Marc Levine, chairman of the Illinois State Board of Investment, has overhauled his pension's strategy by firing over 100 active managers and shifting to a reliance on passive management. He explains why he thinks pension managers around the world should follow his lead, in this interview with Michael Green, portfolio manager at Thiel Macro. Levine and Green also discuss the potential crisis of pension underfunding.
The Kiril Sokoloff Interviews - Stanley F. Druckenmiller
Investment visionary Kiril Sokoloff is embarking on a series of exceptional interviews from his personal contacts for Real Vision. In the second episode of his series, he sits down with a revered titan of the investment world: Stanley Druckenmiller. Druckenmiller has an unrivaled track record that spans many decades. But what might be most incredible is that even whilst becoming one of the world’s most successful money managers, Druckenmiller has also managed to maintain an incredibly balanced and happy life. This interview provides a unique opportunity to learn the previously unheard secrets of an investment legend. Filmed on September 6, 2018 in New York. Kiril Sokoloff is the chairman & founder of 13D Global Strategy & Research. To find out more about 13D Publications, visit 13D.com/RVSD.
Independent trader Jeremy Shoykhet is a high-conviction buyer of Seritage Growth Properties at current levels. In this interview with Brian Price, Shoykhet explains that a major loan from Berkshire Hathaway to Seritage will help shares of the REIT nearly double in the next year and a half. Filmed on August 15, 2018 in New York.
Grant travels to Atlanta, Georgia for a conversation with Eddie Mendel, co-founder of Ned Davis Research and minority owner of the Atlanta Falcons. Eddie’s journey from rural Arkansas to Wall Street in the 1980s saw him build relationships with the likes of Sam Walton, Stan Druckenmiller and Paul Tudor Jones, and the lessons he learned from his time spent in the company of these titans of business and finance have helped shape his post-financial life in the world of sports. Eddie and Grant discuss philosophy, philanthropy and the importance of partnerships in a wide-ranging discussion that, while it steers largely clear of financial markets, is both eye-opening and inspirational. Filmed on June 1, 2018.
The Increasing Importance of Politics in Investing
Through the lens of his background in distressed debt and high yield, Larry McDonald, best-selling author on the Lehman collapse and founder of the Bear Traps Report, sees plenty of macro investment opportunities, many of them driven by government and central bank policy. He tells Raoul Pal why he is bullish on Brazil yet bearish on Europe, where he believes creditors will face a “debt jubilee.” He also explains why, as an investment around climate change, we should forget about Tesla and look instead at lithium, nuclear, and natural gas. Filmed in Grand Cayman on February 21, 2019. Find more information at https://www.thebeartrapsreport.com
Decentralized Applications Are Market Serial Killer
Dan Morehead from Pantera Capital was one of the first major investors in Bitcoin and the early cryptocurrency technology. With the advent of tokenization, Dan assesses the impact that the next wave of decentralized applications will have on the world’s most valuable data monopolies and where the winners will emerge, as the Blockchain disintermediates venture capital in a post-capitalist era. Filmed on July 10, 2017, in San Francisco.
In this inaugural episode of "The Knock-On Effect," Justine and Roger try to convince Alex that a U.S. crackdown on free trade could lead American red velvet cakes to turn pink. Yes, really. Plus, Alex takes issue with Charlie Munger’s shocking bitcoin comparison. Filmed on May 10, 2018 in New York.
Jonathan Tepper of Variant Perception believes that capitalism is the greatest economic system in history. However, he argues that in the United States, the rise of monopolies and oligopolies have created a grotesque form of capitalism in which the heart-beat of competition has been destroyed. Tepper sits down with Roger Hirst to discuss his new book, “The Myth of Capitalism,” and to outline just what went wrong and what can be done to re-ignite the flame of competition. Filmed on December 17, 2018 in London.
Michael Schneider, CIO of Brookline Partners, analyses the growing global notional derivative exposure, focusing on the worrying levels of leverage in the Australian banking industry and the highly vulnerable housing market bubble.
Jonathan Tepper of Variant Perception was perplexed by the lack of U.S. wage growth and the breakdown of long standing relationships with other economic indicators. Digging deeper, he found that the odds were stacked against the employees, consumers and suppliers by the rise of industrial concentration. This was a trend that provided a clear investment opportunity. To compliment the video, Variant Perception has given Real Vision subscribers access to a special report at http://www.variantperception.com/realvision. Filmed on March 23, 2018 in London.
Larry McDonald, founder of The Bear Traps Report, returns to Real Vision to explain the coming investment opportunities around electric vehicles. He notes specific commodities that should benefit, highlights particular companies and recommends two different ways to capture the move, in this interview with Justine Underhill. Filmed on January 31, 2019.
John Hempton, Founder & CIO of Bronte Capital, explains the framework he uses to identify potential short-sale targets by looking for what he calls "bone-headed retail mistakes." John gives examples from high-profile cases such as Valeant, Gabriel Resources, Sino-Forest, and Longtop Financial Technologies and demonstrates the extra lengths the determined short-seller must go to with tales of phone calls to local labor unions, detailed comparisons of capital equipment to listed employees on the balance sheet, and the hiring of a Romanian law student to pore through Communist Party archives.