Strategies and developments relating to currencies and the foreign exchange markets
Jul 28, 2021
TradeStation: Building a Crypto Trading Platform from the Ground Up
The moment short-term trader James Putra, senior director and head of strategy at TradeStation, decided to trade exclusively in crypto was pivotal in creating TradeStation’s crypto trading platform. From setting up his first mining rig to educating TradFi firms on this new sector, Putra noticed a substantial division between the tech-dominant crowd populating early crypto companies and the traditional finance folks he was used to. These two crowds didn’t always "speak the same language," as he puts it. Acting as an intermediary between these two worlds, Putra has been able to incorporate the wisdom of TradFi into the immensely volatile world of crypto that gives traders a leg up in harnessing such volatility. Interviewed by Ash Bennington on July 15, 2021.
Navigating Nations: The Emerging Markets Megatrend
To showcase the wonderful line-up from this year's Festival of Learning, Real Vision presents this interview of Raoul Pal, co-founder and CEO of Real Vision, and Brent Johnson, CEO of Santiago Capital, discussing emerging market investing and navigating different markets. When dissecting certain nations, Johnson and Pal share their personal anecdotes to lead into the reasons of potential investment in different emerging markets. Pal mentions that emerging markets become exceedingly volatile when they are in a trend, which makes them extremely attractive, and Johnson believes the best emerging markets are not "pleasing to the eye." Filmed during the Festival of Learning 2021.
Jul 23, 2021
"Reading the Soup" as a Crypto VC Firm
Picking the big fish in the sea of crypto is no easy task—George McDonaugh, co-founder and managing director of KR1 plc, and Keld van Schreven, co-founder and managing director of KR1 plc, join Real Vision CEO and co-founder Raoul Pal to share their expertise on early investing. Growing their company to a market cap of over $147 million, van Schreven and McDonaugh are both veterans in the investment space, dating back to the pre-Dot-Com era. With multiple 100x investments made through KR1, they give us a preview into the decision process that goes on behind the scenes, the consequences of being too early, and a fascinating discussion on the future of community-based economies. Filmed on July 14, 2021.
Alfonso Peccatiello, author of The Macro Compass, welcomes Daniel Lacalle, chief economist at Tressis, to discuss inflation and, more importantly, strategies to protect investors from eroding purchasing power. The pair analyzes inflation occurring in both the Eurozone and the United States, and Lacalle notes that real wages have suffered before the pandemic and continue to suffer from the increased stimulus. To protect one’s hard-earned savings, Lacalle argues that a portfolio should include gold, cryptocurrencies, and equities in secular growth sectors. Additionally, he and Peccatiello dive into the benefits and drawbacks of central banks implementing digital currencies. Filmed on July 13, 2021.
On day five of After the Hype: Reality Sets in for NFTs, Alexandre Dreyfus, CEO & founder of Chiliz & Socios.com, and Raoul Pal, CEO & co-founder of Real Vision, discuss tokenization of world-class sport franchise communities. Giving fans the power to participate in a franchise’s decision-making process is a valuable proposition. The Chiliz & Socios.com network is expanding quickly with over 40 sporting franchises on the platform and over 800,000 active users. Dreyfus walks viewers through his company’s evolution and the ways in which he and his team are innovating to create more real-world utility for their token holder—whether that’s voting on the design of a team’s jersey or issuing token rewards based on a team’s performance. Filmed on July 1, 2021.
Chase Taylor, founder of Pinecone macro research, joins Real Vision to discuss his bullish views within the energy sector, opinions on corporate equity issuance, and thoughts on inflation. Taylor dives into his constructive outlook on oil, coal, and natural gas as the growing middle class in emerging markets will create a demand imbalance. Additionally, he analyzes the dollar and the new expectations for growth and inflation that he states have been created fiscal and monetary stimulus. Taylor believes that uranium also has strong tailwinds due to the supply shortage and ESG mandates pushing global electrification. Interviewed by Jack Farley on July 9, 2021. For Pinecone Macro's report on coal, click here: https://www.realvision.com/issues/coal-the-other-black-gold?source_collection=9281de53a77f4bf7b6bfcd74eeaee864.
Mario Gabelli, Chairman & CEO of Gabelli Funds, joins Stephen Clapham, founder of Behind the Balance Sheet, on Real Vision to explain his unique investment framework for identifying companies that generate long-term returns. Gabelli stresses the importance of physically visiting companies to grasp a complete understanding of a business and the management team. He references his previous experiences with inflation as he provides his opinions on the ongoing inflation debate. Gabelli shares his mindset behind his successful investments in the media and telecom industries as well as future areas that will be profitable as alternative energy becomes prevalent. Interviewed by Stephen Clapham on July 7, 2021.
Future Trouble in Macro? Liquidity Traps and a Slowing Global Credit Impulse
Could a slowdown in credit creation and a tightening of monetary conditions push bond yields lower and threaten risk assets? Alfonso Peccatiello, fixed income investor and publisher of the Macro Compass, believes that’s possible. Peccatiello contends that inflation is indeed transitory, and, disagreeing with the "bond vigilantes," he argues that cash, bonds, and volatility protection will perform better in this environment than high-beta assets such as commodities and bank stocks. Interviewed by Real Vision’s Jack Farley on July 2, 2021. Peccatiello's blog, The Macro Compass, can be found here: https://themacrocompass.substack.com/.
Real Vision's Jack Farley speaks with Sam Dunlap, CIO at Angel Oak Capital Advisors, to discuss his views on asset-backed securities in an inflationary regime, U.S. Treasuries, and quantitative easing. Dunlap argues that the over-collateralization of assets post-Great Financial Crisis has made these securities resilient against unforeseen credit risk. He explains the different interest rate environments that favor long or short-duration securities. Additionally, Dunlap dives into the impact of risk-free rates on portfolio diversification and risk for investors in fixed-income securities. Filmed on June 28, 2021.
Jul 02, 2021
Tendermint: Building the Infrastructure for a Multi-Chain Future
Peng Zhong, CEO of Tendermint, joins Ash Bennington, Real Vision senior editor, for a deep dive into the various projects emerging from Tendermint and how they mesh with the existing DeFi industry. As the Ethereum chain becomes crowded, rising gas fees are forcing developers to look for alternatives. From Cosmos, "The Internet of Blockchains", to Gravity DEX, a liquidity pool and order book protocol, Tendermint is constructing a number of different projects aimed at solving scalability issues and ushering in a multi-chain era. Zhong guides us through both the conceptual and technical aspects of his work during this chat. Filmed on June 28, 2021.
Alpha Architect CEO Wes Gray welcomes Tariq Dennison, managing partner, retirement plan investing at GFM Asset Management, for a wide-ranging conversation on his market insights and the case for investing in emerging markets (EM). Based in Hong Kong, Dennison shares his story in how he came to be interested in EM and co-founded GFM. He also argues for why investors should make higher allocations toward EM, shares his investment approach as it relates to the rise of passive investing, and discusses his thoughts on Bitcoin. Filmed on June 22, 2021.