Real Vision: Finance & Investing

Latest Episodes:

White-Collar Crime Episode: Why White Collar Criminals Get Away With It( w/ Jesse Eisinger and Quinton Mathews ) Apr 05, 2021

Show notes

Real Vision Live Replay: Jim Chanos recently remarked that we are in a golden age of fraud, highlighting that companies trade unaffected by credible public accusations for years before it finally catches up to them. But even after the house cards collapses, the executives in charge of these companies often go unpunished and shareholders are left holding the bag. In America, this wasn’t always the case. Pulitzer prize winning author and senior reporter and editor at ProPublica, Jesse Eisinger, penned the definitive historical account of this devolution in his book "The Chickenshit Club: Why the Justice Department Fails to Prosecute Executives" and in this first installment of a series of interviews focussed on white-collar crime and its affects on markets with Quinton Mathews, managing member of QKM, the pair reexamine this history to explore how we got from regulatory institutions dishing out multi-year sentences in the Enron scandal to almost no prison time or charges being filed against bank executives in the GFC and the potential actions needed to remedy this broken system.

Recorded on October 14, 2020.

Key Learnings:

Eisinger and Mathews highlight the hollowing out of the regulatory bodies charged with investigating and prosecuting these crimes and the misaligned incentivizes for ambitious young attorneys as the biggest problems.
They concluded that increased funding for regulators and diversity in hiring of prosecutors are some of the many changes need to improve the system.

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A Rejection of the New "Roaring 20s" Recovery Narrative (w/David Rosenberg and Ed Harrison) Apr 04, 2021

Show notes

The Interview: David Rosenberg, chief economist and strategist at Rosenberg Research Associates, believes that there will be a recovery—but not one nearly as robust as the market is currently pricing in. In this interview with Ed Harrison, Rosenberg argues that this is the result of a freshly increased debt overhang, lingering unemployment, and shifts towards saving and away from spending as a result of the psychological scarring of COVID. Rosenberg also outlines his investment ideas that result from this view, namely long bonds, gold, "utility-like growth", and emerging markets in Asia like China and India.

Recorded on February 1, 2020.

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Growing Wealth in an Inflation Avalanche (w/Russell Napier and Stephen Clapham) Apr 03, 2021

Show notes

The Interview: If central banks and governments unite to debase their money and depreciate their currency, will the long-awaited inflation finally arrive? And if it does, how can investors position themselves to not only protect their portfolio—but in fact grow their wealth—in this inflationary environment? Russell Napier, preeminent investment strategist, joins Stephen Clapham of Behind the Balance Sheet to answer these two critical questions. Napier makes his case for why inflation is indeed on the horizon, discussing everything from rent controls and yield curve capping to credit rationing and pricing power, and then he and Clapham explore the various investments that have a favorable risk/reward profile should Napier's thesis prove correct.

Recorded on February 4, 2021

Key learnings: Napier sees favorable opportunities in companies that can secure easy debt financing, value stocks whose pricing power varies with inflation, and countries with low debt-to-GDP ratios such as Singapore.

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Labor Market Strength Catches the Bond Market Off-Guard as Ethereum Soars Apr 03, 2021

Show notes

DB-Apr2,2021: Real Vision senior and crypto editor Ash Bennington welcomes Real Vision editors Max Wiethe and Jack Farley to the Daily Briefing. They discuss the Nonfarm Payrolls data, which significantly exceeded expectations, and interpret what this means for the U.S. economy, stocks, and bonds. They look at the corresponding sell-off in U.S. Treasurys today and the surge in S&P 500 futures (the U.S. stock market is officially closed). Lastly, they cover the surge in Ethereum and altcoins.

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Twilight of the 60/40 Portfolio: Boomers, Bonds, and Bitcoin Apr 02, 2021

Show notes

DB-Apr1,2021: Tyler Neville, senior editor at Blockworks, and Real Vision’s Jack Farley briefly look at the S&P 500’s breach beyond 4000 as bond yields retreat and the dollar marches higher. Tyler also interprets recent currency volatility, examining the U.S. dollar’s recent strength against the Euro, Japanese Yen, and Chinese Yuan. Tyler and Jack then turn to the bond market, analyzing how rising yields have taken down an otherwise triumphant credit market. Tyler notes that the 60/40 is severely weakened by ultra-low yields and argues that Bitcoin could be a serious replacement to bonds. Jack and Tyler discuss other assets within crypto such as non-fungible tokens and assets within decentralized finance (DeFi) before taking another look at the Archegos liquidation.

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Archegos Unwinds as S&P 500 Flirts with 4000 Mar 31, 2021

Show notes

DB-Mar31,2021: Real Vision editor Jack Farley welcomes Real Vision’s Weston Nakamura and Max Wiethe to the Daily Briefing. After briefly analyzing the day’s price action (U.S. equities surged as Treasury yields rose), they analyze the forced liquidation of Archegos Capital. Weston provides insight into the mechanics of the over-the-counter derivatives that were involved in the blow-up as well as big banks such as Goldman Sachs, Nomura, and Credit Suisse that were prime brokerages to Archegos Capital.

