Alan Fournier

Featuring Alan Fournier

Real Vision’s brand new ‘Jim Grant Series’ kicks off with a rare opportunity to meet Alan Fournier, the founder of multi-billion-dollar hedge fund Pennant Capital. Alan reveals the story behind his ultra successful trades around the financial crisis and the blind spots institutional investors have with volatility, as well as the invaluable lessons he learned from David Tepper. Filmed November 15th, 2017 in New York.

Published on
1 December, 2017
Topic
Volatility, Monetary policy, Investment Framework
Duration
56 minutes
Asset class
Equities, Bonds/Rates/Credit
Rating
30

Comments

  • LJ

    Lewis J.

    18 8 2018 19:49

    0       0

    The hedge fund business is brutal. Smart people get killed in action every day.

    https://www.bloomberg.com/news/articles/2018-03-27/alan-fournier-shuts-hedge-fund-pennant-capital-after-17-years

  • Bm

    Ben m.

    2 6 2018 20:56

    0       1

    He has since closed Pennant Capital Management.

  • LK

    Lisa K.

    4 2 2018 20:54

    0       0

    Very informative interview! Surprised Jim Grant did not mention the gift of brass testicles Alan gave David Tepper. The balls were a gift to Tepper from a former employee—Alan Fournier, who now runs his own fund, Pennant Capital Management—in the wake of Tepper’s big score in 2003." per http://nymag.com/nymag/rss/business/68513/index3.html Would love to see Jim Grant interview David Tepper next.

  • JO

    Joseph O.

    23 1 2018 02:03

    1       1

    Quite surprised the deflationary and productivity/efficiency influences of technology (software, robotics, AI/ML) upon the labor supply and demand dynamics Alan bases analyses upon was not covered

  • sp

    stewart p.

    21 12 2017 07:37

    0       0

    bow ties and blue eyes...i bow to 2 greats of the industry.....doesnt alan look like marti armstrongs younger bro???

  • WM

    Will M.

    20 12 2017 19:49

    0       0

    Just superb.

  • IF

    Ian F.

    12 12 2017 15:56

    2       0

    Mary Armstrong blowing up the hard money crowd as "incapable of comprehending the business cycle and like Karl Marx want to freeze the system because they cannot cope with it".

    https://www.armstrongeconomics.com/markets-by-sector/foreign-exchange/usd/why-the-dollar-is-not-fiat/

  • JD

    Joe D.

    12 12 2017 00:11

    1       0

    Very clear headed discussion. I'm sure he's not the first one to seize on the idea that ETF's are part of a "momentum machine" that can be a part of a strategy.

  • CC

    Charles C.

    9 12 2017 17:17

    3       0

    This is the best ever. I can't wait for more Jim Grant. Thanks RV.

  • JC

    Ja C.

    9 12 2017 03:53

    1       0

    Hear Jim Grant background. Adventures in Finance, episode 35, Grant Williams interviews Jim Grant.

  • bb

    buck b.

    8 12 2017 05:16

    3       1

    Actionable idea! Finally

  • sa

    santosh a.

    8 12 2017 01:35

    1       1

    I wish Jim Grant would have spent more time getting Alan Fournier to articulate his current market thesis and how he arrived at that. Instead we had to listen through Alan's fund performance and other generic stuff more suitable to a generic talk show. This was only tangentially a market analysis interview.

  • JR

    Jon R.

    6 12 2017 21:58

    8       0

    Insightful, humble, and actionable. That's why I signed up for this service.

  • PW

    Phil W.

    6 12 2017 21:27

    1       0

    Brilliant!!!!!

  • SS

    Steve S.

    6 12 2017 20:31

    2       0

    One of the best RV interviews. Appreciate the specific investment idea.

  • BN

    Brandon N.

    6 12 2017 05:44

    2       0

    Brilliant. Thank you all.

  • HF

    Hans F.

    6 12 2017 05:29

    12       0

    Back to basic! Focus on content and less on fancy graphics. I am very pleased to see RV returning to the good old days.

  • JL

    Jim L.

    6 12 2017 04:00

    2       0

    quality interview thank you

  • JH

    Joel H.

    6 12 2017 02:53

    1       0

    Fantastic. Thank you!

  • AF

    Aidan F.

    5 12 2017 13:58

    1       0

    top notch

  • TM

    Tony10 M.

