The fed is saying that they don't know what to Flock they are doing.

OK - I've got an idea! Clearly, dumbing down these discussions is a bad idea. How about... a follow on video, which you can get to using a link, which explains all the sentences. A clean description of the background behind a phrase like "the country rotation has a lot more to it than the sector rotation" would just sort out all the newbies.

Guys, no offence, but is there any chance that we can use simpler language in these discussions? Words like "disaggregating" don't always add value for people who are new to it.

I fear Ed is getting ahead of the whole Covid-19 vaccine reality. Yes, they are shipping vaccines and have plans to vaccinate certain groups of very high risk people however after that there are no plans to get the vaccine out to the masses. I'm a member of the group that have "bad outcomes" if they get Covid-19 and have been talking with providers and pharmacist in large and modern clinics and none, and I mean 0, have any idea how they will vaccinate folks like me when they get to that phase of the process. Right now I'm pretty sure I won't be able to get vaccinated till mid to late March if then with a booster 3 or 4 weeks later. So, I won't be "protected" till sometime late in April or early May. Now if a 60+ over weight guy with Type II Diabetes who knows how to work the system, has insurance and can and will pay to be vaccinated is expecting his initial shot to be 3 - 5 months from now how is the rest of the population going to be all vaccinated, foot loose and fancy free by June? It just ain't gonna happen - this summer is already toast, I'm seeing normality starting to return in the Fall. I hope I am wrong but the lack of planning for mass vaccination is pretty evident if you start asking people who should know simple questions.

Where's Raul....? I need him to hold my hand in this btc bull market

Meanwhile, in two other minor bits of news (?!?!), a UK-based asset manager with +$27 billion in AUM announced they own $750 MILLION (!!) worth of Bitcoin as an inflation hedge -- having reduced their exposure to gold -- even as the Chief Investment Officer of Guggenheim, an asset manager running $230 billion, said on Bloomberg Television that Bitcoin should be worth $400,000 (!!) But yeah, pay no attention to Godzilla (BTC) smashing through resistance to new all-time highs...

I disagree with the whole "pent up demand' argument. I think it's more delayed demand. Money that would have been spent this year will be spent next year but that 2020 money is lost forever IMHO. People who would have bought electronic goods this year aren't going to buy 2 of the same item at Christmas or in 2021. People who didn't go out and buy a meal this year aren't going to order 2 mains every time they go out next year. There may be some small sectors who see pent up demand upside but I don't believe it will have a macro affect.

TIME TO FOLLOW THOSE FREEMASON FREAKS AND GET OUT OF THE COASTAL ZONES. THE EARTH IS GOING TO HAVE A SERIOUS MAGNETIC EVENT EARLY 2024. I'M AN AIRCRAFT ENGINEER NOT SOME NUTJOB AND YOU ALL NEED TO TAKE THIS SERIOUSLY. THEY ARE MOVING AWAY NOW AND RELOCATING TO GEOSAFE AREAS. TAKE A LOOK AT LUMBER PRICES AND FOLLOW THE PROPERTY MARKET! THE MAGNETIC FIELD INTENSITY HAS DROPPED A MASSIVE 15% IN THE LAST DECADE AND ITS FALLING FASTER AND FASTER AS WE SPEAK. 3 YEARS TOPS AND THE BEST CASE SCENARIO IS WE LOSE THE HVT'S FROM A CME IN THIS SOLAR CYCLE. WORST CASE IS A FULL POLE REVERSION LIKE HAPPENED TO JUPITERS MOON RECENTLY. WE MOVE THROUGH A MAGNETIC SHEET IT THE UNIVERSE AND THIS IS WHAT CAUSES THE 25920 PRECESSION CYCLE. TAKE A GUESS WHERE WE ARE NOW. WHAT THEY DONT WANT YOU TO KNOW IS THE EARTH CHANGES DIRECTION TWICE IN THIS CYCLE. ITS OHMS LAW, NEWTONS LAW NOT MINE OK. WHAT HAPPENS WHEN YOU REVERSE THE POLARITY IN A DC MOTOR OR PHASE SHIFT AN AC MOTOR IT CHANGES DIRECTION. THEY HAVE KNOW ABOUT THIS FOR 1000'S OF YEARS. TALE A LOOK ON GOOGLE EARTH AT THE WASHINGTON DC MONUMENT. IT'S A VERY WELL CALIBRATED OBELISK PRECESSION MEASURING DEVICE. THEY CAN'T FIGURE OUT WHY THE PRECESSION RATE IS INCREASING AT THE SAME TIME AS THE MAGNETIC POLES AND FIELD INTENSITY IS DROPPING OFF. HENCE THE MOON SAMPLES RECENTLY FROM CHINA THE JAPAN MISSION TO THE ASTEROID. WAKE UP PEOPLE THEY ARE GETTING REAL TIME PRECESSION DATA AND COMPOSITION FROM THESE AND MARS TO GET A CORRELATION. THESE OBELISK CLOCK ARE ALL OVER THE PLANET AND ALL OWNED BY THE FREEMASONS. CHECK OUT MY TWITTER FEED FOR MUCH MUCH MORE INFORMATION

Where is Raoul with his insolvency commentary? Quite topical with foreclosure and eviction moratoriums ending on the 31st, 29-43% of renters are at risk of eviction. On the mortgage side, FHA loans are nearly 16% delinquent and 10% seriously delinquent! Crazy stuff.

Getting specific, any thoughts on how ABNB price is sustainable and justifiable as an IPO? It seems the air will or should be let of the ballon, and yet I know the same could said of TSLA. I have short term bearish outlook on ABNB, given the increasing lock downs, and just the limited travel outlook through the next few months, until the vaccines come into more broad use.

Good discussion. Ed is always thoughtful in his commentary. Not sure I totally agree with the Fed MBS comments: 1. MBS is high quality collateral, but the Fed buying it up basically takes it out of circulation and creates reserves. So it actually sequesters collateral from the market, which in the absence of other factors (ceteris paribus) wouldn't be good. 2. It is more likely that the Fed buying MBS is propping up the MBS market and in turn keeping mortgage rates lower than they would be. There was about $4T is mortgage issuance in the last year ($2.6T alone in MBS YTD, 3Q20 MBS was up 84% Y/Y). That's about 28% of mortgage $$ turning over, of which, ~86% is Agency MBS, all yielding lower rates and canibalizing existing MBS. 3. Agencies have been relaxing their lending standards (especially appraisals) adding risk to the MBS market. 4. That makes Fed MBS buying both a form of mortgage YCC and a prop to supply a buyer for the MBS market. Let's push up RE asset prices, increase risk, but hey, the payment for the more expensive asset is the same... Hmm... Retail sales numbers: Good commentary by Ed. One thing he didn't touch on is the seasonally adjusted numbers are still distorted.

In other news, Bitcoin smashes all time highs.

Great show, but really... no mention of BTC on today 🚀 of all days??? Real Vision had real blinders on today! Where’s Ash when we need him 😉

Wasn’t there a partnership announcement with CWH & RIDE where RIDE will leverage CWH infrastructure for servicing?

Great show guys.

Raul, I’m going to do this for you...... Guys Bitcoin breaks out to new all time high and you don’t even mention or discuss it at all.....what the hell were you thinking!!

Max is the future diamond of RV along with Jack! Keep it up guys!