Real Vision: Finance & Investing

Latest Episodes:

Daily Briefing – August 4, 2020 – Central Banks Don’t Have Things Under Control: Mike "Mish" Shedlock Aug 04, 2020

Show notes

Senior editor Ash Bennington is joined by Mike "Mish" Shedlock of TheStreet.com to discuss gold and the looming fiscal cliff. Shedlock analyzes the purported "short squeeze" on gold, shining a light on the various players in the future as well as physical markets for gold during its ascendant rally. Bennington and Shedlock then analyze the dysfunction in Washington and gyrating asset markets through the lens of expiring unemployment benefits.

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Daily Briefing – August 3, 2020 – Downside Risk Has Not Been Fully Appreciated By Markets: Ed Harrison Aug 03, 2020

Show notes

Senior editor, Ash Bennington, joins managing editor, Ed Harrison, to reckon with the idea of whether a COVID-19 vaccine will be the “medical bailout” everyone is staking their hopes on. Ash and Ed give an overview of where many major nations are currently in their battle against the pandemic and consider if this new normal is truly sustainable in the long-term. They also discuss the continued move toward a virtual world, how this is an omen of absolute collapse in certain industries, and how the pandemic has become a politically charged subject in the midst of a US election cycle. In the intro, Nick Correa shares some of the data from the Household Pulse Survey, revealing the ways fiscal stimulus has made up a portion of aggregate spending for American consumers.

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The Interview - Angrynomics: Twilight of the Technocrats w/ Mark Blyth and Eric Lonergan Aug 02, 2020

Show notes

The neoliberal model of free trade, open borders, and liberalized capital flows is under assault. Traditional economic models with rational agents and efficient markets don't accord with reality, and people are starting to notice. Even recent advances in behavioral economics have failed to capture this disconnect. Mark Blyth, William R. Rhodes Professor of International Economics at Brown University, and Eric Lonergan, macro hedge fund manager at M&G Investments, explore and seek to resolve these conflicts in their new book, "Angrynomics." Blyth and Lonergan examine how the outsourcing of economic management to grey-suited bureaucrats is fomenting a populist backlash that is redrawing political battle lines and molding the destiny of different asset classes in ways few fully grasp. They analyze the recent largesse of central banks as a sort of asymmetric put-option which rewards those who hold assets and punishes those who don't. Blyth and Lonergan also explore potential solutions, which include dual interest rates, citizens' wealth fund, and - yes - even helicopter money.

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The Interview - The Spirit of St. Louis: A View From Inside the Fed w/ David Andolfatto Aug 01, 2020

Show notes

David Andolfatto, economist and senior vice president at the Federal Reserve Bank of St. Louis, joins Pedro da Costa, senior reporter at Market News International, to give a peek behind the curtain into the Fed’s monetary policy at this unique market juncture. Andolfatto analyzes the most recent economic data and estimates that we are headed towards a "W-shaped" recovery. He then describes the remaining tools the Fed still has at its disposal. Da Costa and Andolfatto also analyze the pandemic as an accelerant of secular trends, such as working from home and rapid adoption of technology, as well of the lasting impacts of this acceleration. They also explore helicopter money, the commoditization of consumer loans, as well as the looming threat of inflation.

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Daily Briefing – July 31, 2020 – Passive Investing Is A Misnomer: Mike Green Jul 31, 2020

Show notes

Senior editor Ash Bennington hosts Real Vision favorite Mike Green of Logica Capital Advisors. Mike Green gives a strategic update on the markets, and, through the lens of his renowned critique of passive investing, analyzes flow data on ETFs and mutual funds to conclude that the markets could be due for some turmoil in the coming months. Green and Bennington also discuss today’s interview with Green and Rob Arnott, one of the world’s leading quantitative investors. Green also shares his views on "volmaggedon" and the similarities between short-vol and bonds. In the intro, Jack reviews recent FAANG earnings and gives a preview of Jason Buck’s three-part “Ahead of the Curve,” a deep-dive into volatility featuring interviews with Chris Cole, Jerry Haworth, and Bastian Bolesta.

