When The Everything Bubble Bursts

Published on
March 24th, 2020
Duration
58 minutes


When The Everything Bubble Bursts

The Interview ·
Featuring Keith McCullough and Raoul Pal

Published on: March 24th, 2020 • Duration: 58 minutes

Keith McCullough, founder and CEO of Hedgeye Risk Management, joins Raoul Pal, CEO and co-founder of Real Vision, to explore what happens when a biological crisis turns into a financial crisis. They explain why they both think this liquidity crisis is far from over and why, as the deleveraging continues, the dollar will continue to reign supreme. They also examine whether shorting equities is worth the risk, how much juice is left in the bond trade, and if it's too early to go into gold. Filmed on March 20, 2020, over Skype.

Comments

Transcript

  • DP
    Daniel P.
    28 March 2020 @ 02:36
    Jack is easily the worst script reader I have ever heard.
    • AC
      Andrew C.
      4 June 2020 @ 02:31
      So agree, get him gone !
  • ST
    Steven T.
    28 March 2020 @ 15:02
    I learnt more in 58 minutes than the £15k in student loans for a 4 year degree
    • SJ
      Steve J.
      4 April 2020 @ 13:10
      Most wisdom isn't cheap.
  • WB
    William B.
    2 April 2020 @ 02:47
    I recommend that you watch Hedgeye "Macro Show" with Keith McCullough. It's very informative and funnier than late night TV. I pay $2,000 per year, but you don't have to.
  • ER
    Ernesto R.
    30 March 2020 @ 20:24
    thanks for the interview it was very interesting and make me think more
  • mo
    matthias o.
    24 March 2020 @ 07:55
    SLV is also a massive opportunity
    • TM
      The-First-James M.
      24 March 2020 @ 13:31
      Maybe, but never underestimate the capacity of Silver to disappoint as a precious metals trade.
    • MB
      Matthias B.
      29 March 2020 @ 19:04
      silver has been a notorious widow maker as I can personally confirm...
  • OS
    Oliver S.
    29 March 2020 @ 07:11
    A great interview with Keith.
  • XF
    Xavier F.
    28 March 2020 @ 03:24
    Alot going on here I thought it was excellent Thank you....
  • MA
    Mohammed A.
    26 March 2020 @ 09:01
    hey Raoul, in chapter 5 you guys talked about shorting stocks or buying puts. I'm in my 20 and I have around 5000. do you recommend that we buy put or short sell Apple, google, and Facebook ? I understand that is a high risk move but if you were in my please would you do it to grew your capital fast. from what I have read and learned is the in bear markets volatility can help make huge gains specially if we have liquidity problems some stocks will be sold fast for that liquidity. dropping the price fast. can you please just give a little guidance on what stocks you would like to either short or buy buts on and which way is better?
    • PK
      Prafulla K.
      26 March 2020 @ 16:06
      I wouldn’t short in this vol market, if you want to be long on short, look at SQQQ ETF, it’s a short on NASDAQ, essentially tech stocks, and you don’t have to worry about the risks coming from shorting individual stocks.
    • MT
      Mike T.
      27 March 2020 @ 08:05
      Shorting stocks through buying PUTS? Of course in recent weeks that idea will have worked nicely i.e. pay a debit to open a position, option prices spike up in a big way (volatility up) then close the position at a higher price than you paid to open. However please be aware over the longer term do not get in the habit of buying options as a go to strategy as the mathematics of probability are overwhelming in favour of the option SELLER, the option buyer is dead meat in the long run.
    • MA
      Mohammed A.
      27 March 2020 @ 16:13
      Thanks guys for the great comments. do to my age and the low amount of my capital, I wanted to know if I could use the what they talked about in chapter 6 to grow my capital. love the idea of using SQQQ ETF to grow my capital on the way down for the short term days to months and then used the money I make to buy stocks for the long term as in years. I believe that there is leg down more and I might take the shoot. do you guys think its good position to take? or is my logic wrong?
    • MT
      Mike T.
      27 March 2020 @ 22:51
      Mohammed, your question leads me to suggest put a temporary stop to trading, investing right now as I'm firmly of the belief it's not possible to be consistently profitable if you're reliant on the directional views of others. A PhD in mathematics would define stock movement as a 'standard normal variable' i.e. over time nobody consistently can predict what will happen i.e placing a directional trade is no better than a 50:50 shot. The solution to becoming self sufficient in finding trades and incorporating multiple strategies in your playbook is to learn the Options Market. It takes about three months of daily study, not to become competent far from it, but purely for a light bulb moment to appreciate why at three months it's necessary to embark on full subject matter immersion study period for 12 to 18 months. During this period trade only very small positions finding options strategies you like. After 18 months start to ramp up frequency of trading until you have maybe 3000 trades completed over the next year to prove your system. To be successful you need to trade frequently e.g. 80 to 100 small positions per week minimum to allow the mathematics to play out in your favour. The prize at the end of all that work by the time your 25 you will no longer need expensive subscription services. This is possible if you attain the ability to interpret the movement in options prices i.e. option prices are informationally very efficient in identifying opportunities.
  • IP
    IDA P.
    26 March 2020 @ 16:38
    Hello one question: for someone who can't use futures or options to short the market, would it be ok to use short ETFs ? I'm always worried that they may blow up or something like what happened this month to risk parirty or to the junior GDX with leverage....
    • MT
      Mike T.
      27 March 2020 @ 07:54
      Open a Margin account, so that you have access to 'all the toys' including options, futures etc even if only able to put a very small amount of capital in it e.g. $2500 the learning process will be invaluable, and even with just 2500 it's possible to find sufficient instruments and option strategies, micro futures etc with small buying power requirements to make the process really worthwhile in the long run. To anyone that might think they don't won't or need margin facilities, well it's the Regulators that mandate Margin accounts only to access all available trading instruments and strategies.
  • VB
    Vikram B.
    24 March 2020 @ 11:52
    What is the 'Old Wall'? Glass-Steagal?
    • RM
      Richard M.
      24 March 2020 @ 12:32
      I think he was referring to the "old wall street" brokerage houses.
    • TM
      The-First-James M.
      24 March 2020 @ 13:13
      Old Wall Street.
    • jR
      james R.
      24 March 2020 @ 13:40
      glass steagal and dodd frank are US finance Acts passed by Congress and signed into law- chk Wikipedia for details
    • RS
      Rajwinder S.
      25 March 2020 @ 09:24
      https://www.investopedia.com/articles/analyst/090501.asp "A Chinese wall is an ethical concept of separation between groups, departments or individuals within the same organization – a virtual barrier that prohibits communications or exchanges of information that could cause conflicts of interest. While the Chinese-wall concept exists in a variety of industries and professions, from journalism to law to insurance, it's most often associated – and originated – with the financial services sector: investment banks, retail banks, and brokerages. U.S. historical milestones illustrate why a Chinese wall was needed in and why legislation was created to keep it in place."
