Secrets of the Short Book Russell Clark

Published on
July 14th, 2017
62 minutes

Secrets of the Short Book Russell Clark

The Interview ·
Featuring Russell Clark

Published on: July 14th, 2017 • Duration: 62 minutes

Russell Clark is highly regarded in the hedge fund industry and in this often requested interview, investors will gain tremendous insights from his process, which starts with currencies, as well as his macro view of the world, including some incredible perspectives on Asia and the industries he’s targeting next on the short side. Filmed on June 27, 2017, in London.


  • AM
    Artem M.
    14 June 2019 @ 12:01
    Raoul you say you "don't like gambling" but you're drinking Coke!(35:25)that stuff is terrible for you're health and you are definitely taking your chances with diabetes. If you're going to drink it at least drink the 'Mexican' Coke,it's the one that comes in a glass bottle and uses sugar instead of high fructose corn syrup that our bodies don't break down well. But Great Interview and Thanks for everything you do!
  • PC
    Peter C.
    7 November 2018 @ 22:14
    16 month later this one is still very relevant. Amazing.
  • TO
    Thomas O.
    18 September 2018 @ 20:43
    Let's please try and get a follow up w/Russell. Would love to hear his thoughts on semis and his reasoning behind the bear thesis just put out.
  • PP
    P P.
    21 July 2018 @ 01:33
    can we get him back?
  • GS
    George S.
    24 June 2018 @ 22:49
    1 year later, i keep reviewing this much in it!
    • CM
      C M.
      4 July 2018 @ 02:42
      It is interesting to rewatch some of these videos after some time has passed. In the case of shorting the US dollar and buying EM, from July 2017 to today, that trade is flat but you could have made money if you sold at the beginning of 2018.
  • GS
    George S.
    24 June 2018 @ 22:49
    1 year later, i keep reviewing this much in it!
  • GS
    George S.
    24 June 2018 @ 22:49
    1 year later, i keep reviewing this much in it!
  • VS
    Vasil S.
    31 October 2017 @ 09:23
    That was awesome!
  • fc
    frank c.
    12 August 2017 @ 14:47
    • DC
      D C.
      24 October 2017 @ 21:18
      Fog sweeps over the snow caps of Everest...
  • RM
    Robert M.
    9 August 2017 @ 14:24
    Excellent interview. One of the better macro interviews I have seen.
  • JH
    Jim H.
    3 August 2017 @ 23:27
    Permmiam ac has never traded at $50/ac. $25k has been the recent ballpark. A massive error on his side. Agreed cheap cash is driving the drilling. But facts matter. Speaking as someone who has BT and sold Permian ac in the past six months.
  • JV
    Justin V.
    14 July 2017 @ 23:14
    Attack who? "American Movilers"? Can't understand what he said. (54:37). And what's an ADR?
    • JL
      Jim L.
      14 July 2017 @ 23:34
      American depository receipt
    • JV
      Justin V.
      3 August 2017 @ 07:38
      Thanks Jim L.
  • MA
    Mikael A.
    14 July 2017 @ 20:41
    Over any kind of resonable sample size there is no player who would win more with flushdraws compared to AA.
    • DS
      David S.
      15 July 2017 @ 01:28
      I would not bet against Mr. Clark. DLS
    • JU
      Jay U.
      2 August 2017 @ 05:19
      The point was about the amounts won, not the number of hands won. Obviously, you would win more hands with AA. But his point was that flush draws attract bettors that would put a lot in the pot, whereas AA doesn't draw as many because you bet hard up front.
  • bs
    bernard s.
    28 July 2017 @ 05:15
    does this mean that one should be overweight EMFX?
  • TS
    Tom S.
    27 July 2017 @ 12:44
    I am starting to hear more smart people discuss oligopolisation in the US (Google, Facebook, Amazon etc). To me this dominance cannot continue forever (as history tells us) just like Netscape was around in tech bubble but isn't today. As yet I am unsure how this theme materialises but I sense it is important.
  • HK
    Hurshy K.
    27 July 2017 @ 11:51
    Gonna have to watch this one a few times... way too smart for me haha
  • RD
    RP D.
