ 16:22
    I found Tyler's arguments very weak. He seems to take various data points and "creates" a theory that makes no sense.
  • ar
    andrew r.
    11 September 2020 @ 16:10
    Never seen Tyler before, pretty sharp, nice interview.
    • ar
      andrew r.
      11 September 2020 @ 16:15
      Except, let's ditch the idea that the problem caused by government requires more government. Seems like that concept has to be shredded anew in each generation.
  • SJ
    Sean J.
    11 September 2020 @ 15:50
    Keep the “woke” diversity crap off my RV. 👎🏾
  • KA
    Kevin A.
    11 September 2020 @ 13:43
    Hi Ed, not being pedantic, but Raoul actually did name SoftBank in last Friday's Daily Briefing. You seemed alarmed that Tyler mentioned the name.
  • CT
    Chris T.
    11 September 2020 @ 10:43
    not sure you can really take CDX as a view given roll around the corner... poor analysis tbh (from someone in credit markets)
  • MK
    Mihhail K.
    11 September 2020 @ 10:00
    Please invite Tyler back some time in the future!
  • JH
    Joel H.
    11 September 2020 @ 09:47
    This was excellent ...tvm Tyler and Ed...really great content. Joel Hahr
  • BZ
    BRIAN Z.
    11 September 2020 @ 08:28
    She's being trained on the job. Distracting. A reasonable trade-off for the value real vision provides.
  • NH
    Naser H.
    11 September 2020 @ 07:50
    Those charts he presented looked interesting but lacked to compare the far more bearish views. However, it’s important to note that caution is important in these risky markets.
  • PS
    Paul S.
    11 September 2020 @ 07:06
    I’m really sorry to sound so picky, but when paying attention to what is being said, listening to every word, I couldn’t help but hear the following annoying repetition. From 31:43 to 27:27, a total of 19, yes 19 “You know”s were used. If I knew, I wouldn’t be watching. Saying “You know” assumes people know it, so why say it, and if you’re asking this for confirmation of understanding or agreement, then please collect the facts together and ask later, “do you agree”. Thanks Reading some other comments, may I say the following in praise of Hayley. Hayley is clearly a sweet lady and knowledgeable , I’m in agreement that it’s hard to do but, looking like you’re talking naturally while reading a script is a skill that needs practice. It takes time and I look forwards to seeing much more of her on Real vision, very positive and engaging presenter.
    • PS
      Paul S.
      11 September 2020 @ 07:25
      Had to come back to say I’m not trying to single Hayley out, Ed had his moments too, just as he does 4 more times in 45 seconds from 16:11 and counting down. Who knows, “You Know” maybe it’s just me having a COVID moment sorry.
  • RL
    Remmelt L.
    11 September 2020 @ 06:33
    When will Roger be back? I thought every Thursday.
  • BS
    Bhanu S.
    11 September 2020 @ 01:05
    Haley is reading a script! Its so obvious and off-putting.
    • EH
      Edward H. | Real Vision
      11 September 2020 @ 01:13
      No, she has bullet points. Short segment. Need to hit your main points quickly
    • JS
      Jon S.
      11 September 2020 @ 01:20
      I do not think she is reading dialogue at all. Can we get her be the interviewee of the RVDB soon.
    • JK
      Jeff K.
      11 September 2020 @ 01:24
      Dude, It's pretty obvious Ash is reading off a script much of the time too, but we still appreciate his content, right? I signed up for RV because I figured they know a thing or two about talent. Why did you sign up? Just because the newbie isn't as polished as the dudes you're used to doesn't mean the content she delivers isn't worthy of your attention.
    • JA
      John A.
      11 September 2020 @ 01:50
      She was just stiff. You could tell from body language that she was nervous. Need to give it some time to grow comfortable before coming to a conclusion. Talking in front of people in general is hard for most people. Talking in front of a bunch of hyper-analytical people like the RV audience isn't as easy as Ed makes it look lol.
    • DP
      Duane P.
      11 September 2020 @ 03:07
      I wouldn't say it is off putting. Good information is good information. She is definitely reading off a script though. You can always tell when someone is reading off of a script because their eyes scroll across the screen as the read.
    • RS
      Robin S.
      11 September 2020 @ 03:50
      Just re- watched and think she did a great job. Ridiculous snipe. Falling foul of Raoul’s number one rule for the Exchange I’m afraid with that comment.
  • CD
    Carl D.
    11 September 2020 @ 01:20
    I might have to listen to this again to make sure I understand what he's saying, but I think Tyler is more optimistic than me when he talks about the funding of private growth companies from pensions, and how it will drive real economic growth. I assume any good idea has already been funded and these new flows into private markets are misallocation of capital, maybe it's better than flowing into zombie corps though. I'm guessing Tyler and Dan Rasmussen aren't on the same page.
