Lining Up The Dollar Dominoes

Published on
June 22nd, 2020
Duration
74 minutes


Lining Up The Dollar Dominoes

The Interview ·
Featuring Brent Johnson and Lyn Alden

Published on: June 22nd, 2020 • Duration: 74 minutes

Brent Johnson, CEO of Santiago Capital, joins Lyn Alden of Lyn Alden Investment Strategy for an in-depth discussion on the fate of the world's most important currency: the U.S. dollar. Johnson gives a strategic update on his "Dollar Milkshake" thesis and explains his bullish long-term view of the dollar, based on the outstanding glut of dollar-denominated debt. Alden considers this analysis and introduces a less bullish view, which she bases on the U.S.'s high trade deficit and negative net international investment position (NIIP). Using many detailed charts, Alden and Johnson compare their ideas and reach something of a synthesis between their two views. The pair also reflect on the dollar's status as the world's reserve currency, and they also explore whether a move to a multipolar currency world is possible. Filmed on June 16, 2020.

Comments

Transcript

  • IA
    Ibrahim A.
    23 June 2020 @ 12:18
    for a lack of a better word that was very good
    • vf
      victor` f.
      21 July 2020 @ 16:23
      well played
  • ND
    Nitul D.
    4 July 2020 @ 22:16
    There are a few issues Lyn Alden fails to address 1. The Net Investment Position (dollar assets) of non-US entities are marked to market whereas the liability (dollar debts) are not. In a global flight to safety, the assets will get marked down drastically (equities, HY credit etc). Also the composition of these dollar assets are important, not all of them would be in liquid/cash like instruments (tbills), a whole of them would be in relatively illiquid long tenor risky assets (PE, HY Credit, CLOs etc), i.e. liquidating these assets in a global contagion would be highly problematic for the non-US entities to pay off their dollar debt liabilities. 2. The swap lines are bilateral (these are loans in a way), as Brent points out, if the Fed establishes a 1T swap line with ECB, the ECB has to print an equivalent amount of euros. And those dollars have to be paid back at maturity of the swap line (unless rolled over), keeping the pressure on the other central banks on maturity dates. 3. On a liquidity adjusted basis, as Raoul points, 1T of EUR printing, theoretically, has more impact on weakening their currency versus 1T of USD printing. So a net relative basis, USD comes out stronger vis-a-vis the other currencies. 4. Lyn, and other dollar bears like Luke Gromen, completely miss the point of the "choke point" in the offshore dollar system. Those are the network of dealer banks running from one side of this planet to another who are the real pressure points for the offshore dollar flow. Once the dealer banks gets risk averse due to contagion, no amount of central bank swap lines is going to force these dealer banks (unless at gun point) to lend to the weak corporate borrowers, yes may be the swap line dollars find their way to the AAA/AA/A corporate, but what about the huge amount of weak borrowers in the system (BBB and below)? Nobody is going to lend them, those swap line dollars will only sit in the balance sheets of the dealer banks. This choke point theory is also based on the work of Jeff Snider, do follow his excellent "financial plumbing" knowledge and the depths of the abyss. It's the dealer banks, not the central bank, which regulates the dollar shortage so as to say. 5. In addition, there is a boat load of derivatives (many factor multiple of the actual 12T dollar debt) between institutions in the offshore dollar market. Any contagion and it risks a massive rebalancing and margin calls on these esoteric financial products between the dealer banks/hedge funds/insurance players themselves, thereby aggravating the funding stress (like GFC 2008, March 2020 but on a larger scale and coming and going in burst mode) 6. There is a minefield of geopolitical risks the discussion did not go into in details, which only alleviates the demand for dollars, gold etc. And what if trade does not have the recovery as being priced, or commodities start falling again - crude oil specifically? There can be no discussion on dollar without commodities interplay. Just my 2 cents. :)
  • NI
    Nate I.
    4 July 2020 @ 05:41
    Great interview Brent. I hope Lyn is a frequent guest on Real Vision.
  • TS
    Timothy S.
    22 June 2020 @ 19:16
    I want to see Lyn and Jeff Snider discuss this so bad.
    • FA
      Fabrizio A.
      22 June 2020 @ 22:39
      me too :)
    • tc
      thomas c.
      23 June 2020 @ 00:11
      Exactly my thought. How about a roundtable with jeff, julian, Lyn and Brett? If RV doesn't do it there are many podcast venues that might.
    • CX
      Cindy X.
      23 June 2020 @ 00:12
      Agreed.
    • SB
      Steve B.
      23 June 2020 @ 11:08
      agree!
    • SN
      SAT N.
      24 June 2020 @ 00:16
      Jeff Snider understands and explains Eurodollar so well. Would be good if someone could challenge him to understand where his blind spots are.
    • Ck
      Changyeol k.
      3 July 2020 @ 08:12
      Lyn's outmatched to Jeff
  • DJ
    D J.
    1 July 2020 @ 05:41
    Old REALVISION
  • JH
    Joel H.
    30 June 2020 @ 20:31
    one of the best guest ever on real vision. Really enjoyed this.
  • OA
    Oscar A.
    23 June 2020 @ 10:42
    Bullish on Bitcoin (BTC) makes total sense. I agree with Lyn's view regarding the best bets thinking in 2+ years.
    • RD
      Ruediger D.
      23 June 2020 @ 11:06
      I have my doubts about that as the Russian parliament for example has just started an initiative to fine owning and dealing with kryptos by 7 years of prison. Loos like the russian central bank has its own central-bank-krypto-currency ready. Please excuse me but I think it's kind of too optimist thinking to believe that central banks/goverments will allow any other than their own krypto-currency resulting in loosing power over their cutizans. It's just the opposit what they are aiming for. So Russia might be just the first in a long row.
    • MM
      MAXIMILIAN M.
      23 June 2020 @ 15:36
      Japan is an alternative example. Russia has internal issues to deal with. If Asian counties allow crypto to flourish, there may be less pressure for them to use RMB as China's trade empire grows.
    • SL
      Sean L.
