Leveraged Finance at Full Throttle

Published on
November 23rd, 2020
Duration
39 minutes


Leveraged Finance at Full Throttle

Daily Briefing ·
Featuring Haley Draznin, Jack Farley, and Tyler Neville

Published on: November 23rd, 2020 • Duration: 39 minutes

Real Vision editor Jack Farley hosts Tyler Neville of Real Vision for a spirited debate about the fate of risk assets. Tyler makes the case that U.S. equities have a lot more room to run, basing his case on tight credit spreads and the Federal Reserve’s ever-expanding balance sheet. Tyler incorporates market breadth as well as venture capital funding to argue that the punch bowl may never be removed. Jack challenges Tyler’s bullish thesis, asking Tyler about the upcoming expiration of the Fed’s emergency lending programs and the possibility that the holiday season will accelerate the spread of the COVID-19 virus. Jack and Tyler then explore the future of so-called “zombie companies,” whose liabilities have swelled to over $1.2 trillion. In the intro, Real Vision's Haley Draznin analyzes the promising developments of a coronavirus vaccine, how it impacts the markets, and why some sectors will benefit a lot more than others. For charts from Tyler as well as Jack, click here: https://rvtv.io/2URRNAH

Comments

Transcript

  • lf
    liam f.
    25 November 2020 @ 03:18
    This was truly awful. Might I suggest a comically elongated hook?
    • JF
      Jack F. | Real Vision
      25 November 2020 @ 15:42
      Sorry to hear that Liam. What could have been better? And what do you mean by “hook”?
    • lf
      liam f.
      27 November 2020 @ 05:11
      I just think you have to slow it down and feel your feet before you answer + be a bit more confident in a natural way. It was all a bit jumbled and didn't flow very well. Sorry to be harsh man. I meant like an old-timey stage hook from those cartoons. Again, apologies for being so blunt but we all have to fail before we succeed and you've been doing a lot of that so there's only one direction to go from here. I miss the old daily briefings.
    • JC
      Jack C.
      29 November 2020 @ 18:24
      Ignore him Jack, youre doing great
  • RP
    Rein P.
    26 November 2020 @ 21:33
    Excellent! Sounds like the two guys in my head.
  • AH
    Andreas H.
    26 November 2020 @ 09:38
    Very good interview!!!
  • MH
    Martin H.
    26 November 2020 @ 04:47
    Getting better Haley, thanks.
  • LA
    Lawrence A.
    24 November 2020 @ 00:02
    I get such a douchey vibe from this guy. He sounds smart, but without charts and with that smirk, he just seems arrogant.
    • LA
      Lawrence A.
      24 November 2020 @ 00:03
      Nevermind about the charts, just saw the link.
    • JF
      Jack F. | Real Vision
      24 November 2020 @ 00:11
      I can guarantee Tyler is not a douchey guy! The camera can be deceiving... And yes I'm glad you found the charts, Lawrence. It's easier for us to put them in the description as that way our video doesn't have to put each one individually (which can be a bit painstaking)
    • TN
      Tyler N. | Real Vision
      24 November 2020 @ 00:50
      Haha thanks Lawrence...That's what makes a market!
    • PB
      PHILLIP B.
      24 November 2020 @ 01:16
      He's got a fair amount of gray in his unshaven facial hair...the feature in the algos that look at color of facial hair would bias this towards an emerging, next generation contributor. So, I'm in. :-)
    • DS
      David S.
      24 November 2020 @ 07:12
      I think Mr. Neville is smart enough to ride this wave and jump on the new wave at the right time. DLS
    • AP
      Alfonso P.
      25 November 2020 @ 21:31
      Give him a chance, let us see him in 5/10 years!
  • AP
    Alfonso P.
    25 November 2020 @ 21:27
    jack you are doing a great job, keep on!
  • JH
    Joel H.
    24 November 2020 @ 12:18
    Tyler had great content but Jack...the 'chicken hawk' interview style is super annoying. We all know you're smart and have good counter points but at some point lets just hear who you're interviewing..tough to get thru
    • JF
      Jack F. | Real Vision
      24 November 2020 @ 15:06
      Good feedback, thanks Joel. I would never push back this hard on a new guest or someone I didn't know. It's just Tyler and I go way back and I wanted to test the boundaries
    • JH
      Joel H.
      24 November 2020 @ 19:46
      Jack i think you're doing great job...just in this case you seemed to want to school him which isnt bad just tough to listen to at times. Love your content and shows. big fan of RVDB!. Please keep up good work.
    • JF
      Jack F. | Real Vision
      24 November 2020 @ 21:32
      Thanks Joel!
    • MS
      Martin S.
      25 November 2020 @ 18:47
      You’re doing a great job Jack
  • DG
    David G.
    25 November 2020 @ 07:10
    The first chart seems like wishful pseudoscience. Does the chart differentiate between irrational behavior and economic expansion and growth? Can the chart coincidences guarantee effective fed stimulus? It's goin to be what its going to be. I'm glad I'm not a fund manager, and don't have to guess 12-18 months out or what ever the point of 1-2 year predictions are. Would you have believed someone who told you last year, we would be up 10-25% at the end of this year at the bottom of a 40% sell off that they didn't warn you about? If we have a 30% dip at some point next year, but still finish up 45% within 24 months of these levels, are you still correct?
  • DG
    David G.
    25 November 2020 @ 06:50
    Is he a Baldwin or no?
  • JH
    Joseph H.
    25 November 2020 @ 04:12
    I always like to hear Tyler’s views. Really enjoyed it, thanks Tyler and Jack
  • BD
    Blake D.
