Interview with David Hay

Published on
June 9th, 2016
Topic
Monetary policy, Liquidity, Credit Market
Duration
49 minutes
Asset class
Bonds/Rates/Credit, Cash, Equities

Interview with David Hay

The Interview ·
Featuring David Hay

Published on: June 9th, 2016 • Duration: 49 minutes • Asset Class: Bonds/Rates/Credit, Cash, Equities • Topic: Monetary policy, Liquidity, Credit Market

David Hay, CIO of Evergreen Gavekal brings his wisdom and experience back to Real Vision to discuss investing in the U.S. stock market in a time of uncertain returns, the two coin-faces of a recession, the strategic advantage of holding cash, and much, much more.

Comments

  • DP
    Damon P.
    28 June 2016 @ 23:15
    Excellent, candid and honest views. Thanks very much.
  • SS
    Stewart S.
    26 June 2016 @ 16:35
    one word. EXCELLENT
  • AG
    Alexander G.
    22 June 2016 @ 11:44
    Agree with most, except for complaints about socialism in the face of 50m+ people on food stamps, 1% of pop owning 50%+ of wealth and zero real income gains for median household since 1990's. Plenty of examples outside of US that you can have a prospering economy AND affordable (or even free) healthcare. Venezuela is not socialism; it's a cleptocracy.
  • AE
    Alex E.
    22 June 2016 @ 09:18
    This interview was too damned short!! Please have Mr. Hay back soon as I'm quite sure that we haven't heard half of what Mr. Hay has to say...
  • DO
    Daryl O.
    20 June 2016 @ 05:51
    A first class interview.
  • WM
    Will M.
    19 June 2016 @ 18:22
    Great interview. David comes across superbly, a consummate professional with balanced and well thought out reasoning to support his positions. What a mess this all is and that it could go on for even another year or two is just frightening. Great job Grant and RVT.
  • jm
    john m.
    16 June 2016 @ 02:34
    Question: Are the ETF custodians exposed to risk in a liquidity crisis? I understand that it will be difficult for them to rebalance but are they exposed to losses if they can't sell and rebalance? Or is it all a pass through to ETF investors?
  • MT
    Mike T.
    14 June 2016 @ 19:26
  • M
    Mark .
    13 June 2016 @ 20:47
    We need way more citizens that have an honest knowledge of history and economics. Critical Theory and the Frankfurt school have killed us.
  • RA
    Ricardo A.
    13 June 2016 @ 14:14
    Think he was referring to Mervyn King when he said "the only thing the FED cares is S&P"
  • NS
    Niek S.
    13 June 2016 @ 08:15
    The liquidity part was really top notch! Thanks guys, awesome interview!
  • ww
    will w.
    13 June 2016 @ 06:54
    Being the thorough gentleman that he is, David is at least somewhat soft-spoken; this may be main factor in the perceived low(er) volume level. Suggestion to RV: if your recording rig is same each time, you can check each segment's level before going 'live' & adjust gain for a reference level that you know results in excellent audio levels for viewers. Must also be careful that participants maintain a steady distance between mouth & mic throughout each session (not a factor this time, but has been a bit of one a few times).
  • je
    james e.
    13 June 2016 @ 02:29
    Grant, your interviewing skills are outstanding and matched only by the quality of your interviewees' knowledge. David is not just a great investment advisor and investor, but his interest in understanding the "why" behind markets shines through. As much as I love David's knowledge and experience, his humility is more endearing. A great guy and real thought leader. Excellent interview.
  • DS
    David S.
    13 June 2016 @ 00:33
    I wonder if we have reached the point in human complexity that no government can be effective in promoting the long-term welfare of its citizens.
  • RA
    Robert A.
    12 June 2016 @ 23:21
    Great questions indeed, Grant! Of course it may help that you know you are going to get a well reasoned pithy and concise answer. Really nice interview.
  • JC
    Justin C.
    12 June 2016 @ 23:09
    Another of the really great RVTV interviews. The point about retired boomers being cash-strapped has to be so hugely relevant to the inflation/deflation outlook. In a negative real interest rate world, the price of just about everything matters to retirees unless they have a generous RPI-linked defined-benefit pension. Even those lucky enough to have one must worry as to whether their scheme will be able to continue paying out with so little yield available. Is the writing on the wall at Tata Steel?
  • rm
    richard m.