      24 June 2020 @ 13:28
      @ruediger A couple of points: 1) No one actually knows how Putin feels about bitcoin - he's made comments indicating that he understands it at a very deep level. I wouldn't be surprised if he or Russia actually holds bitcoin. 2) Even if not, the global competition of monetary goods plays out in a way that banning the winner in your country is potentially catastrophic. This means that it's extremely unlikely for all countries to ban it - when was the last time we saw global cooperation on anything? Game theory says this won't happen and in this competition, bitcoin's competitive advantages (hardness, divisibility, transportability, verifiability, and the difficulty in censoring transactions) will lead its continued growth. Living in the current paradigm of fiat money (fiat meaning 'by decree'), we often forget that the global competition for monetary goods is eternal, there is no beginning or end. Monetary goods are primarily emergent phenomena; they are generally bottom up, not top down. If there are free markets anywhere, bitcoin is likely to come out ahead (or, at the very least, ahead of where it is now). One thing to understand that can help open your mind is that the avg person who understands the global landscape for money is aware of it for maybe 40 or 50 years. Given that we've been under the current USD regime for 50-80 years, very few people have lived through these shifts and come to see the default regime as permanent - it's hard to imagine such a drastic change to something so fundamental to the structure of global life.
    • Ck
      Changyeol k.
      29 June 2020 @ 23:33
      I think Lyn's view is somewhat naive or too presumptuous. Her point of view is critical but I have to say she is out of touch with the real world. If there is anyone who has worked for the government agencies or has experience working with them would know that the government will do anything in its power to control everything. Bitcoin does not have sovereignty and it is not backed by any legitimate representatives (People of one nation). Bitcoin will not be able to serve its purpose to be used as money as long as the governments do not acknowledge it to pay the taxes and various transactions. No matter how much people promote Bitcoin, if the government fines or threatens the average citizens for using the Bitcoin as money without paying taxes, then people will not use Bitcoin. Just take an example of Corona situation, despite the fact that the virus was not deadly as the officials expected, people still follow the government rules and distrust their own neighbors thinking they might be contagious. The more you know about the majority of people, you will be surprised how they are inclined to build a big government. They will simply agree with the government and media, and look at Bitcoin users as criminals.
  • ND
    Nitul D.
    26 June 2020 @ 13:42
    Ultimately it boils down to - whether you believe in the power of the Fed to keep the bond market in control, most would say - don't fight the Fed. Some would say why not?
    • Ck
      Changyeol k.
      29 June 2020 @ 23:22
      well.. the same thing happened to the Bank of Japan. Most people tried to fight it, but then the Bank of Japan kept printing more to buy the bonds and keep the rates lower. I'm not sure if there is any free market left in this world.
  • bc
    bo c.
    28 June 2020 @ 22:22
    Lyn is brilliant and explains things so clearly - please bring her back! I could listen to her for hours.
  • PC
    Peter C.
    28 June 2020 @ 15:26
    Great Dialogue between Brent and Lyn Alden. I just subscribed to her newsletter. She will be a great addition to Real Vision going forward. Another quality interview by Real Vision, thanks again.
  • jt
    john t.
    22 June 2020 @ 19:05
    people commenting "lyns so humble and so cool' lol perhaps that's because if you are a super smart women you have to deal with dumb, egotistical men all your life??? (and Trump bros don't bother replying if I triggered you, Im European my ass is on holidays til September unlike you 365/52/12/infinity corporate slaves)
    • bm
      brian m.
      22 June 2020 @ 20:09
      Very childish comment.
    • mh
      michael h.
      22 June 2020 @ 21:02
      Is she not worthy of praise?
    • DD
      Daniel D.
      22 June 2020 @ 22:45
      I've never seen someone get so angry that men are generally admiring a mild-mannered, intelligent, and composed woman.
    • WM
      Will M.
      28 June 2020 @ 02:18
      Paul you sound like a 20 year old........
  • BH
    Brian H.
    27 June 2020 @ 18:01
    Just great!
  • BB
    Breg B.
    27 June 2020 @ 08:29
    Now this is RV!
  • ML
    Max L.
    26 June 2020 @ 16:55
    XRP will take over the role of the dollars as a world reserve currency
  • MH
    Mark H.
    26 June 2020 @ 15:28
    This interview is a good example of why Real Vision is a valuable tool. Keep these two; Brent and Lyn, around for future shows.
  • NC
    Nika C.
    26 June 2020 @ 12:41
    Fantastic interview! A true example of a dialog that presents an issue in all its complexity. Great job!
  • BA
    Bruce A.
    22 June 2020 @ 08:59
    Wow. No matter the question, Lyn had layer upon layer of supportive reasoning. Top down and bottom up covered! So good. Hats off to Brent for lining up the overall staging of the discussion/ questioning and asking the really probing questions. This is RV at it's best.
    • PC
      Peter C.
      26 June 2020 @ 01:17
      She smart, got a phenomenal memory,... lol. A new hero to follow :)
  • BD
    Bryan D.
    24 June 2020 @ 10:05
    Brent on your comments on onshore and offshore USD they are completely fungible (i.e. they are completely interchangable). The notion that they are two seperate systems is easily dismissed by the fact that you cannot ring an investment bank or market maker and get a different swap or fx fwds price for onshore or offshore dollars. (Eg. for RMB when you get a price you have to ask for the onshore (CNY) or offshore (CNH) price). This does not exist for USD. You can also see this by the fact that the Fed and the market uses FRA-OIS or 3mL-OIS as a stress indicator for dollar liquidity. Libor is set in London hence is part of the Eurodollar market while OIS is set off Fed Funds which is a NY transaction based index. Why would the most common measure of stress straddle both markets if they were not fungible? There are no capital controls preventing the movement of dollars between onshore and offshore. There may be a desire for tax purposes or to operate under a certain jurisdictions legal system or regulatory regime as to why you would want to transact in a certain country but any bank with a global branch structure (i.e. most of them) can freely move dollars between jurisdictions and even the jurisdictions that have a subsidiary can easily move the cash to the branch with the right collateral or lending agreements between branch and sub (eg. overnight repo or overnight lending limits) to park at the Fed. Historically there was more of a separation when the offshore market started in the 50s-70s but in practice today it doesn't exist. The USD swap lines between central banks become useful for banks that either do not have access to the Fed if they do not have a US branch with access to the discount window or if they hold more home country central bank repo-eligible collateral (generally now required under LCR and NSFR rules) than US Fed repo-eligible collateral their home central bank will effectively perform collateral transformation with collateral they are happy with to collateral the Fed is happy with. The Fed has control over USD globally so the notion they do not control it is misguided. Please speak to a practitioner in global money markets who runs multi country and currency bank balance sheets about this.
    • DN
      D N.
      24 June 2020 @ 11:26
      What about ring fencing for resolution planning purposes for banks? I thought interco txns must be counted as 3p flows in things like RLEN and RLAP models effectively forcing the prepositioning of liquidity in region
    • BD
      Bryan D.
