Danielle DiMartino Booth, chief strategist at Quill Intelligence, interviews George Goncalves of The Bond Strategist in his first appearance on Real Vision. As two former insiders at the Dallas Fed, Danielle and George deconstruct the US Dollar liquidity problems and help clarify the major structural issues confronting the repo markets. Filmed on September 18, 2019 in New York. Please see Danielle & George’s note here - https://www.realvision.com/fed-insiders-on-dollar-repo-madness-report.
Simon White, co-founder of Variant Perception, explains his view that as interest rates approach the zero bound, conventional monetary policy tools do not achieve their intended goals, but instead create deflationary pressures. He argues that in a negative-rate world, the private sector increases savings rates to combat their lack of income - causing an even bigger deflationary push. White believes that conventional monetary policy is nearing its limits, and MMT will unleash a flurry of inflation as politicians take control of policy. Filmed on September 13, 2019 in London. Variant Perception’s whitepaper on MMT can be accessed at this link: https://rvtv.io/2kEGXzQ
Christophe Ollari, founder of Ollari Consulting, predicts that we have seen the peak of monetary easing for this cycle. In its place, Ollari argues that policy will tilt toward a new sort of “Social QE” - involving central banks and governments in Europe, Japan, and the U.S. acting in concert. Ollari explains the political ramifications of this shift in policy, and speaks to what it means for markets. Filmed on September 13, 2019 in London.
Chad Morganlander of Washington Crossing Advisors provides an update on his economic view and discuss why “boring” companies look attractive in the current environment. In this interview with Alex Rosenberg, Morganlander highlights the positive attributes of one particular company, Hormel Foods, and reviews why its shares should outperform over the next year. Filmed on September 6, 2019.
Dan Russo, CMT, chief market strategist at Chaikin Analytics, presents a unique real estate analytics company as a way to play the rally in bonds. In this interview with Jake Merl, Russo walks through the bullish signals from his proprietary model, discusses how much upside he expects for the stock, and notes key risks to the trade. Filmed on September 4, 2019.
Marc Chandler, chief market strategist at Bannockburn Global Forex, tells Ed Harrison why he is bullish on gold, but not a “gold bug.” Chandler argues that the yellow metal is set for a breakout considering its recent bull run, rising geopolitical tensions, and the abundance of negative yielding bonds. He argues that gold will not be the basis for a new financial system, but rather will evolve as a financial alternative. This clip is excerpted from a video published on Real Vision on August 19, 2019 entitled “Long Gold, Short Renminbi.”
David Stockman, the former director of the Office of Management and Budget under Ronald Reagan, argues that the Fed’s decision to rapidly expand its balance sheet in response to the financial crisis set the table for a breakdown in global economics and politics. Stockman argues that the knock-on effects from the Fed’s decade-old decision could have significant consequences. This clip is excerpted from a video published on Real Vision on February 25, 2019 entitled “The Economic Danger Posed by Trump.”
Greg Agran, former global head of commodities trading and partner at Goldman Sachs, tells Tony Greer the story of his introduction to finance. Agran talks about how his experience in commodities markets and penchant for being a jack-of-all-trades paved the way to a successful financial career. This clip is excerpted from a video published on Real Vision on May 16, 2019 entitled “The Evolution of Commodities Trading.”
Charlie McElligott, managing director of cross-asset strategy at Nomura Holdings, sits down with Ed Harrison to examine the recent equity market volatility. He argues that both hedge funds and pension funds are crowding into an end-of-cycle-trade — anticipating that U.S. interest rates going to zero. McElligott runs down the contrarian bet and looks at the other side of the crowded trade, specifically mentioning Treasuries duration, and out-of-the-money options. McElligott also talks about a potential September equities drawdown. Filmed on August 26, 2019 in New York.
Ankit Sahni, president and head of research at Exante Data, makes his Real Vision debut to break down gold’s recent rally. In this interview with Alex Rosenberg, Sahni explains the yellow metal’s relationship with real interest rates, examines how investors are currently positioned, and notes how much more upside he expects over the coming months. Filmed on August 27, 2019.
Brent Johnson, CEO of Santiago Capital, and Luke Gromen, author of Forest for the Trees, sit down for a conversation on investing in physical gold versus gold contracts. Gromen argues that the demand for physical gold has far outpaced the demand for gold contracts because of China trying to defend the value of the renminbi. This clip is excerpted from a video published on Real Vision on February 11, 2019 entitled “The New Drivers of Gold Prices.”