Safety products are focus here, from life insurance to credit-default swaps.
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.
So You Want To Be A Prop-Trader? Bonds, Options, and Dispersion
Noel Smith, CIO at Convex Asset Management, returns to Real Vision to dive into his core options trading strategies implemented at Convex Asset Management as well as his journey from prop trading to hedge funds. Smith argues that prop trading allowed him to tolerate greater risk in comparison to the steady returns required by outside funds in hedge funds. Smith walks through his 4 core strategies: VIX trading, Treasury volatility, volatility arbitrage, and dispersion trades. Smith disagrees with the consensus that trading is a zero-sum game and instead believes that following personal conviction will lead to success over time. Interviewed by Jack Farley on July 20, 2021.
Jul 19, 2021
Chainlink 2.0: Expanding the Meta-Layer
As much a philosopher as he is a technologist, Sergey Nazarov, co-founder of Chainlink, joins Real Vision to discuss some of the core theses of DeFi and the meta-layer’s role in smart contracts. Smart contracts will likely play a large role in the future of finance, but they have a long way to go. Companies like Chainlink and their partners are working to expand what they call “the meta-layer,” the framework connecting blockchain ecosystems to off-chain datasets in order to build out more complicated smart contracts. This is all part of the Chainlink 2.0 mission. Nazarov walks viewers through interesting developments on this front as well as additional topics like the quantum risk to DeFi, lessons from the ‘08 financial crisis, and more. Interviewed by Ash Bennington on July 14, 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.
Jul 13, 2021
Immutable X: NFT Technology and the Reengineering of Video Game Economies
On day two of After the Hype: Reality Sets in for NFTs, Piers Kicks, a member of the investment team at Bitkraft, welcomes Robbie Ferguson, co-founder of Immutable X, to discuss the blockchain technology underlying NFTs, exciting projects arising with the help of Immutable, and how all of this relates to a major shift in online game economies. As an avid gamer himself, Ferguson came to a realization in the early Ethereum days that he could ensure ownership of in-game assets. And thus, Gods Unchained was born: the first digital card game where players were guaranteed ownership of their cards, free to buy and sell on the secondary marketplace. Ferguson and Kicks dive into the history of Immutable as well as the ever-increasing number of use cases for NFTs today. Filmed on July 7, 2021.
Precious Metals & Natural Resources: The Bulls are Coming
Rick Rule, former President & CEO of Sprott US Holdings, returns to Real Vision to discuss investment strategies in precious metals and his outlook on oil prices. Rule dives into the gold and silver markets, explaining their capital-intensive and cyclical nature. He believes that we are currently experiencing a precious metals bull market due to quantitative easing, debt deficits, and negative real interest rates. Furthermore, the long-term supply constraints in green metals will allow the bull market in natural resources to persist as the world moves towards electrification. Interviewed by Jack Farley on July 8, 2021. Sprott’s portfolio review can be found here at www.sprottusa.com/rankings.
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 05, 2021
Do Stablecoins Provide the Preeminent Use Case for Crypto?
Alex Saunders, CEO & founder of Nugget's News, joins Jim Bianco, president and founder of Bianco Research LLC, for an engaging discussion on the vital importance of stablecoins and the changing regulatory framework around crypto. According to Bianco, stablecoins are the best solution for the remittance dilemma that many people from the third world suffer through and how vestiges of regulation are preventing these solutions from being implemented. With stablecoins in mind, Saunders and Bianco speculate on the creation of the Fed's CBDC and what it will mean for both DeFi and TradFi. Filmed on June 29, 2021.
Real Vision's Jack Farley welcomes David Meneret, Founder & CIO of Mill Hill Capital, to discuss the nuances of credit markets and strategies to manage risk when investing in collateralized securities. Meneret dives into U.S. credit markets and states that the current yield reflects a failure to recognize "unknown" unknowns. He shares his framework for investing in the airline and shipping industry, including the structure of the asset-backed securities. Meneret believes that the FED's asset purchasing programs had a positive impact on U.S. credit markets by providing ample liquidity and preventing insolvency. Filmed on June 29, 2021.
Understanding Copper's Future in an Electrified World
Gianni Kovacevic, CEO & founder of CopperBank, shares his insights on the prospects of copper, CopperBank’s investment strategy, and the economics of the copper mining industry. Kovacevic argues that the global transition to electrification away from oil and gas will exponentially increase the demand for copper. He explains the factors that make Arizona and Nevada attractive for potential investment as well as the impact of higher copper prices on CopperBank's strategy. Kovacevic believes that the future widespread implementation of batteries is positive for copper since it is an effective interconnector. Filmed on June 23, 2021.