    26 July 2017 @ 22:20
    Never heard of this guy until now. Wow, quality cognition... and honest eyes. Thanks Milton!
  • MA
    Mikael A.
    14 July 2017 @ 20:39
    Not to be negative but that poker analysis makes absolutely no sense what so ever.
    • DS
      David S.
      15 July 2017 @ 03:00
      I think that Mr. Clark was saying that just trying to play for high hand with A and/or King is one strategy. Another strategy is to play for a flush. It opens up a second dimension in the game. Mr. Clark likes to understand a market and play them in multiple ways like Raoul's knock-on effects. DLS
    • JL
      Jacob L.
      16 July 2017 @ 22:27
      If Mr. Clark wants to win at poker against the best he ought to approach it in the same dry manner that he approaches investing. From what he says in this interview I want him at my table all day long as it appears to me he has succumbed to selection bias while ignoring simple statistics. When AA is cracked it hurts and when flush draws come in it's very sweet. But statistics like Pokertracker and Holdem Manager tell a very clear story over time: AA performance is awesome and flush draws less so. I've been a poker pro since 2005 so the dry bottom line numbers are what interest me more than anything else.
    • DS
      David S.
      22 July 2017 @ 23:59
      Jacob L. Would you play for a possible flush given that you did not have an AA or AK, or fold. Thx. DLS
    • JC
      John C.
      23 July 2017 @ 12:16
      When Clark is talking about his flush draws he's not talking about getting it in pre-flop with AK or AA but rather on the flop and thereafter. I understand his point as AA is rarely a favorite on straightening and flushing boards and you're usually either winning a small pot or losing a big one. You usually win the big pots with big hands and once the flop hits the odds are totally different that pre (obviously)
    • JL
      J L.
      24 July 2017 @ 01:25
      I have made all I own from over 10 years and >5M hands of online NLHE, much of it at high stakes. Even many pros wouldn't believe that roughly 75% of my winnings have come from AA alone, which you are dealt under 0.5% of the time. His frustration with overpairs most likely comes from overplaying them on flush and straight boards in pots that are too small to be committing large sums with one pair.
  • DS
    David S.
    24 July 2017 @ 00:25
    I have watched this interview four times. I enjoyed all of it each time and learn more each time. Congratulations - great conversations. I was going to use bookmarks, but there would be too many. DLS
  • BL
    Barclay L.
    24 July 2017 @ 00:25
    A lot of effusive comments here, but how about a few more hard-ball questions Raoul like: "How has performance been over last 12-months; what have you gotten right and wrong; how have you reacted?"
  • cc
    chris c.
    23 July 2017 @ 21:10
  • AB
    AJ B.
    17 July 2017 @ 19:24
    Great interview. He is wrong on Apple. Once a human has integrated an operating system into their life they do not change (See Windows XP). Apple bears change phones to show it can be done, but the greater population as a whole will go with what is easy and already understood.
    • MS
      Matt S.
      20 July 2017 @ 07:13
      fail - I just ditched my iPhone for a Huawei, why? Because it does exactly the same, some things even better, has a better camera, has a HEADPHONE JACK (!) and costs a third of what the iPhone does. Time to wake the FU, Apple.......
    • MS
      Matt S.
      20 July 2017 @ 07:14
      oh! and it has expandable third party memory too.
    • JC
      John C.
      23 July 2017 @ 12:11
      I just switched to a Xiaomi and it's functionality is pretty much on par with the iPhone for $200. Probably will never go back unless Apple dramatically lowers their price. The mobile phone growth in EM at least is in the mid-range which are affordable. Apple as a status symbo is sort of a fallacy I think. IT-wise it's easier to work with android phones and microsoft laptops as well as the interface is now on par with Apple and you can do so much more with MS.
  • EL
    Edward L.
    16 July 2017 @ 02:20
    Very interesting. One the best so far. Quick question to Russell / anyone... In the scenario that the US shale market crumbles and oil spikes, at which point (oil prices) does the return on capital for credit investors make sense to rejuvenate the US shale businesses? or in other words, at what oil price are US shale companies sustainably profitable? (or have missed the concept completely)
    • bb
      buck b.
