Richard Koo: How Excessive Corporate Debt Could Thwart Future Economic Growth

DB-Apr5,2021: Troy Gayeski, co-chief investment officer of SkyBridge Capital, joins Real Vision’s Jack Farley to break down how he thinks the rapidly changing economic and financial landscape is affecting his outlook for fixed-income, equities, and Bitcoin as well as hedge fund strategies such as long/short equities and convertible bond arbitrage. Gayeski argues that rising yields render much of the fixed-income world unattractive but that pockets of opportunity exist in structured credit, which is more immune to interest rate risk. He argues that Bitcoin is attractive to institutional allocators as a way to get exposure to central bank balance sheet expansion and explains why Bitcoin now comprises a double-digit percentage in SkyBridge’s portfolio. Gayeski also shares his views on macroeconomic variables such as inflation, growth, and interest rates as well as his take on the ongoing rotation from growth stocks into value equities. Learn more about your ad choices. Visit podcastchoices.com/adchoices

6 Huhti 202137min

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. Learn more about your ad choices. Visit podcastchoices.com/adchoices

5 Huhti 20211h 1min

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. For Our Listeners: You can get a free 30-day trial to Rosenberg Research here: https://bit.ly/3pQ4nyB. 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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

4 Huhti 20211h 8min

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. 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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

3 Huhti 20211h 4min

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. Learn more about your ad choices. Visit podcastchoices.com/adchoices

3 Huhti 202158min

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. Learn more about your ad choices. Visit podcastchoices.com/adchoices

2 Huhti 202135min

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. Learn more about your ad choices. Visit podcastchoices.com/adchoices

31 Maalis 202139min

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. Learn more about your ad choices. Visit podcastchoices.com/adchoices

31 Maalis 20211h 1min