    • JW
      Jon W.
      25 March 2020 @ 14:57
      https://app.hedgeye.com/world/terminology#old-wall
    • VB
      Vikram B.
      27 March 2020 @ 04:07
      Sorry for my terrible typing. I meant to ask: “What is the ‘Old Wall’? Is he referring to Glass astragalus era division between commercial and investment banking?” Answers below suggest ‘Yes’ but tell me if not. Thanks!
  • PS
    Paul S.
    27 March 2020 @ 03:51
    Somebody's buying stocks in a massive, deliberate and irrational manner. I really HOPE those are private investors but I doubt it. With the FED's renovated standing facilities, what's to prevent a 'sympathetic' partner from buying shitloads of one or more stocks/ETF's, and having those new owners using their new assets as collateral in a pending FED transaction? (i.e. effectively circumventing the legal limits of the FED?)
  • JI
    Jesse I.
    27 March 2020 @ 02:34
    Are all ETFs shit in the current scenario? Do we think about selling them, holding cash until the real shit hits the fan... then, hopefully hit an upswing? After this first big dip, there is hope in the "herd's eyes" with the dip- but it will get worse- thinking about selling my equities that are managed by zombies then picking smart companies with the cash and investing after the market is in tatters later... Smart or dumb move? Classic mistake? I'm well diversified, but would like to mitigate the % that will inevitably take a bigger hit soon- Algorithm run funds.
  • bt
    brian t.
    26 March 2020 @ 22:13
    219 ceo's step down or clapped in Jan, 1300 ceo's out in the last year! google-larry page, sergery brin. on and on Great talk! MORE PLEASE opportunely knocks....lets go....
  • CV
    Collin V.
    26 March 2020 @ 18:36
    Incredible content.
  • GK
    George K.
    26 March 2020 @ 02:20
    Chapter 6 -what should the average investor do? Although I enjoyed the macro perspectives discussed, Keith’s response to this question was pure BS. He said nothing meaningful or actionable. Raoul, you asked an excellent and timely question and Keith danced around it with a few poorly placed platitudes Disappointing☹️. But I’m still a big fan of Real VIsion.
    • LM
      Liam M.
      26 March 2020 @ 09:06
      ha, dude, he said exactly what to do. smh
    • FB
      Fabian B.
      26 March 2020 @ 12:30
      What are you talking about? He said he'd short tech stocks. Hard to be more clear than that.
    • GA
      Giedrius A.
      26 March 2020 @ 17:49
      Would you prefer him sell you an online course? It's clear from his answer what he'd recommend you do.
  • WM
    William M.
    24 March 2020 @ 15:28
    The US dollar and all fiat currencies are now being debased by governments everywhere to extent that has never happened in history and with incredible speed. Playing around with the US dollar seems like a big waste of time. Get into real assets especially silver, platinum, gold...but also really high quality stocks with superior finances to get through this virus recession. Think longer term...it's impossible to pick the exact bottom for something like silver, but the upside over the next few years is truly enormous as governments everywhere fully embrace the Modern Monetary Theory experiment. Their determination to defeat deflation will finally work and $250 trillion in bonds face the double whammy of rising rates and rising defaults.
    • SB
      Stephen B.
      24 March 2020 @ 21:45
      I agree with everything you say with the exception of silver. I fear it has lost its monetary attraction and become a simple commodity (like copper did). Gold will never lose its alure but I fear Bitcoin has replaced silver for the retail buyer.
    • DM
      Daniel M.
      26 March 2020 @ 13:06
      As soon as someone cracks the bitcoin encryption it will go to zero, only a question of time. Try this with silver and add a diminishing supply (at low costs), due to reducing mining yields (high grade deposits are always exploited 1st), US geological institute sees silver running out first and usage in electronics and solar with very low recovery rates from recycling.
  • tc
    thomas c.
    25 March 2020 @ 01:28
    So much focus on monetary policy but that's obvious already, it's not the cure. Would like to see more talk on fiscal. What's in store from the legislation coming down?
    • SK
      Simon K.
      26 March 2020 @ 12:18
      7
  • MU
    Mo U.
    24 March 2020 @ 20:11
    I'm glad I did not follow Keith advice to short the market today. S&P500 finished 9% up today. Of course, who knows what will happen in the coming days, all bets are off!
    • DK
      D K.
      24 March 2020 @ 20:21
      One day is a grain of sand
    • SM
      Shivani M.
      25 March 2020 @ 02:44
      He said he is shorting the bounces. I think his play would be to sell AFTER it's up 9%.
    • PS
      Pavel S.
      26 March 2020 @ 11:40
      he did not advise you to short SP500 today. he even specifically mentioned you would have possibly ended up in the fuck bucket
  • AR
    Ankit R.
    26 March 2020 @ 05:31
    Impact on India please?
  • RR
    Robert R.
    25 March 2020 @ 16:28
    Great conversation. I need some help with it. A reading list to give me an understanding of "the cycle", and volatility, and the like. I am right on the edge of my understanding of much of this. Hate to admit it, but it's true.
    • JC
      Jason C.
      26 March 2020 @ 04:15
      For volatility I might recommend Nassim Nicholas Taleb's Incerto series, specifically Antifragile and Black Swan. He's also a big fan of Mandelbrot, whose book I have now transferred from bookshelf to nightstand.
  • BJ
    Buck J.
    25 March 2020 @ 01:51
    Dear Raoul & Keith, First off I love your content! I am in my early 30's and I have been teaching myself Macro Trading for the last 18 months. Prior to that I was in the real estate business for 10 years and made the switch to learn Macro Trading (no am not a Robinhoody lol) I have been a Real Vision subscriber for about a year & subscribed to Hedgeye about 2 months ago. I watch Hedgeye TV every morning 7am on the dot. I think what you guys do is awesome. Old Wall & the Cramers of the world could take a page out of your book or maybe even a couple. Raoul, I would love to be a part of your Black-List someday (I know I would learn a lot & build on my process). Keith I read your book Diary Of A Hedge Fund Manager & really enjoyed it (Am a Hockey fan too, CO AVS). Honestly the best money I've ever spent was taking a chance and subscribing to both of your webcasts. All the haters out there I got one thing to say to you... Don't hate the players, hate the game. Be well Raoul & Keith! Buck
    • RR
      Rahul R.
      25 March 2020 @ 02:39
      Buck which are the best value RV and hedgeye subscription plans? RV is way too expensive for me (on the pro plan now; referring to the next plan where the meat is). Thanks
    • BJ
      Buck J.