    25 November 2020 @ 04:06
    Personally, I thought this awesome.
  • lf
    liam f.
    25 November 2020 @ 03:22
    Get Haley Drasden that CBD oil that Hugh Hendry had, she'll knock it out the park next time!
  • CM
    Cory M.
    24 November 2020 @ 19:12
    Really interesting. Tyler made a good case. Jack had good points. Enjoyed it.
  • SL
    Stephen L.
    24 November 2020 @ 15:53
    That was great! The Next Gen!
  • ZD
    Zeeshawn D.
    24 November 2020 @ 13:59
    Very aggressive interview style and at times I felt Tyler was being spoken over making it hard to hear his point. I don't mind the challenging from Jack (that's healthy) but maybe reduce the over talking.
  • JB
    Jamie B.
    24 November 2020 @ 08:51
    Awesome interview Jack. I think that should be your new interview style. You were humble but challenging and that made for a really good interview. The interesting difference between Jack & Tyler was the timeframe and indicators used. Jack is macro with a longer term outlook. Basically a little more theoretical. Tyler is a street guy, reacting to what is. Tyler appears to give less credence to what should happen (whilst still being aware of it) and more to what is actually happening. I must admit, I like Tyler's grasp of not buying into narratives that may have played out before and responding to the things that are actually in front of him and what the market is saying. Either way a very interesting DB.
  • PS
    Patrick S.
    24 November 2020 @ 00:24
    Jack is really coming into his own. RV has a great mix of ages and experience levels with finance that makes its content so accessible. Bravo, I'm rooting for you guys.
    • JF
      Jack F. | Real Vision
      24 November 2020 @ 00:31
      Thanks Patrick!
    • DS
      David S.
      24 November 2020 @ 07:09
      Mr. Farley you are earning it. One small caveat, the past can be prologue. We may be dealing, however, with a new frontier. Wishing you the best. DLS
  • TB
    Tarik B.
    24 November 2020 @ 06:38
    Great to hear count-points and rebuttals. Most content elsewhere is interview style so it's great to hear live discussion of opposing opinions. Opinions make markets after all!
  • LL
    Louis-Philippe L.
    24 November 2020 @ 04:15
    Awesome Jack and Tyler, format, chemistry and topics were on point. I like how Jack you were controlling the agenda.
  • DP
    Duane P.
    24 November 2020 @ 04:06
    I like this format. We need more disagreement and opposing views hashing it out on RVDB.
  • JT
    John T.
    24 November 2020 @ 03:16
    I loved the discussion, it’s amazing how crazy these markets are. One of Tyler’s briefings back around May actually convinced me to be a lot less bearish stocks and a lot more bullish on the “store of value” trade - which has helped me a lot. I have to admit that my big plays of very long precious metals, hedged with long dated puts in IWM (the Russell 2000) is looking terrible right now. I see why the formation in gold miners is called a bull flag now though, because every time it drops I charge. I’m still convinced that a weak economy with excess stimulus and crazy low interest rates will move the miners higher, and that any deflation spike causing them to crash will hit value stocks more.
  • DW
    David W.
    24 November 2020 @ 03:02
    Not sure we need the intro news update.
  • SP
    Simon P.
    24 November 2020 @ 02:47
    WoW! More Tyler in the future please
  • CJ
    Calvin J.
    24 November 2020 @ 02:19
    Please keep the opposing view format Jack!
  • KZ
    Keyvan Z.
    24 November 2020 @ 02:10
    Haley is great, little less forceful would help in my view.
  • DS
    David S.
    24 November 2020 @ 01:49
    We all hope the vaccines and instant testing will put the pandemic behind us. The world was not in great shape before the pandemic. It will be in worse shape after the pandemic. Inflation from printing money and supporting those in need may be the alternative to insurrection in many countries. The poor cannot pay and the wealthy will not pay. The ever rising stock market may merely be the beginning of the expectation of rapid inflation of asset values. Mr. Neville there is no longer anyone left to bail all of us out, except inflation. Printing money and giving it to citizens with income/wealth restrictions will take us somewhere. I am not sure where. DLS
  • jG
    james G.
    24 November 2020 @ 00:06
    I think he has a constant smile because he knows it's all insanity but hey,,, it's making money --- for now.
    • NL
      Nikola L.
      24 November 2020 @ 01:42
      was thinking same. lol
  • PB
    PHILLIP B.
    24 November 2020 @ 01:34
    Keep bringing these two back on. They are the next generation. Sure, who knows what's going to happen in the next six months. I want to be able to continue to hear their perspective irrespective of intermediate lows and highs.
  • KT
    Kevin T.
    24 November 2020 @ 01:28
    Informative and entertaining! Good job, guys. More of this pls
  • RA
    Rob A.
    24 November 2020 @ 01:21
    You’re top of your game Jack, well done !
  • JY
    John Y.
    24 November 2020 @ 01:21
    Really enjoyed the discussion, insights and unvarnished views. Great back and forth. Very interesting to hear how “the younger generation” views the markets. I hope RV has you both back on RVDB regularly.
  • DS
    David S.
    24 November 2020 @ 00:53
    IMO the private markets may have less risk than the public markets in many investments. It depends on the investment itself not on which market. Plus the investment is not marked to market. This gives more time for the investment to work. DLS
  • MC
    Michael C.
    24 November 2020 @ 00:34
    Tony Greer's soulmate.