    5 12 2017 09:06

    4       0

    Since watching this interview I have been down the rabbit hole on ASML and I love what I see. Quality company. I think this will provide a spectacular investment when the rest of the semiconductor industry corrects (think Nvidia). This is a stock that is definitely in passive funds. Indiscriminate buyers become indiscriminate sellers= great opportunity for me. Hopefully

  • NR

    Nuno R.

    5 12 2017 08:01

    3       0

    Great idea for a new series... well done RVT.

  • B

    Bob .

    5 12 2017 05:13

    5       0

    Enjoyed it. I would love to see Jim Grant be the solo guest and give us an update on his own thoughts on where we are and future opportunities are as he sees them in 2018. Maybe a February 2018 event

    Thanks to the RV team.

  • NH

    Neil H.

    5 12 2017 01:39

    3       0

    Could not stop watching. Wishing the interview continued for another hour.

  • SD

    Stephen D.

    5 12 2017 00:53

    4       0

    Well that was rubbish. I have to pay $1 a day to listen to these two idiots? No wonder it's got 13 thumbs down.

    Nah, actually it was outstanding. Kudos to realvision for getting Jim Grant to do this. Not only one the the great minds on Wall Street, but an erudite, gentlemanly scholar. And Alan Fournier is pretty impressive too.What a privelege. Thank you RV.

  • GS

    Greg S.

    4 12 2017 20:30

    2       0

    Brilliant, thank you

  • JL

    Jacob L.

    4 12 2017 05:39

    3       1

    God damn awesome. Thank you, Realvision!

  • DT

    Dave T.

    4 12 2017 04:23

    10       0

    Great interview by a great interviewer. Ah....back to the hour long interview format with actual information.

  • MC

    M C.

    4 12 2017 02:34

    8       0

    Jim Grant speaks like a poet. Masterful command of the language. Just beautiful. And brilliant

  • VP

    Vincent P.

    4 12 2017 01:41

    2       0

    Wonderful!

  • yd

    yon d.

    4 12 2017 00:10

    7       0

    Exceptional interview. Jim Grant is such a gracious interviewer, bringing out the answers and qualities of his guest.

    I am so glad to have subscribed to RealVision!

  • JM

    Jay M.

    3 12 2017 21:04

    4       0

    Thank you Jim, Alan and RV - outstanding!

  • DS

    David S.

    3 12 2017 20:01

    0       0

    The price of labor can go up and price competition generated by the internet price comparisons can keep prices down. This results in profit margin deterioration from both sides in vulnerable sectors. DLS

  • CV

    Cesar V.

    3 12 2017 19:11

    3       0

    Phenomenal interview.

  • AD

    Anthony D.

    3 12 2017 18:37

    5       0

    One of the best segments on RV. I been watching almost since the beginning.

  • KO

    Kasparas O.

    3 12 2017 17:34

    1       1

    Crack-cocaine of financial television...

  • SB

    Stewart B.

    3 12 2017 12:15

    4       0

    Great interview! When I grown up, I want to be like Jim Grant.

    Would love to see more like this.

  • PD

    Peter D.

    3 12 2017 08:44

    15       0

    Jim's favorability rating at RV (562/568 = 98.9%) is approaching Kim Jong-un territory.

  • NS

    Nicholas S.

    3 12 2017 06:53

    5       0

    Thanks guys, I knew you wouldn't forget my birthday! Really, it is. That's customer service right there.

    Kidding aside, you're doing a great job with the content - never cease to amaze. Jim's a stellar addition.

    Wait.

    On the other hand, Jim might think RealVision's the addition... And really he kinda has a good point.

    But hell, work it out because it's great.

    Thanks for keeping it fresh!

    Nic
    Dallas, Tx

  • KO

    K O.

    3 12 2017 06:30

    16       1

    Quite possibly reading to much into it... but, who in the fuck down-votes a conversation between Jim Grant and Alan Fournier?!?! Are Fed Board members subscribing to R.V.???

  • KS

    Kathleen S.

    3 12 2017 04:01

    3       10

    Jim Grant needs to learn about crypto before it runs him over.

  • WP

    William P.

    3 12 2017 03:58

    7       0

    A great discussion. Jim Grant is a wonderful addition to RVTV.

  • DH

    Dale H.

