Alan Fournier

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

Alan Fournier

The Jim Grant Series ·
Featuring Alan Fournier

Published on: December 1st, 2017 • Duration: 56 minutes • Asset Class: Bonds/Rates/Credit, Equities • Topic: Volatility, Investment Framework, Monetary policy

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.

Comments

  • LJ
    Lewis J.
    18 August 2018 @ 19:49
    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 June 2018 @ 20:56
    He has since closed Pennant Capital Management.
  • LK
    Lisa K.
    4 February 2018 @ 20:54
    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 January 2018 @ 02:03
    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 December 2017 @ 07:37
    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 December 2017 @ 19:49
    Just superb.
  • IF
    Ian F.
    12 December 2017 @ 15:56
    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 December 2017 @ 00:11
    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 December 2017 @ 17:17
    This is the best ever. I can't wait for more Jim Grant. Thanks RV.
  • JC
    Ja C.
    9 December 2017 @ 03:53
    Hear Jim Grant background. Adventures in Finance, episode 35, Grant Williams interviews Jim Grant.
  • bb
    buck b.
    8 December 2017 @ 05:16
    Actionable idea! Finally
  • sa
    santosh a.
    8 December 2017 @ 01:35
    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 December 2017 @ 21:58
    Insightful, humble, and actionable. That's why I signed up for this service.
  • PW
    Phil W.
    6 December 2017 @ 21:27
    Brilliant!!!!!
  • SS
    Steve S.
    6 December 2017 @ 20:31
    One of the best RV interviews. Appreciate the specific investment idea.
  • BN
    Brandon N.
    6 December 2017 @ 05:44
    Brilliant. Thank you all.
  • HF
    Hans F.
    6 December 2017 @ 05:29
    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 December 2017 @ 04:00
    quality interview thank you
  • JH
    Joel H.
    6 December 2017 @ 02:53
    Fantastic. Thank you!
  • AF
    Aidan F.
    5 December 2017 @ 13:58
    top notch
  • TM
    Tony10 M.
    5 December 2017 @ 09:06
    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 December 2017 @ 08:01
    Great idea for a new series... well done RVT.
  • B
    Bob .
    5 December 2017 @ 05:13
    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.
    • JC
      Ja C.
      9 December 2017 @ 00:30
      I agree!
  • NH
    Neil H.
    5 December 2017 @ 01:39
    Could not stop watching. Wishing the interview continued for another hour.
  • SD
    Stephen D. | Contributor
    5 December 2017 @ 00:53
    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 December 2017 @ 20:30
    Brilliant, thank you
  • JL
    Jacob L.
    4 December 2017 @ 05:39
    God damn awesome. Thank you, Realvision!
  • DT
    Dave T.
    4 December 2017 @ 04:23
    Great interview by a great interviewer. Ah....back to the hour long interview format with actual information.
  • MC
    M C.
    4 December 2017 @ 02:34
    Jim Grant speaks like a poet. Masterful command of the language. Just beautiful. And brilliant
  • VP
    Vincent P.
    4 December 2017 @ 01:41
    Wonderful!
  • yd
    yon d.
    4 December 2017 @ 00:10
    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 December 2017 @ 21:04
    Thank you Jim, Alan and RV - outstanding!
  • DS
    David S.
    3 December 2017 @ 20:01
    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 December 2017 @ 19:11
    Phenomenal interview.
  • AD
    Anthony D.
    3 December 2017 @ 18:37
    One of the best segments on RV. I been watching almost since the beginning.
    • AD
      Anthony D.
      3 December 2017 @ 18:39
      PS. The humility of Alan Fourier!
  • KO
    Kasparas O.
    3 December 2017 @ 17:34
    Crack-cocaine of financial television...
  • SB
    Stewart B.
    3 December 2017 @ 12:15
    Great interview! When I grown up, I want to be like Jim Grant. Would love to see more like this.
  • PD
    Peter D.
    3 December 2017 @ 08:44
    Jim's favorability rating at RV (562/568 = 98.9%) is approaching Kim Jong-un territory.
    • TA
      Tajassas A.
      3 December 2017 @ 11:03
      571/577=99.0% now (if you round it up) :-)
  • NS
    Nicholas S.
    3 December 2017 @ 06:53
    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 December 2017 @ 06:30
    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.???
    • PU
      Peter U.
      3 December 2017 @ 12:11
      I was thinking the same thing!
  • KS
    Kathleen S.
    3 December 2017 @ 04:01
    Jim Grant needs to learn about crypto before it runs him over.
    • GP
      Greg P.
      3 December 2017 @ 14:26
      Or maybe in some future interview Jim will have to ask a guest what he had to unlearn about crypto. Yin and yang.
  • WP
    William P.
    3 December 2017 @ 03:58
    A great discussion. Jim Grant is a wonderful addition to RVTV.
  • DH
    Dale H.
    3 December 2017 @ 03:32
    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 December 2017 @ 02:37
    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 December 2017 @ 00:57
    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 December 2017 @ 23:42
    It has to be selling calls on the vix, thereby betting it will not rise. Good catch Amir!
  • TA
    Tajassas A.
    2 December 2017 @ 23:03
    Awesome. More of Jim Grant please.
  • AG
    Amir G.
    2 December 2017 @ 22:41
    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?
    • MS
      Michael S.
      2 December 2017 @ 23:32
      Yes, I believe you're right...I had to think about it for a minute as well, he may have been confusing that with selling puts on stocks
    • JD
      Jason D.
      18 March 2018 @ 19:18
