In this timely and in-depth discussion brought to viewers by this year's Crypto Gathering event, Peter McCormack, host of What Bitcoin Did, welcomes Nic Carter, partner of Castle Island Ventures, and Jack Mallers, founder and CEO of Strike, to dive into the macro framework for Bitcoin's adoption and shortcomings of its energy critiques. Carter and Mallers both believe that Bitcoin's global and inclusive qualities make it the most effective monetary network for conducting international business. Combined with weakening sovereign currencies, Bitcoin is poised to provide stability and convenience for cash finality without credit risk. Furthermore, the trio argues that the traditional and outdated banking system was already facing scrutiny for problems that Bitcoin can solve. Filmed during the Crypto Gathering 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.
How Cathie Wood's Unique Research Has Her Bullish on Tesla and EVs
Cathie Wood, founder and CEO of ARK Investment Management LLC, joins 13D Research & Strategy founder and CEO Kiril Sokoloff to walk through her distinct research approach that allows the team at ARK to identify disruptive technologies and how this has led to her evaluation of the auto industry’s future. As someone whose research is macro-focused and first principles-based, Wood describes her investment process by explaining ARK's deep research into Tesla’s developments of innovative battery technology and chip design that leaves competitors who are beholden to traditional design cycles behind in the dust. She also expounds on how her bottom-up research is differentiated from others, allowing ARK to map out the exponential growth trends of emerging tech on the macro level. From there, Sokoloff and Wood consider how the convergence of various secular trends will flip the auto industry on its head such as ride-hailing, autonomous driving, vertical integrations of manufacturers, and shifts in consumer preferences. Filmed on July 13, 2021.
Cathie Wood: Creative Disruption and the Sectors It Will Devastate
13D Research & Strategy founder and CEO Kiril Sokoloff welcomes long-time friend and the world’s greatest innovation investor in public markets Cathie Wood, founder and CEO of ARK Investment Management LLC. Drawing on her professional and personal life experiences, Wood shares how they have shaped her perspective on the rapidly evolving exponential trends that will disrupt the investment landscape—and sooner than many expect. She projects that transformative innovation will lift the market cap in publicly-traded companies focused in these technologies from $14 trillion to $75 trillion in the next five to ten years, which threatens to make nearly half of the companies in the S&P 500 obsolete. As well, Sokoloff and Wood explore the challenges posed to the asset management industry as it has been slow to adjust to the high-speed pace of this technological change. Taking into account the Fed’s ongoing dovish policy stance, the movement of bond yields, and the shift to a consumption of services, Wood also unpacks her insights into the cyclical deflationary set-up she sees unfolding. Filmed on July 13, 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 21, 2021
The State of Ethereum: A Deep Dive
Ethereum was created to be more than Bitcoin—Christine Kim, research associate at CoinDesk, discusses the many challenges faced and projects undertaken in attaining this goal. The adoption of DeFi has exploded in the last year, and Ethereum has benefited by being the only game in town. Although, as more chains come online and ETH gas prices soar, Ethereum is trying to adapt. Amidst many exciting yet challenging developments surrounding Ethereum, Christine Kim is a valuable resource to anyone interested in keeping up to date. She discusses a range of topics including EIP 1559, the shift to Proof-of-Stake, the "statelessness" dilemma, and much more. Interviewed by Ash Bennington on July 13, 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.
Colin Lancaster, Global Head of Discretionary Macro/Fixed Income at Schonfeld Strategic Advisors, sits down with Real Vision CEO and co-founder Raoul Pal to discuss experiences leading macro firms and risk management methods in an economy with heavy government intervention. The pair believes that COVID-19 and subsequent central bank intervention have pushed macro investors into equities, a previously non-traditional macro instrument. Lancaster shares his experiences developing and training traders in methods that diversify risk-taking for the firm. He also discusses the macro appeal for crypto, citing its volatile nature and potential to be a safe asset class in the long-run. Filmed on July 15, 2021.
Steven Van Metre: A Replay of the GFC? Don't Miss the Signals
Steven Van Metre, president of Steven van Metre Financial, explains the nuances of the U.S. banking system and its relationship with FED monetary policy decisions. Countering the belief that the FED’s quantitative easing policy is a form of money printing, Van Metre dives into the mechanics of money creation in the banking system. He and Real Vision president Travis Kimmel look at the price action of commodities and compare the fluctuations to the Great Financial Crisis (GFC) values. With the drawdowns in commodities and a rising dollar, Van Metre argues that this is signaling tightening financial conditions. Interviewed by Travis Kimmel on July 7, 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.
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.
Jul 07, 2021
Terra: Progressing Toward the First Decentralized Stablecoin
How can algorithmic stablecoins avoid the so-called "death spiral"? Do Kwon, co-founder and CEO of Terraform Labs, and José Maria Macedo, managing partner at Delphi Labs, come together to discuss Terra's potential solution. Kwon believes an algorithm alone cannot maintain the peg—a stable demand base is needed as well. In order to accomplish this, Kwon claims there must be robust use cases providing the utility for a proper network to grow. Join him and Macedo to learn all about the exciting developments at Terraform Labs. Filmed on June 30, 2021.