      25 March 2020 @ 02:58
      Rahul, As for RV I'd say the 1 year subscription that's around $450-$500 gives you a lot of access to RV interviews along with a variety of shows such as Jim Grant, Expert view, Grant Williams Going on The Road etc... As for Hedgeye the 1 year access for $350ish is well worth it. Includes Hedgeye TV Live and lots of great interviews with both Keith and Neil Howe (I recommend both there books too The Diary Of A Hedge Fund Manager (Keith) & The Forth Turning (Neil Howe) it will blow your mind. Best of luck man. Buck
    • RR
      Rahul R.
      25 March 2020 @ 16:21
      Thank you Buck much appreciated. take care
    • ns
      nakul s.
      25 March 2020 @ 19:37
      Dear Buck, Very interesting thoughts. Wanted to more how you are becoming a Macro Trader, what and where to upgrading skill sets to become a Macro Trader. Am already a Plus user on Real Vision and am taking the hedge eye subscription too( do let me know whichever is good) Really look forward to some feedback on Macro Trading. Regards, Nakul Saxena nakulsaxena@live.com
    • BJ
      Buck J.
      26 March 2020 @ 01:09
      Nakul, For me starting out it was all about learning & understanding the terminology along with the language. Similar to learning a foreign language you need to know what the words and terms mean before you can speak in full sentences. It really comes down to Finanical Literacy (Like reading comprehension in grade school). Theres a difference between reading the Wall Street Journal or Barrons and actually understanding what it is you're reading. What really helped me were the how to do XYZ for Dummies... -Stock Investing for Dummies -Bond Investing for Dummies -Money Management for Dummies Once you have the basics down & want to upgrade into the Macro -Currency Trading For Dummies -Hedge Funds for Dummies -Technical Analysis for Dummies (how to read charts) The best part is you can highlight and then go back and review with out having to reread the whole book. Other great books are: -The Art Of Short Selling -The Intelligent Investor (Ben Graham who was Buffets mentor) -Rich Dad Poor Dad -Keith also has a great selection of book recommendations on his Hedgeye site Once you have a grasps of Financial Literacy you then can watch interviews of the top Macro Traders like Keith & Raoul and start to really understand what it is they are talking about. (Like watching NFL Live on ESPN, if you don't know the terminology of Football you wont understand what the analysis are talking about even if you understand the big picture of Football. It's the difference of knowing what a Touchdown means vs knowing what a 3/4 Defense means or calling an audible at the line of scrimmage). The more you watch RV or Hedgeye along with other successful Macro guys like Stan Drunkenmiller or Ray Dalio it will start to click. Then comes the hard part... Actually putting skin in the game ($$$) making mistakes and learning from them. Hope this helps.
  • YR
    Yann R.
    25 March 2020 @ 22:20
    Did Keith just say Gold became uninvestable in Quad 4? Perhaps the Comex paper market agrees but the physical market CLEARLY disagrees.
  • WW
    William W.
    25 March 2020 @ 21:26
    I love what Raoul had to say about "current data vs. forward data" ...gem...
  • PS
    Pavel S.
    24 March 2020 @ 21:09
    Raoul, you are so bullish USD but US will be hit the hardest by the virus and will have to print the most? "Japanese like printing press" but US will print even more, no? Have you considered this and how much does the consideration of "US will be the sickest man (literally)" influences your model?
    • RP
      Raoul P. | Founder
      24 March 2020 @ 21:39
      I think its not about printing right now until we get to the battle of the biggest MMT but about the shortage caused a global trade collapse...
    • PS
      Pavel S.
      25 March 2020 @ 19:51
      Thank you for the reply. Much appreciated.
  • TE
    Thomas E.
    25 March 2020 @ 19:31
    I'm a Hedgeye subscriber. Combine Raoul and Keith and you will most likely have really good to great investment returns. So happy I found BOTH Hedgeye and RealVision.
  • bs
    bob s.
    25 March 2020 @ 18:50
    FUCKING FANTASTIC. PERIOD.
  • VK
    Vipin K.
    25 March 2020 @ 17:34
    Really like what you said is "where you are in the cycle".Did the same Raoul quit equities 2018 3rd quarter,got into gold then shorted in March now part cash,part gold. real vision helped.
  • RD
    Ryan D.
    24 March 2020 @ 12:45
    How does an instrument like $UUP work into the dollar bullish theme for those not facile playing futures? Or other suggestions for those who believe in the milkshake hypothesis?
    • AP
      ANTHONY P.
      24 March 2020 @ 15:03
      Raoul recommends the UUP for the long dollar trade. You can find that in various places if you search here. Today, on Twitter, he confirmed he is still all in on this trade. I found another dollar long ETF, USDU, that seems pretty similar, but I'm in no position to affirmatively recommend anything. Best of luck to all.
    • tc
      thomas c.
      24 March 2020 @ 15:18
      i'd like to hear Raoul comment on usdu. It has EM exposure and I think aussie, kiwi $s. decent volume.
    • SM
      Sean M.
      24 March 2020 @ 15:30
      I don't know exactly but i'm betting on being bullish on it. I will say that UUP is a bet against the major currencies- Euro,Yen,Pound,Canadian, Swedish, and Swiss so if you want to bet against some of the other currencies like the Peso and Brazian Real don't use it. The price action says this as well, UUP fell as the Euro and others shot up on the first wave of Equity pressure while the Peso was crumbling.
    • MT
      Mike T.
      24 March 2020 @ 21:15
      UUP ETF if that's the only long dollar instrument available to you, then ok. BUT it's a very poor trading instrument with really poor liquidity in the underlying itself and it's Options have even worse liquidity. Best use Futures and or the Options on the Futures. Anyone not comfortable with the aforementioned, next month The Smallexchange.com goes live and will open up simple to understand with much smaller notional values than 'regular' Futures.
    • AD
      A D.
      24 March 2020 @ 23:23
      Mike, what are some options on futures symbols for the long $ trade? How far out and how much out of the money? According to milkshake theorists we are at the early innings. Any ticker suggestions appreciated
    • MT
      Mike T.
      25 March 2020 @ 14:08
      FAO A.D. The symbol for USD Futures on most brokerages is /DX (DXY) however there is a small gotcha with /DX is that it's listed on https://www.theice.com/ and the brokerages market data fees for ICE are a rip off. However there is way around it. Most high liquidity futures are quoted on Globex where the fees are much less. Now /DX is not quoted on Globex but the following are /6A Aussie Dollar /6B British Pound /6C Canadian Dollar /6E Euro /6J Yen /DX is a representation of the USD against a basket of the above currencies plus also Swiss Franc and Swedish Krona. Now /6E makes up the biggest component approx 60% of /DX so without actually being able to trade DX itself, you would be expressing a long dollar position by shorting /6E. There are also 'micro' versions of the above on Globex /M6A /M6B /MCD /M6E /MJY
    • MT
      Mike T.