    • RM
      Robert M.
      11 September 2020 @ 03:14
      Limited need for capital in private markets. One, business formation is declining in the US. Two, when you get a lot of money chasing deals, which you often see in the VC arena, it just drives up pricing. Three, expensive private deals then require strong public markets to give their investors liquidity and a profitable exit. So not sure chasing private deals is the long term answer for pension funds. A more balanced investment world with higher rates would give them more options to invest.
  • CH
    Charlie H.
    11 September 2020 @ 02:24
    Want a fast growing industry that's available to the public? Crypto.
  • SL
    Shawn L.
    11 September 2020 @ 02:15
    The actual real quote is: “A society grows great when old men plant trees in whose shade they shall never sit.” — Greek Proverb.
  • PB
    PHILLIP B.
    11 September 2020 @ 01:23
    Hayley is a fresh voice. Great to hear.
    • SL
      Shawn L.
      11 September 2020 @ 02:02
      Hayley has a harsh audiophile pitch, needs editing tone work done (could be post production).
  • MA
    Mike A.
    11 September 2020 @ 01:54
    So what we basically got out of that was Money is chasing private, passive faucet is still open and as long as the bond market works stocks won't go down because the FED won't let it?..
  • JF
    Jonathan F.
    11 September 2020 @ 00:29
    I’m liking the his Tyler guy. I’d call him #3 😉
    • CM
      Cory M.
      11 September 2020 @ 01:54
      #4 after Roger.
  • CM
    Cory M.
    11 September 2020 @ 01:53
    I like Tyler; wish I understood more of what he’s talking about. I’ll get there. That’s what makes RV great.
  • MB
    Michael B.
    11 September 2020 @ 01:28
    this guy just makes stuff up. derivative comment ridiculous.
  • DD
    David D.
    11 September 2020 @ 01:23
    Tayler Swift fan, huh?
  • VN
    Vitali N.
    11 September 2020 @ 00:25
    did i hear the opening comments right - the markets are relatively flat? i guess -2% is flat these days.
    • PB
      PHILLIP B.
      11 September 2020 @ 01:19
      "Relatively flat compared to volatility last week."
    • JS
      Jon S.
      11 September 2020 @ 01:19
      I was going to say the same but with vix at 30 I understand why she said that. In any event, I agree that maybe in a 2% better not to say flat, but it is an small detail in a great introduction and dialogue
  • JS
    Jon S.
    11 September 2020 @ 01:16
    Haley background room is so cool! Keep it up! I like the RVDB with her because she really makes it less of a monologue and more of a dialogue. Great 👍🏽
  • JA
    John A.
    11 September 2020 @ 00:50
    I disagree, I think liquidity drives everything right now. Credit is fine thanks to the Fed put until liquidity starts coming into question. Credit vol is being suppressed right now because the perception is that risk is going to be backstopped.
  • JP
    Joel P.
    11 September 2020 @ 00:25
    People keep talking about how we shouldn’t worry “Credit Spreads” are great. The Fed is buying and is a “backstop” on IG and HY. Of course it all then looks “just fine”. Can we still use this as a reliable signal? ALL signals are distorted, it seems!
  • BA
    Bruce A.
    11 September 2020 @ 00:24
    That was an interesting discussion. Thanks guys.
  • AL
    Austin L.
    10 September 2020 @ 23:54
    Tyler out here calling bottoms mid-liquidation, ballsy.
  • TC
    Timothy C.
    10 September 2020 @ 23:53
    The comment on transparency in private is right on as well (having worked at a plurality of tech startups in key roles...)
  • ER
    Ernesto R.
    10 September 2020 @ 23:52
    very good information one advice to Haley she is really good on the show but she need to enjoy it more relax a little but very good for first time on the daily briefly
  • SP
    Simon P.
    10 September 2020 @ 23:49
    Wow, finally a link between public and private.
  • DM
    Dominic M.
    10 September 2020 @ 23:41
    Great discussion—thanks, gentlemen.
  • AG
    Amol G.
    10 September 2020 @ 23:40
    Tyler - informative and insightful as always. I'm pretty sure I've played basketball with Tyler in Austin couple years ago when I lived there. If this is the same guy, the man can hoop!
  • TC
    Timothy C.
    10 September 2020 @ 23:38
    Great interview! Being in tech, the crunchbase charts are nuts. That many late stage rounds won't end well unless there is a fundamental inflection point (which I don't see).
  • TB
    Tobin B.
    10 September 2020 @ 23:14
    RVNBC };)
  • JA
    Jordan A.
    10 September 2020 @ 22:59
    That story about city bank was hilarious. The ol' pass the flaming bag of shit trick.