Comments
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PCIs there a way to identify high rating interviews? & ideally within a time frame paramenter? This way I am not watching this vid a month late
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PCImpressive - important & complex investment issues explain in a clear and easy way to digest. dito - get Hari back
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WVReally rich analysis! One thing that never occurred to me in terms of hedging is the 'repricing' aspect of OTM options that Hari brought to light. His book is also very good, I was presented to it here and loving every chapter. Can't wait for the second one.
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AVHari, in your analysis, are you equating credit availability due to QE to Dollar liquidity? Do you consider them one and the same or two different dynamics on the market?
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RPGood point in levered etfs. Someone should look at total returns for any extended periods of time on literally any etf. It just decays. They literally light money on fire holding them over time. They are a trading product. AI he makes another good point between machines and humans. These machines should complement processes not take over. Humans need to navigate the ship. Machines are the rowers. The fact that the last 7-8 years we have had relatively flat volatility or always reverted to the mean, (low). What will the machines do in the face of uncertainty and unwinding of things that “have always been”? Good piece. Good luck all.
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FGThis guy is extremely smart and well informed (Bonus: great subtle sense of humour). This is definitely a bump-up in the quality of interviewees at RV. Would love to watch more of Hari during 2019.
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RMWow! I quite enjoyed that. Bring him back again soon please.
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TTGreat piece; I will buy Hari's book to obtain depth before posing questions. Nice to see all the contributor engagement! Could RV please arrange Hari to provide comity training to the US Congress?
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JFExcellent. Thanks.
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JCGreat video. Very well presented and informative. Need to get him back on again thx.
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FBGreat presentation. However,could have been a bit more clear in describing what Exchange Traded Securities pose risk. Generally speaking I heard ,leveraged products that invest in areas that mean revert,poorly structured products and products that invest in leveraged loans. What about other large products that haven't seen a real bear market yet..like the SPY etc.. And never got to the"angel" comments.
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JHExcellent - thank you, Hari, for this thoughtful and thought-provoking presentation.
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MCVery good interview, a properly and consistently hedged book will always outperform over the long term. The scenario that still keeps me on my toes is the non correlated "flash crash type" liquidity gaps in single instruments - swiss franc, pound, yen a couple of weeks ago have all see isolated moves of 10-40%, and thats if you are lucky enough to get filled at those levels. Options only work if you have the specific contract. Even large experienced funds have been wiped out overnight on these events. Would love to hear your view on how you handle this Hari.
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PCGreat piece. added his book to my reading list.
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APExcellent video!
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DBHari, You argue that the Fed's $4+ Trillion balance sheet expansion INCREASED the amount of debt in the world thereby making equities smaller on a relative basis...which makes equities more scarce and therefore bid higher. (I think I got that right.) How does the Fed's BUYING of debt INCREASE the amount of debt in the world? I'm not saying you are wrong...I'm just looking for the missing link in my mind! Thanks in advance!
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CMHari was great. Deep thinker on the market. Highly enjoyed this video. Looking at the market pragmatically.
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KLTook some difficult concepts and talked in a very simple kind of way. Thank you Hari.
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DSExcellent presentation. I am too old to put in the effort to understand and properly hedge. My hedge is being way overweight in cash equivalents for capital preservation. For portfolio mostly in stocks and bonds, hedging risk is now essential. I know that you have helped them. If they did not listen, they will learn the hard way. I hope to see you back soon. Thank you for answering commenters questions. Good use of the subjunctive tense. DLS
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SS@ Hari. What about Gold as a hedge during volatility?
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NCGreat interview. I learned something new. Strangely, I kept thinking I was listening to Malcolm Gladwell...
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TJI almost did not watch this, simply due to time constraints and not having heard of Hari before. So glad I did. Thanks Hari for some fascinating and thought provoking insights. I learnt so much. Top drawer again RV!
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FGQuestion for Hari: You mentioned that humans have an edge over models because humans draw from previous experiences. Don't you think it is also a matter of incorrect modelling? For example (non-methematician here): If your model incorporates Bayes, wouldn't Bayesian updating account for previous knowledge if the model is correctly fed with a variety of cycles?
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VPGood presentation. That diagonal calendar, to calendar, then to vertical Put structure to "still" work out well by June!
Chapters
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How Do Most Investors Think about Hedging?
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How Do You Think about Hedging?
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How do Hedging Strategies Work in Practice?
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What are the Preconditions of a Financial Crisis?
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What Drives a Market Crisis?
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What’s Your View on Exchange Traded Products?
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What’s the Role of A.I. and Machine Learning in Markets?
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How do You Think about the Current Risk Environment?
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How Would You Hedge this Market?