Adventures In Finance: A Real Vision Podcast

Crypto Wednesday: Author, coder, and educator Andreas M. Antonopoulos (aantonop.com) joins Ash Bennington, Real Vision senior editor, to discuss Bitcoin, layer 2 solutions, and the Wild West of crypto. Andreas describes Bitcoin as enabling trust across vast distances without coordination—trust without a central authority. He explains that Bitcoin allows you to trust in the system, without needing to trust the other person you are transacting with and without needing to even know who they are. Antonopoulos touches on the difficulty of scaling blockchains, mentioning that its design requires everyone to check everyone else's work in order to remain secure and decentralized. Layer 2 solutions, such as Lightning Network, have been built on top of Bitcoin to help it scale to magnitudes greater transactions per second while still retaining the security and decentralization characteristics. Antonopoulos explains that crypto has enabled innovation of financial services, no longer restricted by gatekeepers, and he obs

DB-April6, 2021: Tommy Thornton, founder of Hedge Fund Telemetry, joins Real Vision senior editor Ash Bennington to discuss Coinbase, Archegos’s implosion, and the overall state of U.S. equities. After reviewing Coinbase’s earnings, Thornton discusses his bullishness on their upcoming direct listing, a gesture that he considers validating for the crypto space and will become the biggest deal of the year, and he shares his plans to buy in and how he’ll build the trade. Thornton also explores what he’s seeing in U.S. equities such as a FAANGs experiencing a rally and the S&P 500 displaying exhaustion signals as well as daily sentiment reaching 90%. In light of Archegos’s leveraged blow-out last week and its ripple effect on the market, he provides his perspective on what happened and why this is significant. Finally, Bennington and Thornton tackle the rise in Treasury yields and other various catalysts that currently lie dormant such as the vaccine rollout, the reopening of the economy, and the potential proble

DB-Apr5,2021: Troy Gayeski, co-chief investment officer of SkyBridge Capital, joins Real Vision’s Jack Farley to break down how he thinks the rapidly changing economic and financial landscape is affecting his outlook for fixed-income, equities, and Bitcoin as well as hedge fund strategies such as long/short equities and convertible bond arbitrage. Gayeski argues that rising yields render much of the fixed-income world unattractive but that pockets of opportunity exist in structured credit, which is more immune to interest rate risk. He argues that Bitcoin is attractive to institutional allocators as a way to get exposure to central bank balance sheet expansion and explains why Bitcoin now comprises a double-digit percentage in SkyBridge’s portfolio. Gayeski also shares his views on macroeconomic variables such as inflation, growth, and interest rates as well as his take on the ongoing rotation from growth stocks into value equities. Learn more about your ad choices. Visit megaphone.fm/adchoices

Real Vision Live Replay: Jim Chanos recently remarked that we are in a golden age of fraud, highlighting that companies trade unaffected by credible public accusations for years before it finally catches up to them. But even after the house cards collapses, the executives in charge of these companies often go unpunished and shareholders are left holding the bag. In America, this wasn’t always the case. Pulitzer prize winning author and senior reporter and editor at ProPublica, Jesse Eisinger, penned the definitive historical account of this devolution in his book "The Chickenshit Club: Why the Justice Department Fails to Prosecute Executives" and in this first installment of a series of interviews focussed on white-collar crime and its affects on markets with Quinton Mathews, managing member of QKM, the pair reexamine this history to explore how we got from regulatory institutions dishing out multi-year sentences in the Enron scandal to almost no prison time or charges being filed against bank executives in t

The Interview: David Rosenberg, chief economist and strategist at Rosenberg Research Associates, believes that there will be a recovery—but not one nearly as robust as the market is currently pricing in. In this interview with Ed Harrison, Rosenberg argues that this is the result of a freshly increased debt overhang, lingering unemployment, and shifts towards saving and away from spending as a result of the psychological scarring of COVID. Rosenberg also outlines his investment ideas that result from this view, namely long bonds, gold, "utility-like growth", and emerging markets in Asia like China and India. Recorded on February 1, 2020. For Our Listeners: You can get a free 30-day trial to Rosenberg Research here: https://bit.ly/3pQ4nyB. Protect your portfolio and join 130,000 members by signing up at masterworks.io with promo code REAL VISION today to skip the waitlist. See important information at masterworks.io/disclaimer Learn more about your ad choices. Visit megaphone.fm/adchoices