    12 June 2016 @ 20:56
    This is all getting a bit scary.. Btw,the volume is an issue. Tried to listen my car on a trip yesterday ,but couldn't hear even with head phones
  • JC
    Joe C.
    12 June 2016 @ 12:53
    Great interview!
  • S
    Simon .
    12 June 2016 @ 07:33
    Can't understand the down votes for this. What is not to like?
  • GA
    Greg A.
    12 June 2016 @ 05:58
    Bravo Grant!! I thoroughly enjoyed this interview. The ending about why politics have gotten so weird was spot on I believe. The people just feel it in their stomach that something isn't quite right. RealVisionTV FTW!!
  • CB
    CHRIS B.
    12 June 2016 @ 03:25
    or maybe improve the miocrophone on the interviewee
  • CB
    CHRIS B.
    12 June 2016 @ 03:21
    can you turn up the volume
  • ls
    lawrence s.
    11 June 2016 @ 19:04
    Great piece just wish there were more answers but it is all in the clouds just when??????????
  • ls
    lawrence s.
    11 June 2016 @ 19:04
    Great piece just wish there were more answers but it is all in the clouds just when??????????
  • KH
    Katrina H.
    11 June 2016 @ 18:58
    This interview is definitely a re-watch. A treasure trove of information. Thanks RV!
  • MM
    MZ M.
    11 June 2016 @ 17:44
    Excellent conversation Grant and David with many excellent points made and take-aways to think more about. Thank you!
  • mj
    maria j.
    11 June 2016 @ 14:09
    excellent
  • BF
    Bruce F.
    11 June 2016 @ 09:49
    in general, so right it is truly scary
  • AP
    A P.
    11 June 2016 @ 04:22
    Many thanks for this excellent talk. The ETF / underlying instruments' liquidity issue is hugely disconcerting; further discussion on this would be hugely appreciated! Again, thanks.
  • db
    don b.
    11 June 2016 @ 00:08
    Great job guys!!
  • DL
    Derek L.
    10 June 2016 @ 22:59
    The Japanese government owns 52% of their ETF market? Wow! We are through the looking glass indeed...Great stuff.
  • ET
    Ed T.
    10 June 2016 @ 20:57
    Great interview! Agree with the comments about socialism at then end. At the same time, Sanders is the only guy who spoke about serious campaign finance reform. Until we see that, I think it will be difficult to change much that plagues both the economy and financial markets.
  • LA
    Linda A.
    10 June 2016 @ 19:44
    Thought provoking interview! The ECB & Feds are trying to force everyone into the stock mkt. Due to waning confidence in central banks, they will be the primary buyer of the stock mtkt. I believe that the Feds will soon follow the ECB's lead with CSPP (buying corporate debt). Non-US demand for the dollar must remain high, or the dollar will fall. Money is being printed with nothing to back it so that it can be used to buy US government debt. I can see why smart money is leaving the stock mkt. & into gold & other safe havens.
  • DS
    David S.
    10 June 2016 @ 19:35
    100% socialism the country is broke. 100% capitalism the country is in revolution. "A Question of Balance." Responsible social programs are paid for by long-term wealth generated by capitalism. Finland's credit rating was reduced as tax revenues declined - paper, exports and Nokia. The balance is every changing.
  • pd
    preston d.
    10 June 2016 @ 19:30
    Grant, you get better at interviewing every time. Raoul, you can't possibly have imagined a richer service—thanks for chasing your real vision. David, thank you for all the reading you do, digesting, and then sharing your evolving perspective with Grant and the rest of us.
  • EL
    Elizabeth L.
    10 June 2016 @ 19:14
    Thks David and Grant. Extremely helpful Grant would it be possible to put your mentioned presentation on RV?
  • DS
    David S.
    10 June 2016 @ 19:08
    Wikiquote - Tocqueville or Tytler - "Variant: The American Republic will endure, until politicians realize they can bribe the people with their own money."
  • SS
    Sam S.
    10 June 2016 @ 19:06
    F*****Awesome! Love the real estate comments, credit spreads, all of it.
  • TH
    Timo H.
    10 June 2016 @ 17:44
    There were two so bright guys on the video that I had to wear shades.
  • jw
    jackson w.
    10 June 2016 @ 17:18
    great interview. nice to see both sides of the argument
  • CH
    Calvin H.
    10 June 2016 @ 16:06
    One of the strongest interviews from both sides in a while on this site. Thanks
  • TS
    Thomas S.
    10 June 2016 @ 15:11
    Dear RVTV pls can we get Charles Gave or Louis Gave (again) on please?

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