      25 June 2020 @ 04:50
      D N the easiest way to deal with the RLEN and RLAP is to hold the required HQLA in the subsidiaries or IHC's in asset form then use a balance of cash for your daily requirements that you place overnight at the end of the day but is not material to your ratios. The options for cash are generally leave with your parent that has access to the Fed, lend via repo hoping you can get your balances finalised early enough to still be able to settle the deals though this is operationally unlikely or leave in your Nostro accounts which is likely at the US branch of a Global SIFI who will call you and tell you that you can't do that as it effects their CCAR calculations with stepwise excess capital buffer implications so really lending the excess cash in the subsidiary to the parent or borrowing the cash deficit from the parent is operationally the easiest with an arms length price and within amounts that stay within your ratios using assets for the majority of the liquidity requirements.
  • SS
    S S.
    22 June 2020 @ 15:25
    So I watched the interview and I am a fan of Brent's but this is absolutely ridiculous. Update on Milkshake Theory - It might take a few years to play out. What kind of prediction is that? That's like me saying The S&P is going to hit 5000 one day, it might take a few years to play out and of course one day I will be right, but that doesn't make a genius does it? I am absolutely shocked. Imagine how many people have followed this Dollar Bull theory with futures and options trades (I am one of them) and have got slaughtered and then someone pops on and says it may take years to work?
    • CL
      Christopher L.
      22 June 2020 @ 15:43
      Right, yet you seem like someone that buys Peter Schiffs bullshit.
    • JL
      James L.
      22 June 2020 @ 23:00
      The dollar went on a huge bull run in March. You didn't make a load then?
    • SS
      Shanthi S.
      23 June 2020 @ 05:56
      I read comments like this all the time on youtube. If you’re going to make investments or trades based on The Dollar Milkshake Theory or any theory for that matter, then at least understand it well before you part with your money. And if you’re too lazy to do that, don’t take it out on Brent when things don’t go your way. Truly ridiculous.
    • AC
      Aaruran C.
      25 June 2020 @ 04:47
      Why did you not take some profits when BBDXY was in 1250-1300 range? If thats when you bought in then you were simply playing greater fool.
  • AA
    Aymman A.
    24 June 2020 @ 01:14
    Everyone Including Lyn says that in a Dollar bearish environment they are bullish Gold and Bitcoin. The Bitcoin story is very clear; hard asset, only 21 million coins, etc. etc. BUT if you Look at the trading pattern, Gold and BTC move differently. If you draw an XY plot and put SPX on the X axis and BTC or Gold on the Y axis you can clearly see that Gold moves independently of the equity market. BTC on the other hand moves up and down with the SPX. Please don’t tell me correlation between BTC and SPX is low. I know that. Correlation is about change in prices. I am talking about CO-INTEGRATION. BTC and SPX seem to live together. BTC behaves like a FANG!!! BTC has the same hard money story as Gold but it trades like a FANG stock. Full disclosure: I personally am all into precious metal miners right now. I liquidated my BTC position because I think the equity market is soon going to take a hit. Second wave of COVID is bad! I think BTC will go down with SPX. Every one talks about BTC and Precious Metals as though they were one basket. I don’t hear any one commenting that they move differently. I would love to get some thought feedback on this from the RV community. Again, please, please have Lyn back. She is brilliant!
    • PB
      PHILLIP B.
      24 June 2020 @ 01:39
      I don't think everyone does talk about BTC and previous metals as though there were one basket. I do think the narrative that supports BTC also supports the precious metals, perhaps conflating them. Distinguishing BTC from SPX is that BTC is pure emotion. There is no Fed intervention, there are no corporate buybacks, there are no index rebalances, there are no selling shares into the market by a corporate entity. As well, there may be a de-coupling of BTC and SPX. We don't know. I suspect there will be. Upside to SPX is maybe 2-3x with a 50% downside. Downside in BTC is zero with a 10-100x upside. ...it's worth having some chips in BTC.
    • LP
      Lauri P.
      24 June 2020 @ 16:44
      Yes, very unfortunate that BTC developed the co-integration of recent. Decided to liquidate some of my position for that exact reason. Seems very possible the correlation won't break until the stock bear market and potential deflation is over, which unfortunately could be years.
    • AC
      Aaruran C.
      25 June 2020 @ 04:42
      goldminers will sell off in a drawdown of the form you're talking about particularly if it is one which causes a much stronger dollar that pushes down gold prices...
  • WM
    William M.
    24 June 2020 @ 21:06
    great exchange of ideas! Lyn is super bright, articulate and well informed and a great counterpoint to Brent.
  • SP
    SP P.
    23 June 2020 @ 14:21
    Superb discussion, been following both Lyn and Brent closely on Twitter, both have well thought out theories on this CRITICAL question of the USD, this interview allowed both to articulate and debate their views while. Lyn is just so smart and her responses so measured, intelligent and well considered, she has really done the work, have huge respect for her. Brent is solid as always and both are very generous to debate openly on Twitter allowing others to learn. This format of an expert interviewing another expert is RealVision at its best and gets to a deep examination of the question at hand vs a surface overview in the hands of a non subject matter expert.
    • SL
      Sean L.
      24 June 2020 @ 12:51
      I second these thoughts. Ultimately, this comes down to a disagreement about whether or not the CB's can navigate this problem with all of the real and political headwinds they're bound to face. No one actually knows the answer because there are so many variables but this convo does a great job of laying out the indicators that it's playing out in favour of one side or the other moving forward.
  • MH
    Matthew H.
    24 June 2020 @ 12:10
    Very interesting debate. Lyn is amazing.
  • VS
    Vafa S.
    24 June 2020 @ 11:45
    Many thanks to both Brent and Lyn. Different styles but both were open to opposing ideas which is refreshing. Not easy to put yourself out there and not succumb to egos to only prove your point of view.
  • EO
    Erk O.
    24 June 2020 @ 11:33
    amazingly intersting and thought provoking conversation! Lyn is very smart and detailed thinker when it comes to reality of the political response. It is much more like a game theory perspective rather than purely two dimentional financial or currency war. Brent Johnson as always cool and humble. I liked his style! truly honest and humble to learn other perspective in conversation. Thank you guys! learned a lot!
  • CH
    Colin H.
    24 June 2020 @ 09:47
    Really enjoyed that conversation. Interesting to note, that both don't see a way that a crisis can be averted in the long run. No matter what scenario is looked at through a logical thought experiment, in the end the outcome is a negative one. It really will require a reset of the financial system in some form, which will cause a severe worldwide problem, but which will improve things from then on. Hope the can isn't kicked down the road for too much longer
  • CS
    Connor S.