The Interview: If central banks and governments unite to debase their money and depreciate their currency, will the long-awaited inflation finally arrive? And if it does, how can investors position themselves to not only protect their portfolio—but in fact grow their wealth—in this inflationary environment? Russell Napier, preeminent investment strategist, joins Stephen Clapham of Behind the Balance Sheet to answer these two critical questions. Napier makes his case for why inflation is indeed on the horizon, discussing everything from rent controls and yield curve capping to credit rationing and pricing power, and then he and Clapham explore the various investments that have a favorable risk/reward profile should Napier's thesis prove correct. Recorded on February 4, 2021 Key learnings: Napier sees favorable opportunities in companies that can secure easy debt financing, value stocks whose pricing power varies with inflation, and countries with low debt-to-GDP ratios such as Singapore. For our Listeners :

DB-Apr2,2021: Real Vision senior and crypto editor Ash Bennington welcomes Real Vision editors Max Wiethe and Jack Farley to the Daily Briefing. They discuss the Nonfarm Payrolls data, which significantly exceeded expectations, and interpret what this means for the U.S. economy, stocks, and bonds. They look at the corresponding sell-off in U.S. Treasurys today and the surge in S&P 500 futures (the U.S. stock market is officially closed). Lastly, they cover the surge in Ethereum and altcoins. Learn more about your ad choices. Visit megaphone.fm/adchoices

DB-Apr1,2021: Tyler Neville, senior editor at Blockworks, and Real Vision’s Jack Farley briefly look at the S&P 500’s breach beyond 4000 as bond yields retreat and the dollar marches higher. Tyler also interprets recent currency volatility, examining the U.S. dollar’s recent strength against the Euro, Japanese Yen, and Chinese Yuan. Tyler and Jack then turn to the bond market, analyzing how rising yields have taken down an otherwise triumphant credit market. Tyler notes that the 60/40 is severely weakened by ultra-low yields and argues that Bitcoin could be a serious replacement to bonds. Jack and Tyler discuss other assets within crypto such as non-fungible tokens and assets within decentralized finance (DeFi) before taking another look at the Archegos liquidation. Learn more about your ad choices. Visit megaphone.fm/adchoices

DB-Mar31,2021: Real Vision editor Jack Farley welcomes Real Vision’s Weston Nakamura and Max Wiethe to the Daily Briefing. After briefly analyzing the day’s price action (U.S. equities surged as Treasury yields rose), they analyze the forced liquidation of Archegos Capital. Weston provides insight into the mechanics of the over-the-counter derivatives that were involved in the blow-up as well as big banks such as Goldman Sachs, Nomura, and Credit Suisse that were prime brokerages to Archegos Capital. Learn more about your ad choices. Visit megaphone.fm/adchoices

Crypto Wednesday: Dan Tapiero, founder and managing partner of 10T Holdings, joins Raoul Pal, CEO and co-founder of Real Vision, to discuss some of the crypto investment sectors he is interested in, including blockchain infrastructure, on-ramps, and next generation financial services. Taperio explains his approach to investing in the space and why he is looking to invest in what he considers to be mid-sized, crypto companies worth over 400 million dollars. He explores the benefits of investing into crypto on-ramps such as crypto exchanges and lending and borrowing, pointing out that even when crypto prices are going down, on-ramp type investments still perform. Tapiero believes that investing in blockchain infrastructure, such as bridges from traditional finance to crypto, is a way to get upside exposure to the asset class without necessarily needing to purchase the crypto assets themselves. Recorded on February 17, 2021. Key Learnings: There are many different ways to approach investing in the crypto space.