      23 July 2017 @ 03:31
      I recently talked to a few CFO's for some heavily debt burdened upstream companies. They told me $60 US oil price and their problems are solved.
  • bb
    buck b.
    23 July 2017 @ 03:28
    Enjoyed. I agree IPhone has peaked and Apple is living off Jobs innovation. I switched to Google Pixel with Google Assistant and it rocks. Time for Real Vision to offer the Android app already!
  • DS
    David S.
    15 July 2017 @ 01:49
    Great interview. Watched video twice. Off for a couple of beers, and will read transcript when I return. Too many gems to uncover. One major net, net for me was the shift to Asia and away from the US. This is apparent, but it is good to see Mr. Clark's agreement. It will take time, but current US policies are making the the transition quicker. Europe has a better chance of working with Asia especially as China's infrastructure is developed on sea and land. DLS
    • RM
      Robert M.
      15 July 2017 @ 03:26
      US is the home of creative destruction still, even with the corporate takeover of Congress and all the shale BS. China the home of 9 little weird guys desperately trying to stay in power by goosing RE construction and heavy industry and causing massive capital mis allocation. Just when is Xi going to give wealth back to the people per Pettis so that a consumer led economy can develop and allow better capital allocation? Isn't, they are headed for a massive credit crisis and extended slow growth because of too much continued investment in unproductive RE & infrastructure and excess heavy industry (which I am not convinced has erased all its capacity, as he asserts of steel). Now is not the time to invest in China.
    • JW
      James W.
      15 July 2017 @ 07:38
      Stephen Roach was on Bloomberg in the past week or so, and said China is already making the shift towards a more service-based economy and domestic consumption, and at an unprecedented rate (and he gave some numbers). I'm sure they have a long way to go, and I have no idea regarding timing for that, or when China may be a good investment. Can probably still pull the interview up on Bloomberg for now.
    • RM
      Robert M.
      15 July 2017 @ 16:46
      Most of their service industry depends on the RE development and price bubble.
    • DS
      David S.
      16 July 2017 @ 00:46
      Unlike the US, Chinese leaders, in their own interest, seem to be trying to improve the lives of the Chinese people; net, net let us rule and we will make your economic lives better. It is a race between Chinese style communism and the new American representative oligarchy. Of course, representative oligarchies are very inefficient. The oligarchs have to convince the citizens to vote for their representatives while paying for the representative also. Maybe some of our representatives in Congress need to register as paid lobbyist. Look at the health care bill and the income tax proposals in the US Congress. DLS
    • TS
      Thomas S.
      17 July 2017 @ 15:47
      You've just described the Hegelian dialectic used to drive the world toward the globalist end game. Western style oligarchy vs. Chinese style communism - thesis vs antithesis, resulting in the synthesis of a neofeudal globalist totalitarian technotronic hell. I realize we're all here to navigate uncharted waters in the pursuit of preserving and growing capital, but to ignore and not speak out against the obvious end game is beyond disappointing. We used to have real money and real capital markets where capital formation and price discovery were competitive and reality based. What do we have now? A top down centrally planned quasi-communist, quasi-fascist, liberty crushing two-tiered system of haves and have nots. A brutish and ugly world for all but the utltra "elite." It would be heartening to hear some of the leading lights of the investment world speak out against this. After all, it is not that different from Russell's description of the shale industry pursuing a business model that can only lead to self destruction. Because that is inherently what the financial profession is doing today by merely focusing on how to make a buck under the circumstances provided rather than using its influence and capital to end the insanity.
    • TS
      Thomas S.
      17 July 2017 @ 15:54
      But otherwise, good interview.
    • DS
      David S.
      22 July 2017 @ 23:54
      The US has capitalist oligarchs and China has communist oligarchs. They are both oligarchs. No Hegelian dialectic here. Must admit I do not ascribe to Hegel's dialectic anyway, as I do not believe the world is determined, just crazy human reflexivity - see George Soros.
  • CY
    C Y.
    14 July 2017 @ 19:52
    Amazing interview. I think Raoul's greatest strength is that he listens. Amazing to watch him challenge his own views real time. Great interview guys.
    • DS
      David S.
