Grant Williams in Conversation with Felix Zulauf

Featuring Felix Zulauf

Felix Zulauf is an investing legend who has been a member of the Barron’s Roundtable for over 30 years. Famous for his big calls ahead of the 1987 crash, the bursting of the bubbles in Japan and US tech, and the subprime crisis, he has built a stellar track record over a 40-year career. For the fourth in his “In Conversation with…” series, Grant Williams travels to Felix’s home in Naples, Florida to talk about that storied career and the important lessons that Felix has learned along the way. Filmed from March 10 to March 12, 2018.

Published on
30 March, 2018
Topic
Career, History
Duration
92 minutes
Asset class
Equities
Rating
46

Comments

  • AS

    Abu S.

    7 11 2018 18:37

    0       0

    Great Interview...Thanks Grant...
    I suggest making regular interviews with Mr Felix Zulauf, e.g quarterly or on half year basis, to update viewers on his insight about global market cycles.

  • RS

    Robert S.

    4 11 2018 19:14

    1       0

    Great mind and great interview!

  • WP

    William P.

    6 10 2018 00:20

    2       0

    Outstanding.

  • GG

    Geoff G.

    20 9 2018 11:40

    2       0

    I’ve watched about 70 videos on RV this one so far is the best.
    Felix mentions subscribers, are there any in here?

  • JC

    James C.

    7 9 2018 07:30

    1       1

    Really lovely interview. Felix comes across as a wonderfully insightful and independent thinker. Great stuff Grant!

  • JS

    Jason S.

    20 8 2018 15:15

    1       0

    This interview is incredible - really paints a picture of the future. Felix is an absolute genius, as well!

  • SP

    Seth P.

    12 8 2018 18:10

    1       0

    Fantastic interview. So many hard earned insights.

  • AT

    Atul T.

    15 7 2018 05:03

    2       0

    Really great! Will watch again.

  • JL

    Jim L.

    8 7 2018 02:41

    0       0

    spot on

  • CL

    Chewy L.

    24 6 2018 14:17

    2       0

    He sure got the direction of the $ right after ~3.5 months after the interview.

  • DM

    Darius M.

    1 6 2018 09:25

    1       0

    hehe personal touch of Florida "39:52" ;D

  • RP

    Ron P.

    13 5 2018 09:43

    3       0

    To sit at the feet of giants.
    A brilliant interview subject, brilliantly interviewed.
    Pure gold!

  • JW

    James W.

    3 5 2018 02:49

    2       0

    In my view this interview was close to perfection. The depth and pacing of both Mr. Zulauf and Grant were excellent, and we got some directly pertinent analysis of the current market.

  • KN

    Kapilan N.

    29 4 2018 23:46

    1       2

    Can anyone explain to me why did he say that he normally buy futures and double up with option as market to rally? Why not the other way around?

  • TT

    Timothy T.

    29 4 2018 04:57

    2       0

    "At turning points, you are lonely". I have been there a few times.
    Great interview. A lot of resonance with his experience

  • SH

    Stefan H.

    27 4 2018 20:48

    0       0

    Great interview! Super! Thanks.

  • HL

    Hardik L.

    27 4 2018 03:10

    0       0

    this is a really good interview !!!

  • BT

    Bazsi T.

    23 4 2018 00:45

    0       1

    How do you trade?

  • AA

    Aaron A.

    19 4 2018 18:08

    0       0

    This has to be one of the best interviews I've seen on RV. Thank you Grant and team!

  • RF

    Robert F.

    13 4 2018 19:37

    0       0

    My favourite interview so far. Great work RV

  • MB

    Matthew B.

    13 4 2018 06:57

    2       0

    One of the most enjoyable episodes, excellent work!

  • GS

    Greg S.

    10 4 2018 10:36

    0       0

    Excellent work Grant, thoroughly enjoyed that

  • ii

    ida i.

    8 4 2018 17:54

    5       0

    You are always alone at the turning points, it is so true!!

  • DR

    Daren R.

    7 4 2018 16:12

    6       0

    Perfect calm and clarity of the interview a testament to Felix's ongoing industry, evident from his well thought views on current markets and also Grants prep and contemplative and considered style. Enjoyed it thanks.

  • NW

    Norbert W.

