Activist

Tap into the thinking of some of the brightest minds in the investing business as they set out to shake things up in companies and markets.

Real Vision Jun 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.
Jun 08, 2021
An Activist Investor's Perspective on Grayscale
James C. Elbaor, founder of Marlton LLC, joins Real Vision senior editor Ash Bennington to share his perspective on Grayscale and the activist campaign he is leading on Grayscale. Elbaor first explains how Grayscale works as a closed-end fund, and he breaks down how many shareholders who have a position in Grayscale’s Bitcoin Trust (GBTC) are not currently being served by its management. He dives into GBTC's history and how this situation has evolved, what he and Marlton are campaigning for, and what changes he’s pursuing that will be accretive to shareholders. Filmed on June 2, 2021. Key Learnings: Elbaor shares how Grayscale is evolving to become the Blackrock of crypto by providing different avenues to receive exposure to the space through closed-end funds. While supportive of Grayscale, he discusses how the fee structure associated with Grayscale's trust is becoming less cost-competitive and the management of GBTC has essentially allowed the fund to free fall. Believing that the fund needs to trade closer to its net asset value, he advocates for GBTC to adopt a modified Dutch auction tender to close its discount.
Real Vision Dec 28, 2020
Jeffrey Gundlach -- Waiting for the Next Big Trade (RE-RELEASE)
Jeffrey Gundlach, CEO of DoubleLine Capital, has evolved his investment style over the years, and although he is still the "bond king", increasingly he has become multi-asset with a focus on getting the macro right. In this interview with Real Vision CEO Raoul Pal, Gundlach explains how he thinks about time frames, position sizing based on asset class, and how his style changes based on whether the market is alpha or beta driven. He also provides his current outlook, arguing that there is not much opportunity in this environment and that the most important thing at the moment is managing risk while patiently waiting for the next big trade. He also touches on timely topics like the potential for a wave of insolvency, why he believes we are in the midst of The Fourth Turning, his skeptical view of bitcoin, and why he is bullish on the dollar in the short term despite his highest conviction macro view being pronounced dollar weakness. Filmed on October 1, 2020.
Real Vision Nov 27, 2020
Boaz Weinstein - Finding Relative Value Amid Credit Market Madness
Boaz Weinstein, founder and CIO of Saba Capital Management, made a name for himself at Deutsche Bank in the early days of credit derivatives. Since leaving to start his own fund he has continued to make a name for himself as a master of credit derivatives and relative value. In this interview with Real Vision’s Ed Harrison, Weinstein discusses how the current environment of tight spreads for pristine balance sheets and vulnerable companies alike is presenting some interesting relative value opportunities. Harrison and Weinstein also discuss Bill Ackman's recent reup on the same big CDS trade that has helped Saba return over 70% YTD, the Fed’s role in credit markets and credit ETF liquidity problems, and the opportunities Weinstein is seeing in closed-end funds. Filmed on November 23, 2020. Key Learnings: The credit of companies with close to zero percent chance of defaulting is trading at the same prices as companies with serious COVID risks is presenting RV opportunities. Closed-end funds trading at discounts to NAV are also presenting rare opportunities for yield in this low-rate environment.
Real Vision Nov 11, 2020
Daily Briefing - November 11, 2020
Senior editor, Ash Bennington, and managing editor, Ed Harrison, break down the pausing of the rotation out of growth and into value as cases and hospitalization in the U.S. surge to unseen levels. Ash breaks down Bill Ackman's hedge against investment grade credit, and Ed explores how much central bank liquidity there is on the sidelines waiting to buoy asset prices. The pair also discuss taxes, the outcome of the U.S. elections, as well as Ed's upcoming interview with Michael Howell. In the intro, editor Jack Farley looks at credit spreads and gives a sneak peek of Real Vision's upcoming interview series with investing legends such as Jeremy Grantham, Jim Grant, Jim Chanos, Kiril Sokoloff, Sam Zell, Chamath Palihapitiya, Hugh Hendry, Raoul Pal, Kyle Bass, and Russell Napier.
