Real Vision: Finance & Investing

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My Life in 4 Trades - Noel Smith Shares Lessons Learned, From Enron to the GFC Jul 23, 2022

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Here’s a full-length episode from Real Vision's original series, My Life in 4 Trades - be sure to subscribe. Noel Smith has learned many hard lessons during his 25 years trading volatility, making markets, and managing risk. Now a managing partner and the chief investment officer of Convex Asset Management, Noel cut his teeth by trading Enron and losing big but turning it around and coming out of the Global Financial Crisis in the green. He joins Maggie Lake to share the wisdom he’s accrued along the way.

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Buy Bonds and the "Exponential Age" Jul 23, 2022

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Deteriorating PMI data in the U.S. as well as Europe ahead of what the market expects will be a 75-basis-point rate hike following next week’s Federal Open Market Committee enhanced the specter of slowing economic growth, even as we’ve yet to see peak inflation, and investors sold stocks today. That’s despite the fact that the United Nations brokered a deal between Russia and Ukraine to restart shipments of blockaded grain and address the rising threat of famine across the Middle East and North Africa, a ray of hope amid what remains a complex geopolitical, macroeconomic, and global financial backdrop. Raoul Pal joins Maggie Lake to talk about recent price action and recent moves by central banks to cope with circumstances that more and more seem beyond their control. Raoul also shares highlights from his recent conversation with Real Vision co-founder Damian Horner about an exciting new series currently in production. Watch the full conversation featuring Raoul and Damian here: https://www.realvision.com/an-update-from-raoul-and-damian.

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Are We Fated to Stagflation? Jul 22, 2022

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The European Central Bank announced an expectations-beating half-point interest-rate hike today, at the same time introducing a “tool” to ensure borrowing costs in vulnerable economies don’t spiral out of control, as central banks continue to fight inflation. Weston Nakamura drops in at the top of today’s Daily Briefing for an update on the Bank of Japan’s divergence from its peers, coining the phrase “yield spread control” to highlight a critical split at the heart of the global financial system. And former IMF economist and Wall Street strategist David Woo, now writing at DavidWooUnbound.com, joins Maggie Lake to talk about the ECB, softening U.S. economic data ahead of next week’s Federal Open Market Committee meeting, and the implications of a crumbling Chinese credit market. Are we fated for a stagflationary future? David and Maggie address that question and many more as the countdown to Fed Week continues.

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If Not Now, When Will Inflation Peak? Jul 21, 2022

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The Office of National Statistics reported Wednesday that inflation in the U.K. hit a new 40-year high in June, consumer prices rising 9.4% from a year earlier and adding pressure on the Bank of England for a response. Meanwhile, a gauge from the European Commission showed Euro Area consumer confidence dropped to its lowest level on record. And two measures of the health of the U.S. housing market showed significant deterioration last month. Still, according to Harry Melandri, we likely haven’t seen “peak inflation,” and so central banks will keep hiking rates. Melandri, an advisor at MI2 Partners, joins Real Vision’s Ash Bennington to talk about how the Fed might respond to core CPI readings over the next quarter and to express his skepticism over Russia’s weaponization of its natural gas. “Do they need the money more than we need the gas?” We also hear from Harris Kupperman about why the Federal Reserve is “gonna slow down” and “take a pause.” Watch Stephan Clapham’s full interview with Harris here: https://rvtv.io/3O8F0Dt.

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A Tale of a Textbook Turnaround Setup Jul 20, 2022

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In his most recent newsletter, Tony Greer of TG Macro wrote, “The setup for oil bulls on this gorgeous summer Friday morning is not to be believed. Stocks and commodities just spent the last quarter hemorrhaging in historic proportions, and now we’ve got a textbook turnaround setup…” Well, stocks are ripping today, and WTI crude oil is back above $104 per barrel, even as residential-starts data suggest the U.S. housing market is cooling and Apple announced plans to slow hiring and spending. Gasoline prices have fallen to two-month lows a week ahead of the next Federal Open Market Committee meeting, where the central bank is expected to announce another inflation-fighting 75-basis-point rate hike. Tony’s here to talk about all that and more with Real Vision’s Maggie Lake. We also hear from Chen Zhao about the coming “run of the mill” recession and how it differs from prior crisis-driven downturns. Watch the entire interview featuring Chen Zhao and Marko Papic here: https://rvtv.io/3aLSmrD.

