Mind-blowingly brilliant..

Very valuable insights from both Josh and Mike.

Excellent stuff.

Fantastic job gentlemen!

We need more Mike Green ASAP

Great. Josh one of a handful of VCs with a perspective beyond spray & pray.

Great interview, this is why I subscribe.

This kind of deep dive conversation, by two who live at these depths, informs our understanding of what is the real signal. That is what makes RV great. Embedded in this conversation is the reason why, by contrast IMHO, most of the Trade Ideas are speculative and potentially dangerous noise.

Michael Green is the best! This was a great interview !

A really interesting conversation. But I picked up one sentence, that I can’t stop thinking about. Michael said „The market gets more efficient. The returns are becoming more stable and more predictable...“. And I totally understand what he means. But I guess what keeps bugging me is that according to Fama, an efficient market shouldn’t be predictable. So what do we mean when we’re talking about efficiency of the market? Do we mean that in a Fama sense or rather that the market is doing what we think it is supposed to be doing? Because I think the latter is quite the opposite of market efficiency as defined by Fama (at least as the semi-strong form). Actually one could argue that with so many fund managers struggling in 2018, the market was super efficient. No trend anomalies, many price jumps on new information, value underperforming, etc are all indications of an efficient market in a sense that there is no way of systematically beat the market. Would be interested about your thoughts!

I love it when an interview becomes a discussion. We start to forget who is the interviewer and who is the interviewee because of the mutual respect and knowledge each one adds to the discussion. Its almost as each sentence is uttered a million thoughts are provoked by the other and these thoughts spread between them as the discussion continues. Michael Green is a master of this.

What a great interview—the time just flew by! Even though I’m not involved with VC there were SO many tidbits that cross over to other investing areas, eg, Real Estate. Clearly these guys are operating on an entire other cerebral level, but allow us to follow along without seeming to intentionally “dumb it down” for us—truly an art form and I’m really glad to have been able to be in on the discussion. Great curation work Milton.

Great interview. Would love to see Mike Green and Chris Cole in a panel discussion on how they would handicap when passive asset build maxes out and alpha flips from negative to positive for active managers.

wolfe is one amazing interview! leader of the pack, thank you real vision

Well gents that was the most sophisticated and esoteric discussion i have ever heard. After 51 years that is a humbling statement. Very cool to hear. Thank you

Wow.

that was a great interview, thanks!

Grateful for Michael and Josh, for making me one level smarter than I was before listening to this.

mind blow ~~~

Absolute delight of an interview! Josh as usual is great to hear. Mike Green is great as always! I wish someday I get to talk to such minds in person and learn from them as well as get advice for my own venture.

Mike Green with another great interview. Mike said he wasn't convinced the Fed was to blame for malinvestment and distorted markets. The Fed is not entirely to blame, but they bear the brunt of it. The Fed has enabled and encouraged massive speculation via engineered artificially low interest rates. Low interest rates allow asset prices to be marked artificially high while at the same time destroying returns for traditionally safer holdings such as bonds and cash equivalents. The genesis of malinvestment rests with the central banks. Central banks worldwide are actively burning down the economy. Think about the implications of negative interest rates on the values of assets and fiat money. Income inequality is a symptom of this distortion. The socialists have a rallying cry due to the majority feeling left behind. They blame capitalism and espouse socialism as the answer. The truth is Crony Capitalism supported by Central Banks issuance of Fiat money and interest rate manipulation have created income inequality. The answer is honest money and banking.

Solid interview!! Great to see that even after a big win Josh still remains humble. Knowing a few VCs they all seem to think it was all their skill that led to success. This is like a breath of fresh air. Nicely done.

Great interview, way to mix it up. The discussion about binary outcomes in tech, and SoftBank's ability to "king-make" was a perspective I've not heard before.

Fantastic interview! Amazing dialogue from two well spoken geniuses. Thank you Josh and Mike for delivering the goods.

Josh Wolfe talks in 1.5x regular speed

Wow! Josh, Michael great conversation! This is not 2nd level but 5th level thinking. Thanks to you and RV for letting us in on your thoughts and reasoning.

I have been waiting for a conversation like this. Looks to me like Josh and Michael are now discussing and trying to get their arms around what Chamath Palihapitiya had figured out months ago and took action on. Chamath's blunt assessment was that the VC/LP/Agent carry "game" is a ponzi scheme, mile high, desert dry, wooden Tower of Babel, surrounded by 4 tons of dry tinder looking for a match. You can click on this link to here Chamath's cogent analysis of the situation. The video will start at the correct time and he lays out his case in the next 90 seconds. https://www.youtube.com/watch?v=RwRZtZQoLtQ&t=21m44s

If I could give my year's supply of thumbs up to one video, this would be it.

As always Mike Green is masterful. Just the best!!!

First video I watched at Real Vision ... this is amazing content guys. Michael and Josh have great chemistry and I found the questions asked from both sides incredibly insightful.

This interview was excellent! Well worth the price of admission.

The crossover of public and private markets probably couldn't be better analyzed by anyone than Josh and Mike, and it could only happen on Real Vision. Fantastic stuff!

What a great interview.!

Another phenomenal interview. I apologize in advance to my fellow RV member for my long comment/question. Mike, you can talk about waterfalls, TFP growth, one-touches, the list goes on and on. My question for you is, how long do you spend developing your base knowledge on a topic? Say for instance productivity growth. Did you sit down and pour over Robert Gordon's book, BLS, BEA, etc. papers/documents, talk with subject matter experts over the course of a couple hours, days, weeks? Or is it more of a spread out process where you are looking into many things throughout the day, compounding your knowledge over time? A lot of hard work goes into making it look easy. You're the epitome of what macro investing is all about, a beautiful combination of diverse subjects into a coherent framework for looking at the world. I appreciate you taking the time to do these wonderful interviews. Thank you!!!

great flow to their conversation - seemed very natural and less like an interview. great insights about so many important things... lots of fun...thanks!

Best interview YTD.

I agree, Mike Green is great, and I always listen to his presentations often over time. Mike is more of a lead co-interviewee though than an straight interviewer. Both Mike and Josh are brilliant, but more importantly they have a mile-deep understanding in many areas of finance and mathematics - even Cartesian visualization skills . The most important asses shown in this video is how well they can draw out from different areas and stimulate each other’s positions. Like a chess game, Mike enjoys someone at Josh's level to keep him focused and deeply interested in the dialogue. I also enjoy many other interviewers on RVTV, as they bring their own style to the project. Thanks to all the staff at RVTV. DLS

“greed is dominating” - so true! high quality content discussion. trumps most of the presented short term trading ideas by a mile. top notch stuff

two smart mofo's...

Phenomenal! Mike Green is by far the best interviewer on RV.

Ridiculous minds ... so annoying! Absolute privilege to listen to both gentlemen. Thanks for sharing with us. Would it be right to state it may all be a purely psychological self-fulfilling prophecy on the way up in markets (i.e. passive investing) and will be so on the way down too given a catalyst, as mentioned with Softbank and/or Tesla, as a pivot point?