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.
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.
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.
2020's Intersection of Markets, Macro, and Politics
Jason Trennert, chairman of Strategas Partners, sits down with Vincent Catalano to explain how Wall Street research house is looking ahead to the coming year. Trennert shares his analysis of markets, the macro landscape, and the political environment heading into the 2020 election. Filmed on December 16, 2019 in New York.
Famed economist Dr. Nouriel Roubini sits down with Real Vision's Ash Bennington to discuss the outlook for markets and the global economy in 2020 — including his prescient insight on the risks of war with Iran and the potential for a worldwide energy shock caused by conflict in the Middle East. Roubini also explores global growth, US equities & fixed income, The Fed and global central banks, and the tail risks of China trade, politics, and AI. Filmed on December 10, 2019 in New York.
Jim Grant kicks off 2020 with a look forward to the coming year. Usually, Grant asks the questions, but today he provides his answers to questions around the 2020 presidential election and the force of gravity that extreme monetary policy has on financial markets. Grant addresses the problems facing Uber and WeWork, provides commentary on his disagreement with the Fed's understanding of money and markets, and explains whether the Fed will be able to normalize rates. Filmed on November 6, 2019 in New York.
What can the Australian housing market tell us about how bubbles in asset prices inflate? Philipp Hofflin, a former academic mathematician and portfolio manager at Lazard, breaks down how complex systems function — and unpacks the key tools required to cut through the noise in an ever-growing sea of data to determine what truly drives price discovery in markets. Filmed on December 3, 2019 in Sydney, Australia.
Ryan Dezember of the Wall Street Journal has nearly a decade of experience covering financial markets. Recently, he has focused on Wall Street’s foray into the housing market — specifically their bet on single family rentals. Since 2012, Wall Street firms and big corporations have bought an increasing number of homes for the purpose of renting them directly to consumers - sending shock-waves through the market and affecting prices for renters and homebuyers alike. Dezember examines that phenomena and introduces viewers to rent backed securities. Filmed on December 10, 2019 in New York.
In a long awaited interview, legendary investor Mike Green joins Real Vision CEO, Raoul Pal, to discuss the corporate credit cycle, the rise of passive indexing, and the consequences of mass baby-boomer retirement. Green argues that the simple algorithmic logic of passive vehicles causes irrational capital allocation. He asserts that these passive strategies only make money in a liquidity-enhanced environment, and he explains that stresses to the indices’ lack of cash reserves could create market volatility. Green and Pal examine the shift to passive vehicles and how that shift is molding the fate of both baby-boomer pensioners and millennials. Filmed on December 5, 2019 in London.
Treating Osteoarthritis: Playing the Paradigm Shift
Scott Williams, portfolio manager for Fiftyone Capital, sits down to explain why he thinks Paradigm Biopharmaceuticals could be a hundred-bagger. The company's repurposed pre-trial drug has already treated thousands of patients in Australia and is currently being tested on retired NFL players. Williams articulates his investment thesis to Real Vision's Justine Underhill in today's Trade Ideas. Filmed on December 3, 2019 in New York.
George Milling-Stanley, chief gold strategist for State Street Global Advisors, is happy he participated in the "IPO" of gold when Nixon closed the gold window in 1971, but doesn't feel as though he has missed out on bitcoin. Milling-Stanley argues the original use case for bitcoin as a medium of exchange has been proven false and rejects the comparison of gold and bitcoin as a strategic store of value asset. Filmed on October 28, 2019 in New York.