US Inflation Cools, China Tariff Truce, and UK Jobs Data: PALvatar Market Recap, May 13 2025

We all get our start somewhere, and often the formative experiences of our early years shape our career path for years to come. Beeneet Kothari, managing partner at Tekne, was fortunate enough to spend a large chunk of his formative years at Stanley Druckenmiller's Duquesne Capital where he became the youngest portfolio manager in the history of the firm. In this interview with Christian Alexander, headhunter and author of Macro Link, Kothari outlines his biggest takeaways from working with legends of finance and eventually starting and running his own successful fund. He explains why some of the most important lessons he learned are not hard and fast rules but ways to think, and why even after working at one of the most successful macro shops in the world, he built his fund with a narrow focus on his first love of tech investing. Additionally, he provides his views on bargain hunting, diversification and portfolio concentration, provides his outlook for technology investing in general, and argues against thinking of technology as a sector in the traditional sense.  Learn more about your ad choices. Visit podcastchoices.com/adchoices

9 Elo 202041min

For decades, the schools of economic thought that have informed monetary and fiscal policy decisions have been decidedly not Austrian; but, outside of the echo chambers of Washington D.C., Austrian School economics is in a boom as academics and civilians alike see the predictions and promises of the mainstream fall short. Guided by his Austrian views, Robert P. Murphy, senior fellow at the Mises Institute, has been astute with many of his predictions of the side effects of mainstream economic policies. Together with Real Vision's Ed Harrison, Murphy reintroduces the core of Austrian economics and compares and contrasts with other major economic schools of thought in relation to how each try to make sense of past and recent economic developments and the responses to them. He also attempts to answer the question of whether the Fed's monetary bazooka has ushered in a swift end to the recent business cycle and set us on course for another underwhelming economic expansion.  Learn more about your ad choices. Visit podcastchoices.com/adchoices

8 Elo 20201h

Real Vision CEO Raoul Pal is joined by senior editor Ash Bennington to discuss the current state of different asset classes at this unique juncture. Raoul shares his view on the dollar, precious metals, and bitcoin. He also provides a strategic update on his unfolding thesis. Raoul guides viewers from the hope event into the insolvency phase as high-frequency data show slowdowns in economic activity. Raoul and Ash discuss why they think bitcoin is a favorable trade, and they explore why buying calls on the VIX and puts on the S&P 500 could ballast a gold-heavy portfolio. In the intro, Jack Farley discusses today's Employment Situation Report from the Bureau of Labor Statistics. Learn more about your ad choices. Visit podcastchoices.com/adchoices

7 Elo 202027min

Senior editor Ash Bennington speaks to David Bahnsen, founder and managing partner of The Bahnsen Group, about the economics of re-opening and the state of the U.S. equity markets. Bahnsen weighs the risks and rewards of reopening the U.S. economy during the ongoing pandemic, using the Swedish "no-lockdown" model as an example. Bahnsen and Bennington also discuss the methodology of calculating GDP change as well as the widening chasm between the S&P 500 and the drastic economy contraction. Bahnsen explains this bifurcation by noting that the GDP looks backward while the stock market looks forward. In the intro, Jack Farley reviews the latest initial claims data and gives a strategic overview of the dramatic price action in the Turkish Lira. Learn more about your ad choices. Visit podcastchoices.com/adchoices

6 Elo 202043min

Senior editor, Ash Bennington, joins managing editor, Ed Harrison, to discuss some of the latest data coming out, revealing the health of the US economy. They go over the July ADP Nonfarm Payroll number, what the disappointing results say about where the economy stands, and why the pandemic really is something to seriously consider as a market driver. They also talk about the uptick of coronavirus cases globally, the Swedish outcome, and how the world would get closer to a new normal. They wrap up their discussion by exploring bifurcation, the divide between the real economy and the financial economy, and when that reality becomes important to markets as well as the bifurcation between the market winners and losers during the pandemic. Learn more about your ad choices. Visit podcastchoices.com/adchoices

5 Elo 202037min

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

4 Elo 202037min

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

3 Elo 202033min

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. Sponsor Link - Keep Coming Back : http://keepcomingbackpodcast.com/ Learn more about your ad choices. Visit podcastchoices.com/adchoices

2 Elo 202054min