David Rosenberg returns to Real Vision to discuss the interplay between yield and price in an era of record-low interest rates. In conversation with Real Vision’s Ed Harrison, he warns about the decade-long asset inflation in stocks as well as in bonds, which he perceives as a liquidity cycle not backed by fundamentals. He predicts central banks will remain dovish and reveals why he is constructive on gold, commodities, energy stocks, and a number of long-duration treasuries. Filmed on January 13, 2020, in Toronto.
For the past two years, Peyto Exploration & Development (PEY) has been taking a cautious approach on capital spending. However, they are getting more aggressive in 2020 as their outlook for natural gas improves.
Rob West, founder of Thunder Said Energy – an energy consulting firm, understands that the total decarbonization of the energy industry will be fueled by political attitudes around the world over the next few decades. However, West argues that proponents of ESG investing fail to understand that this transition will involve massive investment in fossil fuels and cooperation with villainized oil majors. He explains his framework for total decarbonization of the energy industry by 2050, and highlights the new technologies and investment vehicles that will be necessary to drive the transition. Filmed on October 18, 2019 in New York.
Daniel Zwirn, CEO of Arena Investors, kicks off Debt Week by bringing his unique credit framework to Real Vision. Zwirn argues that a decade of cheap money has worsened credit quality, but that nevertheless there are lucrative fixed-income opportunities on the long- as well as short-side. He warns of the risks he sees in leveraged loans (as well as the CLOs that package them), noting the "asset-liability mismatch" as one of his most severe concerns. Other topics include: regulatory change, interest rate risk, and idiosyncratic plays in energy and real estate. Filmed on January 6, 2020, in New York.
Will the underlying dynamics of the oil market be the next black swan? Mark Gordon, CIO of the Ascent Oil Fund, joins Real Vision to unpack his data-driven view on why the rising tide of scarcity in oil markets could be the trigger for the next global recession. Gordon's thesis touches on the shale markets, the risks posed by electric vehicles, his outlook for production and exploration stocks, and the recent unrest in Iran and the Middle East. Filmed on January 3, 2020 in New York.
Tony Greer, editor of The Morning Navigator, returns to Real Vision in 2020 with a bold bet on the bond market and reviews where he thinks yields are headed next. In this interview with Justine Underhill, Greer examines the current macro environment, highlights emerging inflationary signals, and discusses how traders should position for a bear-steepener in 2020. He also notes a specific ETF – $IEF – to play the thesis and lays out the trade’s risk/reward parameters. Filmed on January 8, 2019.
Michele “Mish” Schneider returns to Technical Trader for the first time this year to deliver more insightful analysis breaking down what traders should have on their radar for 2020. Looking at seasonality, mega-trends, earnings reports, geopolitical concerns, and the potential for an uptick in inflation, Schneider makes a controversial call on Beyond Meat and reveals several opportunities in gold, sugar, and solar energy. Filmed on January 7, 2020 in Sante Fe, New Mexico.