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

Senior editor Ash Bennington welcomes back Tony Greer of TG Macro to make sense of today’s price action as the equity markets roar to all-time highs. After the pair briefly discusses the significance of the news that Janet Yellen will likely be named Treasury Secretary, Tony shares his analysis on the value rotation away from the tech giants into cyclical reflation plays like banks, casinos, hotels, and energy. As Tony says, “the world is getting back in business”. Ash and Tony then look the performance of Bitcoin as it approaches its 2017 highs, and explore the future of gold as an inflation hedge. Lastly, Tony gives an update on his trades in the cannabis sector. In the intro, Real Vision's Haley Draznin analyzes the market rally to record highs as the Dow surpasses 30,000 for the first time ever and looks into the anticipated rebound in the economy for the second half of 2021. Learn more about your ad choices. Visit podcastchoices.com/adchoices

24 Nov 202040min

Real Vision editor Jack Farley hosts Tyler Neville of Real Vision for a spirited debate about the fate of risk assets. Tyler makes the case that U.S. equities have a lot more room to run, basing his case on tight credit spreads and the Federal Reserve’s ever-expanding balance sheet. Tyler incorporates market breadth as well as venture capital funding to argue that the punch bowl may never be removed. Jack challenges Tyler’s bullish thesis, asking Tyler about the upcoming expiration of the Fed’s emergency lending programs and the possibility that the holiday season will accelerate the spread of the COVID-19 virus. Jack and Tyler then explore the future of so-called “zombie companies,” whose liabilities have swelled to over $1.2 trillion. In the intro, Real Vision's Haley Draznin analyzes the promising developments of a coronavirus vaccine, how it impacts the markets, and why some sectors will benefit a lot more than others. For charts from Tyler as well as Jack, click here: https://rvtv.io/2URRNAH Learn more about your ad choices. Visit podcastchoices.com/adchoices

23 Nov 202041min

Raoul Pal, CEO and co-founder of Real Vision, welcomes back Keith McCullough, founder and CEO of Hedgeye Risk Management, to analyze how divergent indicators in inflation and growth are revealing trading signals for bonds, commodities, and equities going forward. McCullough breaks down his "Quad"-based investment process, going in greater depth on how "risk ranges" affect his trading across various asset classes such as corn, Chinese and Spanish equities, and Treasury Inflation-Protected Securities (TIPS). Pal and McCullough explore how investors should think about liquidity risks, position sizing, and risk allocation, and the two discuss the role of these factors during a time with such confounding economic data. Filmed on October 21, 2020. Key Learnings: The interplay of volatility, volume and price offers asymmetric opportunities across all asset classes. The rate of change of inflation and growth can be an effective way to determine when to bet on high-conviction trades. Learn more about your ad choices. Visit podcastchoices.com/adchoices

22 Nov 202050min

Bill Campbell, portfolio manager for Global Bond Strategy at DoubleLine Capital, sits down with Ed Harrison to discuss how he is making sense of the massive paradigm shift to central bank digital currencies. Campbell argues that central banks are late to the party as over 95% of global transactions are already digital, and together they explore the potential for bilateral digital currency settlement to replace the SWIFT system and put downward pressure on the dollar. They also discuss how CBDCs could upend the banking system as traditional revenue centers like cross border payments and custody of assets are muscled in on by central banks. Campbell also touches on how CBDCs could change the way that fiscal and monetary policy is conducted, leading to even more debasement of fiat money and why he thinks there is still one final move lower for yields left in the bond market. Filmed on October 30, 2020. Bill Campbell has written extensively on the topic and viewers can find links to his two most recent papers here: https://doubleline.com/dl/wp-content/uploads/Bilateral-Digital-Currency-Payments-October-2020.pdf and https://doubleline.com/2020/10/the-pandoras-box-of-central-bank-digital-currencies-bill-campbell-october-2020/. Key Learnings: Central bank digital currencies are visible on the horizon, and their roll-out will have a huge effect on how monetary and fiscal policy are conducted, the viability of the banking system as it exists today, and the way that global trade is settled and the value of the U.S. dollar. Learn more about your ad choices. Visit podcastchoices.com/adchoices

21 Nov 20201h 15min

With a phenomenal investment track record greater than perhaps even Warren Buffett and George Soros, Joel Greenblatt is renowned as one of the world's greatest investors in history. Yet recently, he has turned his gaze beyond markets to focus his attention on fixing problems in society, ranging from banking and retirement to education and even immigration. In this interview with managing editor Ed Harrison, Greenblatt discusses his common sense solutions to society's ills, using the same analytical framework that brought him tremendous success in the investment world. Greenblatt also shares his investment philosophy and current market outlook. Recorded on October 19, 2020. Learn more about your ad choices. Visit podcastchoices.com/adchoices

20 Nov 20201h 9min

Real Vision managing editor Ed Harrison is joined by editor Jack Farley to break down the economic impact of the partial lockdowns U.S. officials are implementing day-by-day as cases and deaths from COVID-19 spiral out of control. Ed evaluates the latest rise in joblessness claims, the exponential increase in hospitalizations, the looming expiration of the CARES Act, and the Fed’s emergency lending programs, ultimately concluding that a double-dip recession in the U.S. could be on the horizon. Lastly, Jack and Ed discuss China’s first negative-yielding bond (denominated in Euros) as well as Bitcoin’s continued surge. In the intro, Haley Draznin looks at the increase in U.S. jobless claims filed this week and its broader implications on the markets. Learn more about your ad choices. Visit podcastchoices.com/adchoices

20 Nov 202041min

Real Vision Managing editor Ed Harrison hosts Tommy Thornton, founder of Hedge Fund Telemetry, to discuss the opportunities and risks on the investment horizon. Tommy explores whether the ongoing rotation into value will continue, sharing his views on sectors such as energy, financials, and retail. He and Ed then investigate whether bonds’ rally is a harbinger of trouble for stocks, and how various asset classes such as gold and bitcoin perform should there be a major selloff in the equity market. Lastly, Tommy discusses why he remains bearish on Tesla despite its significant rally, and shares his fundamental analysis of the electric vehicle maker as well as his framework for managing risk. In the intro, editor Jack Farley looks at oil futures, vaccine progress, and MTA’s woes. Learn more about your ad choices. Visit podcastchoices.com/adchoices

19 Nov 202037min

Real Vision senior editor, Ash Bennington, welcomes Dave Floyd of Aspen Trading Group back to the Daily Briefing to evaluate price action in the S&P 500, the U.S. 10 year Treasury note, and a variety of currency pairs. Dave shares his framework for trading these asset classes, incorporating technical indicators such as moving averages, stochastic oscillators, relative strength indicators, Fibonacci retracement levels as well as some proprietary trading signals from Aspen Trading Group. Dave and Ash discuss how the relationship between price to volume can reveal “footprints” in various markets to identify inflection points. Finally, Dave shares his own views on the psychology of trading such as knowing when to be cautious and when to pull the trigger. Real Vision's Haley Draznin explains why the markets fell on Tuesday after record highs on Monday, looking closely at the timeline for a vaccine, uptick in coronavirus cases, Tesla moving to the S&P 500 from the Nasdaq, and US retail sales missing expectations. To sign-up to Real Vision to watch these interviews, click here: https://www.realvision.com/paradigm-shift Learn more about your ad choices. Visit podcastchoices.com/adchoices

17 Nov 202038min