      16 July 2017 @ 07:41
      Raoul gets an A for always trying to see the other side of the equation. This is positive feedback. It works when both parties respect each other. DLS
    • RP
      Raoul P. | Founder
      16 July 2017 @ 14:44
      Thanks guys. My job is to act as the conversation facilitator, so I try really hard not to impose my views but to gently encourage a fleshing out of contrary ideas from which we can all learn and adapt.
    • DS
      David S.
      21 July 2017 @ 22:48
      You do not impose your views, but you do an excellent job of fleshing out pertinent views. DLS
  • RA
    Robert A.
    20 July 2017 @ 02:09
    I've watched them all and this is one of the absolute best. To follow up on the comment about Raoul listening and the interaction between two possibly juxtapositional thoughts on one level, yet in sync on another level----this is why I subscribed to Raoul and Julian's MACRO INSIDER. I have subscribed to countless excellent publications over the years, but this is by far the most I've ever spent on a year's publication. The quality of the RV experience and my bet on the integrity of Raoul and Julian made me jump over a Bar I never thought I would attempt.
    • MS
      Matt S.
      20 July 2017 @ 07:21
      it's too much fo me, even at discount - also, I have no guarantee I would even be able to understand it.
  • PW
    Phil W.
    14 July 2017 @ 22:19
    Yes this is more like it! Great interview. Better than that E.B. Eddy (lost for words here) but clap-trap should do! Keep bringing to deep thinkers.........All of course IMHO
    • MS
      Matt S.
      20 July 2017 @ 06:56
      R.P. Eddy - ha! That is exactly who came to my mind too! "America should be the policeman of the world" err... no Mr. Eddy - you are completely out of touch with reality. "For the winds they are a changin'..........."
  • BB
    Bob B.
    14 July 2017 @ 18:44
    Great interview very insightful. One thought. They do not have to give the Japanese $100,000 to have kids. Like he said there is something primal to having kids, its called sex! Just take away the contraceptives they will have plenty of kids.
    • MS
      Matt S.
      20 July 2017 @ 06:49
      and the video games! ;)
  • MS
    Matt S.
    20 July 2017 @ 06:42
    Now that was quality RVTV! Great guest, would love to have him as a mentor.... wish I knew more about how macro works - treasuries, bonds, interest rates, correlations etc. Raoul! Please do a mega 10-part series, with hour long episodes about macro and how all those components fit together and what they really mean! Need a solid, solid primer so I can get more out of all these interviews that ALWAYS talk about these things that glide over my head!
  • MS
    Matt S.
    20 July 2017 @ 06:42
    Now that was quality RVTV! Great guest, would love to have him as a mentor.... wish I knew more about how macro works - treasuries, bonds, interest rates, correlations etc. Raoul! Please do a mega 10-part series, with hour long episodes about macro and how all those components fit together and what they really mean! Need a solid, solid primer so I can get more out of all these interviews that ALWAYS talk about these things that glide over my head!
  • CM
    Charles M.
    19 July 2017 @ 17:07
    Great interview. The key piece of the puzzle they miss when talking about US shale is the global natural depletion rate of existing production. The global current supply of oil naturally declines at a rate of 4-6% per year just through depletion. So incremental global barrels are needed to satisfy demand even with NO demand growth. I agree that the oil price will stay low for sometime and that we need to flush more US Shale drillers out of the system that own and drill marginal, uneconomic acreage, but overall the underlying medium/long term bull thesis is driven by the natural decline of current production.
  • PJ
    Peter J.
    19 July 2017 @ 15:56
    Up there with the best RV interviews so far. Must get Russell back is possible for a follow up
  • NH
    Neil H.
    18 July 2017 @ 19:22
    Russels take was that reflation or inflation is a better bet than deflation. Raouls take is that deflation will win the day. Would have liked them to debate that issue as I continue to be confused .
  • ST
    Simon T.
    18 July 2017 @ 03:42
    Great interview, I didn't know Russell was an Aussie too. Really like looking at the market positioning i.e. consensus long poorly understood. A lot of good data being generated on positioning. Thanks
  • GS
    Gordon S.