    6 4 2018 16:13

    0       0

    Awesome piece, Grant. Have you guys thought about making this available (for a discount) to selected business schools, or on learning platforms/online degree sites? Considering that the young generation prefers watching screens over reading, you should have a huge market there! Cheers from Austin!

  • CH

    Connor H.

    6 4 2018 15:08

    5       5

    A few years ago Felix was on the Barron's roundtable and said to short everything essentially, every geographic region of the world.
    I did and lost a fair amount of money. I will skip his interview.

  • B

    Bojo .

    6 4 2018 14:58

    2       1

    This is why Real Vision is worth paying for.

  • MS

    Matt S.

    6 4 2018 06:44

    1       1

    what does he mean you could buy P/E ratios that were lower than the dividend yield?

  • MB

    Michael B.

    5 4 2018 11:46

    4       0

    CAnt say enough about interview best I’ve seen. Be good Grant if you post summary points at end. I’m usually on treadmill or car this easy screen shot to retain. Excellent job you did

  • AM

    Alexander M.

    5 4 2018 04:27

    7       0

    Grant- love your work and humbleness

  • AR

    Alex R.

    5 4 2018 01:39

    20       1

    Grant is a better interviewer than either Pal or Jim. He does not try to prove how smart he is or derail the momentum with interjections. Each interview is an improvement, you can tell he works at it.

  • RA

    Robert A.

    4 4 2018 20:31

    3       0

    Lovely, just lovely. Felix and Tony Dee....these two Gentlemen will be with me for a long time (partly because of how many times I will replay them). This is Northstar stuff and not easy to come by—thanks again Curator Milton.

    But oh that Silver story! I thought I had one of MY Financial suicide by self buried deep....and then Felix comes with this! So...I’m about 30, a Harry Browne devotee, and catch some of the late 70’s Real Estate cycle where I wind up about 90% in RE. So, I decide to “diversify” and sell a major holding and put it all in....wait for it....Silver! Within days/week’s Silver goes to $10 and I lose half the money—subsequent review revealed that I kind of missed a Harry Browne “diversifying” trick—you don’t “diversify” by moving from one asset to a different one in the same Asset class (Real Estate and Precious Metals per HB both react to inflation or lack there of similarly much of the time). Dumb @ 30 and perhaps only a little less so 35 years later. Renewing my “hand holding” RV subscription will be a no brainer!

  • RB

    Richard B.

    3 4 2018 16:34

    0       3

    If I had a penny for every time moans about how much harder its getting to manage money......

  • MM

    Michael M.

    3 4 2018 11:07

    2       0

    Superb interview. One small point of criticism is that it would have been good for Grant to present the contrary case on rising bond yields - i.e. Japan.

    Absolutely love this series, thanks.

  • NA

    Nickle A.

    2 4 2018 23:09

    3       0

    Absolutely brilliant.
    Excellent interview of a brilliant market legend, Grant. Well worth the subscription.
    Bravo!

  • JG

    Jeff G.

    2 4 2018 20:03

    3       1

    Wonderful production values - very professional. Grant, you've found your calling (to our great benefit). So, those "20 stocks that everyone knows about" - everyone but me, for the record.

  • GH

    Gary H.

    2 4 2018 18:25

    4       0

    An instant classic with one of the all time greats. Thank You RV for the incredible insight. Can't imagine how anybody gave this a thumbs down

  • TJ

    Terry J.

    2 4 2018 15:54

    0       0

    Another brilliant interview that I could have listened to for hours! Fascinating series that somehow manages to get even better with each new guest! Highly educational; I learnt so much!

  • ag

    anthony g.

    2 4 2018 15:42

    3       0

    good interview. Learned a lot. Let's see if Zulauf will do it again ?
    Many thanks to Grant and the RV team.

  • sm

    sayit m.

    2 4 2018 03:27

    11       0

    One of the best interview on RVtv, Very educational. Thanks for the great work.

  • NI

    Nate I.

    2 4 2018 00:27

    5       0

    That was an outstanding interview Grant. I would still rank your conversation with Anthony Deden at #1, but you didn't make it an easy choice. Please keep these conversations coming.

  • ML

    M L.

    1 4 2018 23:15

    4       0

    Excellent interview. Definitely one of the best (if not the best) interviews on RealVision. And the best of Grant's Conversation series. Well done, Grant for interviewing Felix!

  • DY

    Dmytro Y.