DB-Mar30,2021: What does the leveraged blow-up of Archegos Capital Management mean for risk assets? Tony Greer of TG Macro joins Real Vision senior editor Ash Bennington to answer this question and update his outlook on stocks, bonds, housing, the U.S. Dollar, and gold as the bond rout shows little sign of stopping. Tony notes that the forced liquidation of Archegos ceased to impair stocks today—for now, at least—but remains as a potential sign that there is some market danger underneath the hood. Tony cites this as a reason why, on the margin, he is moving somewhat into cash and gold and out of stocks. Tony makes sense of the action in Treasury yields and tells Ash why he thinks the U.S. Dollar has been driving higher, especially against the yen. Tony speculates as to why commodities have proved resilient in the face of this dollar strength, which is normally a headwind. Lastly, Ash tells Tony about his evolving journey in the crypto world from a fan’s creation of Ash’s very own non-fungible token (NFT) to A

Real Vision Crypto: Mike Belshe, co-founder and CEO of Bitgo, joins Raoul Pal, Real Vision CEO, to discuss Bitgo, tokenization, and the DeFi markets. Belshe describes Bitgo as a security and technology company, acting as custodian for approximately 18 blockchains and 300+ tokens. He explains the importance of the institutional component to adoption and how crucial secure custodians are for institutions to be able to fully enter the space. Belshe believes that DeFi is starting to show some incredible opportunities, and he mentions that there are already smart contracts operating at significant scale, automating away parts of traditional finance such as automated market makers. Belshe also mentions the value of token standards like ERC20 for building out the layers of crypto infrastructure. Standardization of various tokenization formats will accelerate the security and composability of the crypto space. Recorded on January 27, 2021. Key Learnings: Security is paramount when working with institutional level in

DB-Mar29,2021: Peter Boockvar, CIO of Bleakley Advisory Group and editor of The Boock Report, joins Real Vision managing editor Ed Harrison to discuss how the next few months will be critical in determining how sticky rising inflation expectations will be. As the vaccination rollout progresses, albeit slowly in many countries, Boockvar explains that markets are continuing to look ahead to the reopening of the economy with fears of inflation constantly present. He sees that the pressures coming from increasing commodity, labor, and services costs could prove to have a lasting effect on inflation expectations in the months to come, and he says this could bolster the 10-year Treasury yield rising north of 2%. They also talk about how this may impact the U.S. dollar. In the second half of the Daily Briefing, Harrison welcomes Trevor Hall, host of the Mining Stock Daily Podcast, to discuss rising input and commodity costs and its overall effect on precious metals, industrials, and miners. For our Listeners : P

Real Vision Live Replay : Erik Norland, executive director and senior economist at CME Group, joins Wall Street veteran Harley Bassman of The Convexity Maven to discuss the impact of Fed policy on volatility across a handful of assets since the pandemic and, more broadly, since the GFC. In addition to this discussion of potential unintended effects of Fed policy, they examine its failure to generate meaningful inflation in anything aside from financial assets. They also debate whether negative rates in the US are probable—or even possible—as well as why the dwindling monetary policy toolbox combined with political rhetoric seems to point towards MMT and a passing of the baton from monetary authorities to fiscal authorities at least as it relates to generating inflation. Recorded on December 16, 2020. Key Learnings: The Fed’s monetary policy has had measurable effects on markets, especially in terms of reducing volatility but has not been successful in generating inflation. The shift from monetary to fiscal

The Interview: Famed investor and entrepreneur Mark Cuban, star of Shark Tank, joins Real Vision founder and CEO Raoul Pal to make sense of the changing market structure and the disruption of the financial establishment. Cuban sees tokenization and blockchain bringing more transparency to the financial industry and remains bullish on Bitcoin as a store of value and reserve asset. He also praises stimulus efforts but sees political partisanship as a major risk to fixing the dichotomy between Main Street and Wall Street. Recorded on February 3, 2021 Key Learnings: Cuban follows the HODL ethos of cryptocurrency and shares what’s in his crypto portfolio: BTC, ETH, LTC, AAVE, and more. When it comes to the public markets, he explains why Amazon and Netflix are among the big tech companies with the strongest AI capabilities and they’ve remained two of his biggest holdings for years. For our Listeners : Checkout skillshare.com and learn a new skill. You can use a unique promo link skillshare.com/realvision

Richard Koo, chief economist at Nomura Research Institute, returns to Real Vision to update his framework on how key economic variables such cash, liquidity, savings, and debt have been impacted by the global recession. In this interview with Real Vision managing editor Ed Harrison, Koo applies to the current situation his noted theory of a "balance sheet recession" in which liquidity is ample, but the private sector nevertheless remains focused on paying down debt. Koo and Harrison analyze the interplay between the economic shutdown and economic growth. Lastly, Koo shares his views about quantitative easing, negative interest rates, central bank digital currencies, and ongoing efforts by central banks to stem the damage wreaked by the pandemic. Recorded on January 29, 2021 Key learnings: Koo thinks that the unprecedented interventions of central banks were necessary to meet the once-in-a-lifetime crisis of COVID-19. Like many, Koo expects that economic growth will pick up once pent-up demand is unleashed.