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Dan Tapiero: Three Key Crypto Investment Categories Mar 31, 2021

Show notes

Crypto Wednesday: Dan Tapiero, founder and managing partner of 10T Holdings, joins Raoul Pal, CEO and co-founder of Real Vision, to discuss some of the crypto investment sectors he is interested in, including blockchain infrastructure, on-ramps, and next generation financial services. Taperio explains his approach to investing in the space and why he is looking to invest in what he considers to be mid-sized, crypto companies worth over 400 million dollars. He explores the benefits of investing into crypto on-ramps such as crypto exchanges and lending and borrowing, pointing out that even when crypto prices are going down, on-ramp type investments still perform. Tapiero believes that investing in blockchain infrastructure, such as bridges from traditional finance to crypto, is a way to get upside exposure to the asset class without necessarily needing to purchase the crypto assets themselves.

Recorded on February 17, 2021.

Key Learnings:

There are many different ways to approach investing in the crypto space. Tapiero takes the traditional investor approach, primarily investing in businesses rather than holding the crypto assets themselves, and he describes his approach as a "picks and shovels" style investment strategy.
This enables the investor to benefit from exposure to the asset class while also reducing the downside risk that comes with holding the tokens themselves.

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Archegos's Leveraged Blow-Up: Danger Under the Hood? Mar 31, 2021

Show notes

DB-Mar30,2021: What does the leveraged blow-up of Archegos Capital Management mean for risk assets? Tony Greer of TG Macro joins Real Vision senior editor Ash Bennington to answer this question and update his outlook on stocks, bonds, housing, the U.S. Dollar, and gold as the bond rout shows little sign of stopping. Tony notes that the forced liquidation of Archegos ceased to impair stocks today—for now, at least—but remains as a potential sign that there is some market danger underneath the hood. Tony cites this as a reason why, on the margin, he is moving somewhat into cash and gold and out of stocks. Tony makes sense of the action in Treasury yields and tells Ash why he thinks the U.S. Dollar has been driving higher, especially against the yen. Tony speculates as to why commodities have proved resilient in the face of this dollar strength, which is normally a headwind. Lastly, Ash tells Tony about his evolving journey in the crypto world from a fan’s creation of Ash’s very own non-fungible token (NFT) to Ash’s experience buying Ethereum for the first time.

For our Listeners :

Protect your portfolio and join 130,000 members by signing up at masterworks.io with promo code REAL VISION today to skip the waitlist. See important information at masterworks.io/disclaimer
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Bitgo: Securing the World's Crypto (w/ Mike Belshe and Raoul Pal) Mar 30, 2021

Show notes

Real Vision Crypto: Mike Belshe, co-founder and CEO of Bitgo, joins Raoul Pal, Real Vision CEO, to discuss Bitgo, tokenization, and the DeFi markets. Belshe describes Bitgo as a security and technology company, acting as custodian for approximately 18 blockchains and 300+ tokens. He explains the importance of the institutional component to adoption and how crucial secure custodians are for institutions to be able to fully enter the space. Belshe believes that DeFi is starting to show some incredible opportunities, and he mentions that there are already smart contracts operating at significant scale, automating away parts of traditional finance such as automated market makers. Belshe also mentions the value of token standards like ERC20 for building out the layers of crypto infrastructure. Standardization of various tokenization formats will accelerate the security and composability of the crypto space.

Recorded on January 27, 2021.

Key Learnings:

Security is paramount when working with institutional level investments. In order for crypto to be an asset class accessible to all, a secure fiduciary custodian is necessary infrastructure.
We are in the early stages of the infrastructure build out for the crypto space, and as the value of the assets grow, the level of security must also scale with it.

For our Listeners :

Protect your portfolio and join 130,000 members by signing up at masterworks.io with promo code REAL VISION today to skip the waitlist. See important information at masterworks.io/disclaimer
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How Sticky Will Inflation Be in 2021? Mar 29, 2021

Show notes

DB-Mar29,2021: Peter Boockvar, CIO of Bleakley Advisory Group and editor of The Boock Report, joins Real Vision managing editor Ed Harrison to discuss how the next few months will be critical in determining how sticky rising inflation expectations will be. As the vaccination rollout progresses, albeit slowly in many countries, Boockvar explains that markets are continuing to look ahead to the reopening of the economy with fears of inflation constantly present. He sees that the pressures coming from increasing commodity, labor, and services costs could prove to have a lasting effect on inflation expectations in the months to come, and he says this could bolster the 10-year Treasury yield rising north of 2%. They also talk about how this may impact the U.S. dollar. In the second half of the Daily Briefing, Harrison welcomes Trevor Hall, host of the Mining Stock Daily Podcast, to discuss rising input and commodity costs and its overall effect on precious metals, industrials, and miners.

For our Listeners :

Protect your portfolio and join 130,000 members by signing up at masterworks.io with promo code REAL VISION today to skip the waitlist. See important information at masterworks.io/disclaimer
Checkout Jordan Harbinger Show @ https://www.jordanharbinger.com/

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