    24 June 2020 @ 09:44
    Lyn was really sharp
  • CS
    Connor S.
    24 June 2020 @ 09:43
    very cool, learned a lot
  • jj
    jason j.
    24 June 2020 @ 04:17
    Lyn is so cool. Brent comes off as the master mansplainer.
    • Ck
      Changyeol k.
      24 June 2020 @ 07:40
      .... please behave yourself. We don't want any of that nonsense here. Brent asked a lot of critical questions to her, they both did a very good job.
  • JT
    Jonathan T.
    23 June 2020 @ 13:11
    This was a great conversation. It seems they are both on the same knife's edge, but have different ideas about how things will shake out once the stress in the system reasserts itself. Maybe they were being polite (probably not), but it seemed—despite the noise about this being a heavyweight debate—they agree on so much (bottom line: gold!). Also, I'd love to hear more from Lyn on bitcoin and crypto in general. She mentioned it as a (potential?) part of her current strategy without any elaboration. That's a separate discussion, of course, but it would be a refreshing counterpoint to the occasionally dogmatic and unhelpful cryptobro messaging (selling? cheerleading?) that saturates the crypto space.
    • BF
      Brad F.
      23 June 2020 @ 19:14
      Here is an extract from Lyn's most recent newsletter, I don't know if she has published anything deeper on the topic: "In April, I purchased some bitcoins at a cost basis of a little over $6,800 per bitcoin with an intended holding period of perhaps 2-3 years. As of this writing, it’s over $9,500 per bitcoin, although it’s a very volatile asset and can change quickly. It’s not in my brokerage accounts, but I include it here as a financial holding. I’ve been neutral on Bitcoin for years but in April I became bullish on it as a small holding due to the amount of central bank liquidity that will likely continue to come for the next several years. If it dips below $8,000 again, I may add another tranche of exposure."
    • JT
      Jonathan T.
      23 June 2020 @ 19:32
      Thanks, Brad! I'll check out her stuff more closely and hope RV invites her back again. I suspect there are a lot of people in the "if it dips below $8,000 again" camp.
    • PB
      PHILLIP B.
      24 June 2020 @ 01:41
      If BTC dips below $8k again, I'm a buyer with Lyn!
  • TM
    Thomas M.
    24 June 2020 @ 01:30
    Brent and Lyn, Excellent conversations and perhaps one of the best. Extremely thought provoking. I believe the difference between the thesis are the different potential policy responses to the worldwide debt issues as they unfold and how long can it go on until we have some type of debt reset. Looking at the thumbs up on this video, you gave a gift to everyone! Thanks to both of you for a great debate and making us all think!
  • jt
    john t.
    22 June 2020 @ 19:05
    people commenting "lyns so humble and so cool' lol perhaps that's because if you are a super smart women you have to deal with dumb, egotistical men all your life??? (and Trump bros don't bother replying if I triggered you, Im European my ass is on holidays til September unlike you 365/52/12/infinity corporate slaves)
    • jt
      john t.
      22 June 2020 @ 19:07
      not saying brent is in that category, obvious he isnt! just amazing how people don't know how women have to use certain strategies to 'prove' their intellectual worth
    • mh
      michael h.
      22 June 2020 @ 20:57
      This isn't twitter friend. Cool your jets.
    • BM
      Brett M.
      24 June 2020 @ 01:24
      Thanks for the anecdote, Paula.
  • TS
    Thomas S.
    24 June 2020 @ 01:16
    Phenomenal conversation with two very smart people. I can't think of an interview where I learned more detailed information. One thing I am always surprised by when hearing talk of a replacement for the eurodollar system, especially when considering a basket of currencies as a replacement, is how anyone would take Yuan as payment when they can print unlimited amount be keep their peg to the dollar. I don't think China will give up their peg under any circumstances
  • AT
    ALAN T.
    24 June 2020 @ 01:12
    excellent
  • SN
    SAT N.
    22 June 2020 @ 18:10
    Good discussion. Lyn says, "I think over the next several years as a base case that the Fed's probably going to be more aggressive in terms of balance sheet expansion in some of these other major countries. " This is the key point that I struggled to understand. Why would Fed need to be more aggressive than other CBs? It certainly can't be that US economy is relatively weaker than Europe or Japan or China or EMs. Then why? I think the answer is provided a bit later: Brent: "If we have to print more to bail out the rest of the world, but they also have to print in order to get the dollars, how do we out print them?" Lyn: "Because we'd be printing to support that, while also in my view, probably printing more than them to support our own economy. " So, there is the answer, I think. Fed has to print more than other CBs, because it has to serve $ to RoW, AND serve $ to US domestic entities. If this is indeed the case, then it is entirely unfair to compare Fed sheet expansion with RoW CBs expansion in absolute terms or even in relation to a countries' GDP. If, USD is the world currency, not US currency, then its strengths/weaknesses should NOT be reasoned solely based on US economy's strength and weakness. So, one way to think of dollar bear and bull case is as follows: - Dollar bears seem to be reasoning about USD as US currency. - Dollar bulls seem to be reasoning about USD as world currency. It is also hard for me to imagine that US would willingly abdicate USD's reserve status by making swap lines permanent. Why would it do so? Has there ever been an instance in history when any country did that without a significant economic hardship or war?
    • tc
      thomas c.
      23 June 2020 @ 00:22
      I thought Julian and his index's were US centric. good way to classify it. No doubt a transition is coming.
    • SN
      SAT N.
      24 June 2020 @ 00:11
      I think so. Julian also seems to view USD to be tightly connected primarily to US economy. If Iran and Venezuela are trading in eurodollars, I'm not sure if one could reason about USD only w.r.t US economy, even though that is certainly a dominant factor.
  • JE
    Jonathan E.
    23 June 2020 @ 20:10
    Both are great and really appeciated they discussed and debated - just puts current media headlining culture to point. Perhaps not surprising that their differences boil down to fine margins but FX is the thing. No central bank is big enough to manipulate that.
  • cs
    connor s.
    23 June 2020 @ 16:45
    45% of global trade is invoiced in US dollars. Swap lines extend dollar debt. We only print dollars domestically. The spread to watch: Foreign Dollar Market - Domestic Dollar Market
  • RD
    Richard D.
    23 June 2020 @ 14:14
    Great conversion. Very thought provoking. Lyn is a very knowledgeable and impressive integrative macro thinker. Please have her back,
  • RC
    RJ C.
    23 June 2020 @ 13:57
    Brent is a very nice guy. This is my first thought post watching this interview.