      25 March 2020 @ 14:17
      one more comment for A.D. you specifically asked about Options what month etc. I primarly look to establish short premium options positions for a $$ credit in any underlying not just FX futures at approx 45 days to expiry. You also asked how far OTM? Ans: Short Strikes should be beyond the expected move which approximates at 20 Delta.
  • GT
    Gideon T.
    24 March 2020 @ 23:01
    Would anyone tell me where Raoul taught trading eurodollar please? as mentioned @ 12 min
    • CS
      C S.
      25 March 2020 @ 05:41
      Its quite straight forward, especially if you're buying the futures (and can handle to leverage). I've been warned away from futures options as they are not exclusively a rate-trade, involves what happens to LIBOR rate too.
    • MT
      Mike T.
      25 March 2020 @ 13:49
      Eurodollar (90 day interest rate) futures are typically found on most broker platforms under the symbol < /GE > . The comment below from C.S. is quite right saying /GE is highly leveraged and it is with a notional value of $250K per contract $2500 per point BUT only requires sub $1000 buying power reduction per contract and this low BPR confirms /GE is a low risk way to play interest rates for even the smallest of accounts. If my memory is correct when Raoul did a piece on Eurodollars last year, he did reference /GE futures, but also suggested bying long dated Call options and with that idea I do have an issue. When considering buying Options (in any underlying) can sometimes work out, folks need to appreciate that the mathmatical odds of coming out a winner is loaded against the Option buyer and heaviliy in favour of the Options Seller. Buying options to the uninitiated sounds so tempting in risk a little, with the possibility of making a lot. However the probability of making money is very small when buying options. If you want to establish a Eurodollar position, futures a greatly preferred. The following link will take you to an introduction video Eurodollar futures. https://www.tastytrade.com/tt/shows/futures-for-rookies/episodes/eurodollar-futures-07-08-2016
  • jc
    joel c.
    25 March 2020 @ 07:44
    Great conversation. But what about the 6 trillions!!!! no limits helicopter money coming???
  • SW
    Simon W.
    25 March 2020 @ 07:23
    Great to hear it - keep it coming
  • ST
    Simon T.
    25 March 2020 @ 07:23
    Good interview, thanks, have the guts to short what everyone loves - the FAANG’s
  • JP
    Jettana P.
    25 March 2020 @ 06:05
    I want me a "fuck bucket"! Sounds like fun!
  • AR
    Ankit R.
    25 March 2020 @ 00:42
    Can someone translate the trades discussed for an Indian investor?
    • Hv
      Hannah v.
      25 March 2020 @ 01:59
      Buy American dollars and get a Hedgeye subscription. Short when Keith tells you to in “Real Time Alerts”. The Eurodollar trade and the bond trade are wrapping up. Shorting Story stocks is up next and Keith will guide you through it. Good Luck!
    • SM
      Shivani M.
      25 March 2020 @ 02:41
      Hannah, Raoul said he expects the Euro to go to 82 cents. Hedgeye is telling you the Eurodollar trade is wrapping up?
    • CS
      C S.
      25 March 2020 @ 05:38
      One takeaway is whether current market action is a bear-market bounce or the beginning of a V-shaped recovery. Raoul expects more downside, after a possible retracement with opportunity to rebuild shorts; Keith will wait for the market data to come in. Sky rocketing unemployment and the inability of fed actions to prevent it, and distress in other areas of debt market, will continue to lead the economic cycle and thus stocks lower.
  • CM
    C M.
    25 March 2020 @ 01:42
    Instead of watching two uber-Bears pat each other's back, I would find it much more interesting to see RP debate someone who disagrees strongly with his thesis. While i acknowledge the problems in today's economic environment, AFTER the market collapsed, I have begun to purchase stocks 6x EBITDA, 20% FCF yield, 85% recurring revenue that have minimal sensitivity to economic growth, etc. Everything has a price.
    • MK
      Michael K.
      25 March 2020 @ 03:27
      Which ones are those?
    • CS
      C S.
      25 March 2020 @ 05:28
      I suppose the value these uber bears may or may not bring you is the possibility that you are buying a bear markiet bounce and the value you perceive now ends up not being so. Wouldnt be consensus view.
  • SM
    Shivani M.
    25 March 2020 @ 02:38
    What does the Old Wall mean?
    • BJ
      Buck J.
      25 March 2020 @ 03:13
      Advisors selling you on a 60/40 portfolio (60% Stocks 40% Bonds) regardless of age, income, financial needs, and market cycles. Buck
    • TK
      Tero K.
      25 March 2020 @ 03:21
      Traditional Wall Street == Old Wall
    • CS
      C S.
      25 March 2020 @ 05:20
      The Great Wall of USA. Wall St.
  • MS
    Matt S.
    24 March 2020 @ 14:28
    Wow - years after pointing the streaming issue out on Real Vision videos which have no "buffeting" capability... still these videos constantly pausing, despite my 100Mbps connection speed. Makes it PAINFUL to try and watch this. DO SOMETHING ABOUT IT!
    • AP
      ANTHONY P.
      24 March 2020 @ 14:56
      They play smoothly for me and I'm in the woods.
    • AH
      Andrew H.
      24 March 2020 @ 14:59
      I had that issue a year or two ago, and it has since been resolved.
    • KT
      Kaloyan T.
      24 March 2020 @ 15:07
      Videos are delivered from Akamai, and Real Vision are using Brightcove services to manage the videos. There is literally nothing RV can do about the videos. Go short $AKAM
    • DA
      David A.
      24 March 2020 @ 15:22
      It's fine for me.
    • AP
      Ash P.
      24 March 2020 @ 15:57
      You've tried the normal stuff like clearing your cache and firewall settings? I ran into playback issues on Chrome a while back and it has struggled ever since - never could resolve it; I switched to Firefox - plays just fine on that browser. Another alternative ( I used this for a while - is to download onto the mobile app).
    • SA
      Saad A.
      24 March 2020 @ 17:10
      I have 12Mbps and works like a dream.
    • RP
      Raoul P. | Founder
      24 March 2020 @ 17:44
      We don't get reports of that anywhere Im afraid. It must somehow be at your end with your browser
    • DK
      D K.
      24 March 2020 @ 19:08
      I watch all these on my iPhone with zero isdues
    • SM
      Shivani M.
      25 March 2020 @ 02:54
      Smooth here. I used to have delays but that may have been when I lived in India.
    • LT
      Lori T.