    17 July 2017 @ 23:22
    Thank you RV for another amazing interview! Many great ideas and interesting thought processes! I've had Clark's view on Apple for years now (and ditched most of my Apple products a long time ago too). Hopefully the company can still be turned around with new management though? Is Tim Cook the new Steve Balmer? Microsoft had quite a renaissance since he left the company and I think Apple has still some time to turn around the ship with that huge pile of cash... Though Apple's plans are to burn cumulatively $300 billions in dividends and share buy-backs until 2019... What a waist of money... Steve Job must be rolling in his grave... On a side note, Amazon already tried to bring out a phone (the Amazon Fire phone), but flopped massively. This doesn't say they won't try again, but they lost a lot of money on that project.
  • DC
    Darren C.
    17 July 2017 @ 19:30
    Good interview. Some interesting views on US Shale. Be great if RV could do a special on the industry and go bit deeper. Here are two latest pieces by Russell on Shale here and Also thought I'd share this interesting stat from FactSet - "In 2016, when crude averaged $43 a barrel, about 30 of the biggest shale companies spent $1.58 in cash for every $1 they generated, according to FactSet. US operators have lost a combined $130 billion since 2015."
  • DC
    Darren C.
    17 July 2017 @ 19:30
    Good interview. Some interesting views on US Shale. Be great if RV could do a special on the industry and go bit deeper. Here are two latest pieces by Russell on Shale here and Also thought I'd share this interesting stat from FactSet - "In 2016, when crude averaged $43 a barrel, about 30 of the biggest shale companies spent $1.58 in cash for every $1 they generated, according to FactSet. US operators have lost a combined $130 billion since 2015."
  • GT
    Graham T.
    17 July 2017 @ 16:51
    Now this Bad Boy has made me think. isn't that an RV slogan !!! Oi don't forget where you heard it first lads
  • RC
    Ryan C.
    17 July 2017 @ 16:47
    Fantastic interview, great perspective on currencies and flows.
  • DG
    Daniel G.
    17 July 2017 @ 16:26
    I like his non-consensus views but the poker thing was not an accurate assessment of risk/reward in the game.
  • DH
    Daniel H.
    17 July 2017 @ 14:37
    Very interested to hear his take on Japanese money flows into bitcoin. Fantastic interview. The subscription is worth every dollar.
  • AG
    Amir G.
    15 July 2017 @ 14:52
    Best so far. What about bitcoin?
    • js
      jacob s.
      17 July 2017 @ 03:28
    • DB
      David B.
      17 July 2017 @ 13:23
      We've got lots of great Bitcoin content coming soon!
  • VS
    Victor S. | Contributor
    17 July 2017 @ 12:20
    Was interesting but - "none " of your interviews mention ,much less focus ,on the politics of the world? The movement of the the world is to Socialism / economic fascism ie govt/corporate partnerships. See Venizuela for the endgame. That is where the money is (?) to be made in my view and it is completely not discussed. You may want to think about it?
  • JE
    Jos E.
    17 July 2017 @ 10:02
    Absolutely phenomenal
  • GF
    George F.
    15 July 2017 @ 11:43
    Mexican Peso is at 2 yr highs vs USD, has something changed in Mexico?
    • KN
      Kapilan N.
      16 July 2017 @ 21:48
      peso is likely to get murdered in next few months. look at their inflation rate.
  • JM
    Jim M.
    16 July 2017 @ 18:57
    RV provides me with endless opportunities to realize just how little I know about global finance and no time more so than this video. For that I thank Raoul, Grant & Co.
  • JT
    Jimmy T.
    16 July 2017 @ 18:28
    Best interview by far and there have been some good ones.
  • NT
    Nic T.
    16 July 2017 @ 18:14
    Fascinating insight into a brilliant mind. Much food for thought and a great alternative perspective and approach.
  • IC
    Ibrahim C.
    14 July 2017 @ 15:34
    Two different views and you have the synthesis to decide where to invest! I think I can agree with Russel for now, but it turns out that Raoul will be right at the end!
    • LC
      Liliana C.
      16 July 2017 @ 05:44
      I will take the opposite view. Raoul right now. Russell right later.
