Is China Quietly Winning the Trade War?| Macro Mondays: November 3, 2025

Senior editor, Ash Bennington, joins managing editor, Ed Harrison, to discuss secular stagnation, initial jobless claims, and the fiscal cliff. They begin by exploring Ed’s takeaways from his interviews with Milton Berg and Charlie McElligott, their contrarian stances, and how price signal distortion is pointing toward secular stagnation. Ed and Ash also parse the differences between seasonally adjusted and non-seasonally adjusted initial jobless claims and how the treatment of the data shapes the way an investor understands employment trends during the pandemic. They wrap up their discussion by considering USPS funding, the lapse in fiscal aid, and the significant political tail risks ahead for this election cycle. In the intro, Peter Cooper reviews the latest initial jobless claims numbers and the plight of essential workers. Sponsor Link - Keep Coming Back : http://keepcomingbackpodcast.com/ Learn more about your ad choices. Visit podcastchoices.com/adchoices

13 Elo 202036min

Senior editor, Ash Bennington, joins Robert Leonard, VP of Growth and Innovation at The Investor’s Podcast Network, to discuss how novice and millennial investors are currently navigating the markets. Robert explains how the real economy and markets are currently disconnected and how that lays the foundation for a future market correction. He also dives into his investment framework and how he combines both value and momentum strategies. Ash and Robert wrap up their discussion by examining how novice and millennial investors tactically and philosophically approach markets, especially in the past few months, and what the potential ramifications of that will be for this demographic. In the intro, Peter Cooper shares how airlines and Disney are currently working to conserve cash flow in an environment of suppressed demand. Sponsor Link - Keep Coming Back : http://keepcomingbackpodcast.com/ Learn more about your ad choices. Visit podcastchoices.com/adchoices

12 Elo 202033min

Senior editor, Ash Bennington, joins Tyler Neville to discuss secular stagnation and the financial chicanery happening in markets. With stocks rising above global GDP, Ash and Tyler consider how the increase in bond issuance has been electric all while yields aren’t rising. Tyler also argues how people look at markets through a political lens, but not a demographic lens, and how demographics can further shape an investor's understanding of what’s occurring. They also talk about the DXY in juxtaposition with the federal deficit, the relationship between spot gold and gold miners, and what the future holds for pension funds. Sponsor Link - Keep Coming Back : http://keepcomingbackpodcast.com/ Learn more about your ad choices. Visit podcastchoices.com/adchoices

11 Elo 202033min

Real Vision senior editor, Ash Bennington, joins managing editor, Ed Harrison, to discuss the pivotal forces driving markets. They discuss bank balance sheets in Europe and how compression of net interest margins are damaging bank earnings. Ash discusses supply constraints of consumer staples, and Ed analyzes volatility, market breadth, and “bear steepening” through the lens of his recent interviews with Milton Berg and Charlie McElligott. They also look forward to a market of lower growth and higher prices. In the intro, Jack analyze Berkshire Hathaway’s recent Q2 earnings report. Sponsor Link - Keep Coming Back : http://keepcomingbackpodcast.com/ Learn more about your ad choices. Visit podcastchoices.com/adchoices

10 Elo 202037min

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