Comments
Transcript
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MRI liked this interview enough to buy Larry's book. "A Colossal Failure" is a fun, inspirational read about people dedicated to the mission. But what really struck me was Lehman's debt ratios, and relating that era to the stories today about growing central bank balance sheets. Thank you to everyone involved in Real Vision for bringing balanced perspectives to the investing world that are not available in the mainstream media.
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DBI mean come on Larry... There was literally no other ticket combo for Democrats that screams anti-populism more than Biden‐Harris.
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GBGreat talk! Kamala Harris is not a far-left candidate, she is certainly more moderate.
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DZGood interview Raoul One issue im having and i can't wrap my head around is this green deal spending spree you keep talking about. I understand that there is a major push towards renewables but there is no evidence that moving to renewables has any positive impacts on social or the environment. On the contrary what i am seeing is the inflation of prices of energy in nations that are moving towards renewables, energy densities in manufacturing are dropping exponentially which lead to blackouts in times of demand, and unreliability due to the over-all nature of the systems. There is probably more to the green deal then just renewables. Can you lay out some of your thoughts on this topic?
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AWIf you buy a 260/200 put spread in the Q's, and that spread is 1:1, you are not short vol. Your long leg (260) has more delta, gamma, and vega than your short leg. Being long that put spread is being long vol, even if only slightly. If you're wrong about the trade from a directional standpoint, and you buy in the lower strike, you're taking off your winning leg (short puts) to leave your losing leg (long puts) to remain and continue to lose money on time decay, and possibly on delta if you continue to be wrong. Am I missing something in that recommendation?
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GHNice interview Raoul, but I continue to wonder why you repeat and never challenge the tired old tropes of left v right. Under Obama the deficit narrowed over time. Under Trump it's done nothing but widen. Under Bush senior taxes went up. Under Clinton the US government ran fiscal surplus. None of these scenarios neatly fit left v right because no presidents were solely responsible for any of this. Left v right might be a handy tool for the political extremes to pigeon-hole and divide, but is there really much difference between center left and center right? The trope I find most perplexing is climate. Acceptance of climate science isn't left v right - it's just science. Although the converse likely holds - rejection of climate science frames the issue as left v right for many people and perhaps that's a tell? But if emissions remain on the current path and result in global climate related economic and physical destruction, describing climate in 2020 as left v right will look very unenlightened and quite off-brand for RV. Part of the RV value proposition for me is the steely focus on big, big picture fundamentals whilst recognising markets and valuations are a day-by-day proposition. Retirement, gold, crypto - all massive long term themes. Climate is the monster theme of them all, unless of course one doesn't accept the science or perhaps believes current science will evolve materially. Some very credible scientists see emissions related climate change as either here now or most certainly here by the 30s. Climate should be a major economic theme at RV.
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SSI hear a lot of mention on stuff “call spreads” and “puts” but don’t know how to do these trades? Not sure my broker even offers this stuff. Is there a place to learn how to do these?
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JOExcellent interview, as usual. Good insights Larry.
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NARates cant stay negative for long, ok but why has that worked everywhere else? No answer.
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AF"Now, we've got the flooding in China, we've got this Three Gorges Dam, that's a whole another thing. You guys have done a great job at Real Vision on that." - Has RV covered this? Any idea which interview?
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TVreally interesting! I was wondering what an overly aggressive increase in inflation as Powell is talking about, would do to the re-valuing and understanding of the premium currently put on 'debt free tech stocks' versus a more safer standard deviation premium. The Cobra analogy is a good one to explain this. This coupled with the fact that in a deflationary environment. do people want to pay a premium for an amazon prime account or buy a brand new apple iphone versus second hand etc... As for tesla; who knows... I do not understand that.
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RYSuperb
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EMExcellent, excellent interview. I have watched it several time now. Many thanks.
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APHow many times did this guy plug his book?
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SBHow does this stagflation thesis impact gold price? Higher rates negative for gold?
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JHThe great political unifier is making money. Presidential election results don't matter if you chasing momentum
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MCSo how do we get this inflation again Larry? Not saying you are wrong but I just can't make sense of your response to Raoul's question at the end of page 4 of the transcript. Perhaps you could elaborate?
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GHDoes Buffet still make the decision to buy things in that portfolio that bought Barrick?
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GFFor Buffet, investing $536 million in Barrick is not a big bet. Berkshire is sitting on more than $100 billion in cash equivalents, so this is less than half a percent of their investable cash.
