Real Vision: Finance & Investing

Latest Episodes:

Daily Briefing - June 26 ,2020 Jun 27, 2020

Show notes

Senior editor Ash Bennington hosts managing editor Ed Harrison to discuss a day of pain on Wall Street as the coronavirus shows no signs of relenting and the normally cautious Federal Reserve issued an alarming mandate to large-cap banks. Ed and Ash also flesh out their thinking on a potential "double-dip recession" and a second wave of coronavirus. In the intro, Jack Farley looks at COVID-19 data and analyzes the dire results from the Fed's "stress test" of the banking sector.

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Daily Briefing - June 25, 2020 Jun 25, 2020

Show notes

Senior editor Ash Bennington and managing editor Ed Harrison break down the latest economic data amid a bullish day on Wall Street. They discuss the rising infections in states like Texas, Arizona, and Florida, and they take a data-driven look at the apparent stalling of the jobs recovery and the reversal of the durable goods slowdown. Ash looks at how peoples’ marginal propensity to spend is affecting the recovery, while Ed explores whether different asset classes are pricing in different recovery “shapes” (equities pricing in a V-shape, high-yield pricing in a Nike swoosh, and investment grade pricing in a “reverse radical”). In the intro, Nick Correa discusses what's happening in Texas and how the virus spread undetected for several weeks before the US locked down.

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Daily Briefing - June 24, 2020 Jun 24, 2020

Show notes

Senior editor Ash Bennington joins managing editor Roger Hirst to analyze the anatomy of bubbles, propelled by emotional mania, and how that is relevant to today’s markets. Bennington and Hirst discuss how equity markets appear to be inflated by flows rather than grounded in fundamentals and why the Fed’s balance sheet is the key driver of all of the recent price action. They also explain why time horizons are a critical piece to how traders should form their thesis and shapes the way they look at the market as well. In the intro, Nick Correa shares the IMF’s latest update on its global GDP projections, what’s happening in CDS markets, and the cost of business operations during coronavirus.

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Daily Briefing - June 23, 2020 Jun 23, 2020

Show notes

Senior editor Ash Bennington joins managing editor Ed Harrison to discuss the latest news in markets, macro, and coronavirus. Bennington and Harrison first analyze the breaking story about Wirecard, a German fintech company, and its implications for Germany. They also talk about how the Fed has released the animal spirits on markets, bolstered by exorbitant amounts of liquidity, and anticipate the pullback in consumption in light of a W-shaped recovery. Finally, they explain how the pandemic reasserting itself will end up strengthening the dollar and lead to a liquidity crunch. In the intro, Nick Correa explains the latest developments in the Wirecard story and provides some context around how they arrived at this point.

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Daily Briefing - June 22, 2020 Jun 22, 2020

Show notes

Senior editor Ash Bennington and managing editor Ed Harrison explore the perilous state of the global markets amid the unrelenting spread of coronavirus. They discuss the disturbing “second wave” of coronavirus in the U.S. – in states like Florida, Texas, and Arizona – as well as around the world and evaluate how the continued spread will impact economic growth and financial returns across different asset classes. Ed hazards whether the U.S. yield curve will see bear-steepening (or bull flattening), and Ash puts the widening “breadth” of the U.S. rally in proper context. In the intro, Jack Farley explores why CLO managers are often rendered incapable just at the time that bold action is most required.

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The Interview - Credit Chaos and Fool's Yield: Updating the Thesis withDan Rasmussen and Greg Obenshain Jun 21, 2020

Show notes

Dan Rasmussen, the CIO and Founder of Verdad Capital Advisers, speaks with his colleague Greg Obenshain, Verdad's director of credit, to examine the credit market sell-off over the past two months. They focus on the recent widening of spreads and other areas of financial markets hit hardest by the recent acceleration. Rasmussen asks Obenshain what the biggest factors for returns in corporate credit are, the turmoil in the credit markets has impacted the energy sector, and where they see the biggest opportunities for investors will be coming out of the crisis. They also update Verdad's Fool's Yield thesis that the company has been writing about since January 2020 and that Rasmussen has presented to Real Vision members in the past few months.

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The Interview - The Electrodollar: Venture Capitalism, Technology, and Silicon Valley Jun 21, 2020

Show notes

Venture capitalist, Bill Tai, has been at the intersection of venture capitalism and innovation since the early days of Silicon Valley before the orchards were replaced with technology company corporate headquarters. He joins Real Vision's Raoul Pal to provide his uniquely qualified perspective, having experience on both the technology development and financing sides of Silicon Valley. Tai and Pal discuss data science, Tai's explanation of the "waves of innovation," and where Tai sees the next wave of innovation currently developing. Tai also talks about his early investment in Bitcoin, his view of digital assets separate from Bitcoin including CryptoKitties, digital currencies like Libra, and what he calls "the Electrodollar."

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Daily Briefing - June 19, 2020 Jun 19, 2020

Show notes

Real Vision CEO Raoul Pal joins senior editor Ash Bennington to reflect on a week of muted volatility amid a "quadruple witching" and unprecedented interventions from the world's major central banks. Raoul and Ash analyze the ECB's recent meeting around fiscal policy, and whether the Bank of Japan (BOJ), European Central Bank (ECB), and Bank of England (BOE) will follow the Fed and go into "hyperdrive," as Raoul puts it. The pair also discusses Apple's decision to close stores in the U.S. as the coronavirus continues to spread. Lastly, the pair looks forward to the upcoming "Crypto Gathering" on Real Vision. In the intro, Jack Farley discusses the recent Wirecard scandal and gives an overview of new action in the burgeoning corporate debt market.

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Daily Briefing - June 18, 2020 Jun 18, 2020

Show notes

Managing editor Ed Harrison joins Peter Boockvar, CIO of Bleakley Advisor Group, to discuss the latest developments in markets, macro, and coronavirus. Harrison and Boockvar dive into what the trajectory of inflation will be and how it’s not a monolithic concept, talk about the possibility and implications of a V-shaped recovery, and explore the broader investment opportunities ahead. In the intro, Peter Cooper explains how the wedge between Wall Street and Main Street continues to be driven deeper.

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Daily Briefing - June 17, 2020 Jun 17, 2020

Show notes

Senior editor Ash Bennington joins Tommy Thornton, founder of Hedge Fund Telemetry, to discuss the latest in markets, macro, and coronavirus. Thornton argues that the need for intervention in repo markets starting back in the fall of 2019 indicated that the market wasn't healthy going into the coronavirus shutdown— and that if it was, the level of stimulus markets have received would’ve been unnecessary. Thornton also talks about how the market is currently too hot and what the risks are for speculators going forward. In the intro, Peter Cooper discusses how companies are issuing debt at extreme levels and how that bodes ill considering how coronavirus is still a major tail risk.

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