There is a name for that: dilettante

There are videos available specifically for analysis and others for actionable trade ideas. I enjoy these bar room conversations. Your comment seems unnecessarily critical and harsh. Why say this should be left off RV? Why limit the variety of conversations available for everyone instead of choosing the ones relevant and interesting for yourself?

Yusko has made his point on the secular decline on the dollar over the past two years. Check out the Macro Voices podcast for more information. I enjoyed the interview personally.

There was a good portion of the conversation on the topic of being wrong. Everyone will be wrong many times, if they are making decisions and taking positions. The most important thing is risk management, cutting losses and taking profits. Position sizing. Re-evaluating and being able to change ideas. Dollar cost averaging and making decisions according to a time horizon, and a strategy which provides a risk reward ratio that makes sense over a short term or longer period depending on that strategy, etc.

Re, overvaluation, here are a handful of leading examples: https://www.finviz.com/quote.ashx?t=NFLX https://www.finviz.com/quote.ashx?t=FB&ty=c&ta=1&p=d https://www.finviz.com/quote.ashx?t=AMZN&ty=c&ta=1&p=d https://www.finviz.com/quote.ashx?t=MSFT&ty=c&ta=1&p=d https://www.finviz.com/quote.ashx?t=GOOG&ty=c&ta=1&p=d I could pick on a number of metrics, but P/S and P/B on the above are rich to nuts. Re, recession risk, follow the Twitter feed of people like Raoul, Mark and Julian Brigden.

Many reasons why margins structurally higher than in previous cycles. And ev/s is a function of growth and margins. There is still good value in these MKTS. Fed does not have the mandate to cause recession. If someone was saying for 10 yr Amzn is overvalued, he is probably not early but just wrong. Not saying there is no recession forever, but only that it is not necessarily coming this or even next year. Many variables

"Many reasons why margins structurally higher than in previous cycles". Debt-funded Corporate Buy Backs - reducing shares in circulation and boosting EPS - being one of them. This became the "Stealth QE" in 2018, referred to by Mark.

One metric: PE10

Hi Georgy, a fair ponit you rise but think of these: the tax reform in the US was an adrenaline shot with no structural benefit to the economic cycle: US corp EPS would be worse or already in a recession without the massive sbb; this Jan/Feb alone most major central banks made a dovish pirouette any skilled ice skater would be jealous of thus kicking the can down the road desperately trying to avoid any economic slowdown or suppress eco cycles to unfold. Last but not least, the incremental contribution from the ever growing debt to the economy is vastly shrinking, again with more debt thrown down the pipe to avoid a slowdown. Be honest to yourself, if it was not for desperate monetary stimulus, the recession would already be here.

I can imagine some Dutch thinking likewise about tulips in 1638

oh, and from what I know he missed the Rally in 2016 and 2017 in the US market, well, well...

Daniel Lacalle's RVTV presentation Trapped By Liquidity was insightful to me. DLS https://www.realvision.com/tv/shows/skin-in-the-game/videos/trapped-by-liquidity

"Value" is a price metric for assets that have something tangible backstopping them. A bankrupt company that the market has yet to figure out is not value, despite what the Cramer's of the world say. If a company provides something of use, has a good balance sheet and is being neglected, that is a value proposition. Pundits are pundits. Value is subjective and not all people are capable or willing of assessing value in a methodical and/or honest way.

Will S. I agree with your definition. We all hope to find some. My comment refers to "value never dies." It can change and you need to reassess often. DLS

"Companies that were valuable at one time", as you said, is not "value". Those companies you mention were all "growth" companies once too. They are talking about how "value" as an investment strategy and "value" as a fund manager vocation never dies.

David S, I guess that's where the terms "Value Trap" comes from. This is probably the Value Investor's nemesis, which is why it's so essential that earnings and valuation metrics aren't the sole driver of a Value Investment thesis. Business quality/longevity must be considered.

Michael S. - I am not sure that Mr. Yusko is the fundamental value fund manager as you suggest. He may be in some investments, but I would like to see the track record and his fundamental analysis for Bitcoin over time. Value Never Dies is code for I am right, and the market will recognize it someday. My finance professor wallpapered his den with stocks that he thought were of valuable. Things change even for companies that have good current fundamentals. DLS

Hey David, Chris Martenson interviewed a guy named Tan Liu recently. I think their discussion would be enjoyable for you based on your comment.

C B. – Thanks for your comment. Mr. Tan's turn of phrase is interesting - capital gains are a Ponzi scheme - but I do not agree. DLS

Why not ask them here? People will have opinions and it's constructive to discuss these things.

I would have liked Grant to have gone down this avenue aswell. Both he and Mark Yusko have opinions/interests in this area (understatement of the Century when it comes to Mark), and it would have been good if this could have formed a segment of the discussion. Maybe it was avoided for reasons of interview length, in which case, it would be great to see Mark featured in a Grant Williams conversation that dives deeper into the subject.

Actually I think he just meant the GOP tax cuts. Took it as a clandestine tit-for-tat on first listen.

Stealth QE - Corporate Share Buybacks funded by tax savings arising as a one-off from 2018's Trump Tax Cuts.

Like the fake Trudeau ..HE break any fashionable trend with that socks story

Couldn't really give a **** about his choice of socks to be honest. I do very much give a **** about listening to what emerges from his mouth...

9 of his last 10 tweets are about BTC or crypto. He talks it all the time.

Max, can't tell, he blocked me on Twitter after saying that he entered the BTC cycle too late, especially when compared to other investors like Fred Wilson (years ahead). Nothing offensive, just factual. Some people can't handle informed criticism well.

Silence? He couldn't possibly be any louder about crypto

Factual?? Sounds like opinion.

I worry about Mark on crypto. In the end blockchain is just a linked list used as a database. But he has invested in it and has others joining him. I hope they do find a use case that makes sense and is scalable. Whether right or wrong on crypto, he is always interesting to listen to.

In the video Mark and Grant talk about how if you get one call wrong people call you an idiot and dismiss everything that you say afterwards. From this comment I think it is clear they called that dynamic accurately. Regarding crypto, I think you would have to believe that Eric Townsend's view is wrong. Townsend says that authorities eventually realize that crypto is a threat to government, currency monopolies and they legislate them to zero price for law abiding citizens. An allocation to crypto suggests that governments do not come to this realization, in time. Either way, I think the commentary that Yusko would give on crypto is that it is an allocation. That you size the position in a way that allows you time to hold it an realize the thesis. It's obvious that crypto has intrinsic value, because you can use it to buy dope online. What other currency allows you to buy dope online?

Mark has tweeted about Crypto on an ongoing basis from January 2018 up until the present date, so not sure where you get "silence" from. He also called the December 2017 Crypto correction to the day (a Gann Turn Date) via Twitter, suggesting it was going to be potentially severe. Sure, he didn't call the crash, but he was hardly urging people to "Buy Buy Buy" at the highs.

I follow him on Twitter. He has strong opinions I disagree with, but he is always polite and approachable. And he is more humble than you say.

Daniel .. Twitter is like reading an email.. you can interpret it however....I spent 46 minutes listening to him in his own words.

Yusko says when the facts change he reserves his right to change his mind. On this occasion he has reaffirmed his view. That was clear.