      25 March 2020 @ 05:17
      I have problems too on my laptop. About half the time the videos appear to just hang but if I wait long enough they will resume. I don't think it's a buffering issue. And I can never play an RV video and switch to another tab without RV completely freezing. I use the Microsoft Edge browser with ad block, and if I had to guess I'd suspect it hasn't been tested with RV. Anyways I've almost given up trying to watch on my laptop, my phone though is fine with the RV app.
  • SL
    Simon L.
    24 March 2020 @ 16:20
    Excellent video I'll definitely watch dxy and jpy. Thx Raoul
    • EA
      EMRAH A.
      25 March 2020 @ 05:12
      how to trade this (dxy-jpy) as a retail investor?
  • JB
    James B.
    25 March 2020 @ 04:53
    Great video glad it was available to the retail battlers. No mention of the effect of unlimited QE and fiscal spending though?
  • MA
    Mikael A.
    25 March 2020 @ 04:39
    Nice to see two competitors being able to collaborate in these hard times.
    • RC
      Robert C.
      25 March 2020 @ 04:46
      To be honest, they are more complementary that competitors. Both give you a different toolset to solve problems. If you treat both their services to further your education in the markets, then it adds to your overall knowledge base.
  • LO
    Luke O.
    25 March 2020 @ 04:27
    Love watching these guys talk to each other, best real vision content.
  • MT
    Mike T.
    24 March 2020 @ 19:09
    as someone that rarely takes 'positions' using stocks outright (unless I want static delta) as buying/selling stocks outright is a very inefficient way to deploy capital. I pretty much use Options exclusively if I may a comment on liquidity. At the time of writing, there are just 50 stocks in the S&P 500 that qualify as having Options with optimal liquidity and even with the following very small list as shown below, I've noticed that during the first 60-90mins of market opening spreads are really wide (>$0.50 and way higher) and only narrow once intial trading period has past. As said at the time of writing the viable Options trading market within the S&P 500 is comprised of just 50 symbols in stocks listed below and 16 most liquid ETF's see below also. AAL AAPL AMD APA BA BAC BMY C CCL CMCSA CSCO CTL CVS DAL DIS DO F FB FCX GE GILD GIS GM HAL HBAN INTC IRM JPM KHC KMI KO M MPC MRO MSFT MU MYL NLSN NVDA NWL OXY PFE SBUX SWN T TWTR VZ WFC WMT XOM ETF's with Liquid Options: EEM EWZ FXI GDX GLD IWM QQQ SLV SPY TLT TQQQ USO VXX XLE XLU XOP
    • SS
      Steve S.
      24 March 2020 @ 19:19
      All my option positions are on the list above except for UUP which doesn't make your list Thanks for sharing.
    • DB
      Douglas B.
      24 March 2020 @ 21:28
      Brilliant, Mike! Thanks
    • AM
      Ajay M.
      24 March 2020 @ 22:23
      HYG also has great liquidity, tight spreads and some of the high delta puts have extremely low time value. COST may deserve a look despite liquidity concerns. Firstly a recession, never mind a depression, will cause discretionary spending to go down. Secondly, very unlike 2008, their Gasoline sales is hit by a double whammy - lower gas prices and negligible demand. I took a trip to 3 Costco's within 25 km and noticed the same thing - no queues at gas stations, gas at 65 cents in Canada - we've had it like NEVER. And customers walking out with low ticket price carts - toilet paper, flour, oil, canned goods, salt, diapers and stuff.
    • PP
      Patrick P.
      25 March 2020 @ 03:59
      Mike T.... One of the nuances of the market is the 9:50 reversal...Also each time of the day the market does a lot of repeating from most prior days.... It's almost like someone that repeats a routine over and over.........Read this https://dimensiontrader.com/indicator/zt.jpegs/docs/time%20tips.pdf
  • JA
    Jordan A.
    25 March 2020 @ 03:57
    Fomo*
  • JA
    Jordan A.
    25 March 2020 @ 03:51
    God I love Keith. No domo.
  • KL
    Kyle L.
    25 March 2020 @ 03:49
    This is fantastic I'm absolutely fascinated keep it up guys. Go into more depth please on "how does an average guy play this" and also the "slightly savvy guy".
  • EO
    Eric O.
    25 March 2020 @ 02:54
    Great Discussion. I have followed Keith since 2010(?) when he published his book and have been a Hedgeye subscriber for many years. Coach Keith and Raoul have kept me on the correct side of this cycle. Thank you! I remember Kieth discussion and writing about the low implied Vol vs 30 day realized showing epic complacency in Jan which got me thinking and putting on short positions (I wish I had done more). Great work and thank you both!
  • yd
    yon d.
    25 March 2020 @ 02:39
    Keith uses a lot of words, but doesn't say much.
  • EK
    Edward K.
    24 March 2020 @ 17:21
    Lots of great content to glean. Two insightful pros willing to share. Not mentioned but am awaiting "The Return of Value" headline somewhere soon.
    • EK
      Edward K.
      25 March 2020 @ 02:23
      Not headline but the value camel's nose is burrowing under the tent - https://www.marketwatch.com/story/if-you-do-this-now-you-might-be-able-to-double-your-retirement-portfolio-2020-03-23
  • PD
    Patrick D.
    25 March 2020 @ 01:46
    Really enjoyed this!
  • SS
    Steve S.
    24 March 2020 @ 11:41
    Raoul Pal and Keith McCullough are the only two people I have been listening to regarding trading and navigating these markets. I watch every single interview they do, and read every single tweet. I am a RV Pro and Hedgeye subscriber. Can't recommend them highly enough. This year so far, I've made the most $$$ from investing. Forever thankful to these two guys. I hope they get loads and loads of paying subscribers out of this. They deserve it. Thank you for everything.
    • HB
      Hans B.
      24 March 2020 @ 20:53
      Hear, hear. Thanks so much for all you do, Keith and Raoul!
    • PE
      Philip E.
      24 March 2020 @ 20:54
      What HE services do you subscribe to? They all seem valuable, but I probably don't have use for them all.
    • ER
      Eric R.
      25 March 2020 @ 01:42
      Phillip - start with Macro Show and Early Look. Then add risk ranges, which has paid for itself for me. If you don’t have another occupation real time alerts has a great track record back to 08, but I struggle monetizing with non financial career.
  • JH
    Jason H.
    25 March 2020 @ 01:24
    The technology to change work habits has been there for many years, IMO we where just waiting for a catalyst to trip the move. I thought it would be primarily an economic event, nothing like this.
  • BP
    Benjamin P.
    25 March 2020 @ 01:02
    Where can I learn more about the 4 Quads Keith is talking about?
    • RC
      Robert C.
      25 March 2020 @ 01:09
      Hedgeye. Also there was the investment ideas video that Ed did with Darious Dale about 3 months back on RV which talks a bit about the 4 Quads. Just subscribe to both Hedgeye and RV like I'm sure many of the RV subscribers including myself do. The content is top notch.
