Incredible how prescient Dan was back in October. He lays out almost exactly what has transpired over the 4=5 months since this talk and of course he had no idea of the added virus markets are dealing with.

This was great. Well done.

Thank you for reading the questions! As a mostly mobile user who listens to content in the car (Audio only download), the questions read-aloud is the only way to consume this content!

Loved this interview interesting getting inside your head Dan

how specifically would Trump devalue the dollar without the Fed?

Love this guy, his thought process and investment views. Super insightful, thanks Dan.

Dan : Can you explain how the USG could devalue the dollar without the Fed? Another Plaza Accord?

The Saudi oil "attack" might have been taken as seriously as the ABC News video of the Turkish attack in Syria (uh...I mean...Kentucky) People aren't buying the facade anymore. They should consult with the CIA production team of the Nick Berg beheading movie. Tht one got much better ratings. Respectfully; A currently serving US Combat Vet in his 40s who is done with the fucking lies.

disappointing

Bitcoin is the only game in town: Resists inflation by "gurus" with pretense of knowledge. Is the only asset that matters that can be delivered at low cost, without permission from our overlords be they Chinese or American, Turkish or Argentine. Try getting hands on gold (not paper gold) and doing international business...TSA would have a field day. Is harder, more portable, more divisible, longer lasting, easier to assay than gold. It is easier to send than fiat for 80% of the world. Stocks are unrelated to profits, Bonds will default in droves, most likely, or are negative yielding, Fed will print, and print and print, holding cash is also subject to censorship and deplatforming (look at Patreon, etc) Gold r is easily forbidden by overlords, (look at recent history)... Bitcoin is the way out of this ridiculous system dominated by bureacrats and autocrats. Here is my strategy: Have some $hitcoin to pay for the next 2 years of expenses and the rest in bitcoin, stored in different places with multisignature protected accounts. Have some bitcoin on one of the many "banks" to facilitate liquidating in case of need. Have a paid for house in a relatively unimportant place in the world. Sit back and enjoy the paradigm shift!

Is there a Real Vision Video that doesn't say: Sell stocks, buy bonds, buy gold? In this cycle, where has capital been misallocated? SPX? or private equity? or credit? or sovereign debt? Demographics have gotten people out of stocks and into credit/fixed income. Look at the fund flows the last 10 years. Regulation has forced pensions and insurance into credit and sovereign debt. Alternative investors have ignored public equity and sought beta in private equity. It isn't that SPX won't go lower in an unwind of misallocated capital. It is that the pain will be most severe and we will see the signs first where the capital has been dumbest which is not SPX.

Fed has not lowered interest rates faster cuz it doesn't matter. Europe did. Recession.

As for the weighting in gold, it also depends on where you live. If you live in the US you can have less, if you live in the Eurozone I'd hold more...

If the US Government goes down the path of devaluing the nation's currency unit, I highly doubt there will be a tame or controllable outcome. It will be inflation of the hyper variety. Rates will sky rocket. Bond markets will get crushed. The USD gold price will soar. US equity markets will do well nominally but not when adjusted for the depreciating currency units and definitely not against more commodity focused equity markets. This (and not deflation) is the real outlier event. I doubt it happens.

Great interview --- One thing not mentioned is fiscal policy? Monetary stimulus with fiscal austerity will not create inflation. More deflation is coming unless masses get money to spend.

Very informative on recent political events. Thanks for pointing how the HK/China situation could be a trigger to global meltdown

I'm for owning both gold (silver, actually) AND bitcoin. How hard is that? Also, I love a macro conversation with the NBA in it!

"There's a path we can go where things are changed forever."...I think we passed that point long ago.

Nothing here. Move on. Save time

You need gold and BTC. Don't let your biases get the better of you. Both have clear advantages. Just remember that fiat currency is = toilet paper and 90% of people don't even know what money is.

thanks Dan, clear and to the point presentation - which also makes sense. Shows me you have a good understanding of macro policy as opposed to others who introduce complexity, just to end up with no real conclusion.

i like the clear talk. please more of that...

great macro discussion about why all this matters... we are a few steps away from a multitude of bad outcomes

Thanks Dan for the great understanding, your weighing of the current macro-factors and forward interpretation of roads to walk.

Dan is so, so good! Really enjoy his clear, concise, and insightful comments. Please, please have him back on regularly. Thank you Dan for sharing your knowledge and thoughts so generously!

If I could give a quadruple thumbs up I would. Thanks Dan

Brilliant framework, Dan. Thank you!

dan the man.

That Korean CPI chart is just mind blowing. Thanks Dan!

Excellent, thank you

Dan's point that the potential return for bonds this time is not enough to offset the potential drop in equities during a slowdown -- that is really important I think. As interest rates trend lower over decades, this becomes more and more of a problem.

Very smart has charts and opinion loved it!

Excellent interview - some well articulated points. Please come back again soon!

Bitcoin, Gold, Silver, mining stocks. Sweden's top buyer of iron ore is Germany and inventories of iron ore are building at the mines. Rio Tinto, one of the world’s top iron ore miners, signed its first spot trading contract denominated in Chinese Renminbi on Friday, in an effort to diversify procurement channels for Chinese customers. looking forward to the next episode. Interesting times ahead many things can happen.

Really good. I appreciate the plain spoken delivery for everyone that didn’t grow up macro. Come back often.