Kyle Bass & John Burbank (RE-RELEASE)

Published on
August 30th, 2020
Duration
61 minutes

Gold: The Story of Man’s 6000 Year Obsession – Episode 2 (RE-RELEASE)


Kyle Bass & John Burbank (RE-RELEASE)

The Archives From Real Vision ·
Featuring John Burbank and Kyle Bass

Published on: August 30th, 2020 • Duration: 61 minutes

The highly-anticipated second link in The Chain sees Kyle Bass interview John Burbank of Passport Capital. In this riveting conversation, John discusses spotting the "signal events" that make real money, his criteria for sizing positions, and the creative mindset needed to perceive "what could be that isn't now."

Comments

Transcript

  • Sv
    Sid v.
    29 September 2020 @ 18:06
    this is the second time i listened to this. Interestingly, i got more detail and useable ideas the second time around. Thanks for the recommendation.
  • KB
    Kurt B.
    1 September 2020 @ 04:10
    Raoul, given your current macro view, it’s perhaps time for you to re-imagine your qualitative metaphors: “These are pure, pure gold.”————> “These are pure, pure bitcoin.” Looking forward to watching this classic.
  • DG
    Dave G.
    1 September 2020 @ 02:31
    It would be great if you could get John back on for an update. Very interesting stuff
  • JC
    Jason C.
    31 August 2020 @ 23:07
    Can't help but think that zombie companies caused by central bank policy will be worse for innovation going forward and that big tech companies are largely exiting the innovative regime this decade. As an exception, innovation in the crypto space seems promising since it's hardly regulated. Chinese tech or US companies that have a national security pitch could become innovative since the possibility of war naturally drives innovation. Really enjoyed this conversation. I'd work for either Kyle or John for $1000/month, hmu
  • PB
    PHILLIP B.
    31 August 2020 @ 01:35
    I don't have the stomache to watch Kyle Bass. I've been kind of grossed out and get icky feelings. Bad vibe.
    • JC
      Jason C.
      31 August 2020 @ 22:57
      People like you and that Austin L. guy are going to be the reason RV stops getting great guests. Cancel your sub or keep it to yourself so you don't ruin it for the rest of us.
  • TM
    Tyler M.
    30 August 2020 @ 18:04
    I am so happy you guys are doing this. Loved the interview. I joined a few months ago and have been watching videos as they come out but I’ve been thinking that I’m probably missing out on some really solid, older material. Wasn’t sure where to start digging, so this really helps. One area in particular that I’ve been thinking a lot about—and would love to hear more expert advice on—is the portfolio construction aspect of investing. The more I learn about investing, the more it seems to come back to how each asset in a portfolio works in combination. A step-by-step approach on how to do this (even including software to use, what are common mistakes to avoid, etc.) for a retail investor would be excellent. Are there prior videos that take a deep dive on this? I find the website search function to be difficult to use, as it seems like many videos don’t have many tags or keywords applied, making it tougher to find specific content. Anyway, excellent work! You guys have been an immense help in my investment process and thinking.
    • RM
      Robert M.
      31 August 2020 @ 17:17
      Big fan of the Deden interview that Grant Williams did. It is a two part series. Also, if you like gold, watch the Ross Beaty interview. Seek out companies he is involved and invest alongside him. Long term winner in that space.
  • MD
    Matt D.
    31 August 2020 @ 06:41
    This is gold - thanks RV for the retro showing. I will watch this again - so many little great bits of invaluable intel from the best. You'd could never get that sort of discussion or information - and I know they'd never sit down and have a chat with me. This is the brilliance of the upcoming Festival of L earning.
  • SC
    Sejong C.
    31 August 2020 @ 03:03
    Captions on older content would be great.
  • CD
    Carl D.
    31 August 2020 @ 03:00
    he was right with his long disrupter bet, kinda sounds like druckenmiller
  • PM
    Parth M.
    31 August 2020 @ 02:55
    Thanks RV for sharing this one. This is kinda a Market wizard stuff and there are always something to learn. Keep these coming.
  • AL
    Austin L.
    30 August 2020 @ 18:57
