Did mike photo shop himself in front of books? Looks so odd haha

I now know how great these two are. They let me know.

Excellent, worth every minute! Thanks!

Ever get stuck as a third wheel with two people who only talk via inside jokes, and act like nobody else is there...what in the hell are these two guys talking about? I thought this was finance...is this a dungeons and dragons fantasy league team they are running?

This guy kills me. Instead of interviewing, he just wants to talk about himself. Ugh

Great conversation. Thanks!

One of the main reasons I joined RV was to access Mike Green's interviews. Thoroughly enjoyed this one.

Looks like I'm a minority opinion. If a podcast does not feed me one tangible new thought, it's a bust. Here we have a self-described value investor and a momentum trader. They discuss their strategies going in and out of vogue, and their tools either working or failing. I found no takeaway here. Sorry.

Sorry to be so basic - But what defines Mike as a "Value Investor"? In my thoughts is.... Isn't every investor or speculator seeking value?

Brilliant. RV at its finest.

A very interesting conversation! Please get a new headset for better sound :)

I often use index and single stock options to hedge my advisory client portfolios. The concept of using at the money versus way out of the money is interesting. How can the higher cost be digested though? I can only by the selected application of a hedge and reduced sizing.

Technology is the new value and it was always been. Ask what was ATT, Railroads few decades ago. These Tech companies have the best balance sheet with lesser operating leverage.

What is Mike's Twitter. ? I have been searching to follow this genius for a while and can't find it anywhere

What is Mike's Twitter. ? I have been searching to follow this genius for a while and can't find it anywhere

I really enjoyed it. Thank you Mike and Wayne. Liked the options mental models discussed like the hurdle and smile.

extremely interesting and thought provoking - I look forward to the next update interview!

Very, very interesting. Their stories about experiences in trading struck a sympathetic cord with things I experienced. Like their approach, just don't look for patters, look for why they occur. Causation, not correlation.

More please. :) This was excellent. Can you guys make it a regular thing?

fuck I get excited when I see Mike Green's thumbnail

Excellent interview. Love the juxtaposition between a quantitative framework and a qualitative one. Please do again.

I found this interesting and enjoyable. Some of Mike's interviews can be quite esoteric and hard to access until actually for someone who is not in finance as a profession. This was relatively comprehensible and relevant.

Mike Green when are you going to interview Nassim Nicholas Taleb?

One of the best interviews of this series. Mikey G always kills it! Thank you all.

Disappointing that Mr Green is lately using Real Vision to self promote his new employer.

Really enjoyed listening to Wayne's talk. I would be very interested by how Wayne H. does his portfolio construction. If there is any public information available about the concepts he uses?

I wonder why the downvotes on this one... plenty of interesting stuff here, both trading and macro content. I liked it.

Fascinating, thanks guys. I'm an experienced options trader but would like to brush up on quant skills....any course suggestions would be appreciated.

ATM IV in equity indices and most stocks is not the lowest point of the skew usually.

Two traders and speakers with great experience and substance, great to listen to. Few points: - not emphasized enough. vol trading is not just short or long. Actually professionals often have less risk exposure to 1st order vol (vega), and more risk exposure to 2nd, 3rd order vol factors (skew, smile). So book positions in vol asset class often are a combination of underlyings, maturities (gamma/vega), and strikes (skew/vega) - at time of filming, front month ImpliedVol is 28, WH noting was 2x historical levels hadnt normalized. Sure, but short realized vol is 18 ish (even higher taking larger rolling window), which is about 1.5x as well histo levels. And taking into account o/n and intraday SPX moves (recent late intraday strong rallies or selloffs), Implied Vol is not that expensive. - I liked the rational for the relentless strong eqty SPX bid in Asia/Eur time. Actually this relentless bid has often started quite early Asia time from open (so US from 19h ish). Large structure products used to trade and strike (spot fixing) later in the day Asia time. So it makes me wonder if that's the main impact there.

Outstanding interview.

Absolutely outstanding! Thank you!

Great interview. Possibly my new favourite - I'll be parsing this one for a while. I'm off to scout for those papers.

Excellent conversation. MG always delivers. "Everything needs a catalyst" -- very true given current situation in US cities and $ES up. I wonder if the slow increase in market fragility described by the deterioration in passive flows constitutes a sort of autocatalytic process, where eventually the bid gets so thin that stochastically you are basically guaranteed to get a phase shift. Right now feels like a repeat of February to me, but I am not sure if the threshold for a liquidity event is higher or lower -- on the one hand the marginal bid is drying up, but on the other hand bearish current events (China, riots, econ data) so far have not even caused the market to blink. Perhaps I am looking in the wrong place -- the active managers are not gonna sink this thing, maybe it will be money coming out of passive vehicles... One potential catalyst: Currently there is a lot of excess saving as individuals are still employed but aren't spending to support the businesses which ultimately are still paying their wages (partially through PPP). This saving is going into equities, often through passive vehicles (or price-insensitive retail speculation) -- employers have taken on debt as households have saved. A potential catalyst i'm looking at is if the economy reopens, a good chunk of these people who have no job to go back might begin to liquidate savings. Moreover, those who are still employed will be able to spend money on things like restaurants again and will not save as much to invest in equities. If correct, this means as the economy opens, passive flows could deteriorate further -- a totally counterintuitive result.

This one was kinda boring.

Fantastic. I’ve independently come to some very similar conclusions myself. Fantastic interview. I could listen to these guys talking options theory all day and they nailed it!

Awesome! Interesting thoughts regarding ATM options presenting better value because of increased hit rate. I am new to options but I and scored big with OTM puts in March, so I will have to chew on this idea about whether it is wise to go back to the same well as I bought more OTM puts when the VIX dipped back under 30. But with those corporate buybacks and 401k automatic buys drying up I cannot see how this meltup continues without major devaluation so my primary position, and it has been a beauty, are OTM GDXJ calls. Watching delta increase as I get more right is exciting. Look forward to the next one!

Good interview... I love to listen to a trader / fund manager who his specialised in selling option... or is it just a retail scam ?

Other than that, without watching this video I just have one question! Will gold and the gold miners crash one more time? Please RV figure it out for me :) ! Much appreciated! Love u all! :)

What a great conversation and at perfect timing. Really appreciate the breakdown of options. I have a success going long individual holdings in sectors I like. Interesting at buying at existing price instead of 10% out. I usually do 10% out. How long forward do you typically go. I usually trade 6 months to 12 months out. And only trade 5% of existing port broken out in 10 holdings.

I would really like to see my comments on the top. Like on FB. Otherwise, sometimes it takes so long to find it!

I could listen to options talk by these guys all day. I was lucky enough to have been holding TLT calls beginning of march, and it was nice to hear another's explanation of what happened there. Also curious why no one mentions the correlation between the repo market and the overnight ramps under low volume.. maybe they don't want to give up the secret, but why do I care? Mindset of abundance.. RV has already paid for itself, and the community here is great keep it up!

Mike - are the growth/value papers for clients only or can they be accessed by yours truly?

I can't fathom why anyone would give this video a dislike. Great discussion and the fake bookshelf was hysterical. Had me laughing the whole video.

Some pretty strange effects on Mike's side of the screen. Is he sitting in front of a blue screen and simply adding bookshelf background? Very good discussion, thanks to both!

Excellent - 2 of the smartest guys in the industry, hands down. Thank you, Mike & Wayne!

Good listen per usual. These overnight ramps driven by Asia-based structured product demand is a theory I would love to see fleshed out in more detail.

Probably one of the most important conversations out there regarding the dichotomy between main street and equities

Mike the 🐐 strikes again. Great interview.