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Daily Briefing – July 30, 2020 – Dollar Decline Narrative is Exaggerated: Marc Chandler Jul 30, 2020

Show notes

Managing editor, Ed Harrison, hosts Marc Chandler, chief market strategist at Bannockburn Global Forex, to discuss currency markets, the dollar’s reserve status, and the world’s loosening grip on the goal of economic efficiency. Chandler and Harrison parse how a seemingly weaker US recovery is expressing itself through currency markets. Chandler also shares his thoughts on why the dollar losing reserve status and the loss of US hegemony are not as compelling by appealing to the dollar’s cyclical trends. Finally, they discuss how nations are reducing their dependency on economic efficiency as the end all, be all, what that looks like, and how the pandemic is catalyzing these trends. In the intro, Nick Correa reviews the latest GDP numbers for the U.S. economy and what implications it has over the next few months.

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Daily Briefing – July 29, 2020 – The Fed is the Dominant Agent in this Market: Ash Bennington Jul 29, 2020

Show notes

Managing editor, Ed Harrison, and senior editor, Ash Bennington, come together to discuss the Fed in light of the FOMC’s announcement today. Ed and Ash drive home how the Fed, at this time, is the dominant agent in these markets and how investor’s feelings regarding Fed action can interfere with one’s ability to make money. Because of the Fed’s mandate, Ed and Ash discuss why they are “the only game in town” and how it’s led them to respond to the crisis with unprecedented force. They then consider the weight of the arguments concerning the dollar losing reserve currency status and examine the implications of the Fed’s latest announcement. In the intro, Nick Correa covers what’s happening in gold markets and whether the rally is “overhyped” as well as Santander’s and Barclays’ earnings announcements.

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Daily Briefing – July 28, 2020 – Real Vision Talks Politics, Stimulus, and Blockchain Jul 28, 2020

Show notes

Senior editor, Ash Bennington, joins Max Wiethe to cover the types of U.S. stimulus that have been implemented so far, the battle happening in Congress, and the crypto space. Ash and Max do a deep-dive into the types of monetary policy the Fed can implement and the alphabet soup of facilities they have set up to respond to the crisis. They also discuss at length what the current negotiations could mean for the 2020 elections, how the robustness of the recovery is what matters at this stage, and how the dysfunction of Congress is on display. Finally, they talk about gold breaking its all-time highs, bitcoin nearing $11,000, and the long-term view of the crypto space. In the intro, Nick Correa talks about the newly-unveiled proposal from the Republicans for fiscal stimulus and the sources of tension as Congress races toward passing a relief bill.

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Daily Briefing - July 27, 2020 - Dollar Strength is Off the Table Now: Ed Harrison Jul 27, 2020

Show notes

Senior editor, Ash Bennington, hosts managing editor, Ed Harrison, to break down the recent price action in gold and bitcoin, and to analyze the health of the U.S. economy as COVID-19 continues to spread. Ash and Ed also consider how the dollar continues to weaken and where rates are headed, as well as speculate on what the next iteration of US fiscal policy will shape up to be. In the intro, Jack Farley takes a look at the plumbing of the gold market.

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The Interview - How Will China Emerge From the COVID-19 Crisis? w/ George Magnus Jul 26, 2020

Show notes

In many ways, China is at the center of the public health and economic crisis that has gripped the entire world for most of 2020, but recently more focus has been placed on the U.S. and Europe. George Magnus, research associate for the China Centre at Oxford University, helps viewers revert their gaze back towards the global superpower sized elephant in the room. Together with Real Vision's Ed Harrison, Magnus examines the current state of affairs for China from the perspective of the western countries left with a bad taste in their mouths after China's handling of the COVID-19 outbreak, but also from the internal perspective of a country looking to restart its growth engine and position itself for a world with fewer allies and a new economy with less reliance on traditional global trade partners. In addition, they examine the health of the Chinese banking system, the return of credit growth in China, and the potential for western sanctions and the outright weaponization of the U.S. dollar.

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