    Am I the only one who noticed Mr. Burbank hardly being able to spit out a basic overarching macro thesis without sweating his pits out and having sweat start glistening on his forehead? Also has a 50% chance of guessing what a deflationary regime implies for the dollar and managed to claim it would drive a weak dollar, where Kyle Bass, an actual OG macro analyst chirped him immediately. Makes sense now that they shuttered due to 'unacceptable returns' lol.
    • RP
      Raoul P. | Founder
      30 August 2020 @ 19:06
      Erm, I think you need to double check. Passport is a family office. He has hit some huge home runs from the Eurodollar trade to the Cutter and also including a large crypto investing business. I think you might need to be a tad more polite or your comments will be removed.
    • EF
      Eric F.
      30 August 2020 @ 20:48
      Even if you think this, best to keep it to yourself, at risk of sounding like a dickhead.
    • rc
      ritesh c.
      31 August 2020 @ 00:30
      This is really insensitive comment - and honestly is a disservice to generosity of their valuable time. I think what Kyle and John has shared here is extremely valuable. If you are looking for one definitive macro theme - you are looking at the wrong place. I so wish I had discovered this talk before the start of the year. If I had, I could have gained a LOT in this current market condition. Just to enumerate three macro themes I personally took away that I think are priceless. And honestly you are already seeing it play in the market today (but I so wish I had discovered this earlier in the year): 1) For disruptive tech companies that are consistently changing, the PEs can go higher. Even if the revenue doesn't increase, their margins will expand. Guess who are the winners in current markets (my only exception would be TSLA imo)? If I had gotten this theme, I would have BOUGHT the leading tech names during March drawdown. Direct practical use of the macro. 2) QE is deflationary and has been since the beginning. This is something honestly I am still struggling with. In my mind QE should drive more money into the market and should have been inflationary. My key learning from this is that I am missing something. And means I need to do more homework to understand this. Practical implication of this macro theme. Buy and hold bonds. 3) US markets are more efficient than all other global markets on a relative basis. Gosh! I so wish I had understood this earlier. Practical implications, I am going to bet on US companies with little to no debt (balance sheet risk) and ride this out. Either inflationary or deflationary - these companies yield positive cash flows - and that the key.
  • FP
    Facundo P.
    30 August 2020 @ 22:52
    It would be nice to get transcripts of the re-releases
  • MS
    Michael S.
    30 August 2020 @ 21:59
    So great to see Burbank’s take on American Large Tech stocks and the SP in 2015. “PE multiples will grow”. Quote or idea of the interview for me in the here and now: “Where is the current positioning off base”? “ Where is the market heavily positioned in large proportion that will not continue?” This is where I’m keen to pay attention to in the here and now. Inflation? Lower Dollar? Higher Interest Rates? Has the market place overplayed these? If so then price on the opposite trade may be reasonable. Anyway Raul, thanks for bringing this back for a listen. Cheers
  • TM
    Tommy M.
    30 August 2020 @ 21:53
    Raoul, Can you please make the transcripts download available again like you used to, please?
  • MA
    Muhammad A.
    30 August 2020 @ 21:05
    It would be great if RV continues to post these gems from the past. So many great interviews!
  • JE
    J E.
    30 August 2020 @ 18:29
    What’s the original interview date?
    • MW
      Matthew W.
      30 August 2020 @ 20:28
      March 6, 2015....that’s on the thumbnail anyway
    • DG
      Dave G.
      30 August 2020 @ 20:45
      Have a kook at the title page HF It's March 6 2015
  • JI
    JWD I.
    30 August 2020 @ 16:39
    Really appreciate RV going back into the vault to pull out past content! A good review during the weekend.
  • JC
    John C.
    30 August 2020 @ 05:58
    John Burbank has great clarity of thought as a general comment. I follow up session on “The Mathematics of Democracy” which he presented at a Grant’s conference would be fantastic. James Grant as interview MC of course. JCG