  • DL
    Darryn L.
    23 June 2020 @ 07:11
    Interesting discussion but it relies on two main assumptions: The Fed is printing money and also monetizing government debt. What if that isn't true? I know, you're saying of course it's true - are you blind? That's what makes thinking about this interesting. There're two recent videos with Lacy Hunt on RV. He says the Fed is not monetizing, so why does he think that? And what if he's right?
    • BA
      Bruce A.
      23 June 2020 @ 11:39
      Lacy Hunt said that with the Fed not directly spending that we don't have MMT, however that is not the whole/correct picture: Treasury is spending and the Fed is buying up the treasury paper in the secondary market. This is not just a swap of assets on the Fed Balance sheet as in QE (Reserves for Treasuries). This is effectively new money in the economy because the extra govt spending isn't taken up by the private sector buying the Treasuries. The FED is monetizing govt debt but in an indirect fashion.
  • IA
    Ivan A.
    23 June 2020 @ 08:42
    This is such a great video.
  • PB
    PHILLIP B.
    23 June 2020 @ 00:23
    My take so far being just 40% of way through the segment is that this would have been stronger in a format that consisted of a panel of two speakers and a moderator directing the lines of discussion. Notwithstanding, still a strong segment as per RV usual and customary.
    • ML
      Matthew L.
      23 June 2020 @ 08:20
      Now theres an idea!
  • KM
    Karan M.
    23 June 2020 @ 06:42
    Damn this was such a good conversation, more of these please RV. 2 people looking at the same data and coming to competing conclusions both backed by data, definitely need more of these around here on all the core macro themes
  • SS
    Steven S.
    23 June 2020 @ 06:13
    Excellent discussion. Lyn is impressively smart and insightful. I particularly enjoyed the fact that Brent and Lyn presented somewhat opposing views which is highly educational for the viewer. Thank you both.
  • SS
    Shanthi S.
    23 June 2020 @ 06:03
    Fantastic to see the subject thrashed out by two studied experts. Thank you both so much. The best debate I’ve seen on the subject.
  • AS
    Ash S.
    23 June 2020 @ 05:54
    Would love to see Lyn chatting with Raoul in the next edition. Lyn is great!
  • IP
    IDA P.
    22 June 2020 @ 18:23
    I would have a question for Lyn Alden: if her thesis is right and the Central bank just continues to supply swaps and this proves sufficient, is there a possibility that the dollar fall excessively or that inflation raises like to 6 or 7%? I have a hard time believing that there is no cost for this
    • SS
      Shanthi S.
      23 June 2020 @ 05:40
      Isn’t she implying exactly this?
  • KK
    Kirk K.
    22 June 2020 @ 18:53
    Watching two extremely intelligent people discuss the moves of the dollar makes me realize I have no idea where the dollar is headed. Both make fantastic points, and then you throw Raul's strong dollar idea in there. We have some interesting times coming.
    • SS
      Shanthi S.
      23 June 2020 @ 05:38
      Lol. Agree!!
  • YP
    Yavapai P.
    23 June 2020 @ 05:28
    Triffin dilemma (blast from the past).
  • CL
    Christopher L.
    23 June 2020 @ 05:04
    I see a bunch of Robinhood traders in the comments lol
  • CL
    Christopher L.
    22 June 2020 @ 16:26
    Brent forces logical questions at Lyn to where her textbook explanations fall short.
    • SS
      S S.
      22 June 2020 @ 17:21
      Hmmm, a believer in Peter Schiff I see 🤣
    • vf
      victor` f.
      22 June 2020 @ 20:24
      I agree. It was fantastic to watch them challenge both sides of the thesis in a cooperative manner. Among the absolute best interviews I've seen.
    • CL
      Christopher L.
      23 June 2020 @ 05:03
      Peter Schiff is a twat, actually.
  • PP
    Patrick P.
    23 June 2020 @ 04:16
    I would love to see Lyn do some daily briefings with Ed........
  • DP
    Duane P.
    23 June 2020 @ 03:57
    We need more debates like this with people on opposing sides hashing out their varying views.
  • IP
    IDA P.
    22 June 2020 @ 17:32
    I don't think that most Americans have any idea of what giving up having the reserve currency means. It certainly means that all Americans will have to lower their standard of living. The us can print money and buy real goods, nobody can do that. Just one example. When my relatives from the States come to Europe and see that gas costs 3 times as much as in the States, they can't understand how it can be and how we get by. It can be because we must purchase oil in foreign currency which we must obtain, we cannot print, and then, to be able to support the high cost, we drive small fuel efficient cars. Maybe the Millenial would be happy to live like that but not the older generations, I'd be happy to be proven wrong on this.
    • DD
      Daniel D.
      22 June 2020 @ 18:11
      Imports would become a disaster. It would hit the middle class the most. The poor have always had their wages and their cost of living subsidized. They'll probably be hurt, but they have a bit of a floor. The rich will be fine, of course. But the middle class (those making about $60,000-$250,000/year) will having their standards of living crushed. Because not only do imports becoming relatively more expensive, but they have historically funded their consumption using debt-based financing. And they do this with the indirect benefit of the bulletproof UST. If they don't have that and the US consumer loses the ability to borrow at a real rate of between -2% and 2% and instead have to start borrowing at a real rate of 4%+, they're going to be super-screwed.
    • JV
      Jonny V.
      23 June 2020 @ 03:51
      The cost of FX is very marginal compared the tax companent of most European gas prices.
  • MM
    MAXIMILIAN M.
    23 June 2020 @ 03:46
    Enjoyed? That was the best hockey game since the 80s!!
  • MG
    Mark G.
    23 June 2020 @ 03:32
    This girl is good...great conversation facilitated by Brent.
  • HN
    Hien N.
    22 June 2020 @ 21:08
    I read Lyn every month. A great thinker.
    • JM
      John M.
      22 June 2020 @ 22:24
      So do I. Her analysis is very thorough.
    • JV
      Jonny V.
      23 June 2020 @ 03:28
      i will start now!
  • JH
    Joel H.
    23 June 2020 @ 02:32
    Doesn't this usually end in war? Anyway fantastic conversation, thank you Lyn, Brent, & RV!
  • RD
    Ruediger D.
    23 June 2020 @ 02:22
    This was the most charming way I ever saw a milkshake getting spilled out...smile... Chapeau!
  • DO
    DIOGO O.
