Daily Briefing – September 8, 2020

Published on
September 8th, 2020
Duration
28 minutes


Daily Briefing – September 8, 2020

Daily Briefing ·
Featuring Jack Farley, Ash Bennington, and Jared Dillian

Published on: September 8th, 2020 • Duration: 28 minutes

Real Vision senior editor Ash Bennington is joined by Jared Dillian, editor of The Daily Dirtnap, to discuss the dramatic turmoil playing out in equity markets. Dillian discusses how the speculative bets in derivatives markets affect price action, and provides greater clarity on Softbank's role in the ongoing saga. Dillian and Bennington also discuss Tesla's selloff, the upcoming Canadian election, and the U.S. dollar. In the intro, Jack Farley explores the true effect of Softbank's call-buying.

Comments

Transcript

  • JS
    Jon S.
    9 September 2020 @ 03:14
    Ash is such a great interviewer- why are you not interviewing on RV Plus? Can you one day be the interviewee and make a video on your method of interviewing I know this is not investing related but how to ask questions is an essential skill. Many thanks.
    • AH
      Attila H.
      9 September 2020 @ 05:29
      I agree, Ash asking excellent questions from the guest squeezing out tons of information out of them
    • AB
      Ash B. | Real Vision
      9 September 2020 @ 06:37
      Jon + Attila: First, thank you both for your kind words. Now that we've spun up The Exchange platform on RV, there are all kinds of possibilities for the content we can do. What sort of topics would be interesting for you guys about interviewing? Thanks, Ash
    • DL
      Dan L.
      9 September 2020 @ 13:53
      Ash: Traders with skin in the game discussing methodology and perspective is almost always a good bet, although, of course, no one ever wants to give up their “secret sauce.” I think you have a particular talent for explicating the jargon in a way that keeps the conversation going and brings in a wider viewing audience. That is always key, regardless of the specific subject matter. It helps viewers to create their own opinions.
    • JS
      Jon S.
      10 September 2020 @ 18:41
      Sorry for the belayed response. To me the most valuable asset of interviewing I am learning from Ash is how he naturally ask questions which magically bring the interviewee to say what we all want to listen to and might have not said if Ash would have not ask the question. I think any suggestions on how to ask questions as Ash and the comments in between he makes to keep the flow of the conversation will be useful. Thank you Ash!
  • MS
    Michael S.
    9 September 2020 @ 14:40
    I wouldn't say it's a done deal that Canada is going to become this giant UBI and MMT experiment. Trudeau has a minority government, so after making the Throne speech in a couple of weeks he needs it pass parliament or face a non confidence vote and an election. Now everyone assumes that the Liberal Government will receive the necessary support to pass the Throne speech from the NDP. However, I feel there might be some risk there because from all indications what Trudeau and the Liberals are going to announce in the Throne speech will basically make the NDP as a political party irrelevant.
    • PW
      Phil W.
      9 September 2020 @ 21:06
      Yes, I guess time, very short, will tell on Canada. I think we are heading to a GE this fall
  • DS
    David S.
    8 September 2020 @ 23:47
    Very solid interview. Excellent questions, practical answers. The Canadian issue is probably off most investors' radar. I would like to see a lot of experimentation on automatic government payments elsewhere before the US gets all excited about it. I believed it was tried in Sweden and did not work out. I certainly agree on calling an election in Canada if the Liberals want to jump into MMT. The Conservatives should have a good platform. Canada at one time hat about 46 tons of gold in their reserves around 2000. Canada currently has no gold in their reserves. I am not sure it was a good idea to sell all the gold. Once the gold was minted into coins and sold, it was gone forever. DLS
    • mB
      marc B.
      9 September 2020 @ 05:39
      Wow, that is shocking Canada holds no gold? So much is produced there. They have a ton of natural resources no? With a down dollar and boom commodity market for the next decade that some are calling out that would be good? They also are trying to be a major exporter of cannabis. That could yield more than wine exports in US. One thing we dont talk about as investor is the crime rates of the universal basic income. Im tired of violence and want peace. US cities are crazy and angry. Some crime areas in US cities have issued $1k per month and violence dropped. Of course there bankrupt but less people dying.
    • DS
      David S.
      9 September 2020 @ 18:33
      I lived in Toronto for five years from 1975 - 1980. It was very safe and a wonderful place to live at that time. I believe Canada chose to use their gold to make and sell gold coins. If so, that revenue is spent. Paying everyone to not commit crimes seems like blackmail to me. The amount to keep them happy will keep going up. The classic way would be to pay for more and better policing, job training better schools. I do not know if the classic way will work anymore. DLS
  • RY
    Roy Y.
    9 September 2020 @ 16:41
    Superb daily briefing
  • GK
    Gautam K.
    9 September 2020 @ 14:14
    One of the best Daily Briefing, Jared was extremely insightful esp. on Canada.
  • DS
    David S.
    9 September 2020 @ 00:21
