The oldest millennials have already begun to turn forty – amid a backdrop of dismal yields and a black hole of unfunded pension liabilities, is cryptocurrency the key to understanding their seemingly grim retirement paradox? As part of our continuing coverage of the pension crisis, CoinShare’s Meltem Demirors sits down with Real Vision's Ash Bennington to discuss the role that Bitcoin and other digital assets will play in our collective financial future. In this wide-ranging conversation, Demirors and Bennington explore the broader context of digitization of the global economy, inequality, and the rapidly shifting landscape of political, economic, and social change. Filmed on February 3, 2020, in New York.
What Happens When "Dry Powder" Meets Liquid Markets?
Why is it that equity returns are at record-highs – and yet beating the market is harder than ever? Josh Wolfe, co-founder and managing partner at Lux Capital, sits down with Mike Green, chief strategist and portfolio manager at Logica Capital Advisers, to explore this question. After Wolfe discusses a few of his recent successful venture exits, the pair discusses how excessive liquidity is making it harder to deploy capital, a process Green calls "alpha-degradation." Other topics include Tesla, Bloomberg, and the "first-mover disadvantage." Filmed on January 23, 2020, in New York.
The neoliberal model of free trade, open borders, and liberalized capital flows is under assault. Traditional economic models with rational agents and efficient markets don't accord with reality, and people are starting to notice. Even recent advances in behavioral economics have failed to capture this disconnect. Mark Blyth, William R. Rhodes Professor of International Economics at Brown University, and Eric Lonergan, macro hedge fund manager at M&G Investments, explore and seek to resolve these conflicts in their new book, "Angrynomics." Blyth and Lonergan examine how the outsourcing of economic management to grey-suited bureaucrats is fomenting a populist backlash that is redrawing political battle lines and molding the destiny of different asset classes in ways few fully grasp. They analyze the recent largesse of central banks as a sort of asymmetric put-option which rewards those who hold assets and punishes those who don't. Blyth and Lonergan also explore potential solutions, which include dual interest rates, citizens' wealth fund, and - yes - even helicopter money. Filmed on July 8, 2020.
Kieran Goodwin, co-founder of Panning Capital Management, joins Tony Greer of TG Macro to discuss the highs and lows of his quarter-century of trading experience. Goodwin and Greer take us all the way from the infancy of the CDO market and the 1990s emerging market crises to the uncanny low-volatility credit trading environment of today. In addition to his roots as a trader, hedge fund success, and hedge fund launch, Goodwin sheds light on his segue to more entrepreneurial pursuits. Filmed on March 27, 2019 in New York.
Howard Morgan, co-founder of First Round Capital, is one of the most successful tech VCs in history. He is also one of the original team members at Renaissance Technologies, which is one of the world’s most successful quant hedge fund. But in this interview with Grant Williams, Morgan says that failure is as important as success for entrepreneurs. He explains why venture capital is in a state of flux, and provides useful context for the backlash against large technology companies. He also speaks about the TIGER 21 organization. Filmed on January 30, 2019 in Boca Raton, Florida.
Rick Bensignor, founder of the Bensignor Group, reviews his approach to trading and highlights two particular commodities he’s looking at now: oil and platinum. He examines the fundamental bear case for fossil fuels, notes the potential bullish setup for platinum and discusses how to make the trades, in this interview with Brian Price. Filmed on March 21, 2019.
Max Wolff, co-founder of Multivariate, takes a deep dive into the current state of the IPO market and compares it against the IPO stampede of the dot-com era. In this interview with Justine Underhill, he discusses why IPO valuations are so extreme, notes the impact of companies staying private for longer, and reviews why he suggests staying away from overvalued IPOs. Filmed on May 9, 2019.
Peter Atwater, president of Financial Insyghts LLC, sees the state of the modern world reflected in the rhetoric and actions that surround us. Whether it is China recalling loaned pandas from the San Diego Zoo, the troubled IPOs of Uber and Lyft, or the willingness of people all around the globe to elect previously unthinkable leaders, there are several recent signs that the ground is shifting beneath our feet. In this interview with Grant Williams, Atwater cuts through the noise to focus on the sentiment indicators that are informing his current world view. Filmed on May 22, 2019 in New York.
Zed Francis, portfolio manager at SpiderRock Advisors, sits down with Mike Green of Thiel Macro to talk about the world of volatility hedging strategies. Francis discusses how systematized volatility-selling programs by institutions have changed the market, and how investors can take advantage of new patterns. He breaks down the consequences of using risk-based over rules-based strategies, and examines broader shifts in the asset management industry. Filmed on May 22, 2019 at the EQDerivatives conference in Las Vegas.