Real Vision

Real Vision Jan 23, 2020
Expensive But Not Overvalued
Michael Kantrowitz, chief investment strategist at Cornerstone Macro, returns to Real Vision to articulate his stock market outlook for 2020. Noting ultra-low interest rates, narrow credit spreads, and a record-low level of cyclicality in the S&P 500, Kantrowitz argues that while the stock market is certainly expensive, it may not necessarily be overvalued. He recommends a balanced approach that favors value stocks over growth, cyclical over non-cyclical, and domestic over foreign. Filmed on January 21, 2020 in New York.
Real Vision Jan 22, 2020
Fool's Yield and The Wild West of Private Credit
Do higher yields actually lead to higher realized returns in private markets? Dan Rasmussen is the founder of Verdad Advisors — a firm that applies a private equity investing framework to public markets in an effort to replicate private market returns and reduce risk. He joins Real Vision to shed light on the phenomena of “fool’s yield.” Rasmussen argues that investors have been seduced by the promise of boosted returns and ignored the myriad of risks in the opaque investment space rife with deteriorating credit quality, obfuscated default rates, and a major lack of regulation. Filmed on January 16, 2020 in New York.
Real Vision Jan 21, 2020
Canadian Banks: "The Anchor That Drags Your Whole Portfolio Down"
Kevin Muir, editor of the Macro Tourist newsletter, sits down with Real Vision’s Ed Harrison to discuss why he believes interest rates and inflation, long tempered by dovish monetary policy, will rise once again. He sees Treasury Inflation-Protected Securities (TIPS) as a good way to hedge against the U.S. dollar’s inflationary risk and recommends shorting both the Canadian dollar and Canadian banks. He also explains his bullish thesis on energy stocks, which he argues is a bargain at current prices. Filmed on January 13, 2020, in Toronto.
Real Vision Jan 21, 2020
Canadian Banks: "The Anchor That Drags Your Whole Portfolio Down"
Kevin Muir, editor of the Macro Tourist newsletter, sits down with Real Vision’s Ed Harrison to discuss why he believes interest rates and inflation, long tempered by dovish monetary policy, will rise once again. He sees Treasury Inflation-Protected Securities (TIPS) as a good way to hedge against the U.S. dollar’s inflationary risk and recommends shorting both the Canadian dollar and Canadian banks. He also explains his bullish thesis on energy stocks, which he argues is a bargain at current prices. Filmed on January 13, 2020, in Toronto.
Real Vision Jan 21, 2020
The 800-Pound Central Bank Gorilla Live with Christophe Ollari
The razor-sharp, renowned risk-taker Christophe Ollari joins us live for a deep dive into the giant “buy everything” trade pushed on investors by central banks. The Ollari Consulting founder will explain why central bank liquidity is currently trumping usual market movers such as geopolitics and macro factors, and explore why valuations mean nothing in a central bank regime. What could be the trigger for a reversal of the current dynamic? Which central banker would be brave enough to push the “stop” button on the “monetary Ritalin” (Hat-tip to former Dallas Fed President Richard Fisher)? Tune in for Christophe’s must-watch analysis on Thursday, January 23, at 8am, EST.
Real Vision Jan 20, 2020
The Best Laid Plans: Understanding Elizabeth Warren's Economics
David Bahnsen, founder and CIO of The Bahnsen Group, takes a deep dive into the economic portfolio of Democratic presidential candidate Elizabeth Warren. Bahnsen unpacks the potential inconsistencies and contradictions of Warren's plan — with a particular focus on the consequences of a wealth tax. Filmed on January 13, 2020 in New York.
Real Vision Jan 17, 2020
The Bond Bullion Bonfire
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.
Real Vision Jan 16, 2020
Distressed Sovereign Debt: The Final Frontier of Active Management
Hans Humes, CEO of Greylock Capital, has participated in more sovereign debt restructurings than perhaps anyone else on the planet. He breaks down the current sovereign debt landscape with particular focus on Argentina’s newest restructuring. Humes also examines distressed sovereign debt as an asset class, explaining why the political nature of crisis, ever-evolving legislation, and headline-driven markets will leave ample opportunity for the chosen few who swim in these deep waters. Filmed on January 10, 2020 in New York.
Real Vision Jan 16, 2020
Gold vs. Equities: The Ultimate Showdown
Frank Cappelleri, CMT, chief market technician at Nomura Instinet, returns to discuss gold, the S&P 500, and the relationship between the two. He lays out a bullish case for $GDX, the gold miners ETF. Using a number of technical indicators in conjunction with price action, he examines $GDX vs. S&P 500 to determine whether the metal everyone loves to hate will outperform the almighty stock market. Filmed on January 15, 2020 in New York.
Real Vision Jan 15, 2020
2020 Market Outlook - Live with Raoul Pal
With Debt Week underway here on Real Vision, it's time to dig into how the business cycle affects debt markets and what this means for investors. To talk us through it, we've got a very special guest who needs no introduction - Raoul Pal, Real Vision CEO and The Global Macro Investor (GMI) founder. He joins Ed Harrison for an important, timely discussion on the business cycle, fixed income and credit markets and more. (Hint: He believes the longest business cycle in all of recorded history is in "deep trouble.") What they talk about is going to play a large part in every investor's 2020...
Real Vision Jan 15, 2020
Bond Market Secrets: Offsetting Asymmetric Downside Risk
Gershon Distenfeld co-heads a fixed-income team at AllianceBernstein that manages over $300 billion in assets. He joins Real Vision to discuss how the high-yield credit space can function as an alternative to the stock market and why the best bond investors focus on avoiding losers rather than picking winners. He underscores the importance of fixed-income diversification and gives his thoughts on leveraged loans, collateralized mortgage obligations (CMOs), and collateralized loan obligations (CLOs). Filmed on January 10, 2020, in New York.
Real Vision Jan 14, 2020
Addicted to Yield: Wall Street's Dirty Little Secret
New York Times' bestselling author, former M&A investment banker, and long-time financial journalist, William Cohan, joins Ed Harrison to discuss the perilous state of U.S. credit markets, quantitative easing, junk bonds, and the ever-expanding pool of global debt. Predicated on the idea that persistently low interest rates have fueled distortions in the pricing of risk, Cohan argues that Wall Street has been developing a dangerous dependency that won't end profitably for the majority of investors. Filmed on January 7, 2020, in New York.