    22 June 2020 @ 23:34
    Excellent Interview! Bravo! HOWEVER, the ONE discussion I'd like to watch is Brent Jonhson and Julian Brigden. Because Brigden's case is VERY STRONG for a downturn in the DXY, specially looking at the shale oil production IMPLOSION and, thus, an increase in the current account deficit in the NEAR future for the US. Thanks anyhow
    • TS
      Thomas S.
      23 June 2020 @ 02:12
      Brigden make a good case, but he ignores supply demand
  • AA
    Alberto A.
    23 June 2020 @ 01:52
    Very impressive...I have followed Lyn via Twitter...but to listen to her intellectual insights is fantastic...very counter punching in a nice way to Brent....Good interview Brent!
  • rg
    ruben g.
    23 June 2020 @ 01:27
    Lyn is SMART. she gives off those taylor mason vibes
  • AA
    Aymman A.
    23 June 2020 @ 01:11
    Lyn Adlen is just simply brilliant. She is calm. She listens. And she gives very intellectual answers. Please have her back.
  • PB
    PHILLIP B.
    23 June 2020 @ 01:04
    Peter Zeihan's recent book is a good complement to this segment. It's a good complement because it looks at a longer term view whereas the discussion here is near to middle term. In particular, the discussion in Zeihan's book about a prospective future for the US is quite interesting.
  • TP
    Tedd P.
    23 June 2020 @ 00:34
    Per Brent's point, if the US wants to use the dollar as a weapon, why doesn't it buy more and more gold (or bitcoin) with its newly-and unlimited printed dollars . . . if it hasn't already? Wouldn't a strong gold-based dollar (or bitcoin-based dollar) help US companies buy and/or replace supply chains?
    • mB
      marc B.
      23 June 2020 @ 00:52
      Why wouldn’t international country take the debt and buy gold & bitcoin too. Sounds logical!
  • mB
    marc B.
    23 June 2020 @ 00:51
    Great conversation!
  • GC
    Gregory C.
    23 June 2020 @ 00:38
    Lyn is incredibly articulate and smart....very impressive.
  • CX
    Cindy X.
    23 June 2020 @ 00:30
    Brent tried to put Lyn on the spot at the beginning. Anyway, if the US don't care about the consequences, we would not be doing the swap lines now. Agreeing with Lyn. The U.S. don't want to, but will be forced to let other currencies in. It is already happening in the world. There will be a bipolar system first. You know what they are.
  • SG
    Satvinder G.
    22 June 2020 @ 21:58
    Great interview. Not sure why a term like dollar milkshake has been coined for what could come, seems to complicate an issue which is quote obvious. If there is a secondary bust coming soon again there will be high demand for USD during the dash for cash. Is that not what normally happens anyhow? There is obviously going to be further black swans and further crisis at some stage whether it is this year or in years to come and the demand for dollars will resurface.
    • SN
      SAT N.
      22 June 2020 @ 22:23
      Typically, in a "dash for cash" scenario, when $ goes up, asset prices fall. With dollar milkshake theory, the only key difference from the usual "dash for cash" scenario is that both USD (relative to other fiat) and US assets are expected to go up together. At least that is my understanding.
    • TC
      Thierry C.
      23 June 2020 @ 00:21
      his milkshake theory is mid to long term and mainly created by other nations needs for USD. The dash for cash is mainly a shorter term effect due to all asset correction as you mentionned.
  • DD
    Daniel D.
    22 June 2020 @ 18:39
    No idea if you'll see this, Brent, but I am curious about the point you made about the foreign currency printing to collateralize dollar swaps. I think you're correct, but does that have to be inflationary in foreign currencies? On paper, the stock of, say, AUD will increase by 86B AUD. And that will be roughly equal in value to the 60B USD that we would extend them. So we would certainly print the $60B and they would certainly print the commensurate 86B in their own currency. But only one of these, if I understand correctly, would really circulate. Is that correct? The AUD would sit in a vault (virtually) as collateral while the $60B of printed relief dollars gets shot around knocking out debt payment after debt payment. Therefore, it actually satisfies dollar demands and achieves velocity. I mean it's like the same way we could, today, have a monetary stock of $100T. But maybe $95T of that is in a pile in a cave in Kentucky and no one is doing anything with it, right? Monetary velocity is not a uniform variable - it's fluctual.
    • tc
      thomas c.
      23 June 2020 @ 00:19
      But at the end of the day the swap has to be paid back. And if the $$s don't end up back at the CB, where do they get them?
  • BA
    Bruce A.
    23 June 2020 @ 00:18
    If RV would only put the dislike button a bit further from the like button......................those dislikes are surely there by accident.
  • PB
    Paul B.
    23 June 2020 @ 00:17
    Milkshake has been in the Sun too long...Lyn is going to be a clear winner here
  • SH
    Silvio H.
    23 June 2020 @ 00:15
    What happen if China, Russia, India , Iran , ++++ decide to not to use USA dollars ? and Turkey , Mexico, Chile +++++++ start defaulting on Euro Dollars ? Brent is delusional....let's start a new war .,,When ?
  • TP
    Tedd P.
    23 June 2020 @ 00:10
    This interview is possibly the best example of why Real Vision is worth the investment.
  • MC
    Mark C.
    22 June 2020 @ 23:39
    Please do a part 2 on this in a few months....id love to see where your guys views change and develop. Thanks. Was excellent
  • GC
    George C.
    22 June 2020 @ 20:36
    Ms. Alden is sharp as a tack. Her command of monetary and financial history and the issues is impressive, and she manages to discuss it in such a way that's understandable to the lay person.
    • SM
      Sergio M.
      22 June 2020 @ 23:17
      I’d love to be a student more intimately
  • JH
    Jesse H.
    22 June 2020 @ 22:47
    Absolutely fantastic stuff, especially from Lyn I felt. Very clear, cogent and calm explanations - please have her on again.
  • MC
    Matt C.
    22 June 2020 @ 22:36
    She’s good ladies and gents. She’s really good.
  • SH
    Sven H.
    22 June 2020 @ 21:44
    Lyn has been eloquent + impressively structured and showed herself to be an exceptional thinker. I would love to see more interviews with her and am very pleased with this discussion.
  • gj
    gail j.
    22 June 2020 @ 21:37
    'Wasn't it Yogi Berra that said, " It's hard to make predictions especially about the future."?
  • AH
    Allan H.
    22 June 2020 @ 21:25
    Very nice job Lyn, look forward to the next RV appearance.
  • VR
    Vladimir R.
    22 June 2020 @ 21:15
    So many questions I've had covered here. Thank you guys. Made my Monday...
  • GM
    Gary M.
