Raoul Pal & Kyle Bass

Published on
30 January, 2015
Topic
Portfolio Management, Macro
Duration
50 minutes
Asset class
Currencies, Bonds/Rates/Credit, Equities

Raoul Pal & Kyle Bass

Featuring Kyle Bass

To launch our exciting new series The Chain, Raoul Pal travels to Dallas to speak with Kyle Bass. In this fascinating conversation, Kyle discusses event-driven vs. macro analysis, his approach to risk and portfolio sizing, and his motivational forces – from negative reinforcement, to freediving, to the epiphany moment. For the next interview of the series, Kyle Bass will interview one of his investment heroes – and The Chain continues on.

Published on
30 January, 2015
Topic
Portfolio Management, Macro
Duration
50 minutes
Asset class
Currencies, Bonds/Rates/Credit, Equities
Rating
35
Sharing

Comments

  • RP

    Ryan P.

    19 2 2018 20:51

    4       0

    This should be shown in every intro to investments class for colleges. Kyle speaks to so much wisdom one only learns via years of experience. Amazing. Still relevant 3 years later.

  • AV

    Alvern V.

    12 6 2017 02:13

    2       0

    This Kyle Bass interview is still relevant 2 1/2 years later and one of the best interviews on RV. Awesome!

  • MT

    MICHAEL T.

    28 4 2016 10:46

    2       0

    Thanks for this great video!

  • RA

    Robert A.

    2 4 2016 21:40

    1       1

    Just watched for the 3'd time....now we know what the sly smile was about; shorting the Yuan and Hong Kong $. No more GM stock, et al and he is now "all in" on the smile trade.

  • Rd

    Rob d.

    12 2 2016 23:37

    2       0

    Managing IQ with excellent EQ is the name of the event driven game. Excellent interview into the mind of a great thinker and fairly humble person.

  • GA

    Greg A.

    16 1 2016 16:23

    2       0

    New subscriber here. That interview with Kyle Bass was worth an entire months sub.

  • DM

    Dennis M.

    25 10 2015 19:21

    5       0

    I'd like to know who the 26 people are who did not like this interview.

  • MA

    Melanie A.

    16 9 2015 17:07

    0       0

    So good. More Kyle please!

  • SJ

    Suzanne J.

    1 9 2015 08:32

    1       0

    Timeless, really. Just the nuances of thought and process. Educational, inspiring, cautionary, but above all a real and honest discussion. Excellent. Can't wait for more.

  • AH

    Andreas H.

    19 8 2015 20:26

    0       0

    Super!

  • ML

    Marvin L.

    29 6 2015 18:09

    0       0

    Frank, cogent, insightful and thought-provoking. Analyzing complex material in detail using accessible language offers an insight into his sublime logic. Worth the annual subscription alone.

  • dm

    dan m.

    22 2 2015 06:40

    1       0

    Druckenmiller can keep track of 250 positions? Bill Gross knew every position in Total Return better than the specialist PMs.

  • GG

    George G.

    16 2 2015 14:20

    4       0

    three months later this one interview is worth a years subscription. Having a friend interview KB smarter than professional journalist as subject seems more candid with his answers
    chain a great idea

  • RG

    Rajiv G.

    8 2 2015 09:05

    2       0

    Incredibly good interview on both sides. Really insightful in terms of process thinking.

  • SJ

    Shawna J.

    8 2 2015 05:43

    0       6

    This interview had a very insider/elitist feel to it and I don't think it'd represent well to the people in my world. Many interviews would, but not this one.

  • WW

    Worth W.

    6 2 2015 22:57

    2       0

    Kelly - Hope this gives you some insight into Kyle's thinking on divergence & what it means for the global outlook.

    http://tinyurl.com/qgw68oa & http://tinyurl.com/nexdanj

  • WW

    Worth W.

    6 2 2015 22:49

    7       0

    I've known Kyle for 7 years & helped to oversee investments into Hayman for a $6B FoF. This is a very rare & honest look into his process/thinking. Even more valuable than his current macro calls.

  • JA

    Jack A.

    5 2 2015 07:07

    4       1

    I don't mind the time lag from filming but I would like to know when it was filmed for context purposes. You used to put that up but it has changed to the 'published date', which is not that useful.

  • BH

    Blair H.

    4 2 2015 16:15

    1       1

    Sitting around talking about the old big trade from 8 years ago isn't that valuable. I am sure Kyle is a good guy but his returns since have been poor.

  • ma

    mark a.

    3 2 2015 17:03

    1       0

    hes an interesting bloke

  • CC

    Christopher C.

    3 2 2015 14:51

    9       0

    In reading the comments one can definitely tells those whom want a fish versus want to be taught to fish. Triply ironic given Kyle tells us how he learned to fish. Figuratively and literally.

  • CC

    Christopher C.

    3 2 2015 04:09

    2       0

    Great interview and inspiration. True points about Portfolio Management. Don't mind the time lag on release, these ideas are timeless.

  • ms

    mahesh s.

    3 2 2015 01:53

    1       0

    Good learning experience especially for a non financial person. Would love for you to create/use this to give us the macro pic and ideas to protect/profit ourselves for us non financial folks

  • KA

    Kelly A.

    2 2 2015 23:49

    0       0

    Thank you, Raoul and others for the operational definition and thoughts of/around Policy Divergence. Great interview. Now, i have to figure out how to play it.

  • PV

    Peter V.

    2 2 2015 21:45

    2       0

    The Chain is a simple but great idea.

