I would implore Jarred to not teach the public Modern Portfolio Theory 2.0, which seems to be make a cookie cutter portfolio with more bonds than stocks, and accept a lower rate of return because you cannot weather the selloffs. Instead, teach them what makes a security valuable and breed more intelligent market participants rather than mindless droids.

Fantastic interview...the last 10 minutes were exceptionally superb.

Great chat. The only SIFI one can think of to engineer a global liquidity issue is a German SIFI that Raoul has flagged for a number of years and which ended last year down more than 50pct. The bigger name runs derivatives off its books to the tune of $100bn a year, and now we need an emergency merger, the German government trying to force a wedding between two home champions. Makes one wonder if the people who can take their derivatives elsewhere have done so (much like a loan book - the good borrowers can borrow elsewhere) and if there is a lot of who knows what left behind. That same German SIFI many years ago took over a lot of NY real estate exposure (perhaps the most of any US bank) when it bought out Bankers Trust - which itself allegedly had gone insolvent - why that merger was allowed.

Great interview Tony....Really enjoyed as usual..

Great job TG & Jared. I'm looking forward to the interview series TG. Keep bringin' it.

Biggest difference between practitioners and academics; the practitioners are humble just like these gentlemen. The Jim Grants of the world, who have never traded a single market in their entire lives are arrogant, never wrong and often dangerous. NJ gents.

Great interview between two of the (very few) people in finance for whom I would use the term "genuine". Excellent insights and well worth the listen. Thanks!

awesome idea getting TG to interview people, thanks RV

Tony cut him off right while he was talking about buying calls on green eurodollars...

Really happy you both had the discussion about Gold and Bitcoin, as I know you've both had divergent views on these assets. Interesting that your views appear to have aligned or are aligning...

Excellent!!

Nicely done Tony!

Great stuff, although I struggle with Jarred’s musical choices. But I’m old enough to be his possible grandfather, so ...

Great interview. Hard to picture how some beltway concoction of rate suppression, MMT, and a wealth tax wouldn't be positive for gold, silver, etc.

Great video! Would love to hear update from Tony on COPX!

True story, very similar to the one JD mentioned...I was part of Lehman's Industrial Group in NY in early 2000. We (MD's down to analysts) were brought into a room in early March 2000, told that Industrials were dead as a source of banking revenue well into the future, and that we were all now Technology bankers. As we left the room, we received a large stack of Tech research reports to "get us up to speed" on our new coverage sector. The Nasdaq would peak at 5,000 less than one week later.

Love the JD Interview. This guy is a real human being and huge fan.

Let Greer Steer!

35/55/10 really. When the long bond was higher this makes total sense at 2.5 on the long bond today this will turn out to be a major mistake unless the long bond goes to zero or lower.

Good discussion, but I am a little disappointed that Jared went straight from MMT to higher gold prices. Sounds like a gold salesman preying on unsuspecting customers. Stephanie Kelton has written papers on how a critical part of making MMT effective is explicit suppression of gold and commodity prices. Big part of MMT is forcing people to work and allowing speculation in metals allows some people to skip working and thus skip paying taxes. If MMT rules the world, the authorities will have gold in a straightjacket. Other than that good interview and Jared is on point that the 80/20 portfolio is not appropriate for retail and the financial industry should pick portfolios with better sharpes.

Great Interview. Really enjoy both Jared and Tony. I appreciate how Jared conveys his thoughts and ideas, His points and positions come across clearly -- and he doesn't have a problem taking a contrarian view. Thank you

Would have loved to hear you guys name names on who might have been under duress in December - theories abound...

Vampire squid.

Great guys, always enjoy Jared's analysis.

'Freaking'ing awesome! I loved it.

We've been managing money along the lines of 35/55/3/3/4 lines for 30+ years. It's nice to hear someone else talk about it. There is surprisingly little research easily available on it. Nice to know we aren't the only ones on the island. Thanks Jared.

Perhaps I misunderstood, but back-testing a portfolio over a single 20-year period? And, wasn't that 20-year period one in which the DJ Corp Bond Index total return was higher than the S&P 500 total return? Lastly, no matter the makeup, it seems to me that all "one-size-fits-all" portfolios fall into the passive investing camp which has no regard for price discovery--an essential component of a market.

Love the opening bit about the heyday at Lehman. Solid interview

I loved this. Plain and simple. Extremely useful

I love the mix Dillon speaks of. Great conversation after 40 plus years in the business I see the wisdom. Thanks RV, get Dillon to come back... Great job

Great stuff , down to earth , honest , thank you Tony and JD

buy calls on green eurodollars????

Good listen. To RV, running on Firefox/Mozilla, when I go full screen the timer is permanently in the middle, no way to get rid of it. Tried moving the mouse out to the side, going from full screen back to browser, back to full screen. Tried clicking mouse on the outer end of the screen. Would appreciate help if there is an answer. Thanks.

Did Dillian go to Yale, his philosophy sounds like R. Shiller.

I’m fortunate to be a long time subscriber to, and friend of, both Jared and Tony. Authentic as they come, both professionally and personally. Loved this.

Nice content in this talk! thanks

I have to admit that I enjoy blowing up JD on twitter every now and then but both these guys are really likable. I do take issue with the bond trade though. If they cap rates on bonds I think on real basis you likely get destroyed. I agree don't short them, but I don't think in a scenario where they cap yields (to let inflation run to inflate away debts) you want to be in bonds. Great interview though.

great and refreshing discussion. I would like to challenge Jared though on his point that gold supply - demand matters. He is correct in noting the coming supply decline but physical only makes max 5% of daily trading volume while 95% is paper. Therefore as long as rehypothecation is allowed or continued I struggle to envision that players will be bothered by the declining mine supply. Ultimately in the end game, yes it may but then I am sure that bullion banks and CB will try to monetize some of the above ground supply hidden in savings, be that in India or even in the US (as they did before). What is true that the physical flow is still west to east and that physical is not returning any time soon.

Real guys Real Issues! Great interview.

A guest that actually makes calls, very refreshing

This is a great film: Human. Honest. Open. Fascinating. Educational. Cool.... Great work Tony and Jared.

The weather will fix the commodities market, just look around in our country. Secure food WILL be the next battle fought, watch China.....

Enjoyed this... REAL talk, well-done lads.

Amazing thank you both!! (I need to find myself a job where I can swear and break phones!)

Loved the trading anecdote at the beggining. Didn’t understand it in full, sure, but loved it!

Great job Tony and Jared! Riveting from the first minute....Its not even 5.30am and Im glued to this!

Quality. Could have just as much been a talk over 5 beers as an interview and reminds me very much of my own personal relationshipsand friends in finance. Go energy xle !