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.
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.
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.
Danny Moses, a private investor and entrepreneur, was made famous by Michael Lewis' book, "The Big Short." He tells Larry McDonald how he started in the finance industry, and how he met the group that was featured in the famous book and movie. This video is excerpted from a piece published on Real Vision on March 5, 2019 entitled "'Big Short' Trader on Today's Opportunities."
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
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.
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.
Marin Katusa, Chairman of Katusa Research looks back on his 2015 predictions from mining, copper and iron to foreign policy, oil and Kazakhstan, discussing what has transpired since in our new series Rewind.
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.
Danny Moses is a private investor and entrepreneur best known for his role as a trader navigating the global financial crisis as chronicled in Michael Lewis’s "The Big Short." In this interview with New York Times best-selling author Larry McDonald, founder of the Bear Traps Report, Moses not only reviews the problems that led up to the global financial crisis, but also outlines the signs of distress that might presage the next crisis. He also tells McDonald which industry he is looking to for exceptional gains, and why gold is a must-own for every portfolio. Filmed on March 5, 2019 in New York. Find more information about Larry McDonald’s work at www.thebeartrapsreport.com.