Real Vision Oct 21, 2020
Daily Briefing - October 21, 2020
Senior editor, Ash Bennington, joins Jared Dillian, editor of The Daily Dirtnap, to discuss the art of portfolio construction and his current outlook on markets. Dillian shares his thoughts on why investors whose sole focus is on returns fail and how to structure a portfolio that properly accounts for risk. He also breaks down how he gets exposure in real estate as well as how he's thinking about the implications of the Fed backstopping the credit markets. Dillian also covers his thoughts on Bitcoin, time horizons, U.S. election outcomes, and trend following. In the intro, Real VIsion's Nick Correa share the latest CEO confidence numbers and the next big, potential SPAC deal between Michael Bloomberg and Bill Ackman.
Real Vision Oct 09, 2020
Jeffrey Gundlach -- Waiting for the Next Big Trade
Jeffrey Gundlach, CEO of DoubleLine Capital, has evolved his investment style over the years, and although he is still the "bond king", increasingly he has become multi-asset with a focus on getting the macro right. In this interview with Real Vision CEO Raoul Pal, Gundlach explains how he thinks about time frames, position sizing based on asset class, and how his style changes based on whether the market is alpha or beta driven. He also provides his current outlook, arguing that there is not much opportunity in this environment and that the most important thing at the moment is managing risk while patiently waiting for the next big trade. He also touches on timely topics like the potential for a wave of insolvency, why he believes we are in the midst of The Fourth Turning, his skeptical view of bitcoin, and why he is bullish on the dollar in the short term despite his highest conviction macro view being pronounced dollar weakness. Filmed on October 1, 2020.
Real Vision Jan 24, 2020
Crossing the ETF Divide
When he first sat down with Grant Williams in 2017 in a series called "The Dark Side of ETFs," Steven Bregman, president and director of research at Horizon Kinetics, dissected the problematic consequences of passive investing and the potential bubble that has since only grown. In 2020, he has not changed his tune. Ultimately, Bregman and Michael Green debate the risks and fallacies of a market dynamic, which Bregman argues presents incredible opportunity for investors willing to risk crossing the ETF divide. Filmed on January 20, 2020 in New York.
Real Vision Jan 02, 2020
Buybacks, Boeing, and Broken Promises
Dr. William Lazonick, co-founder and president of The Academic-Industry Research Network, sits down with Real Vision's Max Wiethe to dissect the evolution of the stock market and the modern American economic system. Citing Boeing as an example, he contends that the stock market is being used to loot previously innovative corporations as insiders and outsiders alike are incentivized to push stock prices higher. He also argues that American competitiveness is being sapped as companies prioritize stock buybacks over investing in research and development, building new infrastructure, and paying off debt. Lazonick explains how this focus on short-term profits has led to unstable employment, sagging productivity growth and a loss of international competitiveness. Filmed on December 6, 2019 in New York.
Real Vision Sep 20, 2019
Becoming a "Fool on the Hill"
Whitney Tilson, founder and CEO of Empire Financial Research, talks to Ed Harrison about how a few big risks he took early in his career allowed him to grow his fledgling hedge fund. Heeding the advice of Warren Buffet provided him the perspective to identify the opportunities in non-consensus equities through the dotcom bubble. Tilson shares why that perspective helped develop his investment process. This clip is excerpted from a video published on Real Vision on September 13, 2019 entitled "The Endless Hunt for Value."
Real Vision Sep 13, 2019
The Endless Hunt for Value
Value investor Whitney Tilson, founder and CEO of Empire Financial Research and the former managing partner of hedge fund Kase Capital, details his transformation from momentum trader to an investor living by Warren Buffett’s dictum that “it’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price.” In this conversation with Ed Harrison, Tilson explains why he sees WeWork pulling its IPO and eventually going bankrupt, lays out the case for Amazon and Fannie Mae, and speaks to the outlook for beaten-up European financials. Filmed on September 9, 2019 in New York. Learn more about Macro Insiders here: http://www.realvision.com/macro-insiders
Real Vision Jan 16, 2019
At Your Own Discretion
Tony Greer, founder of TG Macro, reveals his first tactical short of 2019. While he’s bearish on the overall market, one sector in particular has his attention. He reviews his thesis and lays out the trade in this interview with Brian Price. Filmed on January 15, 2019.