    • SB
      S. B.
      16 July 2017 @ 11:19
      Agree, Raoul thesis first then Russell Clarks longer term.
    • SB
      S. B.
      16 July 2017 @ 11:59
      Actually I think the Euro could first appreciate to 1.17-1.18. Then the USD could go higher for a while. Followed by USD weakness based on Russell Clarks arguments and decreased in demand for petrodollars. I read that payments of Oil will also be denominated in Euro and Yuan. (Can someone confirm this?) Oil, probably lower first, based on Raoul's arguments (around 40 maybe) and in 6 months to 1-2 years substantially higher prices due to stable/increasing demand, lower investments, and shale oil decrease/bust. In the 4-7 year timeframe (permanently) lower prices again due to increases in alternative energy and electric vehicles?
  • WS
    William S.
    14 July 2017 @ 18:43
    Fabulous interview which will bear watching again. I am increasingly inclined to concur with Russell's perspective on the future of the USD: fundamental conditions are in the process of a radical transformation, and in the face of the next (imminent?) financial crisis, the USD (and USTs) are simply not going to attract the same kind of safe-haven flows most still regard as inevitable. And therefore, even though the initial reflex in a crisis may produce a short-term spike in the USD, it will quickly lose momentum and then reverse in dramatic, unprecedented fashion, with the USD plumbing new lows and perhaps -- especially if aided by reactionary Fed policy blunders -- even morphing into a bona fide hyper-inflationary supernova as the majority of the world rejects King Dollar once and for all.
    • DS
      David S.
      16 July 2017 @ 07:43
      In the long run you are probably correct, but it takes a long time to change a paradigm. Scale into it and push only when it is working. DLS
  • TH
    Timo H.
    15 July 2017 @ 11:12
    Remarkable interview. It confirmed my gut feeling, that watching USDJPY is essential in the coming months. Should it go down, it takes the US stocks and treasuries with it. Then comes QE4 to prop up the bond market.
    • DS
      David S.
      16 July 2017 @ 07:36
      It can go down w/o taking everything else down with it. The markets are complicated. Good luck. DLS
  • JH
    Jesse H.
    16 July 2017 @ 07:16
    Absolutely fantastic interview - wow, Russell is hands down one of the brightest thinkers on RV I have seen. He is awesome! Please get him back again. Gained huge insight from his discussion of shale, the Dollar and Texas Hold 'Em! And I really admire his modesty given how successful he has been.
  • LC
    Liliana C.
    16 July 2017 @ 05:52
    Love the way Russell thinks! His sharing his process, priceless! His demonstrating his process in action via examples, cherry on the cake. Raoul hit it out of ballpark with his thought provoking questions. Russell'so ego level, in check. Nice!
  • HK
    Himali K.
    15 July 2017 @ 20:55
    Best Interview thus far in 2017! Great insight!
  • NG
    Nicolas G.
    15 July 2017 @ 17:59
  • DG
    Dave G.
    15 July 2017 @ 14:25
    One of the best interviews ever on RV and that's saying something!
  • TW
    Thomas W.
    15 July 2017 @ 08:50
    Wow, instant classic! I love nothing more than a (good) crazy idea, and Japan as the centre of the financial universe and the yen as the anchor currency surely fits the bill! Time to chew over this idea with a glass of whisky, or several.
  • DM
    Daniel M.
    14 July 2017 @ 16:39
    I read about this guy on zerohedge all the time - manager of the 'most bearish hedge fund'. Nice to finally put a face to it.
    • DS
      David S.
      14 July 2017 @ 20:06
      In the interview Mr. Clark did not seem bearish or bullish. I will remember your comment as I watch the second time. Thanks, DLS
    • TH
      Timo H.
      15 July 2017 @ 08:48
      He is not a bear nor a bull, but a pro, exploiting the groupthinking amateurs the best he can.
  • BM
    Bryan M.
    15 July 2017 @ 06:48
    Let's see now...don't think anyone has used spectacular yet so I will. A spectacular interview with an original thinker. And were great always.
  • DC
    Dave C.
    15 July 2017 @ 03:36
    Check out Shale analysis from Russell here - well worth a read
  • NS
    Nic S.