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DSBuffet is not buying the precious metal gold. He is buying Barrick Gold Corporation stock, a company with positive cash flow for now and even more if gold goes up. Barrick should be profitable even at current or anywhere near current levels. DLS
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MDGreat interview Raoul. Always enjoy listening to Larry. Interesting idea of the conundrum - can't have inflation (self - regulatory I think is how you described it). Yet - deflation isn't impossible ? I think Larry was suggesting stagflation.?
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BPStill all giddy over your nonsense ejection fraud narratives. Many options for cures already fellas. No need for injection fraud committed on a mass scale on purpose against humanity. Continually a disgusting disappointment from RV on this front.
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SSI suspect Kamala is in the pocket of Big Tech. Couldn’t really rise in California politics without that.
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JHInteresting interview. Think you have time horizon call wrong due to a confluence factors - if we are going to see a bigger market correction, it will come with the increased volume and volatility which are due this Fall (and into the Winter). Sooner than you think.
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CPWhy is he confusing revenue with cash flow?
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lyreally like the strategy of how to protect ones profit using put spreads!
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NvIt wasn't Buffett who bought the Barrick Gold. It was Todd Combs, one of his 2 lieutenants
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RSif inflation picks up isnt it good for those tech stocks? as they ll be able to increase prices as well
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DSThe course of the market and the economy are completely dependent on the pandemic! If we get vaccines and better therapeutics to control the pandemic, we will start a long, long climb out. We are in a make-believe economy now from the Fed monetary printing and the government fiscal payments to corporations and individuals. It is not real. It is opaque to logic and history. It will not be quick anywhere. Companies with positive cash flow from revenue will make it through the depression. Even consumer tech companies are also dependent on MMT for their cash flow. Without federal money in consumer’s pockets, how can consumers buy except with unwanted debt. Out best bet to start the climb out of the pandemic recession is to have an instant, cheap COVID test. Companies are close. This is where the government must be spending more money if we want a recovery. DLS
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SBGreat thoughts. Raoul - one possible explanation for why QE hasn't pushed stocks higher locally in EU and Japan is that more of the new money flows into US assets, than vice versa. Every time a central bank QEs (regular OMO purchases) assets, they reduce the size of the universe of investible assets. And, someone will be left holding cash. Japanese holders of cash may be more willing to buy the SP500 than US investors are to buy Nikkei. Similarly, Europeans are more likely to buy Tesla than US investors are to buy Nestle. Hence QE in one economy may put upward pressure on assets in another country.
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LHWas curious how fast Larry would bring up is best seller book. without fail, every interview. Still, great info. thanks
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SSInteresting, big picture stuff!
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PLGreat interview. Packed so many huge ideas in less than an hour! Larry is extremely thoughtful, with consistently fresh ideas. Has a few valuable theses here. Great questions and what if’s from Raoul. Would have been nice to have a longer time frame for this one IMO as Larry had a lot to unpack.
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MtGreat interview with a great vibe!
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DSThe UAE peace agreement with Israel has nothing to do with the Palestinians. The US administration is building an anti-Iran balance in the Middle East by proposing fighter sales to the UAE. The enemy of my enemy is my friend strategy. The administration cannot sell fighter to the UAE until we are allies. Of course this is a Shia vs. Sunni battle line. It may even go back to the Persians vs. the Ottomans. The Middle East is a tough place, especially with the Russian/Syrian connection. It can make major economic changes in oil market and deliveries. It gives Israel a more powerful position for further annexation. It is way too difficult for me to see the results poltically or economically. I do know that it has nothing to do with improving the Palestinian/Israeli conflict. It will work toward, however, changing the balance of power in the Middle East. This will change world markets from oil to FX. DLS
Chapters
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Larry's Core Thesis on Tech Stocks
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Fiscal Stimulus, Inflation, and Buffett's Investment in Barrick Gold Corp
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Election 2020
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Zooming in On the Fiscal Cliff: The Biden Portfolio vs. The Trump Portfolio
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Equity Valuations Relative to Bond Yields
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Looking Forward to Possible Market Corrections
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How Will The Bond Market Respond?
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The Fiscal Endgame
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Additional Thoughts on Buffett and Barrick Gold Corp
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Actionable Trading Insights: Time Horizon on Shorting Tech Stocks and Call/Put Spreads