    1 4 2018 16:01

    2       0

    Best interview by RVTV. Real treasure to watch. Thank you!

  • RM

    Richard M.

    1 4 2018 13:45

    14       0

    RVTV, I second the request down below (somewhere) that asks if you could get Felix to possibly submit one of his subscriber letters to the RV Publications site for us to view. That would be fantastic!

  • IC

    Ibrahim C.

    1 4 2018 11:55

    0       0

    I have to say that this is a real piece of wealth for me and real value of being a RVTV subscriber!
    However, it would be great to know his annual rate of return consistently over his trading career, as Peter Brandt recently said in the RV Trader portion that nobody can barely master over 50% consistently over the years.

  • TT

    Tokyo T.

    1 4 2018 11:15

    1       0

    Great job Grant, fantastic interview mate.

  • PC

    Peter C.

    1 4 2018 07:52

    8       0

    More of this conversation. RV TV you need to tell us paying customers.

    https://www.youtube.com/watch?v=wfzmgfYiMYM

  • GO

    Gary O.

    1 4 2018 01:57

    19       0

    If you did not learn something from this one, cancel your subscription. This guy is gold. Part two in one year would be great!

  • BP

    Bryce P.

    1 4 2018 01:24

    12       1

    One of the best interviews I've watched on RV. Felix was Fantastic!!!

  • DP

    Devraj P.

    31 3 2018 22:54

    9       0

    Would be great if Felix Zulauf would publish report under Think Tank !!!
    None the less spectacular work Grant !!

  • GA

    Gustavo A.

    31 3 2018 22:07

    3       0

    Does anyone have comments to share on Felix’s news letter

  • AH

    Andreas H.

    31 3 2018 18:35

    0       0

    very, very good one, because Felix is a bull when you need to be a bull and a bear when you need to be a bear, very, flexible, always seeing the opportunity! Great Interview! His call on Europe (continental) is exactly right!

  • JH

    Jesse H.

    31 3 2018 18:12

    24       0

    Fantastic interview, that's for sure. Three key themes that keep coming up for me with these superb interviews by Grant (Felix Zulauf, Tony Deden, others):
    - "At important [market] turning points, you're always alone." No kidding.
    - Exceptional investors think for themselves and follow the courage of their convictions, while at the same time mixing in a healthy dose of pragmatism to manage risk. These are two key long-term ingredients of success.
    - The markets have totally changed over the last 25 years -- we are no longer dealing with our historic (and cherished) free-market system. We are increasingly dealing with a market framework which is the result of some hidden & some overt collaborations between financial and political elites. This is especially clear to me when it comes to US markets. The cost of this collaboration is wider societal prosperity and economic mobility for young people...both of which have been hammered in recent decades. Intervention at the current scale is hurting most of us, and is building in huge market inefficiencies and distortions which may unwind very unpleasantly when the lie of central bank interventionism dies, which it inevitably will eventually.

  • rr

    rlw r.

    31 3 2018 18:06

    5       0

    Just bloody brilliant, thank you Grant and Felix

  • PB

    Pieter B.

    31 3 2018 14:01

    10       0

    Felix you are one of my big heroes! Grant: massive thanks for your fantastic work again!

  • JD

    John D.

    31 3 2018 14:01

    5       0

    Superb !!! Well done Grant...

  • rp

    ross p.

    31 3 2018 13:45

    10       0

    Felix thank you for sharing your experiences and views on the markets. So many things I was able to learn from this fantastic interview. I found that his ability to time market cycles and follow his convictions is how he excelled from the crowd. Wish the interview was twice as long. Grant hopefully you can interview him again. Awesome

  • RL

    Rui L.

    31 3 2018 12:20

    9       0

    i liked him. I also listened to https://www.bloomberg.com/news/audio/2017-11-21/felix-zulauf-discusses-the-evolution-of-markets , in case of interest . best!

  • MM

    Michael M.

    31 3 2018 12:15

    2       0

    fantastic

  • BR

    Bernard R.

    31 3 2018 11:12

    4       0

    Fantastic interview!

    Listening to Mr. Zulauf's storied career was Riveting! (

    Grant you outdid yourself on this one.

    WOW and Thanks you so much!

  • bh

    bjorn h.

