Secrets of the Short Book – Russell Clark

Featuring Russell Clark

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.

Published on
14 July, 2017
Topic
Portfolio Management, Hedge fund, Macro
Duration
62 minutes
Asset class
Currencies, Commodities, Bonds/Rates/Credit
Rating
31

Comments

  • GS

    George S.

    24 6 2018 22:49

    1       0

    1 year later, i keep reviewing this one...so much in it!

    • CM

      C M.

      4 7 2018 02:42

      0       0

      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.

  • VS

    Vasil S.

    31 10 2017 09:23

    0       0

    That was awesome!

  • fc

    frank c.

    12 8 2017 14:47

    1       0

    transition!!!

    • DC

      D C.

      24 10 2017 21:18

      1       0

      Fog sweeps over the snow caps of Everest...

  • CM

    Chris M.

    9 8 2017 14:24

    2       0

    Excellent interview. One of the better macro interviews I have seen.

  • jh

    jim h.

    3 8 2017 23:27

    0       0

    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.

  • bs

    bernard s.

    28 7 2017 05:15

    1       0

    does this mean that one should be overweight EMFX?

  • TS

    Tom S.

    27 7 2017 12:44

    1       0

    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 7 2017 11:51

    1       0

    Gonna have to watch this one a few times... way too smart for me haha

  • RD

    RP D.

    26 7 2017 22:20

    1       0

    Never heard of this guy until now. Wow, quality cognition... and honest eyes.

    Thanks Milton!

  • DS

    David S.

    24 7 2017 00:25

    2       0

    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 7 2017 00:25

    5       2

    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 7 2017 21:10

    1       0

    SMART GUY

  • bb

    buck b.

    23 7 2017 03:28

    7       1

    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!

  • MS

    Matt S.

    20 7 2017 06:42

    20       0

    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 7 2017 06:42

    1       1

    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!

  • RA

    Robert A.

    20 7 2017 02:09

    3       0

    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 7 2017 07:21

      3       1

      it's too much fo me, even at discount - also, I have no guarantee I would even be able to understand it.

  • CM

    Charles M.

    19 7 2017 17:07

    8       0

    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 7 2017 15:56

    7       0

    Up there with the best RV interviews so far. Must get Russell back is possible for a follow up

  • NH

    Neil H.

    18 7 2017 19:22

    7       0

    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 7 2017 03:42

    1       0

    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 7 2017 23:22

    1       0

    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.

    https://www.amazon.com/dp/B00EOE0WKQ

    This doesn't say they won't try again, but they lost a lot of money on that project.

  • DC

    Darren C.

    17 7 2017 19:30

    4       0

    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 https://www.horsemancapital.com/marketviews/russell-clark/2017/05/the-capital-destructive-nature-of-the-us-shale-industry
    and
    https://www.horsemancapital.com/marketviews/russell-clark/2017/07/the-end-of-the-texas-tea-party
    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."

  • AB

    AJ B.

    17 7 2017 19:24

    3       9

    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 7 2017 07:13

      5       0

      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 7 2017 07:14

      0       0

      oh! and it has expandable third party memory too.

    • JC

      John C.

      23 7 2017 12:11

      1       0

      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.

  • GT

    Graham T.

    17 7 2017 16:51

    0       1

    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 7 2017 16:47

    0       0

    Fantastic interview, great perspective on currencies and flows.

  • DG

    Daniel G.

    17 7 2017 16:26

    1       0

    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 7 2017 14:37

    0       0

    Very interested to hear his take on Japanese money flows into bitcoin. Fantastic interview. The subscription is worth every dollar.

  • VS

    Victor S.

    17 7 2017 12:20

    4       3

    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 7 2017 10:02

    0       0

    Absolutely phenomenal

  • JM

    Jim M.

    16 7 2017 18:57

    1       0

    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 7 2017 18:28

    0       0

    Best interview by far and there have been some good ones.

  • NT

    Nic T.

    16 7 2017 18:14

    1       0

    Fascinating insight into a brilliant mind. Much food for thought and a great alternative perspective and approach.

  • JH

    Jesse H.

    16 7 2017 07:16

    5       0

    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 7 2017 05:52

    5       0

    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!