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Now Comes the Global Energy Crisis Jul 19, 2022

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Goldman Sachs and Bank of America posted solid headline-level earnings this morning, both benefiting from higher interest rates during the second quarter. But both also posted significantly higher provisions for bad loans, a sign of concern for the health of debtors. Meanwhile, hope for some sort of relief from Saudi Arabia appears to be the forlorn variety, as Desert Kingdom officials declined to make any promises regarding future crude oil output increases. European Union officials, in a sign of increasing desperation, did cut a natural gas deal with Azerbaijan. Luke Gromen, the founder and president of FFTT, joins Real Vision’s Andreas Steno Laresen to talk about what happens when the Federal Reserve pushes the U.S. economy into recession to fight inflation. According to Gromen, many investors and policymakers are “seemingly oblivious to what the Federal deficit has done in the two recessions prior to COVID.” We also hear from Alexander Stahel about Vladimir Putin’s ongoing effort to inflict maximum pain on Europe via the weaponization of natural gas. Watch the entire interview featuring Alexander Stahel and Andreas Steno Larsen here: https://rvtv.io/3PGdw9n.

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The Next Big Trade - Shawn Hackett on the Art of Trading Agricultural Commodities Jul 17, 2022

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Here’s a full-length episode from Real Vision's original series, The Next Big Trade - be sure to subscribe. Shawn Hackett is the president of Hackett Financial Advisors, a firm that helps investors and hedgers (most notably farmers but end-users too) make better decisions when they get involved in agricultural commodities markets. Shawn joins Harry Melandri to talk about how weather patterns figure into commodity price forecasting, what impact current geopolitical factors could have on those prices, why we could face a cattle shortage, and much more.

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My Life in 4 Trades - The Mental Keys of Trading - Michael Gayed Jul 16, 2022

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Here’s a full-length episode from Real Vision's original series, My Life in 4 Trades - be sure to subscribe. Michael Gayed has amassed a Twitter following of more than 664,000. So how does he meet the expectations and manage the stress that come with such a public undertaking? In conversation with Maggie Lake, Michael shares his social media coping mechanisms, and he also explains how music became a creative outlet for him.

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Let's Do Some Inflation Math Jul 16, 2022

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Jared Dillian tweeted it out: “It would take 8 months of 0.0% CPI readings to get CPI back to 5%.” And that was before the Commerce Department reported retail sales grew by a greater-than-expected 1% in June. President Joe Biden is in Saudi Arabia working on one angle of the inflation crisis, as investors re-priced the possibility of a 100-basis-point move when the Federal Open Market Committee meets later this month. Here’s something else Jared tweeted, yesterday: “Starting to think we put in bottoms in oil, gold, and stocks, and a top in the dollar at 10 am this morning.” The editor of The Daily Dirtnap joins Real Vision’s Ash Bennington to talk about those “bottoms” and how inflation and the Fed’s response to it is affecting the economy, markets, and expectations. We also hear from Anas Alhajji about short-term factors weighing on crude oil prices. Watch the full interview with Tony Greer and Anas Alhajji here: https://rvtv.io/3z9Rbvk.

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Inflation Whammy! (Twitter Spaces) Jul 15, 2022

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On this week's jam-packed Real Vision Twitter Spaces, Raoul Pal, Ash Bennington, and Jim Bianco talk about everything from inflation and the US dollar to growth and tech, including crypto and so much more. Enjoy!

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