    31 3 2018 08:55

    5       0

    A thematic follow up after this excellent interview would be on his correction in commodities, bearish case on copper and other base metals premise. The Tesla and electric car structural bulls are now big bulls on copper, so this would be an interesting episode as demand supply analysis on copper usage in electric vehicles seem somewhat optimistic. I would of liked to understand more on how Felix's framework comes to the understanding that long commodities is a consensus trade. Since he is a seasoned futures trader, I am assuming it is his reference to the overly bullish speculative positioning in CFTC and that often can be used to time the shorter cycles. Other than that. I would of very much liked to understand how he sets up a check list for the contrarian, lonely phase which he described that is part of his process.

  • FC

    Fractal C.

    31 3 2018 00:07

    6       6

    Big fan of Felix. BUT BUT BUT, Grant needs to bring this down a bit at an investment framework level rather than keep it at people and personality level. It was really important to understand Felix's investment framework and get some examples of business / market cycles. Anyways!

  • BT

    Brian T.

    30 3 2018 23:05

    6       0

    Top marks! I don’t know how Grant keeps outdoing himself but it is truly extraordinary. And thank you Felix for the gracious contribution of your time and wisdom. Bravo!

  • js

    jacob s.

    30 3 2018 22:39

    2       0

    Very humble.

  • LC

    Liliana C.

    30 3 2018 22:08

    9       0

    What a super smart, genuine and humble man! Love Felix and thank you for the golden nuggets --where he sees this cycle going. Terrific!

  • JM

    Joakim M.

    30 3 2018 21:15

    5       0

    Brilliant

  • MT

    Michael T.

    30 3 2018 20:38

    14       1

    Excellent as always, Grant- I really like this series, your excellent selection of guests, your fantastic social aptitude and your extraordinary ability in interviewing your guests in a way that lets us learn a lot from their wealth of experience.

  • TE

    Tito E.

    30 3 2018 19:16

    3       0

    Felix Zulauf's like Lisa from Weird Science; all the best attributes in one!

  • RM

    Ronnie M.

    30 3 2018 19:07

    6       0

    Felix is the man! Haven't laughed so much watching a finance video... his '87 story is classic. Well done, Grant

  • BA

    Ben A.

    30 3 2018 18:33

    7       0

    Another Real Vision " Tour de force". Grant has a very unique skill. Thanks RV! Felix is a legend in his own lunch time!

  • ed

    elizabeth d.

    30 3 2018 17:56

    15       0

    I think perhaps my favorite series yet (although Jim Grant was pretty awesome too). Bravo Grant! Can't wait for the next one!

  • PJ

    Peter J.

    30 3 2018 17:38

    12       0

    Great interview, the last half hour was especially good and worth re-watching

  • AD

    Ajit D.

    30 3 2018 17:01

    4       0

    EXCELLENT!!!

  • SS

    Steve S.

    30 3 2018 16:15

    12       0

    Once again another insightful and thoughtful discussion with an individual of character and deep experience. RV provides access to a range of mentors in life and business that I've never been able to find elsewhere. Greatly appreciate your time Felix and the sincerity of your approach Grant in exploring people's life journeys. Thank you.

  • DD

    Daniel D.

    30 3 2018 16:01

    15       0

    So grateful to Felix and Grant for this type of conversation. It's very refreshing and insightful when you get humble, honest and experienced reflection of an outstanding career and participation in the markets. Another outstanding RV piece, thank you.

  • DK

    Damian K.

    30 3 2018 15:43

    5       1

    Top quality interview. Felix is a sharp thinker and a straightforward person. Good stuff

  • ii

    ida i.

    30 3 2018 15:27

    3       1

    I was happy as soon as I read the title

  • RM

    Richard M.

    30 3 2018 15:13

    29       0

    Wow Grant - you keep knocking it out of the park with these one-on-one interviews with the living legends of finance. I really enjoy and LEARN so much from these interviews. I don't know how you will keep up this level of "amazing" but I will definitely continue to watch and look forward to as many more of these as you can do. Thank you so much for this precious time! [and Felix thank you so much for sharing your insights - just fantastic stuff. I hope you are enjoying life in "retirement" as you definitely deserve it!]

  • SB

    Stephen B.

    30 3 2018 12:25

    48       1

    Cant believe that Grant managed to persuade Felix Zulauf to give an in depth interview. Another great interview - one of my all time favorites.

  • JB

    Jack B.

    30 3 2018 10:50

    15       0

    Just fantastic!