    3 12 2017 03:32

    9       0

    This is top notch.
    Jim is worth every minute of listening or reading.
    It was great to listen to Alan's thoughts on the range of topics woven into the conversation.
    I am very much looking forward to the rest of the interviews and to any and all appearances on RV of Jim Grant.

  • CM

    Chris M.

    3 12 2017 02:37

    3       0

    Excellent job. First video I enjoyed in a while. For those of us that don't trade, got some ideas from this interview plus good conversation on macro issues. Love Grant, he did a great job. Look forward to the next segment.

  • RA

    Robert A.

    3 12 2017 00:57

    2       0

    One of the most enjoyable hours I’ve spent in a long time.....and having watched almost every RV segment there have been quite a few to compare this one to. I think I first watched and heard Jim Grant on Louis Rukeyser’s program. His writing style and wit are simply the best, but I never would have considered shelling out the money to subscribe because of the cost and the fact I didn’t feel it would be something that would help make me money. I took Raoul up on his offer and did subscribe to simply try and show “solidarity” with RV. After watching this (after the offer expired) I’m sure glad I am a paid up subscriber and am looking forward to spending some quality time with Jim over the next year. Oh....and this guest just reeks Occam’s Razor!!

  • RR

    Raj R.

    2 12 2017 23:42

    3       0

    It has to be selling calls on the vix, thereby betting it will not rise. Good catch Amir!

  • TA

    Tajassas A.

    2 12 2017 23:03

    2       0

    Awesome. More of Jim Grant please.

  • AG

    Amir G.

    2 12 2017 22:41

    7       0

    one observation: he mentioned selling puts on the VIX index.. If I interpreted this correctly he must have meant Selling Calls... if that's a mistake he made, can someone attest to that?

  • DC

    D C.

    2 12 2017 20:47

    6       0

    Jim Grant is on one hand so darn logical and factual, Producer: Can you state your name, your title, and company? JG: Yes [I can]. Oh, I 'should' do it.

    Yet so poetic on the other...."How do you see the constellation of these forces?"

  • DS

    David S.

    2 12 2017 19:47

    4       1

    Response to: Ryan C. - 1 December 2017 HOTLY DEBATED 45 to 4
    Great job RV! Please thumbs up if you would prefer this type of interview/video format over "The Big Story" format.

    Ryan C. and I both loved this interview. Big Stories and Interviews, however, are both important to me in any format. The Big Story should give you a macro view, whereas great interviews like this should give you a micro view. One of my all time favorites was Dee Smith's first video "Hyper-Connectivity Sparks Global Instability." It was a monologue that gave a macro view. I applaud RV for any format that gets quality information across. DLS

  • TE

    Tito E.

    2 12 2017 14:46

    7       0

    Heavyweights! Wonderful stuff RV.

  • OM

    Omar M.

    2 12 2017 14:08

    18       0

    This was a great interview! Please get David Tepper on - that would be an amazing interview!!!

  • fc

    frank c.

    2 12 2017 11:02

    3       0

    Next level!

  • JH

    Jay H.

    2 12 2017 06:14

    15       0

    Can RV keep Jim Grant? He nailed this interview. Amazing flow, good laughs and insightful perspectives by both

  • AE

    Alex E.

    2 12 2017 05:17

    20       0

    This is why we subscribe! Great interview. Hopefully, there will be more...

  • PD

    Peter D.

    2 12 2017 01:08

    16       0

    Great stuff. Can't stress enough how much difference a good interviewer makes.

    Jim's interruptions were actually quite useful, (notably when he asked, twice, a loaded question about a specific example of a business facing labour shortages).
    Because, frankly, there are few in any given room, who are better positioned to understand the current environment than he is.

  • ZH

    Zack H.

    2 12 2017 00:21

    19       1

    Is jim grant not one of most smartest wity personalities in financial media history. What a breath of freah air he is compared to what you find on cnbc and other msm. This is why i love being a real v

  • CD

    Cheryl D.

    1 12 2017 23:34

    7       0

    Thoroughly enjoyed, big fan of Jim Grant!!!

  • DL

    David L.

    1 12 2017 23:12

    4       0

    Great interview!

  • RM

    Russell M.

    1 12 2017 22:57

    13       2

    Solid interview with multiple levels of interest. Let him do as many more interviews as he is willing to do. 71, and still got somethng to give to the kids. Keep working.

  • CL

    César L.