  • EL

    Edward L.

    16 7 2017 02:20

    1       1

    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 7 2017 03:31

      2       0

      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.

  • HK

    Himali K.

    15 7 2017 20:55

    5       0

    Best Interview thus far in 2017! Great insight!

  • NG

    Nicolas G.

    15 7 2017 17:59

    0       0

    Top!

  • AG

    Amir G.

    15 7 2017 14:52

    1       0

    Best so far. What about bitcoin?

    • js

      jacob s.

      17 7 2017 03:28

      0       0

      +1

    • DB

      David B.

      17 7 2017 13:23

      0       0

      We've got lots of great Bitcoin content coming soon!

  • DG

    Dave G.

    15 7 2017 14:25

    9       0

    One of the best interviews ever on RV and that's saying something!

  • GF

    George F.

    15 7 2017 11:43

    0       2

    Mexican Peso is at 2 yr highs vs USD, has something changed in Mexico?

    • KN

      Kapilan N.

      16 7 2017 21:48

      0       0

      peso is likely to get murdered in next few months. look at their inflation rate.

  • TH

    Timo H.

    15 7 2017 11:12

    2       0

    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 7 2017 07:36

      0       0

      It can go down w/o taking everything else down with it. The markets are complicated. Good luck. DLS

  • TW

    Thomas W.

    15 7 2017 08:50

    7       0

    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.

  • BM

    Bryan M.

    15 7 2017 06:48

    2       0

    Let's see now...don't think anyone has used spectacular yet so I will. A spectacular interview with an original thinker. And Raoul...you were great too...as always.

  • DC

    Dave C.

    15 7 2017 03:36

    12       1

    Check out Shale analysis from Russell here - well worth a read

    http://horsemancapital.com/marketviews/russell-clark/2017/07/the-end-of-the-texas-tea-party

  • NS

    Nic S.

    15 7 2017 03:29

    0       0

    Really great interview. His thinking is original and makes realvision well worth the cost

  • JM

    John M.

    15 7 2017 03:21

    1       0

    Great interview. Would have also liked to hear him elaborate on his thoughts about gold.

  • sp

    shashwat p.

    15 7 2017 03:21

    1       0

    man. how good was this ! single interview worth the entry price! going to re-watch right now!

  • DS

    David S.

    15 7 2017 01:49

    4       0

    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 7 2017 03:26

      2       1

      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 7 2017 07:38

      1       0

      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 7 2017 16:46

      0       0

      Most of their service industry depends on the RE development and price bubble.

    • DS

      David S.

      16 7 2017 00:46

      4       0

      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 7 2017 15:47

      10       0

      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 7 2017 15:54

      1       0

      But otherwise, good interview.

    • DS

      David S.

      22 7 2017 23:54

      0       0

      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.

  • DS

    David S.

    15 7 2017 01:36

    0       0

    Excellent interview and such a gentleman. I wonder if any of his calmness comes from his time in Japan as a youth? DLs

  • RM

    Ronnie M.

    15 7 2017 00:09

    1       0

    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?

  • JV

    Justin V.

    14 7 2017 23:14

    0       5

    Attack who? "American Movilers"? Can't understand what he said. (54:37). And what's an ADR?

    • JL

      Jim L.

      14 7 2017 23:34

      3       0

      American depository receipt

    • JV

      Justin V.

      3 8 2017 07:38

      1       0

      Thanks Jim L.

  • PW

    Phil W.

    14 7 2017 22:19

    6       1

    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 7 2017 06:56

      0       0

      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'..........."

  • MA

    Mikael A.

    14 7 2017 20:41

    1       1

    Over any kind of resonable sample size there is no player who would win more with flushdraws compared to AA.

    • DS

      David S.

      15 7 2017 01:28

      1       0

      I would not bet against Mr. Clark. DLS

    • JU

      Jay U.

      2 8 2017 05:19

      0       0

      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.

  • MA

    Mikael A.

    14 7 2017 20:39

    5       5

    Not to be negative but that poker analysis makes absolutely no sense what so ever.

    • DS

      David S.