    Good interview. More free stuff for the unwashed masses. If I was an essential sub, I'd be a little pissed that 1/2 my paid for sub is free...just sayin'
    • RK
      Robert K.
      9 September 2020 @ 00:51
      Totally agree
    • RM
      Robert M.
      9 September 2020 @ 00:55
      Something I have complained about to "management" are the way the different levels are structured. Didn't realize 50% of Essential was free. Guess that offsets the 50% discount for resigning.
    • CS
      Chris S.
      9 September 2020 @ 08:25
      Agree. If this content remains free, the Essential tier is not worth renewing.
    • LL
      Ludovico L.
      9 September 2020 @ 10:47
      Ehm, free as in it is published on YT quite some time after or just that some of it is free? (Essential sub here...)
    • CS
      Chris S.
      9 September 2020 @ 13:05
      It's available on the itunes podcast now What's the benefit of being an Essential tier member? Just asking
  • DL
    Dustin L.
    9 September 2020 @ 10:43
    great video..I.would be happy to see more of Tony Greer and Jared Dillian. I think a good mix between more technical sentiment driven traders and fundamental analysis such as by Ed Harrison and Raoul Pal deliver the best combination to guide us through the current situation. Roger Hirst has been also great. Thanks
  • DT
    David T.
    9 September 2020 @ 10:24
    It was OK
  • SB
    Stewart B.
    9 September 2020 @ 09:38
    Great guest for the Daily Briefing. Please have Jarad back for it. I particularly enjoyed the discussion on delta hedging effects in volatile vs non-volatile markets, Canada's spending, and Tesla. Nice one!
  • JB
    Jad B.
    9 September 2020 @ 09:35
    No transcript?
  • SL
    Stephen L.
    9 September 2020 @ 06:53
    Jared is always good but given the last few days, I was looking forward Tuesdays with Tony.
  • mB
    marc B.
    9 September 2020 @ 05:34
    Great conversation. Like Dillian perspective.
  • KV
    Konstantinos V.
    9 September 2020 @ 00:43
    Canada is going to implode
    • WG
      Wayne G.
      9 September 2020 @ 01:30
      Canada is already imploding. As Jared pointed out deficits have exploded.The C$ has strengthened in tandem with the rise in oil since March because the world incorrectly still considers CAD to be a petro-currency. Trudeau and his "green dream team" have knee-capped fossil fuel production in Canada. The USD/CAD is going to 1.85 to 2.0 IMO. (Full disclosure - disgruntled Albertan)
    • JM
      John M.
      9 September 2020 @ 04:15
      Recently the Trudeau government announced that investment in 'green infrastructure/energy would be a big part of economic stimulus to revive the Canadian economy. Lots of green spending however is questionable economics.
  • JM
    John M.
    9 September 2020 @ 04:10
    Interesting comments on Canada (as a Canadian I agree). Jared's concerns are consistent with comments made by David Rosenberg about the Canadian economy (conversation with Ed Harrison several months ago).
  • JS
    Jon S.
    9 September 2020 @ 03:17
    We need an interview of this guest explaining his observations method on 10 - 30 treasuries... we need an expert view interview or rv plus view on this.
  • TC
    Timothy C.
    9 September 2020 @ 03:11
    You have to question the timing of the FT article if Softbank really was delta neutral. Like yelling fire in a theatre ascribing all the long call action to one whale forcing an unwind...
  • CC
    Cornelius C.
    9 September 2020 @ 02:49
    Sounds like Canadian gold miners are going to be surreal on top of surreal
  • RC
    Reese C.
    9 September 2020 @ 02:27
    Have Jared back more often!
  • OM
    Owen M.
    9 September 2020 @ 01:13
    I enjoy Jared's realistic perspective. thank you for bringing him on.
  • CD
    Carl D.
    9 September 2020 @ 00:22
    I really like Jared and appreciate him sticking his neck out, but after buying into mike green's passive hypothesis I don't understand what the catalyst would be for a rotation to value
  • RM
    Robert M.
    9 September 2020 @ 00:07
    With Tesla, also not a holder, but will be interesting to see how derivative losses will impact stock price action now that it is down 33% from its high. Betting there are some unwinding of trades that will put more downward pressure on price and a boatload of retail traders getting burned for the first time since March. Will Tesla and Apple kill the "buy the bounce" mentality?
  • DD
    David D.
    9 September 2020 @ 00:05
    Pro tip: sit in a non-moving chair next interview.
  • RM
    Robert M.
    9 September 2020 @ 00:03
    The Daily Dirtnap was not my think, but good interview with Dillian. Good thoughts that will fit with some trader's view of the world.
  • SW
    Suzanne W.
    8 September 2020 @ 23:58
    Great intro and great interview!
  • BB
    Ben B.
    8 September 2020 @ 23:42
    Great to see you on the daily briefing Jared!
  • TS
    Timothy S.
    8 September 2020 @ 23:27
    I love hearing the conviction of dollar bears. Its so assured and unresearched. Makes me smash that usd/zar button faster than youd believe.
  • MD
    Matt D.
    8 September 2020 @ 23:24
    Great DB Ash and Jared. Very interesting! comments on Canada and Tesla. Enjoyed Jared's insights. October is going to be nuts - election will be hard to ignore - and unfortunately, beyond the result. Good intro too Jack. Keep us updated - there are reports Softbank our out.
  • KM
    Kelly M.
    8 September 2020 @ 23:19
    Thank you for the Canada question. If Jared is right this could be huge.

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.