    22 June 2020 @ 21:05
    Fantastic. Thank you both for the great dialogue. My heads spinning and I’ll need to watch it again.
  • pd
    peter d.
    22 June 2020 @ 20:47
    very good - great insights from both people.
  • TY
    Thomas Y.
    22 June 2020 @ 20:46
    Fantastic conversation. I feel like the line of questioning was a bit aggressive and put Lyn on the spot. That said, she was extremely articulate and did a great job presenting and defending her view. Great job both of you.
  • RA
    Robert A.
    22 June 2020 @ 20:16
    Fantastic interview and I really enjoyed Lyn Alden’s perspective. This US $ direction has been very difficult to handicap, what with Raoul and Brent being so persuasive and Julian and Luke Gorman arguing equally persuasively in the other direction. It seems that the direction of the US $ is the Macro key to almost everything on the investment menu, yet taking a position on it one way or the other just seems so binary. Perhaps the clever can move from one side of the boat to the other timing wise, but perhaps for those of us who haven’t the conviction one way or the other it may be best to just split the portfolio down the middle for performance under either an up or down $ scenario (Precious Metals, Cash and a bit of BTC are “easy” though).
  • BN
    Barrett N.
    22 June 2020 @ 20:08
    Great discussion! Big fan of both your work.
  • CD
    Christopher D.
    22 June 2020 @ 13:34
    Dollar is in such high demand at times of liquidation, so it is delveraging that triggers USD strength. The usd leg of the swap lines is not used to expand credit but to settle the deleveraging mechanism with dollars made readily available. The alternative would be a scramble on USD, which as it becomes super scarce and its available quantity contracts by debt extictino will see rates spike. That creates issues back in the USA (as Bernanke explaned to Grayson in July 2009 https://www.youtube.com/watch?v=n0NYBTkE1yQ&feature=youtu.be ). The non usd leg of the swap lines can just be sleeping collat at the Fed, who cares?
    • TS
      Timothy S.
      22 June 2020 @ 19:57
      The swap dollars are indeed issued as credit by central banks to corporates and EM countries. The corporates and EM post collateral to get those dollars, aka a loan.
  • RV
    Ryan V.
    22 June 2020 @ 19:28
    The dollar milkshake is self extinguishing because of the awful net international investment position. Digital central bank currencies will replace SWIFT. Its 2020. SWIFT is long in the tooth. Lots of other viable options out there when it comes to digital currencies. It will be a multipolar world. Atomic swaps will allow for easy and quick transitions between currencies so you can trade in whichever currency you like.
  • ac
    adam c.
    22 June 2020 @ 19:17
    I can't believe there are 12 dislikes when they had such a great and informed discussion, some people are never happy. Thank you very much for the content Real Vision :-)
  • ac
    adam c.
    22 June 2020 @ 19:17
    I can't believe there are 12 dislikes when they had such a great and informed discussion, some people are never happy. Thank you very much for the content Real Vision :-)
  • ac
    adam c.
    22 June 2020 @ 19:17
    I can't believe there are 12 dislikes when they had such a great and informed discussion, some people are never happy. Thank you very much for the content Real Vision :-)
  • JI
    Jose I.
    22 June 2020 @ 18:24
    Excellent video! I loved Lyn’s backing up her points with facts and charts. It would be great if this “fact-based / backed-up with data” becomes a regular feature in RV as much as possible. I think it is much more helpful than just assertive, self-confident statements of opinions.
  • RL
    Ricardo L.
    22 June 2020 @ 18:15
    Excellent conversation. Indeed a very complex subject with huge global implications.
  • RL
    Ricardo L.
    22 June 2020 @ 18:15
    Excellent coversation
  • BC
    Brandon C.
    22 June 2020 @ 18:14
    Lyn won this one.
  • BT
    Brian T.
    22 June 2020 @ 17:47
    I've been following for years- and this, as anticipated, was an intense discussion of pertinent and important ideas and "REAL VISIONS". Lyn is consistently amazing in her analysis, equanimity, poise, DATA, historical understanding and HUMILITY. She clearly operates at a higher level, yet uses clear concise language (without technical jargon to alienate non-finance linguists). Most guests can be listened at 1.5x, but not Lyn- she's says so much so clearly, it's like she has memorized her responses!! Raoul Pal - any way to get Lyn to do a few of her own interviews? ? Brent has a great idea- that does seem inevitable-but my concern is that I'll go broke for the next 5-8 years waiting for the whole country (and USD system) to go broke in the end, where I'll likely have a terrible or much less wonderful country (probably war?) to live in. Hmmm, maybe that multipolar 'new' system will be a digital decentralized one?? Just a thought. God Bless, Thanks for the great interview, BT
  • JK
    Jake K.
    22 June 2020 @ 17:40
    Regardless of the direction of the $, this conversation reminded me that every $ spent on Real Vision has a positive educational return. Their Twitter back and forth should be PDF’d and appended to the transcript.
  • ml
    m l.
    22 June 2020 @ 17:09
    Instead of getting videos with quality I check my email and find RV shelling out crypto Gathering emails ... do better ...
  • RP
    Richard P.
    22 June 2020 @ 16:34
    Brilliant, great argument with good points on both sides. But I literally kept thinking the best trade out of this choppy market is crypto.
  • GL
    G L.
    22 June 2020 @ 16:32
    Excellent interview, made even better by the fact that contrasting views were tackled in a single video in a well-structured manner. Thanks Lyn and Brent.
  • EO
    Elena O.
    22 June 2020 @ 16:27
    Lyn brought up a very interesting point about how this entire dollar shortage situation can be resolved - USA pumping up its FX reserves with other trading currencies. The US can print and then permanently buy Euro, Yuan, CHF, GBP, AUD, JPY, SGD, HKD on a mass scale supporting all these currencies and preventing their collapse in the face of strengthening USD. I think this if not done proactively by the USA after realizing swap lines only exacerbating the USD debt and shortage issue will be done as part of a multi-lateral agreement a la "Bretton Woods 2".
  • PR
    Peter R.
    22 June 2020 @ 16:27
    Sounds like they would benefit from going to go to THE CRYPTO GATHERING to learn about Bitcoin.
  • jg
    jesse g.
    22 June 2020 @ 16:07
    Awesome interview! one of my favorites. Thank you both, Lyn and Brent!
  • AT
    Andrea T.
    22 June 2020 @ 16:06
    Probably the best debate since I'm subscribed, with good arguments from both sides.
  • DH
    Daniel H.