      15 7 2017 03:00

      5       0

      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 7 2017 22:27

      4       1

      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 7 2017 23:59

      0       0

      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 7 2017 12:16

      0       0

      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)

    • EF

      E F.

      24 7 2017 01:25

      4       0

      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.

  • MB

    Mike B.

    14 7 2017 20:05

    1       3

    Not sure about his conclusion on Shale. If he was right on U.S. shale, oil would be North of $60 today.

  • CY

    C Y.

    14 7 2017 19:52

    33       0

    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 7 2017 07:41

      7       0

      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.

      16 7 2017 14:44

      25       0

      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 7 2017 22:48

      0       0

      You do not impose your views, but you do an excellent job of fleshing out pertinent views. DLS

  • LN

    Lucy N.

    14 7 2017 19:50

    1       0

    Thank you real vision for this great interview

  • AL

    Andrew L.

    14 7 2017 19:27

    6       0

    Glad I resubscribed to RV. Interview was worth every second

  • AL

    Andrew L.

    14 7 2017 19:27

    0       0

    Glad I resubscribed to RV. Interview was worth every second

  • JM

    James M.

    14 7 2017 19:00

    7       1

    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.

  • BB

    Bob B.

    14 7 2017 18:44

    2       2

    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 7 2017 06:49

      0       0

      and the video games! ;)

  • GS

    George S.

    14 7 2017 18:43

    2       0

    The man, the myth, the legend! This interview was long overdue and it delivered...and then some.

  • WS

    William S.

    14 7 2017 18:43

    8       0

    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 7 2017 07:43

      0       0

      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

  • KV

    Koen V.

    14 7 2017 18:41

    2       0

    Loved his discussion on the shale industry

    • MB

      Mike B.

      14 7 2017 20:07

      0       1

      Not sure about his Shale conclusion. If he was right, oil would be North of $60 today.

  • MS

    Michael S.

    14 7 2017 18:29

    0       0

    Best in class trader!

  • PB

    Pieter B.

    14 7 2017 18:21

    0       0

    Fantastic interview! Thanks a lot for the themes and process behind.

  • CO

    Casual O.

    14 7 2017 18:04

    0       0

    Outstanding

  • LA

    Linda A.

    14 7 2017 17:54

    6       1

    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 7 2017 17:48

    2       0

    Macro/Micro paradigm nice!. A man after my own heart

  • VP

    Vincent P.

    14 7 2017 16:48

    1       0

    Excellent!

  • DM

    Daniel M.

    14 7 2017 16:39

    1       0

    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 7 2017 20:06

      1       0

      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 7 2017 08:48

      8       0

      He is not a bear nor a bull, but a pro, exploiting the groupthinking amateurs the best he can.

  • T~

    Tshort63 ~.

    14 7 2017 16:16

    8       2

    Excellent interview, RV really jumps over the bar. Worth the annual subscription in one day, 364 now are free. ;-)
    Keep up the amazing work.

  • IC

    Ibrahim C.

    14 7 2017 15:34

    2       0

    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 7 2017 05:44

      1       0

      I will take the opposite view. Raoul right now. Russell right later.

    • SB

      S. B.

      16 7 2017 11:19

      1       0

      Agree, Raoul thesis first then Russell Clarks longer term.

    • SB

      S. B.

      16 7 2017 11:59

      1       0

      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?

  • NA

    Nasser A.

    14 7 2017 14:27

    4       0

    great interview

  • BK

    Brian K.

    14 7 2017 14:18

    5       0

    This is why RVTV is worth every cent. Awesome access, awesome content. Great stuff guys. Keep it up!

  • GP

    Gordon P.

    14 7 2017 13:27

    4       0

    I certainly will have to watch this interview again - awesome, Thanks RV

  • Nv

    Nick v.

    14 7 2017 13:18

    17       1

    A rare original thinker. Fantastic

  • CL

    Cameron L.

    14 7 2017 12:42

    1       0

    Been waiting for Russel to appear ever since i first signed up to RV Q3 2014. Industry Legend !

  • DY

    Dmytro Y.

    14 7 2017 12:30

    4       0

    Very smart man

  • dj

    daniel j.

    14 7 2017 11:30

    2       0

    Damn - wonderfull. I know this business and he is totally right