      Agreed. They could be buying put spreads or selling call credit spreads. In any case, they are doing the same thing as if they came in and bought the SPX index. They are betting that volatility will drop and the market will continue with business as usual. Wonder how they all did in February, last month, when the volatility spiked up and XIV went down in flames? Might be nice to do an interview there.
  • DC
    D C.
    2 December 2017 @ 20:47
    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 December 2017 @ 19:47
    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 December 2017 @ 14:46
    Heavyweights! Wonderful stuff RV.
  • OM
    Omar M.
    2 December 2017 @ 14:08
    This was a great interview! Please get David Tepper on - that would be an amazing interview!!!
  • fc
    frank c.
    2 December 2017 @ 11:02
    Next level!
  • JH
    Jay H.
    2 December 2017 @ 06:14
    Can RV keep Jim Grant? He nailed this interview. Amazing flow, good laughs and insightful perspectives by both
  • AE
    Alex E.
    2 December 2017 @ 05:17
    This is why we subscribe! Great interview. Hopefully, there will be more...
  • PD
    Peter D.
    2 December 2017 @ 01:08
    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 December 2017 @ 00:21
    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 December 2017 @ 23:34
    Thoroughly enjoyed, big fan of Jim Grant!!!
  • DL
    David L.
    1 December 2017 @ 23:12
    Great interview!
  • RM
    Russell M.
    1 December 2017 @ 22:57
    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 December 2017 @ 22:23
    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 December 2017 @ 20:34
    Great wisdom
  • JO
    Jay O.
    1 December 2017 @ 20:16
    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.
    • AA
      Ali A.
      2 December 2017 @ 13:19
      13Fs only include US securities
  • MN
    Mark N.
    1 December 2017 @ 19:06
    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.
    • IF
      Ian F.
      1 December 2017 @ 19:26
      I agree. I had to cancel my Grant's subscription because he would just drone on about the same central bank shit every week. Quite tired material.
    • TS
      Tamara S.
      1 December 2017 @ 21:31
      I agree that with was a good interview, very good in my view. I think Jim did an excellent job, and his interruptions added value. Grant and Raoul are great, but I look forward to more interviews with Jim, too.
    • DS
      David S.
      1 December 2017 @ 23:35
      I enjoy Jim Grant's conversational style also. Mr. Fournier is a deep well of knowledge and different interviewers would bring out different perspectives. I would like to see more interviews over time if Mr. Fournier is willing. DLS
    • GP
      Greg P.
      3 December 2017 @ 14:38
      I looked at it as keeping things on point rather than interrupting.There is a time constraint.Much different than watching a Charlie Rose interview where he interrupts and interjects to the point of frustration as he cuts off a thought process before it could be made by his guest.
  • CL
    Cameron L.
    1 December 2017 @ 18:45
    Welcome back Realvision, I've missed you!
  • RM
    Richard M.
    1 December 2017 @ 18:36
    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.
    • GP
      Greg P.
      3 December 2017 @ 14:41
      Ahh yes, patience.A scarce commodity in this sound byte, 140 character world. Be right,sit tight.
  • rr
    rlw r.
    1 December 2017 @ 18:24
    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 December 2017 @ 17:51
    Awesome X 1,000!
  • TB
    Tim B.
    1 December 2017 @ 17:45
    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 December 2017 @ 17:40
    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 December 2017 @ 17:23
    Put me down for 3 of the EUV machines. Charge it to Underwood bill.
  • BF
    Bruce F.
    1 December 2017 @ 16:22
    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 December 2017 @ 16:18
    More of this format please, Jim Grant is terrific.
  • DS
    David S.
    1 December 2017 @ 16:01
    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 December 2017 @ 15:52
    Fantastic piece. Keep them coming!
  • LJ
    Lucille J.
    1 December 2017 @ 15:09
    Jim Grant is great. The rest was
  • IO
    Igor O.
    1 December 2017 @ 14:27
    What's whit the bowtie? ) Wow that was good!
  • AG
    Amir G.
    1 December 2017 @ 13:59
    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 December 2017 @ 13:23
    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.
    • WS
      William S.
      1 December 2017 @ 18:46
      "Watch the bulls video, then watch Alan Fournier. I know who I would like to look after my money..." I was thinking the exact same thing. Sometimes you just have to make a judgment based on the intangible (and yet often quite discernible) characteristics of an individual, and the simple, logical appeal of his argument. Alan Fournier is one of those people who charismatically engender confidence from the serenity of their convictions.
  • RC
    Ryan C.
    1 December 2017 @ 13:14
    Great job RV! Please thumbs up if you would prefer this type of interview/video format over "The Big Story" format.
    • IF
      Ian F.
      1 December 2017 @ 19:22
      Agree, enough of the interviews with newsletter writers. If you can't do, write a newsletter... This guy was A+, conscious of the risks and yet still invested. Much more meaningful than a newsletter writer who hates everything but it doesn't matter as they aren't inestors.
    • DS
      David S.
      22 April 2018 @ 22:20
      I prefer more than one type of presentation. We all learn differently. DLS
  • NS
    Niek S.
    1 December 2017 @ 12:39
    A new milestone for RV, great interview!!
  • ii
    ida i.
    1 December 2017 @ 12:32
    after the first 25 seconds I knew I would love this

More Episodes

Chapters