  • FR

    Fields R.

    2 2 2015 18:59

    4       1

    The Chain is a superb idea and will be interesting to follow, beginning with this auspicious interview.

  • MG

    MARTIN G.

    2 2 2015 18:24

    1       0

    One of the best interviews done on Real Vision which begs the question of why we have to wait at least 3 months plus to see it?

  • NS

    Nico S.

    2 2 2015 17:04

    2       0

    Kyle brought up a simple statement that I believe will drive all markets and profits throughout 2015. Expect higher volatility markets and, maybe, the smartest trade of all is a long-vol position...

  • RB

    Roy B.

    2 2 2015 02:32

    1       0

    I don't think its about market trends and What's Happening Now. It's more about how does this guy think and does he offer ideas I can use. Diving analogy perfect. Make a mistake and it can kill you. T

  • BW

    Bruce W.

    1 2 2015 19:38

    1       0

    I'm more influenced by guys like Kyle who have made money based on their analysiis . Others would include Ray Dalio, Bill Gross and George Soros- great interview.

  • PS

    Philipp S.

    1 2 2015 18:21

    1       5

    would be interesting, but I am not watching a video from october last year. u r simply not up to date

  • MZ

    Mike Z.

    1 2 2015 03:25

    2       4

    Interviews are good, but I don't appreciate viewing interview 3 months after its taken place either. I've noticed this on a few others too.

  • NP

    Nirav P.

    31 1 2015 22:00

    2       0

    Excellent !!!

  • CT

    Craig T.

    31 1 2015 19:55

    4       0

    "Policy diversion". Since the interview we see Euro CB starting QE, Swiss Franc decoupled from Euro, US dollar up fast vs Euro and other currencies. It's happening now! Kyle and Raoul are good!

  • jd

    john d.

    31 1 2015 19:14

    2       0

    Good thx. Raoul, understand the philosophy - not trade-able ideas. However some value is lost via 3 month lag between interview and release. Realise constraints. Love free diving so that was good too.

  • RP

    Raoul P.

    31 1 2015 19:03

    25       0

    This series is not about getting tradeable views but about learning from others so we can learn to find our own unique investment ideas and style and invest successfully using them. That's value added

  • WG

    Wayne G.

    31 1 2015 13:39

    3       0

    Fabulous! "Policy divergence is where all the money is going to be made." Within a few weeks the SNB changes policy and tens of billions are made and lost overnight! Worth the subscription by itself!

  • E

    Erik .

    31 1 2015 10:13

    1       1

    Constructive criticism. We were told the idea was to stop talking-head TV. Check. And these views have shelflife. But lag between recordings & posting feels like filtering of info away from suscribers

  • VB

    Vincent B.

    31 1 2015 07:18

    2       0

    " when you trade on emotion you lose every time "
    Love the line, experienced the line
    Having terrible time staying unemotional- tell u truth i feel burnt out!!

  • BM

    Barry M.

    31 1 2015 05:21

    3       0

    My prediction, last interview of the Chain will be Bass interviews Pal, can`t wait, absolutely fantastic stuff, cheers !

  • PL

    Paul L.

    31 1 2015 03:01

    2       2

    I wanted to hear more about Japan....not spear fishing

  • JH

    John H.

    31 1 2015 02:13

    2       0

    He mentioned the problem in the plumbing that happened mid october. That's the money quote. Its always the unseen that has the greatest potential to upset the applecart. Got TLT?

  • FS

    Fred S.

    31 1 2015 01:29

    2       0

    "When you trade on emotion, you lose every time" - no truer words were ever spoken. Now, how do you corral emotion and improve your trading game. Mechanical doesn't work either.

  • RP

    Raoul P.

    31 1 2015 00:42

    7       0

    Kelly - Policy Divergence - When central banks are doing the opposite. i.e when Fed tightens and ECB, BOJ, MAS, PBOC, etc are cutting

  • AC

    Arthur C.

    30 1 2015 23:02

    2       0

    Outstanding

  • KA

    Kelly A.

    30 1 2015 22:55

    3       0

    I need an operational definition of policy diversion, please, anyone.

  • JS

    John S.

    30 1 2015 22:05

    6       0

    Simply blown away - outstanding

  • SL

    Stephen L.

    30 1 2015 20:11

    5       0

    What a fantastic idea and a really enjoyable discussion ... well done guys!

  • L

    Leonard .

    30 1 2015 20:05

    4       0

    Excellent interview! Great concept for interviews...

  • IL

    Ian L.

    30 1 2015 16:28

    7       20

    Actually a little disappointing. I thought we were going to find out how Kyle thinks it all ends rather than spear diving and HR policies

  • PH

    Philip H.

    30 1 2015 15:38

    11       0

    Love the Chain Reaction concept. A kind of best of the best from market participants. Excellent!

  • CH

    Colin H.

    30 1 2015 15:33

    6       0

    "The greatest battles you and I fight is in our heads". I've started being consistently profitable recently, and I credit it to developing the right mindset, so I find this quote fascinating.

  • CH

    Colin H.

    30 1 2015 14:39

    2       0

    Great idea

  • bp

    bart p.

    30 1 2015 14:35

    2       0

    Very good interview, already can't wait for the chain to continue lengthening.

    Keep it up!

  • HW

    Harold W.

    30 1 2015 14:24

    2       0

    Great interview. Starting to wonder previous to this if I would renew when the time came, but this and hopefully more to come make Real Vision very worthwhile