  • TS
    Thomas S.
    25 March 2020 @ 00:47
    Brilliant interview! Maybe a good substitute interview for Keith would be Nassim Taleb. While not as sweet of a disposition as the great Benoit Mandelbrot. Taleb probably knew him as well as anyone.
  • JH
    Jason H.
    25 March 2020 @ 00:46
    I thought they'd end run the buying of stocks?!
  • PS
    Patrick S.
    24 March 2020 @ 21:33
    Raoul please write a book, on that note does anybody have any book recommendations for a book that reads like Raoul trades, as far as macros go?
    • PK
      Prafulla K.
      25 March 2020 @ 00:10
      Raoul did write a book, it’s called “The Business Cycle”.
  • IP
    Isaac P.
    24 March 2020 @ 23:54
    Thank you both for being you. Enough Said :D
  • OS
    Oliver S.
    24 March 2020 @ 23:42
    Brilliant. I guess it's great when 2 minds reach the same conclusion, but via different means. Let's see how it plays out. Great stuff folks.
  • RR
    Robert R.
    24 March 2020 @ 11:59
    Two favourite people in discussion. What more could you want
    • TM
      The-First-James M.
      24 March 2020 @ 13:15
      As both a Realvision and Hedgeye subscriber, I would have liked Raoul to have discussed the long Bitcoin trade with Keith. For me, this was the only thing that was conspicuous by its absence. Not complaining though. The discussion was fantastic, regardless.
    • JW
      Joel W.
      24 March 2020 @ 18:31
      Great point about bitcoin - I hadn’t noticed.. I know Raoul has been accumulating, and Keith has none. But Keith will buy when his signals tell him to. I reckon if I only catch the part of the bitcoin move that Keith catches, that will be plenty.
    • TM
      The-First-James M.
      24 March 2020 @ 18:55
      Agreed Joel. He's traded it well.
    • LK
      Lauri K.
      24 March 2020 @ 23:36
      You need to accumulate Bitcoin to have any chance. When it "moons", you cannot get an account opened for months on any exchange. That's what happened in 2017. And I would advice against trading it with futures as it will probably diverge quickly from the actual market.
  • AB
    Adeel B.
    24 March 2020 @ 09:38
    How do you short these stocks in the UK as a retail investor? I don't want to use plus500 for it as it seems to mess you up
    • TM
      The-First-James M.
      24 March 2020 @ 13:20
      IG Group (Spreadbetting - be careful when trading on margin) or puts via Interactive Brokers.
    • Av
      Arthur v.
      24 March 2020 @ 23:19
      Open an account with Interactive brokers, they allow shorts on lots of stocks. The also have options trading.
  • gk
    garrison k.
    24 March 2020 @ 23:17
    Super Discussion ... Bring Keith back often ...
  • FG
    Flavio G.
    24 March 2020 @ 16:47
    Wonder how some people can create a virtual reality that makes you believe that you "called this one". F***-No. This guy Keith didn't call s***t. He was just pointing to slowing indicators (like quite a few others!) I am exhausted just from watching this ego-massaging-marathon.
    • js
      john s.
      24 March 2020 @ 17:17
      Keith actually had some initial losses due to the virus. Then changed his mind.
    • TH
      Tom H.
      24 March 2020 @ 17:37
      Keith actually did call it. Essentially negative corporate earnings growth, jobless claims to spike, Quad 4 called for Q2, etc. He didn’t know what the catalyst would be or how sharp the drop was coming is all. (He expect that the 4Q19 GDP number would have a zero handle and that might be the catalyst, it seems.)
    • CM
      Chris M.
      24 March 2020 @ 18:45
      Everyone that has a newsletter/subscription service claims they called it. Raoul has been negative for a while. Not a subscriber to Hedgeye, but have seen their free stuff where they talk Quad 4. No one saw the virus outside of Macrovoices that I follow until well into February as being the main catalyst. Lots of people knew the market was overvalued, over-leveraged, and slowly declining. Too many people were buying into the hyperbole of the "great" economy when the numbers were already saying something else.
    • CH
      Charlie H.
      24 March 2020 @ 21:28
      I'm subscribed to RV and Hedgeeye. Initially HE/Keith were sticking with Quad 3 in Q1 and a slight Quad 4 in Q2 when the virus news first hit in January. They were long Oil/Energy/Short USD as that is what their model indicates. They quickly flipped to "deep Quad 4" in their model once it was clear how devastating economically the COVID19 would be.
    • SB
      Stephen B.
      24 March 2020 @ 21:38
      No one has a crystal ball but Keith and Roaul were pretty amazingly close. All respect to them.
    • AM
      Ajay M.
      24 March 2020 @ 23:13
      No one really calls it - NO ONE, and no one can, let me show you why. I'll just talk about my own experience to show you the dilemma. Jan 23rd as Wuhan went into lock down, I immediately realized it will be Capital C crap if it comes on a cruise ship. Did I know for sure - NO. So looking at Risk Reward, I picked up RCL as they have 9% of their revenue from China. My WORST case scenario for RCL was a low of $68. That was our target #3 - Here's the internal discussion at our office "K: It does not have much strength and go up from resistance. It may come down because of virus and may go back up to touch the resistance. Targets 102-90-68 A: Drops down to 618 retracement of the bull run - 87, then virus scare goes away and inflation comes on thereby increasing prices and goes up to 170-190 target" We still did about 20x on the PUTs we bought which were only 5% of the portfolio. Could we have done better - absolutely, could we have bought 10% of the portfolio or even 85%? sure we could but not without adding on more risk that we think is safe for our portfolio. What if the virus couldn't take the high humidity on board a cruise ship? We could have lost that bet completely. Could we have pyramided on the way down? sure we could but not without throwing caution to the wind and playing with fire as buying options with very high Implied Volatility is not without its perils. Like any other good trade, the first 2 weeks it tested our patience completely and we felt like it perhaps was not going to go our way - i.e. the delta will not be worth the vega and theta decay. So I believe that except for GOD, no one can call it in Black and White. Everyone calls it in Risk Reward ratios. A set of probabilities to all 3 sides - Up, Down and sideways. You've got to pick up on it - like you pick radio signals. No one is going to hit someone on the head with a mallet with the call. AND these 2 gentlemen are doing a fabulous job calling it even now - Do you think FB or GOOGL will have more revenue this year or next ? Do you think MSFT will be any better ? will it sell more cloud services, more of the 40 year old MS office licenses - Gosh, we should perhaps have a 17 year limit on software licensing just like patents do. Do you think AMD has enough cash reserves and a product pipeline to escape the $2 valuation that it always gets in a depression. Do you think AAPL will still sell a $1000 iPhone with $800 of profit in it when the unemployment rate is 30%? Do you think DIS still can charge $170 day for the privilege of first queuing up at their gates, only to come in and queue up again at their rides. Here, I gave you some specific calls :) please consider these are just for entertainment purposes and are not investment advice.