    1 12 2017 22:23

    2       0

    Many smart guys have been talking about an increase in global inflation in 2018. As far as I am concerned, an interesting trade for this scenario is Shorting EU High Yield.
    Feedback appreciated!!!

  • JL

    John L.

    1 12 2017 20:34

    3       0

    Great wisdom

  • JO

    Jay O.

    1 12 2017 20:16

    4       0

    Interesting interview. HOWEVER, I didn’t see ASML on Pennant Capital’s 13F. Maybe I just missed it. Seems odd, though, that he would name that as his largest long.

  • MN

    Mark N.

    1 12 2017 19:06

    10       33

    Good interview. I feel as though this interview would have been even better if Grant (Williams), Raoul or Michael would have been the interviewer, as Jim kept interrupting Alan.

  • CL

    Cameron L.

    1 12 2017 18:45

    40       1

    Welcome back Realvision, I've missed you!

  • RM

    Richard M.

    1 12 2017 18:36

    23       0

    Fantastic interview. Incredible discussion on the how even the "sophisticated" money (European pension fund managers) are selling vol in order to generate some income (since their European sovereign bonds are actually paying them negative rates). In hindsight people are just going to be scratching their heads thinking how on earth could the central banks of the world not only allow this but seemingly encouraged this crazy behavior. But until then, people will just merrily go along with the scheme until it finally blows up. Patience indeed is required!

    *** Also need to comment on the video camera action - much, much improved. Really like the steady focus on the individuals and none of the fancy jumping around that earlier segments had started to incorporate.

  • rr

    rlw r.

    1 12 2017 18:24

    11       1

    RV, ok now re-read the comments :)
    You've got something here.
    Hoping for a longer term arrangement with Jim.
    Top tier stuff.

  • DB

    David B.

    1 12 2017 17:51

    5       0

    Awesome X 1,000!

  • TB

    Tim B.

    1 12 2017 17:45

    20       0

    Jim Grant's eloquence and erudition comes off like the finest glass of champagne. I can't wait to see more of this series.

    And not to be outdone, Mr. Fournier's hard-won insights were superb. Just wonderful.

    Kudos RV!

  • OD

    Octavian D.

    1 12 2017 17:40

    2       3

    What an excellent choice for a series! Personally, I would gladly pay 2-3x the subscription price for content like this more regularly! Cheers!

  • SS

    Sam S.

    1 12 2017 17:23

    3       0

    Put me down for 3 of the EUV machines. Charge it to Underwood bill.

  • BF

    Bruce F.

    1 12 2017 16:22

    20       0

    jim grant is an unique individual. he makes Real Vision, already fabulous, even better. i always enjoyed him in the short bites in TV, this is far superior.

  • IH

    Iain H.

    1 12 2017 16:18

    20       0

    More of this format please, Jim Grant is terrific.

  • DS

    David S.

    1 12 2017 16:01

    15       0

    Excellent interview. Mr. Fournier is certainly a wise investor. The smartest person in the room can often get you into trouble, but the wisest person in the room will help you avoid trouble, preserve capital and make you money. Such a pleasure to listen to both Mr. Grant and Mr. Fournier. DLS

  • DD

    Darren D.

    1 12 2017 15:52

    7       0

    Fantastic piece. Keep them coming!

  • LN

    Lucy N.

    1 12 2017 15:09

    1       0

    Jim Grant is great. The rest was

  • IO

    Igor O.

    1 12 2017 14:27

    7       1

    What's whit the bowtie? )

    Wow that was good!

  • AG

    Amir G.

    1 12 2017 13:59

    23       2

    Fantastic! Thanks RV for bringing back this format of interviews. For "story telling documentaries" I've got my Netflix to go to.

  • IL

    Ian L.

    1 12 2017 13:23

    39       2

    Watch the bulls video, then watch Alan Fournier. I know who I would like to look after my money...

    This Jim Grant series looks like it is going to be superb...well done RV.

  • RC

    Ryan C.

    1 12 2017 13:14

    72       6

    Great job RV! Please thumbs up if you would prefer this type of interview/video format over "The Big Story" format.

  • NS

    Niek S.

    1 12 2017 12:39

    28       1

    A new milestone for RV, great interview!!

  • ii

    ida i.

    1 12 2017 12:32

    29       1

    after the first 25 seconds I knew I would love this