Real Vision managing editor, Ed Harrison, gets a soup-to-nuts overview of the commercial real estate industry from Deloitte’s Jim Berry, US Real Estate Leader. He shares an in-depth analysis of the rapid impact of Covid-19 on subsectors of commercial real estate: residential, industrial, office, retail, and hospitality. Filmed on September 17, 2020.
Why China Will Avoid Crisis by Any Means Necessary
After years living abroad in China and Vietnam, professor Chris Balding has returned to the U.S. because of concerns for his safety due to his role in exposing the data collection operations of Shenzen Zhenhua Data Technology. In this interview with Michael Green of Logica Capital Advisors, Balding lays out the initial findings from his expository research and updates viewers on the current state of affairs in China. Together they examine geopolitical tensions between China and the rest of Asia as well as China’s current relationship status with Europe and Russia. They also help viewers make sense of what is happening on the Chinese homefront and the macro factors driving capital flows into the country. Filmed on September 15, 2020. More information about the Chinese data gathering operation described in the interview can be found here: https://rvtv.io/33Cmxd7 and https://rvtv.io/3ktuDvg
Private Credit and the Death Knell of the 60/40 Portfolio
Udayan Mitra, former head of investments at Altera Investments, joins Real Vision managing editor, Ed Harrison, to discuss the state of fixed income investing in a world with near-zero interest rates. Mitra argues that yield hunger will force investors further into alternative credit strategies. Mitra lays out the various players in this space – private equity and credit funds, direct lending firms, as well as special purpose acquisition companies (SPACs). Mitra then tells Harrison about how higher yields come at the price of reduced liquidity, and the pair weigh this trade-off. Lastly, Mitra shares specific opportunities and risks he sees in this space. Filmed on September 15, 2020.
Are bonds still effective portfolio diversifiers? What can the history of asset-backed securities tell us about their future? These are questions that Tom Rutledge, fixed income strategist at Magnetar Capital, explores alongside Real Vision managing editor, Ed Harrison. Rutledge outlines the myriad array of problems facing fixed-income investors -- from liquidity constraints to finding yield pick-ups as yields continue to decline. He then describes specific opportunities he sees in industries ranging from hospitality to tech. Filmed on September 3, 2020. Click here for Rutledge’s report, “Specialty Finance: An Investor’s History”: https://rvtv.io/2Rt9jtE
Alexander Leishman, founder and CEO of River Financial, joins Real Vision to break down his venture, River.com, and his perspective on the crypto space. Leishman talks about the problems that River solves for investors as the first bitcoin financial institution. He explains the complex world of bitcoin banking services including the coming technical innovations, the diverse set of clientele crypto banking can serve, and the future adoption of crypto by the corporate world. Additionally, Leishman shares his thesis for the future of bitcoin itself, arguing that if bitcoin continues on its current trajectory, it could replace the US Dollar as the world reserve currency. Filmed August 25, 2020.
James Altucher, author and former hedge-fund manager, speaks to Real Vision senior editor, Ash Bennington, about his recent head-turning op-ed, “NYC is Dead Forever – Here’s Why.” James lays out his thesis in detail, arguing that a work-from-home economy is a death-knell for everything that is quintessentially "New York" -- from hot dog stands to Broadway shows. James and Ash discuss the consequences on commercial real estate as well as how this scenario might affect other asset classes. They explore the worst-case scenario and the potential silver linings. Filmed on September 2nd, 2020.
In the Thursday market selloff, technology stocks led the way. Some mining stocks, however, outperformed. Today, INK Research looks at a micro-cap junior miner focused on industrial metals that saw its stock close flat yesterday. Moreover, insiders have been buying over the past few months as the share price appears to be consolidating.
Nick Halaris, president of Metros Capital, returns to Real Vision for an update on the conversation on real estate he shared in May 2020. He breaks down why real estate as an overall asset class has had a bifurcated and, in some ways, surprising response to the COVID-19 pandemic. He explains why the different sectors of retail, office space, hotels, and housing had distinct reactions to the pandemic based on geography, macroeconomic trends, and demographics. Finally, he shares his thoughts on the “death of cities” narrative that has become a major point of debate in media. He argues that the narrative from both sides is exaggerated and lacks nuance as big real estate investors have placed large bets on a rebound in urban living, and smaller urban areas are benefiting from the possibly temporary exodus from megacities like New York and Los Angeles. Filmed August 31, 2020.
What happens when the monetary and fiscal engines run too hot? This is the question that Larry McDonald, New York Times bestselling author and founder of the Bear Traps Report, explores with Real Vision CEO, Raoul Pal. McDonald and Pal start by analyzing the valuations of high-flying tech stocks and discuss whether they will continue to soar or make an early landing. The pair then examine in detail the remarkable price action seen over the past few months in commodities such as precious metals, lumber, and natural gas. McDonald compiles this appreciation as evidence to explore his thesis that excessive stimulus could serve as a "cobra effect" to augur a hyperinflationary economic collapse. Filmed on August 18, 2020. For more of Larry McDonald's charts, click here: https://rvtv.io/3hwFEv3. Find more information about Larry McDonald's work at http://www.thebeartrapsreport.com.
There will always be debate surrounding what is the best way to gain exposure to precious metals. Should you buy gold miners, an ETF, maybe trade futures? It can all seem very complicated, but what if you want to do it the way it has been done for centuries -- owning physical metal with your name on it stored in a vault in a secure location? Mark Yaxley, general manager at Strategic Wealth Preservation (SWP), sits down with friend and client Raoul Pal to answer that very question and discuss how SWP has made it easy to buy, sell, and store precious metals in the Cayman Islands in a safe, legal, and affordable way for countless clients from all over the world. Together, they also discuss the state of the physical gold market, Mark and Raoul’s outlooks for the asset class, differences between coins and bars from assorted global producers, and the types of clients Mark is seeing step into the physical market at this exciting time for precious metals. Filmed on August 19, 2020. To find out more about SWP or open a physical metals account, go to www.swpcayman.com/realvision.
The Unwinding: Gold, The Credit Cycle, and the Monetary System
History is often overlooked and misunderstood, especially financial history. Dan Oliver of Myrmikan Capital, LLC and Simon Mikhailovich, managing director of The Bullion Reserve, explain the role of gold and the credit cycle through history, comparing today to the credit crises that have occurred roughly every 100 years since the 1720's – the Mississippi Bubble in France, Europe's reckoning with a post-Napoleon order in the 1820's, and the post-World War I calamities of the 1920's and 1930's. Using history to set the table for their discussion of gold, central banking, and the credit cycle, Dan and Simon break down how these forces push the monetary system down the dangerous "goat path" towards unwinding. Despite the seemingly dour circumstances, Oliver and Mikhailovich explain why there is still hope for wealth preservation and even incredible returns for those investors who choose not to continue down the "goat path." Filmed on August 18, 2020.
Bill Erbey: The "Renaissance Man" of Entrepreneurship
Bill Erbey, CEO of Salt Pond Holdings, is an entrepreneurial “renaissance man,” who for over 30 years has driven major change in areas ranging from energy to mortgage finance to internet technology. He tells Real Vision managing editor Ed Harrison about his storied career spanning multiple disciplines and gives a deep dive on his patented solution to decongest the internet. Erbey discusses his latest ventures in cryptocurrency and medical technology and tells Harrison about his philanthropic efforts in education, which lead to the formation of Scholarly.co. Filmed on August 12, 2020.