  • FB
    Frank B.
    24 March 2020 @ 15:20
    Great content as always! To lighten things up, right around minute 23 and Keith is saying he’s in the chair, there’s a dude in the background walking through the video. Guess Keith isn’t the only one in the office chair.
    • Av
      Arthur v.
      24 March 2020 @ 23:11
      It is Darius Dale
  • TS
    Theodoros S.
    24 March 2020 @ 21:28
    I do not see how Alphabet and Facebook are good shorts say for a tenor of 2-3 years. I do not get it. On the other hand I believe that they could play an important role in Quad 4 and especially when we are back and going to Quad 1.
    • JF
      Jack F. | Real Vision
      24 March 2020 @ 22:50
      Theodoros I think Keith's point makes more sense when you look at the relative prices of put options. Put optionality on companies like Alphabet on Facebook remain relatively cheap, while options on perhaps more vulnerable companies like Tesla and American Airlines have gotten extremely expensive.
  • LP
    Lynn P.
    24 March 2020 @ 18:08
    I'm the retiree who kept 50% of his wealth in $ cash. I gather that puts me where McCullough would be. Where can I find information about the next quad, when growth and inflation accelerates. I am not going to short stocks, and I'm not sophisticated enough to do Raoul's dollar futures trade. What conservatively works in the next quad?
    • EH
      Erina H.
      24 March 2020 @ 18:25
      Am also interested in this answer; thank you!
    • LH
      Luke H.
      24 March 2020 @ 19:41
      Hedgeye University is good, https://app.hedgeye.com/world/terminology Also, the daily macro show is worth a watch - subscribe on Hedgeye.
    • SB
      Stephen B.
      24 March 2020 @ 21:17
      I am in a similar position. 33% gold, 33% cash; 33% utilities (sold my bond positions). Where next?
    • PD
      Pat D.
      24 March 2020 @ 22:04
      TLT , bond ETF
    • AM
      Ajay M.
      24 March 2020 @ 22:43
      Emerging markets are a source of growth and prized coz so. A possible bet (and please take this on entertainment value rather than a trade idea ... usual investment disclaimer applies), so a possible bet is to short Emerging Markets. Crappy for options traders due to lack of liquidity and higher Implied Volatility, but perfect for a less sophisticated investor. For example go short on EPI (Wisdom tree India Earnings fund). A - The only thing positive for the Indian economy is a lower Oil, but it's mileage is limited too - they are so polluted that they can't really have more cars on the road and push their economy higher. B - On the flip side, their wall street (refereed to as Dalal street - the word "dalal" means a middle man but commonly used to refer to a Pimp, so how true as Wall street does whore out the whole of main street), Their wall street has been ripping for years while first demonetization and then GST implementation and then a controversial anti-muslim immigration law has been causing immense problems domestically. C - If one country can have a capital C catastrophe due to COVID ... you guessed it right. Hope and pray that it doesn't happen. The loss of life will be really like shit hitting the fan. In fact your trade will work regardless, so you can very well afford to be nice in your prayers. D - You automatically benefit from the Dollar inflation trade that Raoul is talking about. You can also Short Canadian Banks - RY, BMO, BNS, TD and CM are cross listed. BNS and BMO have fair amount of exposure to Oil exploration and midstream. So, going short on them A - You automatically benefit from the dollar trade B - You benefit from bankruptcies in Oil sector C - You benefit from the standard PE reduction of a bear market D - Something more complicated, but what these banks did is they lowered their reserves and pushed the excess as profits. Showing such higher profits made their stocks rip higher. Now it will be reverse, they will have to increase their reserves, which might also mean raising more capital as their capital adequacy ratios may take a hit. But leave this complexity aside, as this will be in a couple of quarters and not immediately.
  • WC
    Wojciech C.
    24 March 2020 @ 22:13
    Hi Raul and the team, I've just subscribed after watching everything you guys posted on yt in last 6 months. Managed to get 50% upside thanks to the free materials you and Erik from Macro Voices were putting up. Thanks!
  • jh
    jason h.
    24 March 2020 @ 22:01
    F#ing Epic!
  • HC
    Hahns C.
    24 March 2020 @ 17:48
    Raoul - how is the Q-ball moving?!!
    • HC
      Hahns C.
      24 March 2020 @ 18:01
      The Q Ball on the billiard table Moved AGAIN!!!
    • RP
      Raoul P. | Founder
      24 March 2020 @ 21:41
      Its the aircon and the ceiling fans
  • MW
    Moritz W.
    24 March 2020 @ 12:26
    Raoul, your audio quality is horrible! Please get a microphone & put on headphones :)
    • TP
      Tom P.
      24 March 2020 @ 21:37
      I think we need to get used to this across all media channels!
  • BM
    Beth M.
    24 March 2020 @ 17:54
    Is the harsh language really necessary? Wow
    • BM
      Beth M.
      24 March 2020 @ 18:43
      More snowflakes about I see.
    • DM
      Doss M.
      24 March 2020 @ 20:53
      What’s not to like about a phuck bucket of volatility :)
  • MH
    Marcus H.
    24 March 2020 @ 20:43
    Brilliant....
  • KE
    Kathryn E.
    24 March 2020 @ 20:25
    Awesome interview. Thanks again RV!
  • CS
    Christopher S.
    24 March 2020 @ 19:23
    Tesla up 15% today...the short of a lifetime?
  • mk
    matthew k.
    24 March 2020 @ 09:53
    I am based in the UK how do i buy dollars in a cost effective way?
    • TM
      The-First-James M.
      24 March 2020 @ 13:19
      Open up a US Dollar foreign currency account with HSBC, then use a service like Transferwise or Revolut to do the exchange from GBP for you, and send it to this account. Alternatively, just hold US Dollars on Transferwise (Borderless Account) or Revolut. Just not sure if this method would be covered by the Financial Services compensation scheme though. If you don't trade FX, and want more juice with 3x leverage on daily moves, there is also the SGB3 ETF. Just be aware this is synthetic replication (swaps = counterparty risk) rather than physical though.
    • mk
      matthew k.
      24 March 2020 @ 15:09
      Thanks James, SGB3 sounds like a good option It's possible I'm better just buying GBSS or PHGP that way i'm backing gold prices and the dollar (v GBP)
    • TM
      The-First-James M.
      24 March 2020 @ 18:57
      Possibly Matthew. I've ridden the move down from $1.29 via SGB3, but am concerned about what could happen to this ETF if stockmarkets close for some time.
