Daily Briefing - June 18, 2020

Venture capitalist, Bill Tai, has been at the intersection of venture capitalism and innovation since the early days of Silicon Valley before the orchards were replaced with technology company corporate headquarters. He joins Real Vision's Raoul Pal to provide his uniquely qualified perspective, having experience on both the technology development and financing sides of Silicon Valley. Tai and Pal discuss data science, Tai's explanation of the "waves of innovation," and where Tai sees the next wave of innovation currently developing. Tai also talks about his early investment in Bitcoin, his view of digital assets separate from Bitcoin including CryptoKitties, digital currencies like Libra, and what he calls "the Electrodollar."  Learn more about your ad choices. Visit podcastchoices.com/adchoices

21 Juni 20201h 10min

Real Vision CEO Raoul Pal joins senior editor Ash Bennington to reflect on a week of muted volatility amid a "quadruple witching" and unprecedented interventions from the world's major central banks. Raoul and Ash analyze the ECB's recent meeting around fiscal policy, and whether the Bank of Japan (BOJ), European Central Bank (ECB), and Bank of England (BOE) will follow the Fed and go into "hyperdrive," as Raoul puts it. The pair also discusses Apple's decision to close stores in the U.S. as the coronavirus continues to spread. Lastly, the pair looks forward to the upcoming "Crypto Gathering" on Real Vision. In the intro, Jack Farley discusses the recent Wirecard scandal and gives an overview of new action in the burgeoning corporate debt market. Learn more about your ad choices. Visit podcastchoices.com/adchoices

19 Juni 202039min

Senior editor Ash Bennington joins Tommy Thornton, founder of Hedge Fund Telemetry, to discuss the latest in markets, macro, and coronavirus. Thornton argues that the need for intervention in repo markets starting back in the fall of 2019 indicated that the market wasn't healthy going into the coronavirus shutdown— and that if it was, the level of stimulus markets have received would’ve been unnecessary. Thornton also talks about how the market is currently too hot and what the risks are for speculators going forward. In the intro, Peter Cooper discusses how companies are issuing debt at extreme levels and how that bodes ill considering how coronavirus is still a major tail risk. Learn more about your ad choices. Visit podcastchoices.com/adchoices

17 Juni 202031min

Senior editor Ash Bennington joins managing editor Ed Harrison to unpack today's positive retail numbers as well as whether the recession is now "over" (even if in name only). Bennington and Harrison explore what this actually means in the technical sense, but how it may lend itself to a double-dip recession in the same way the Great Depression was. They also discuss the increased spread of the virus, the public perception of COVID-19 wrecking more havoc on the economy, and Jay Powell’s testimony before the Senate Banking Committee today. In the intro, Peter Cooper discusses how the Fed’s announcement on its corporate bond-buying program as well as burgeoning retail sales numbers have supported the stock market rallies this week. Learn more about your ad choices. Visit podcastchoices.com/adchoices

16 Juni 202033min

Senior editor Ash Bennington joins Real Vision managing editor Ed Harrison to discuss a day of "risk on risk off" on Wall Street. Ed maps out a new paradigm he's noticing in the world of energy, equities, and the dollar, and Ash places the vacillations of U.S. stocks in context of central bank liquidity and the ongoing pandemic. Ed and Ash also discuss the CALPers bold move into private equity and private debt. In the intro, Jack Farley looks at the shape of the "volatility smile" and discusses the looming bankruptcy risks in the oil and gas sector. Learn more about your ad choices. Visit podcastchoices.com/adchoices

15 Juni 202036min

Trevor Mottl, managing director at Lazard Labs, speaks to Real Vision CEO Raoul Pal about how machine learning and artificial intelligence (AI) can inform and transform the investment process – from idea generation to position sizing to risk management. He tells Raoul about the AI team he runs at Lazard Asset Management that uses machine learning to identify patterns in markets too complex for the human brain to recognize in order to reliably generate alpha too obscure for human investors to reliably capture. Mottl also breaks down his three-piece framework of finance – which includes pricing, time horizon, and liquidity – and explains how this framework has shaped his investment philosophy and informed his macro outlook. Learn more about your ad choices. Visit podcastchoices.com/adchoices

14 Juni 20201h 1min

James Aitken, partner at Aitken Advisors, joins Real Vision CEO Raoul Pal to discuss the intricate relationship between bond and FX markets and how this often overlooked connection is playing out at this critical juncture of the credit cycle. Aitken and Pal put the recently announced central bank policies – remarkably generous swap lines, sweeping repo facilities, and the revival of quantitative easing (QE) – in proper context and analyzes how central banks' commitment to be the "buyers of first resort" will affect cross-currency basis swaps, yields on corporates, and the U.S. dollar. Aitken also describes his investing framework to deploying capital in this unprecedented economic crisis. Learn more about your ad choices. Visit podcastchoices.com/adchoices

13 Juni 20201h 29min