DB-Mar26,2021: Tommy Thornton of Hedge Fund Telemetry gives Real Vision’s Jack Farley a much-needed update on the “battles” in the market between mega-cap stocks that dominate the S&P 500 and the small-cap stocks in the Russell 2000 that have been ripping for months. Thornton analyzes the internals of the market, using DeMARK indicators to gauge exhaustion, and he looks at breadth, moving averages, and volatility. Thornton shares with Farley his view on bonds and energy stocks as well as Tesla, the ARK Innovation ETF, and specific stocks that are on his radar. For our Listeners : Checkout skillshare.com and learn a new skill. You can use a unique promo link skillshare.com/realvision Protect your portfolio and join 130,000 members by signing up at masterworks.io with promo code REAL VISION today to skip the waitlist. See important information at masterworks.io/disclaimer Checkout Jordan Harbinger Show @ https://www.jordanharbinger.com/ Learn more about your ad choices. Visit megaphone.fm/adchoices

DB-Mar25,2020. Real Vision managing editor Ed Harrison welcomes to the Daily Briefing Amanda Agati, chief investment strategist of PNC Financial Services Group, and Marc Chandler, chief market strategist at Bannockburn Global Forex. Agati shares her view on U.S. equity valuations, noting that stocks might have run too far, too fast amid reflation optimism, and Chandler argues that market performance will ultimately hinge on liquidity conditions, making the long-term case for why the dollar could be approaching the end of its bull cycle as twin deficits weigh it down. Agati also highlights that there is much opportunity in both the debt and equity of emerging markets, noting serious composition changes with the various indices. Lastly, Agati and Chandler share their views on bonds and credit. For our Listeners : Checkout skillshare.com and learn a new skill. You can use a unique promo link skillshare.com/realvision Protect your portfolio and join 130,000 members by signing up at masterworks.io with promo c

DB-Mar24,2021: In the main segment, Jared Dillian, editor of the Daily Dirtnap, returns to the Daily Briefing to update Real Vision’s Jack Farley on how he’s navigating the mercurial swings in stocks. Dillian argues that both the rotation from growth into value as well as the sell-off in U.S. Treasurys will likely continue as the U.S. economy re-opens and trillions of dollars worth of stimulus are on the table. Dillian shares with Farley his thoughts on reflationary sectors such as energy, airlines, and life insurance, and he also shares his evaluation of psychology within the Bitcoin market. In the final segment, Farley is joined by Huw Roberts, director of analytics at Quant Insight, who conducts data-driven analysis on how the gyrations in the Nasdaq 100 Index are driven by macro variables like interest rates, commodity prices, currency fluctuations, and expectations for growth and inflation. For Listeners: Checkout skillshare.com and learn a new skill. You can use a unique promo link skillshare.com/real

DB-Mar23,2021. Lily Francus, independent quantitative researcher, joins Real Vision senior editor Ash Bennington to share her outlook on narrative economics, the NOPE Index, and the dangers of beta. On the one-year anniversary of the bottom in the S&P 500, Francus notes that this current market environment is marked by a great deal of short covering and portfolio rebalancing, which drive the “rotation” trade away from growth into value that has been playing out. Francus explains how the surge of retail traders (or “low-information traders”) has driven flows and exerted a serious influence, particularly in the sky-high volume of options contracts. Francus connects this to her theory on NOPE (“net options pricing effect”) before sharing with Bennington her advice to traders in this choppy market. For Listeners: Checkout skillshare.com and learn a new skill. You can use a unique promo link skillshare.com/realvision Protect your portfolio and join 130,000 members by signing up at masterworks.io with promo co