    22 June 2020 @ 16:02
    Great talk. Thank you! This format of 2 people with knowledge and different points of view discussing and challenging each other is the beezkneez. Please make it a thing, i love it
  • DS
    David S.
    22 June 2020 @ 15:53
    heavy weight vs light weight, no brain teacher vs genius student
  • JO
    J O.
    22 June 2020 @ 15:47
    This may be single most important discussion I’ve ever heard on Real Vision. Lyn, Brent, bravo!
  • RD
    Ron D.
    22 June 2020 @ 15:41
    This was one of the best counter-thesis discussions I ve seen. Great back and forth. Usually when people are asked to defend their positions, especially in public, there is a lot of repetitive yadayada. This was crisp and smooth - neither got irritated and you could tell that they spend a lot of time thinking through the counter points. I would love to see more red-team interviews like this - especially when executed this well. Also glad that Lyn translates so well into podcasting/vids (well spoken, concise, good voice). Her twitter feed has always been great.
  • SS
    Stephen S.
    22 June 2020 @ 15:33
    The singularity of all the different crisis hitting at once means we are in the Fourth Turning!
  • CJ
    Chitrang J.
    22 June 2020 @ 15:17
    she is brilliant
  • HK
    H K.
    22 June 2020 @ 14:59
    Great interview. We now need a follow up to this in a few months with Raoul added to the mix
    • CR
      Cory R.
      22 June 2020 @ 15:10
      Let's make it in a year.. these things are slow moving and need time to play out -- but agreed!
  • CR
    Cory R.
    22 June 2020 @ 15:09
    I like how Lyn really sticks to the fundamentals of economics and uses a base case scenario based on the numbers and charts. She is extremely level headed and confident in a quiet humble kind of way. At the end of the day we all gotta make up our own minds how we invest going forward.. they both agree gold will win. Brent's theory sees the USA making a kind of "final blow-off top" in Empire as they use up their reserve currency strength for all its worth in order to extend Empire. Ironically, this would be the very thing that would end their long run as the rest of world would eventually group together in blocks to resist the self centered shenanigans. We see China developing long range plans for international trade with the Belt & Roan initiative. This kind of economic activity will produce very good fruit in the long term as it is based on sound economic theory.
  • PG
    Philippe G.
    22 June 2020 @ 15:02
    Lots to digest...may need to listen once again! Thanks RV!
  • TR
    Thomas R.
    22 June 2020 @ 14:27
    Best interview Brent has done. Lyn was such professional. Great overall conversation.
  • MS
    Matthew S.
    22 June 2020 @ 14:25
    Aren't we deluding ourselves to believe that we can understand the direction of something so massive and complicated as the USD? So much air is spent by so many smart people, on both sides of the bull/bear argument. If USD goes up, all the bulls will say they were right and their logic/analysis is superior. If it goes down, the bears will say the same. I think it's most likely that both sides are being 'fooled by randomness' into believing that they have a better than 50% chance of predicting the outcome. Because big inflection points are so rare, it is impossible to aggregate enough data to prove that any of the these prognosticators have a statistically significant edge.
  • RD
    Ruediger D.
    22 June 2020 @ 14:14
    Great, intelligent talking! Thank you both for sharing your brain! Noone outside the US believes that the FED (she?, it?)) is granting swaplines to the advantage of others. She must do that because there's is no other way to keep the system and it's own country functioning. Maybe I'm wrong but I have the strong feeling that the US did not come down to meet reality yet and are widely overestimating the strength of their position.
  • CR
    Cory R.
    22 June 2020 @ 14:03
    Why would not a foreign sovereign want their yields rising? Too expensive to pay interest on debt right?
  • DL
    David L.
    22 June 2020 @ 13:11
    Everything was to the point and clearly stated - great discussion, thanks!
  • VS
    Vafa S.
    22 June 2020 @ 12:30
    In order to achieve a more multi-polar world which will in the longer-term benefit US, why can't US call a debt Jubilee for the "friendly" countries at the same time as weaponizing it against the antagonistic ones?
    • MS
      Madelyn S.
      22 June 2020 @ 13:02
      Because that debt largely isn't owed to the US. Countries owe USD debt between themselves, and own a lot of US debt. So the US has no ability to forgive much if the offshore USD-denominated debt.
  • JE
    J E.
    22 June 2020 @ 12:56
    Thank you both, and can’t profess to understand it all, but it reminds me... timeframe is everything.. Brent and Lyn : Raoul and Julian. In the long run, the dollar will be destroyed, but I do agree it’s going to need a lot of pain to get there...
  • BG
    Borja G.
    22 June 2020 @ 12:50
    Amazing conversation, thank you guys
  • ES
    Elmo S.
    22 June 2020 @ 12:01
    What an awesome stimulating conversation!
  • BG
    Bart G.
    22 June 2020 @ 11:32
    Brent "for a lack of a better word" Johnson ;) Great discussion!
  • VW
    Voytek W.
    22 June 2020 @ 11:24
    Fantastic interview
  • XG
    Xuchen G.
    22 June 2020 @ 11:10
    Masterpiece, thank you both Brent and Lyn
  • Nv
    Nick v.
    22 June 2020 @ 11:01
    The first intelligent Dollar debate I have seen, with data. Well done.
  • MK
    Mohit K.
    22 June 2020 @ 10:36
    None can destroy iron but its own rust can likewise only dollar(by become very expensive) can destroy its importance in the his own dollar system.
  • NR
    Nathan R.
    22 June 2020 @ 10:36
    Very sharp.
  • MK
    Mohit K.
    22 June 2020 @ 10:32
    great interview...interesting thank you RV
  • MG
    Michael G.
    22 June 2020 @ 09:49
    Many thanks to both Lyn and Brent. It's can be easy to put your bull or bear thesis across when it's a one way interview but much harder when confronted with an opposing theory. Especially loved Lyn's final comment - "people get into trouble when they start tying their ego to their investment position". So true. Hopefully this bull vs bear format is something we can see more of on RV. Keep up the great work.
  • SD
    Shehan D.
    22 June 2020 @ 09:03
    Great interview... Really enjoyed it
  • JS
    Jon S.
    22 June 2020 @ 08:23
    top of the top -Lyn Alden is sharp - insightful interview.
  • OH
    Oscar H.
    22 June 2020 @ 05:56
    Great job to both of you for matching your headphones to your outfits
    • AR
      Anik R.
      22 June 2020 @ 07:48
      Yin and Yang
  • Kj
    Katherine j.
    22 June 2020 @ 07:35
    I have been listening to real vision for a year and this discussion was one of the best.