    15 July 2017 @ 03:29
    Really great interview. His thinking is original and makes realvision well worth the cost
  • JM
    John M.
    15 July 2017 @ 03:21
    Great interview. Would have also liked to hear him elaborate on his thoughts about gold.
  • sp
    shashwat p.
    15 July 2017 @ 03:21
    man. how good was this ! single interview worth the entry price! going to re-watch right now!
  • DS
    David S.
    15 July 2017 @ 01:36
    Excellent interview and such a gentleman. I wonder if any of his calmness comes from his time in Japan as a youth? DLs
  • RM
    Ron M.
    15 July 2017 @ 00:09
    If US oil production declines (due to reduced investment, high decline rates), won't fracking companies benefit from higher oil prices? I get that other countries won't cut production as they can't and oil may drop further, but perhaps riskier than it sounds?
  • KV
    Koen V.
    14 July 2017 @ 18:41
    Loved his discussion on the shale industry
    • MB
      Mike B.
      14 July 2017 @ 20:07
      Not sure about his Shale conclusion. If he was right, oil would be North of $60 today.
  • MB
    Mike B.
    14 July 2017 @ 20:05
    Not sure about his conclusion on Shale. If he was right on U.S. shale, oil would be North of $60 today.
  • LJ
    Lucille J.
    14 July 2017 @ 19:50
    Thank you real vision for this great interview
  • AL
    Andrew L.
    14 July 2017 @ 19:27
    Glad I resubscribed to RV. Interview was worth every second
  • AL
    Andrew L.
    14 July 2017 @ 19:27
    Glad I resubscribed to RV. Interview was worth every second
  • JM
    James M.
    14 July 2017 @ 19:00
    Excellent explanation on Japan and the Yen was always a mystery to me why the yen is considered a "Safe" currency with Japans insolvent balance sheet. Should get Max Kaiser on he has been talking about the madness of the Shale industry for 2 years! Cheers great piece.
  • GS
    George S.
    14 July 2017 @ 18:43
    The man, the myth, the legend! This interview was long overdue and it delivered...and then some.
  • MS
    Michael S.
    14 July 2017 @ 18:29
    Best in class trader!
  • PB
    Pieter B.
    14 July 2017 @ 18:21
    Fantastic interview! Thanks a lot for the themes and process behind.
  • CO
    Casual O.
    14 July 2017 @ 18:04
  • LA
    Linda A.
    14 July 2017 @ 17:54
    Wow never heard of Russell Clark but I am impressed. Thank u RV & Raoul for making this interview one of the best! Yes, I do see US losing competitiveness. Yes, Apple has become lazy while Amazon continues to innovate. The US CEO's making massive stock buybacks at these high prices should be fired. They are enriching themselves while destroying their co's by not innovating. If u stop innovating, u get eaten by the hungry sharks (China & India) etc. RC is on point.
  • SC
    Shane C.
    14 July 2017 @ 17:48
    Macro/Micro paradigm nice!. A man after my own heart
  • VP
    Vincent P.
    14 July 2017 @ 16:48
  • TS
    Tim S.
    14 July 2017 @ 16:16
    Excellent interview, RV really jumps over the bar. Worth the annual subscription in one day, 364 now are free. ;-) Keep up the amazing work.
  • NA
    Nasser A.
    14 July 2017 @ 14:27
    great interview
  • BK
    Brian K.
    14 July 2017 @ 14:18
    This is why RVTV is worth every cent. Awesome access, awesome content. Great stuff guys. Keep it up!
  • GP
    Gordon P.
    14 July 2017 @ 13:27
    I certainly will have to watch this interview again - awesome, Thanks RV
  • Nv
    Nick v.
    14 July 2017 @ 13:18
    A rare original thinker. Fantastic
  • CL
    Cameron L.
    14 July 2017 @ 12:42
    Been waiting for Russel to appear ever since i first signed up to RV Q3 2014. Industry Legend !
  • DY
    Dmytro Y.
    14 July 2017 @ 12:30
    Very smart man
  • DJ
    D J.
    14 July 2017 @ 11:30
    Damn - wonderfull. I know this business and he is totally right