  • AH
    Andrew H.
    24 March 2020 @ 16:06
    Meh, I am a little bit more constructive. I have put a slight probability that we are closer to a 'near-term' low, if not a permanent low(over the coming month or two). I do see this as shorter duration before we begin a return to normalcy. An interesting comment was when Keith said that this is the greatest rate of change down. What if we see the greatest rate of change back up(not to old levels of economic activity, but up from these lows)and, in addition, the trillions of stimulus. Governments clearly can not let the junk bond market collapse, so that will be "saved" with policy. Who knows...
    • CM
      Chris M.
      24 March 2020 @ 18:42
      Think we can see a sharp bounce as people are dying to buy back in. And it is an unusual cycle. But based on past downturns, we should have several months of declines. Trump is talking about reopening the economy, but what does that mean. Virus will be running rampant through the population. A significant minority will need to be hospitalized, and a large number of people will not go back to their old habits to risk getting the virus. So agree with the guys, this will play out much longer but will have bear market rallies like today. Volatility is so crazy it is hard for me to participate. So holding onto my cash for now.
  • JL
    James L.
    24 March 2020 @ 18:31
    Just Terrific!!!
  • IL
    Ivo L.
    24 March 2020 @ 18:19
    Great insight
  • SW
    Sven W.
    24 March 2020 @ 18:00
    another amazing interview! keep the good work up. what is the old wall conspiracy?
  • AS
    Agustin S.
    24 March 2020 @ 17:58
    I take issue with Keith's statement in the 27th minute that millennials are seeing people fired for the first time. I am a millennial and I graduated into the Great Recession so this is my second time, I learned whereas my cohorts did not.
  • EB
    Eric B.
    24 March 2020 @ 17:55
    Respect Keith's process but he's a brutal interview
  • TS
    Todd S.
    24 March 2020 @ 17:48
    Helpful. Thanks.
  • CT
    Crispim T.
    24 March 2020 @ 14:05
    Needs Bitcoin (BTC) content.
    • RP
      Raoul P. | Founder
      24 March 2020 @ 17:45
      On its way....
  • LA
    Linda A.
    24 March 2020 @ 17:33
    THANK U!!! So against the grain- Great job!
  • tc
    thomas c.
    24 March 2020 @ 15:27
    Sub to HE. keith is a smart guy with a very good view. It shows when he's with his peers. His service is good for traders but he really does a disservice to retail. His retail offerings are lousy. Long on talk, poor on performance. Just feeds crumbs and hopes to get upgrades. His model is out of date, like driving by your rearview mirror. Time and money much better spent with RV
    • Av
      Arthur v.
      24 March 2020 @ 17:03
      I disagree, with Keith's service you need to be active. When he says in the macroshow to get out or he has changed his views, then you better follow. I find RV very useful for the educational part, but to get real trades out of it no, not as good as hedgeye.
  • MN
    MIMI N.
    24 March 2020 @ 16:50
    What is Raoluls twitter handle??? Can we get Keiths ?? Thank you .
    • PB
      Paul B.
      24 March 2020 @ 17:00
      @RaoulGMI @KeithMcCullough
  • Av
    Arthur v.
    24 March 2020 @ 16:50
    Subscribed to both of them, essential for any investor.
  • DP
    Duane P.
    24 March 2020 @ 16:39
    Stellar discussion!
  • ZM
    Zachary M.
    24 March 2020 @ 16:19
    LOL. This guy is gold.
  • TW
    Thomas W.
    24 March 2020 @ 16:13
    Fantastic conversation! Please bring Neil Howe on a gain soon too.
  • BS
    Bill S.
    24 March 2020 @ 16:07
    No panic here - listened to you both since getting clobbered 2002/08. Great interview...ever thought of a merger RV/Hedgeye - who needs to monetize? A combo could create some great products that address the ripoff in the wealth mgt business.
  • AP
    Anthony P.
    24 March 2020 @ 15:34
    Excellent as always. RV and Hedgeye are really all you need. I like how Raoul structured his question about advice to different investor styles.
  • PL
    Paul L.
    24 March 2020 @ 15:16
    Best quarantine special so far, great to see both the process driven and behaviour side of the analysis of the current situation. Thank you, Raul! Please do invite Keith or Neil back on regular basis!
  • TZ
    Tibor Z.
    24 March 2020 @ 13:47
    Please help on execute the trades! Real Vision could be so much more than just chatting about ideas in videos!
  • TZ
    Tibor Z.
    24 March 2020 @ 13:40
    Would be great to have some explanation /educational videos in additional to these conversations on how to execute these trades. We are not pros like you. That would be helpful. Most of us I think watching this and it is great but we don't know what to do with this info so we can't profit out of this. Thanks!
  • Sp
    Scott p.
    24 March 2020 @ 07:55
    How do you short trade these stocks as a retail investor in australia? There's CFD's but those seem like they're gamed to insure you can't sustainably win.
    • JL
      James L.
      24 March 2020 @ 08:19
      Saxo Trader in Australia have US options trading, so can but puts on US stocks. I think CMC and CommSec have Aussie options.
    • Sp
      Scott p.
      24 March 2020 @ 08:45
      Thanks James.
    • JC
      Jerry C.
      24 March 2020 @ 09:16
      Interactive Brokers
    • DB
      Doug B.
      24 March 2020 @ 09:57
      Interactive Brokers Australia will let you short stocks and futures. Get a direct access CFD Broker (IB is one). Use Citi short warrants (I know CommSec covers these) that trade on the ASX. But puts, but after vol falls.
    • TZ
      Tibor Z.
      24 March 2020 @ 13:40
      Would be great to have some explanation /educational videos in additional to these conversations on how to execute these trades. We are not pros like you. That would be helpful. Most of us I think watching this and it is great but we don't know what to do with this info so we can't profit out of this. Thanks!
  • MM
    Michael M.
    24 March 2020 @ 13:32
    Two great minds. Thank you for your incredible insight.
  • GR
    Grant R.
    24 March 2020 @ 09:07
    Had trouble with jargon and inherent assumptions of both.
    • GR
      Grant R.
      24 March 2020 @ 09:08
      Liked the interview though....
    • TM
      The-First-James M.
      24 March 2020 @ 13:30
      This is how you learn.
  • AP
    Ash P.
    24 March 2020 @ 13:25
    That's letting your balls hang out there. Amazing interview. I have that bright yellow book face down on about 6" from my laptop when I watched this...goosebumps.
  • JW
    Justin W.
    24 March 2020 @ 13:03
    I wish I could like this more than once, such a good combination together.
  • DF
    Dominic F.
    24 March 2020 @ 12:26
    Brilliant :-)
  • CF
    Christian F.
    24 March 2020 @ 12:12