Trading the Markets: October 1, 2025 | Kris Bullock and Bijan Maleki

Real Vision managing editor Ed Harrison joins Tommy Thornton, founder of Hedge Fund Telemetry, to discuss the market exuberance around this week’s IPOs, DeMarc indicators, and his forward outlook. Thornton elaborates on why the speculative bubble surrounding the IPOs for DoorDash and Airbnb is worrisome and too volatile to either long or short at this point. He also dives into DeMarc indicators, sharing what they are and how he analyzes markets and crafts investing strategies around their use. Thornton then talks about what his outlook in light of a true reopening is for oil, financials, cyclicals, and tech. Harrison and Thornton end on discussing the DXY and currency markets. In the intro, Real Vision’s Haley Draznin explores the jobless claims spike after the Thanksgiving week and the higher than expected valuations of Airbnb and Doordash going public. Learn more about your ad choices. Visit podcastchoices.com/adchoices

10 Des 202041min

Real Vision managing editor Ed Harrison joins editor Max Wiethe to put today’s market selloff in context of the broader bullish attitudes that have prevailed amid trouble in the real economy. They also highlight individual stories from the week like DoorDash's and Airbnb’s IPOs and Tesla’s successful $5 billion dilutive offering as examples of this market favoring corporate managers above all else. Beyond equity markets, Ed and Max touch on the steepening yield curve as another bullish signal and address the knock-on effects for real yields and gold as well as the conflicting signal being sent by a weak dollar. Learn more about your ad choices. Visit podcastchoices.com/adchoices

9 Des 202037min

Real Vision senior editor Ash Bennington welcomes Tony Greer, editor of the Morning Navigator, to delve into the day’s trading and explore where markets are currently at. With Joe Biden becoming President-Elect and the race for a vaccine coming closer to the end, markets have changed their tune, and Greer explains how the rotation trade is continuing to be sustained due to the markets’ vision of a vaccinated world. Greer also considers how the virtualization of society due to the pandemic will have enduring effects in the way people live and work and what that implies for new market trends such as the recent abundance of tech IPOs. Greer shares his thoughts on why the Fed will continue to only address the recovery through asset price inflation, and he discusses what this means for various asset classes. In the intro, Real Vision’s Haley Draznin explores the K-shaped recovery in the housing market. Learn more about your ad choices. Visit podcastchoices.com/adchoices

9 Des 202043min

Real Vision managing editor Ed Harrison is joined by editor Jack Farley to break down the froth of the market and explore whether it will boil over. Ed analyzes the significance of the Smart Money Index’s (SMI) hitting a one-year low, and Jack gives a snapshot of the roaring U.S. credit markets. Ed looks at the ongoing efforts to distribute the vaccine in the U.K. and ponders the rotation trade from growth to value stocks, as electric vehicle makers surge and cloud technology stocks remain exorbitantly priced, by historical metrics. Ed discusses Tesla’s eclipsing of Berkshire Hathaway in market capitalization, a phenomenon which Ed sees as the epitome of the market’s current zeal for flashy, growthy names. In the intro, Real Vision’s Haley Draznin reviews price action and stimulus hopes, as well as a slew of upcoming IPOs, including DoorDash and AirBnb. Learn more about your ad choices. Visit podcastchoices.com/adchoices

8 Des 202043min

Dr. Thomas Kaplan, chairman of The Electrum Group and executive chairman of Panthera Corporation, joins Rick Rule, President & CEO of Sprott U.S. Holdings, to discuss the opportunities he sees at this juncture for precious metals and precious metals miners. After Kaplan regales Rule with tales of his epic call on silver in 1992, which turned many heads including that of George Soros, Kaplan shares why he believes gold offers a "generational opportunity" in 2020 that can offer 10x-20x returns. As developing nations threaten to nationalize mines, Kaplan has allocated away from emerging markets to concentrate his investments in America, Canada, and Australia, warning simply that the "era of the frontier mentality is over." Key takeaways: Opportunities in precious metals are many and promising, but jurisdictional risks lurk. Kaplan sees nationalization of mines as a major threat in emerging markets, warning that the "era of the frontier mentality is over." Recorded On : Oct 26, 2020 Learn more about your ad choices. Visit podcastchoices.com/adchoices

6 Des 20201h 4min

Real Vision viewers should be well acquainted with Mike Green's research into how big passive funds are responsible for many of the “distasteful” dynamics that have perplexed and enraged market participants over the last few years, but they may still be wondering how they can actually use this in constructing a portfolio. In this interview, Green sits down with up and coming hedge fund manager Dan McMurtrie of Tyro Partners to discuss how Dan has managed to successfully implement this research into his portfolio construction and security selection process. They also discuss the power of doing favors, McMurtrie’s unconventional path to building his fund, and how he has used twitter and good old-fashioned happy hours to develop an incredible network of mentors and colleagues. Dan McMurtrie can be found on a twitter @supermugatu and Mike Green can be found @profplum99. Key Learnings: Investors need to think about who the next marginal buyer is going to be to drive a stock higher, and although this doesn't mean that fundamentals and technicals should be ignored, increasingly flows need to be considered when thinking about security selection. This can result in "distasteful" decisions that go against long held beliefs about value and what should drive the price of a security. Recorded on Oct 26 , 2020. Learn more about your ad choices. Visit podcastchoices.com/adchoices

5 Des 20201h 14min

Real Vision senior editor Ash Bennington (“Cash Pennington”) hosts managing editor Ed Harrison to break down today’s dismal data on the state of the U.S. labor market. Ed and Ash put in context the non-farm payroll figures, released today, and contrast this dreadful print with the rally in U.S. equities. After reflecting on what these job numbers means for the yield curve and interest rate margins, Ed and Ash conduct an even-handed analysis of the worsening data on COVID-19 cases, deaths, and hospitalizations. In the intro, editor Jack Farley explores why the investors seem convinced that the adverse jobs data is actually good news for the stock market. Learn more about your ad choices. Visit podcastchoices.com/adchoices

4 Des 202043min

Real Vision editor Max Wiethe is joined by both Jack Farley and Ed Harrison in this multi-part edition of The Daily Briefing. In part one, Jack and Max discuss the swirling optimism and pessimism surrounding reopening favorites like airlines and movie theaters and debate whether these industries and others like commercial real estate are in store for a new normal post-COVID. In part two, Ed Harrison returns to update his rough winter thesis in light of today’s positive surprise in jobs data and the renewed hopes for fiscal stimulus as news of good-faith bipartisan discussions and support from President Trump for slimmed down stimulus indicate a potential for more positive surprises. As well, they look forward at the pitfalls that still remain and tomorrow's more important jobs report. In the intro, Real Vision's Haley Draznin digs deeper into today’s jobless claims number to analyze why the weekly jobless claims fell last week after rising for two consecutive weeks and what this means for the labor market's recovery. Learn more about your ad choices. Visit podcastchoices.com/adchoices

3 Des 202041min